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Subject Expert
It greatly depends on the details.
I bought a “regular” (non-luxury) condo in an up-and-coming part of town back in the day, lived there 8 years, and sold it for double what I paid. Sure, there were some sunk costs in HOA fees and whatnot, but I still came out way ahead.
Real estate is hyper local. A condo on one block might appreciate much faster than a condo 3 blocks away. So it’s impossible to know if the condo you’re considering is going to pay off.
Philadelphia property values have not historically appreciated well.. If you’re approaching this as an investment there’s better places to put your money.
Single family for buyer optionality, I may wait for rates as they could drop and the market will react with a lag giving you a window of opportunity
The plan is nice. It just needs to be the right condo on the right block.
I’d say Fishtown new luxury condos are generally way overpriced (meaning already beyond what they really should be selling for)
Do you have one in mind already that you wanna link here?
Whats the PITI you are projecting for the condo?
Will PITI + 10% cap ex and maintenance + 10% vacancy + any other expense you pay > the rent you would charge??