Philadelphia's Naval Square a condo success story

August 30, 2010|By Alan J. Heavens, Inquirer Real Estate Writer
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  • One Liberty Place looms over the Naval Square development, built on a 20-acre site.
  • One Liberty Place looms over the Naval Square development, built on a 20-acre site.
  • Arthur and Rebecca Silver in their Naval Square condo. The couple, who spent almost four decades in Cherry Hill, considered moving to New York before deciding to buy in Philadelphia.
  • 61, who moved to Naval Square in 2008, sits by the pool, one of the amenities of the complex, where 66 sales have been made this year.

After almost four decades as Cherry Hill homeowners, Arthur and Rebecca Silver considered moving back to New York - but they opted for Philadelphia instead.

A renter in University City, Gregory Fridman - with a down payment he began accumulating after a promotion - wanted a home "near bars, but not in them," as he jokingly puts it.

Ultimately, the Silvers and Fridman bought condos at Naval Square earlier this year. Indeed, the 66 sales at the complex, at the 20-acre site of the former U.S. Naval Home at 24th Street and Grays Ferry Avenue, constituted more than 10 percent of the 604 condo sales recorded by the city from March 1 to June 30.

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During a real estate downturn in which even tax credits couldn't always guarantee new homes would sell, Naval Square managed to buck the trend with what buyers cited as a combination of location, security, and newness.

"Though Naval Square is not for everyone, I think its popularity is evidence that it filled a void in the Center City housing market," said Jeff Block of Prudential Fox & Roach Real Estate.

Buyers paid prices ranging from $308,900 for the least expensive, 938-square-foot, one-bedroom condo to about $900,000 for a three-bedroom, two-bath unit with a den.

Some, like Fridman, were first-time buyers. Others were way past that, like the Silvers, who lived for "391/2 years" in a condo at Chanticleer in Cherry Hill, which they sold at the end of May.

Selling in a down market was very difficult, said Arthur Silver, 74, a retired marketing executive: "We took a bath . . . at least a very short haircut."

The couple - Rebecca Silver, 70, is a retired school administrator - spent $756,834 for a three-bedroom, two-bath condo, city records show.

"I spent $365,000 for mine," said Fridman, 32, a research assistant professor of biomedical engineering at Drexel University, where he obtained his doctorate in 2008. "I tell all of my friends that I paid $600,000, and they never question it."

Fridman's parents, who lived in Marlton, liked his unit enough to buy their own in May for $576,400.

Naval Square's population of about 900 includes singles, empty nesters, and a growing number - estimates are 30 percent - of families with children.

"A baby boom started two years ago," said Tami Dimmerman, 37, who in 2007 bought a $408,000 townhouse with husband Harper, 38, a lawyer. "It seems half the families have little children."

The Dimmermans have contributed to the boom: They arrived with Chloe, now 4; Sienna, 18 months, came later.

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