Auctions: Waterfront condos to be auctioned off

October 28, 2010|By Linda Loyd, Inquirer Staff Writer
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  • At left, the Reef Tower as seen from the Regatta Tower. At right, broker Paul Lipowicz and Laura Ahmes of the auction firm on the deck of a Reef Tower unit.
  • At left, the Reef Tower as seen from the Regatta Tower. At right, broker Paul Lipowicz and Laura Ahmes of the auction firm on the deck of a Reef Tower unit.

For the fourth time in little more than a year, units at a swank Philadelphia condominium building will be offered at auction.

The 35 condos set to go on the block Nov. 21 are in a new high-rise at Waterfront Square Condominiums & Spa, in a gritty, formerly industrial area, near the foot of Spring Garden Street, on the Delaware River.

The condo's nearest neighbor is the SugarHouse Casino.

Lest you think the casino is the reason the 22-story Reef tower has not sold more quickly, residents who live there say SugarHouse is, so far, a plus - they like it for the vitality, restaurants, and community it adds to what had been a wasteland.

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"We are happy to see development. It's exciting to feel we live in a neighborhood now," said Shari Karpo, a dental hygienist who moved with her husband four years ago from a large single home in Huntingdon Valley.

They got a place with water and bridge views, lots of green space, parking for guests, enough room, and at an affordable price, she said.

The Karpos' apartment, on the 17th floor of the Regatta building, looks north directly onto SugarHouse. "I walk in my front door. I have floor-to-ceiling windows, and my main view is SugarHouse," she said. "I am very excited to have the casino for lots of reasons. It's a nice modern building. They spent $4 million on landscaping. The casino executives are thoughtful and very receptive. They seem to want to be good neighbors."

"I look out my window and see green grass, trees, bushes, and flowers. That was not there prior to SugarHouse arriving. There was certainly talk in the condo about worries of traffic. It has not come to fruition. Because the casino is open 24/7, there is no particular rush of people at any one time," she said.

"Now we have security all the time. Police are always visible. The casino has built a beautiful brick promenade along the river. Myself and other residents have a new place to stroll. We feel like we are in the middle of all the fun and activity now."

Stephen Schachman has lived in Waterfront Square 31/2 years, and he thinks the casino "is a great plus. I can walk out my door now and get a hamburger, if I want. There's been no change in traffic whatsoever. They've done some nice improvements with the road - it's easier to get off I-95."

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