"In addition, condos in Center City offer buyers a chance to live in locations" where single-family houses are few or are spoken for, he said.
Location - especially around Rittenhouse and Washington Squares - has helped Center City condos hold their value, Domb said.
Data collected since the real estate downturn began here in August 2007 show Center City and adjacent neighborhoods have not sustained the price hits other areas have experienced.
So, if you don't like mowing the lawn or driving to the gym, or if you travel out of town frequently, a high-rise condo might be your choice.
"It provides you the freedom of locking the door and leaving without worrying" that something will go wrong and remain unattended until you return, Domb said.
With a condo, you do give up some freedom. Though every owner is guaranteed the "right to quiet enjoyment of their space" that can't be infringed upon, he said, you are sharing.
No matter how thick a unit's walls are, for most people there's no substitute for the privacy promised by a single-family house.
Despite condos' increased sales, and sale prices, market observers say they are unlikely to replace single-family homes as the investment of choice in real estate. Traditionally, houses, because of their appeal to families, have tended to appreciate at a faster rate than condos.
Unlike most single-family-home developments, condos come with rules, established and enforced by owners associations and their boards.
The best condo boards "maximize owners' equity and make living in the building easier, maintaining the common elements and putting away money for expenses," Domb said. One of his buildings, the Barclay, has a reserve fund of $1 million, financed by 15 percent to 18 percent of the annual budget.
Condo boards do have a say on changes made to the units.
