Philadelphia's ultra-luxury condo market has slowed since 2020, and the Arthaus tower on Broad Street is mostly empty. A Rutgers study says parking requirements mean higher rents and building costs.
Philly’s luxury condo market has always been slow. Developers play the long game, knowing it’ll take some time to fill high-end towers.
The tower’s veteran condo developer called the ultra-luxury condo business “a marathon, not a sprint.” A new report by the Rutgers Center for Real Estate at the Rutgers Business School found that New Jersey’s parking space requirements for apartments far exceed demand, increase construction costs, and raise rents.
In Nebraska, it means a $3.89 million home that’s 9,900 square feet and has six bedrooms and bathrooms, according to the report byI couldn’t afford it, but it’s nowhere near as expensive as the most expensive home on the list: a $250 million property in Los Angeles that’s 40,000 square feet. It has an underground tunnel that connects two holes of its golf course, because of course it does.
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