Floor Height and View of Philadelphia High Rise Buildings Greatly Affect Value

Probably the most overlooked effect on value to high rise Rittenhouse Square condos is the view that any particular condominium building offers. And not all views are created equal. Let compare and contrast a few different scenarios. All are based on my opinion, as a fairly seasoned Center City realtor who specializes in condo sales-

1) It is possible for a posh Rittenhouse Square condo to nearly double in value if it has a full squre view (as opposed to say the identical unit with NO view of the square). Like parking, a high priced condo on the square, without any view of the square, is going to be a much more difficult sale. Akin to buying a penthouse in an Oceanfront building, with no view of the Ocean.

2) In some buildings, the highest values have been posted not only on the highest floors, but also on what we call "treetop" view. A very nice view of the treetops, say on the 5th floor of a Philadelphia high rise condo can be very appealing to a number of buyers. I recall back in the late 1980's, a condo on the 4th floor of 1820 Rittenhouse Sq. was the first condo in town to break the 7-digit price point. This gorgeous unit had a magnificent view of the canopy of trees on the square. And some folks are weary of living on a floor that they believe cannot be reached by the fire trucks. A number of buyers just prefer a lower floor- as long as that lower floor comes with a great "green" view.

3) A condo on a high Floor does not always warrant a higher sales price. IS there a benefit to looking directly into a neighboring high rise condo building- from the 27th vs the 8th floor? If the view of a given high rise condo is seriously hampered by a neighboring building, then you might want to ask yourself if it really matters what floor you purchase.

4) I personally have found few buyers to discriminate between an East vs West view. Here in downtown Philadelphia, the views typically are the same in almost all buildings if we are talking about the eastern versus the western view. However, a number of condo values are greatly affected by a North versus South views as southern exposure is preferred in most cases. However, if you are sitting on the southern edge of Center City, a northern view may be preferable as you then benefit from a gorgeous city/skyline view. And a floor to ceiling wall of windows facing south may be too much sun for a number of buyers. This scenario is true of at least two buildings in town where a southern exposure is seen by many buyers as "overkill".

5) Not all views from the 16th floor of various buildings are the same. Think about ceiling height, and windows that run floor to ceiling. The building itself can manipulate either the view, or the feeling that the view offers, and this in turn will affect resale value and overall appeal. Again, if you have a gorgeous view from floor to ceiling windows, then perhaps the view from the 16th floor is no better than the same view from the 8th floor of any given high rise here in the downtown Philadelphia area. 6) Lastly, you have to look at the value of what I term "diminishing marginal views". Is there a difference in the eastern views from the 40th floor versus the 44th floor of a high rise? Certainly there is a going to be a price premium, but what are you going to see from the 44th floor that you are not going to see from 40th floor?

These are all good considerations that need to be taken into account when determining value of specific condos in Philadelphia. A high floor does not always garner a higher sale price. There is no direct correlation in ALL cases. Most cases- yes, value is determined by floor height, however, not every high floor condo in Center City warrants a premium sale price.