Main Line WOW!

As an appraisers in the Philadelphia market, we often find ourselves looking at properties on the Main Line.  Every now and then we have an opportunity to visit a property that is truly exceptional.  Below are a couple of photos of a mansion that we were asked to appraise in Bryn Mawr.  The house, although it looks like it’s been there for 80 years or more, is only around 15 years old.  The family and architects that built this residence paid incredible attention to detail.  Every element of the house was perfectly executed, from the stone with elegent limestone accents right down to the slate and copper roofs; and even the courtyard.  The interior finishes and scale of the residence are just as impressive as the exterior.  This is easily on my Philadelphia/Main Line Top 10 List.

   The Coyle Group - ML MansionThe Coyle Group ML Mansion 2

 

For more information on the valuation of Unique & High Value homes and condominiums in Philadelphia and along the Main Line please visit www.TheCoyleGroupLLC.com .  You may contact The Coyle Group directly at 215.836.5500 or by email appraisals@coyleappraisals.com

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The Lanesborough

Purchase Decision – The Lanesborough, Rittenhouse Square, Philadelphia

This was an interesting appraisal assignment. We were contacted by a perspective Buyer to help determine whether or not he was going to purchase the condo unit that he was currently renting. The unit was located on one of the upper floors in the landmark Lanesborough Building in the Rittenhouse Square section, of Philadelphia.

The Lanesborourgh is a luxury residential condo conversion of a classic 1929 building. It is a very exclusive building with direct elevator access into each unit and only one unit per floor. Units are valued in the millions of dollars.  Personally, I think that it is one of the most elegant buildings in the Rittenhouse Square market.

Due to the limited number of units in the building, there were no recent sales to analyze. The most recent sales in the building were between 16 and 24 months old. But there were two listings in the building.

In developing our appraisal, we looked at current market sales and listings within the immediate Rittenhouse Square market. We focused our search for comparables to included units with similar square footage and amenities, as well as intangibles such as building prestige.

What we were able to find was that there was a market for a unit like the subject. We also found two current comparables from competing buildings that sold previously, in-and-around the same time as the most recent Lanesborough sales. This allowed us to see how the Lanesborough sales competed with comparable market sales, in Philly, at that time. By looking at the relationship of the prior Lanesborough values to the comparables back then, we were able to draw correlations and projections to the current values. The listings in the subject building and competing buildings also gave us indications as to the market trends over recent years.

In the end, we were able to present our client with a well researched appraisal that aided in his decision whether or not ownership in the prestigious Philadelphia building was right for him.

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