In real estate, we always talk about location, location, location. Sometimes it seems though, that traditional maxim goes out the window. Sometimes the big picture of a location trumps the small details about the location. And such is clearly the case with the Parke Place Townhomes on the 1300 blocks of Bainbridge and Kater Streets where two rows of homes are rising just off of South Broad Street, next to a Hess station. We last checked in here over a year ago when the homes had just been framed out. And though construction has been slow, it seems interest has very been present.
These homes are, by Philadelphia standards, of the super-luxury variety. Each 4,000 sqft home has four bedrooms, 3.5-4.5 bathrooms, a den that sits aside the roof deck (pretty cool), super high-end appliances, parking, and an elevator. The ultra-contemporary finishes are all pretty solid too. Check out a couple of interior pics:
The homes start at $1.25M. Holy cannoli. With upgrades, that price can obviously climb. Currently, so far as we can tell, one home is sold and two more are under agreement. Projects like this typically take quite some time to build and sell, with an obvious comparison just across Broad Street with the Artisan Townhomes. And like Artisan, this project will continue to grow as the years pass. By the end, there will be twenty two homes between Bainbridge and Kater. And a whole lot of new customers for the fancy restaurants at 777 South Broad.
We still can't get over the fact that people are willing to pay that kind of dough for a home that's so close to a gas station. On the other hand, as the project makes its way down the block, that becomes less and less of an issue. It just goes to show you the draw of proximity Center City and the growing attractiveness of South Broad Street. And it should inspire hope that some of the underused and curiously vacant lots on Broad Street could perhaps turn around in the near future. Maybe even before construction at the Parke Place Townhomes project comes to a close.