Mansion Update on 22nd Street

The mansion market is alive and well in the Logan Square neighborhood. In June, we checked in on the Eight on Race project, an eight home development near 21st & Race with list prices starting at $1.75M. Today we turn our attention to two projects on 22nd Street.

Mode7 homes on 22nd Street

Phase 2 Mode7 homes on Croskey Street

We first noted the Mode7 project at 134 N. 22nd St. way back in the spring of 2011 when Masada Custom Builders had just started construction on the first two homes. That summer, framing began on the next pair of homes, and by the time 2013 rolled around three more homes were under construction on Croskey Street. These homes are all over 5,000 sqft in size, with all the high-end bells and whistles, and strong architecture work from Atrium. We were really impressed in 2012 when one of the homes sold for $1.7M and given the direction of the market in the last few years it should come as no shock that the last home in the development sold for $2.04M. Not too shabby, and it's clearly a price point that the project up the street is looking to piggyback off of.

Patriot parking homes, from the south

View of the homes, staring into the sun

Until a couple of years ago, 206-12 N. 22nd St. was home to a parking garage. That building was demolished a couple summers back and developer Michael Carosella has been working on five homes here ever since. Amazingly, we haven't checked in on the project since November of 2013, when the foundations had just been poured. Looking today, we can see that the homes are built and look like they're nearly finished. One of the units is currently listed for $2.05M and has two-car parking, over 5,000 sqft of space, and the high end bells and whistles like the homes a block to the south. At least one of the homes is currently under agreement, at a price just under $2M. Man, we'd love to experience an open house.

Doing some quick math, that's twenty new homes for this neighborhood at a price point over $1.5M. Don't forget, Rittenhouse just got a bunch of homes in the same range, and Old City has several similar projects in various states of construction as well. We know there are plenty of people out there looking for homes in the $300K range. And many, but not quite so many looking in the $500K range. But are there really so many people out there looking to buy downtown mansions? A bunch of developers are betting that the answer is yes, and we're optimistic for their sake. We shudder to think what might happen if they're wrong.