Quote:
Originally Posted by jsbrook
This house next door is sale for $12,000,000. https://www.phillymag.com/property/2...bcBSsYmnKaDg-o That is actually a $5MM drop from the last listing, but it is still way overpriced. Considering that one of two townhomes left remaining directly on Rittenhouse Square Park is listed for under $6MM, it is still way overpriced for a single family home of this size. The Cerrones must be out of their mind to think they will sell it for anything close to that. On the other hand, it is perfect for Astoban or another developer to purchase the lot to build a tower.
If I had to choose between an overbuild of the Nelson Building or a tower build on this plot of land, I'd choose this plot in a heartbeat even if it meant total demolition of this house.
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That house is one of the strangest in the city. The 5 car (!!!!) garage in the back is bonkers. I think you're right on the money that they're not listing that house with the thought that someone is going to buy it and move in. Definitely being sold as a development opportunity.
Even though a house right on Rittenhouse is far more desirable, the property this house is on is huge, it has a front yard (who has one of those in Philly?) a giant courtyard in the back and that enormous garage. It's probably 5 times the size of the rittenhouse lot conservatively. I think you could absolutely put a tower there.
And as unique as the home is, it's kind of a gaudy waste of space. Wouldn't mind at all if it was torn down. Not at all historic either.