Sales brisk at Toll Brothers' Society Hill condo development

Toll Brothers Inc. has sold about a third of the condominiums it is constructing at a project called 410 at Society Hill.

The developer is also seeing prices rise with each unit sold, underscoring buyer appetite for the units in that neighborhood.

The Horsham developer is constructing 55 condos at 513 S. 2nd St. that range from 900 square feet to 2,400 square feet and run from $500,000 to $1.7 million. There has been some sales that go beyond those figures. For example, a 3,000-square-foot unit traded for $2.2 million and a 6,000-square-foot unit is set to go for more than $3.5 million, according to Todd Dumaresq of Toll Brothers. The average sales price has been $1 million.

“The interest has been amazing,” he said.

Most buyers have come from the neighborhood.

One of the big selling points has been the parking that is part of the overall project. In all, it will have 110 spaces of which buyers can acquire along with a unit. Some neighborhood residents have also bought spaces.

The sales activity comes just four months after the builder started construction on the project. A sales office that has a small model a unit is just a few doors down from the development site.

Toll Brothers paid $5 million for the former New Market Pavilion site in Society Hill where 410 at Society Hill is being constructed. The once derelict property at 410 Front St. had been an eyesore for two decades even though it sits in one of the fanciest neighborhoods in Philadelphia. This is the first time real progress has been made at the site.

The project is scheduled to be completed by late summer 2015.

Source: Philadelphia Business Journal