ELEVATED LIVING
FEATURED IN PHILADELPHIA BUSINESS JOURNAL 3/25/25
Philadelphia’s ultra-luxury condo market gains momentum
Center City’s most prestigious buildings are seeing unprecedented demand as buyers seek out the ultimate urban lifestyle.
BY JANE MORGAN | PHOTOGRAPHY COURTESY OF SOUTHERN LAND CO.
PROJECT DETAILS
ORIGINALLY FEATURED IN: Philadelphia Business Journal, March 25, 2025
LOCATION: Center City, Philadelphia
CONSTRUCTION: ASW Hobart Construction
DESIGN: Kaminski + Pew
PHOTOGRAPHY: Southern Land Co.
A New Era in Luxury Urban Living
Along the tree-lined expanse of Delancey Place, where Philadelphia’s architectural heritage stands in elegant rows of historic townhouses, a remarkable transformation has quietly taken place. Behind the meticulously preserved façade of an iconic Frank Furness-designed residence, a three-year collaboration between ASW Hobart Construction and architectural firm Kaminski + Pew has produced what might be the perfect marriage of historic preservation and contemporary living.
A New Era of Luxury Demand
The traditionally slow winter months have given way to unexpected vitality in Philadelphia’s high-end real estate market. The Laurel in Rittenhouse Square, Philadelphia’s tallest residential tower at 48 stories, closed 2024 with remarkable sales momentum that has its team projecting their most lucrative year yet.
“The luxury market in Philadelphia has really gained momentum,” explains Samuel Weiner, Principal at ASW Hobart Construction, a premier builder that has completed several projects in these prestigious buildings. “We’re seeing strong interest from buyers who recognize the value and quality of these exceptional properties. The combination of world-class amenities and prime Center City locations is proving irresistible to discerning clients.”
The evidence for this shift is compelling. According to recent market data, Philadelphia’s 19103 ZIP code, encompassing Rittenhouse Square, recorded the fourth-most ultra-luxury sales in the entire Mid-Atlantic region during the final quarter of 2024. These premium properties, representing the top 1% of the market, accounted for 16% of all sales in Rittenhouse Square during that period.
A Changing Demographic
Perhaps most surprising is the shifting profile of luxury condo buyers. Traditionally the domain of empty-nesters and established professionals downsizing from suburban estates, these premium properties are now attracting a younger clientele.
“We’ve been surprised to see significant interest from buyers under 40,” notes Brian Emmons of Southern Land Co., developer of The Laurel. This demographic shift speaks to changing preferences among younger high-net-worth individuals who value urban amenities and wish to eliminate the maintenance responsibilities of single-family homes.
The Builders Behind the Boom
The success of Philadelphia’s luxury market reflects the commitment to quality from the city’s premier builders and designers. ASW Hobart Construction, in collaboration with design firm Kaminski and Pew, has been instrumental in creating spaces that meet the exacting standards of this clientele.
The partnership is currently transforming the 46th floor of the Ritz-Carlton Residences into two distinct ultra-luxury units. The first of these exclusive residences hit the market in February with a $3.8 million asking price, while the second, featuring additional outdoor spaces, is expected to list at $4.395 million in the coming months.
“These properties demand exceptional attention to detail,” says Weiner. “Luxury buyers expect customization options, premium materials, and flawless execution. Every surface, fixture, and finish must reflect the property’s premium positioning.”
Beyond Ownership: The Ultra-Luxury Rental Market
The resurgence isn’t limited to sales. Philadelphia’s ultra-luxury rental market is equally robust, with premium buildings seeing unprecedented demand. At The Laurel’s apartment portion, 1909 Rittenhouse, occupancy sits at an impressive 97%. Monthly rents begin around $2,700 for studios and climb to over $10,000 for premium two-bedroom units.
Throughout Center City, other luxury buildings are reporting similar demand for their highest-tier rental units. These exclusive residences often feature spectacular views, premium finishes, and amenities that rival those of five-star hotels.
“When there’s something new that presents itself, people tend to gravitate towards that,” notes luxury real estate specialist Megan Nicoletti Walsh, who has brokered several high-end leases in recent months. “At this price point, renters expect move-in-ready, fresh environments with top-tier amenities.”
Looking Forward
As Philadelphia continues to evolve as a luxury destination, ASW Hobart Construction and firms like Kaminski and Pew are well-positioned to meet the demands of this discerning market. With more than 75% of The Laurel’s 65 condos expected to be sold in the coming months, and continued interest in other premium buildings throughout Center City, the future of Philadelphia’s luxury real estate market appears exceptionally bright.
“We’re seeing local buyers come out that have been sitting on the sidelines,” notes realtor Andrea Desy Edrei. “We’re also seeing people move to Philadelphia for jobs, continuing the migration that Philadelphia is known for, as an attractive alternative to higher-priced cities.”
This optimistic outlook, combined with the ongoing commitment to quality from Philadelphia’s premier builders and designers, suggests that the city’s luxury boom is just beginning.