Joel Embiid’s penthouse sells for .9 million below its original listing price.
In a notable transaction that marks a significant shift in the Philadelphia real estate market, Joel Embiid’s penthouse in Society Hill has sold for .6 million, nearly million less than its initial listing price of .5 million. The sale, which took place on October 31, follows nearly two years on the market, during which the property was temporarily withdrawn before being re-listed.
The bi-level penthouse, located at 101 Walnut Street, boasts an impressive 3,549 square feet of living space, featuring amenities such as a private outdoor pool, a hot tub, and expansive views overlooking the Delaware River. The residence includes two bedrooms, each accompanied by its own bathroom, catering to luxurious living in one of Philadelphia’s most desirable neighborhoods.
Representing both the buyer and seller in the transaction was Andrea Desy Edrei of Serhant Pennsylvania, although details about the buyers remain undisclosed. Edrei indicated that they are local residents already familiar with the area. Initially not seeking a move, the buyers were drawn to the property due to its unique offerings and the promising developments underway in the neighborhood, particularly the forthcoming capping of I-95, which is set to enhance connectivity to the waterfront.
This sale illustrates the evolving dynamics of the Society Hill real estate market. The property, which was purchased in 2018 for .2 million, has attracted various interests over the years, including rental offers and inquiries from prospective buyers from New York.
The building itself comprises only ten units within a twelve-story structure, strategically positioned near the ongoing construction project at Penn’s Landing, aimed at creating a cap over I-95 that will bridge urban life with the waterfront experience.
The transaction has garnered local attention and reflects broader trends within Philadelphia real estate, with many potential buyers drawn to the city’s value in comparison to other major markets. As the area prepares for significant urban development, there are expectations of increased interest and investment in the neighborhood, reinforcing Philadelphia’s appeal to homebuyers and investors alike.
Overall, this high-profile sale emphasizes the intersection of real estate, urban development, and lifestyle preferences in Philadelphia’s vibrant housing market. Media News Source provides insight into how major athletes like Embiid influence trends in premium residential properties, underlining the ongoing transformation of urban living in the city.
