Philadelphia Condo Craze Sells Out Warwick Hotel

Sales Grand Opening event became unnecessary after the Warwick Condominium sold 100 luxury residence

. October 14, 2008

Philadelphia, Pa - December 20, 2005 - A major Philadelphia condominium conversion project has cancelled its sales grand opening after nearly selling-out, a month before unveiling a regional marketing campaign to the public. The Warwick Condominium, which announced plans to convert the top eight floors of Philadelphia's legendary Warwick Hotel to 100 condominiums in late September of this year, had planned to officially unveil the project in early January 2006. Those plans, however, have been cancelled due to unexpectedly high demand for The Warwick's studios, one, two, and three-bedroom condominiums located one-half block from Rittenhouse Square, at 1701 Locust Street in Center City.

"Demand for Center City residential living continues to be incredibly strong, even as other condominium markets across the country are starting to cool," says Allan Domb, the Center City real estate brokerage magnate whose firm, Allan Domb Real Estate, dominates the Center City luxury property market. "The Warwick's unique position as an icon of Philadelphia known for its elegance and luxury has proven a powerful draw to buyers seeking a premier Rittenhouse Square address. Those who did not yet purchase at the Warwick may still have an opportunity, as there are typically 10% to 15% cancellations during the sell-out process of any condominium."

Allan Domb Real Estate is developing the Warwick Condominium in partnership with Frankel Enterprises, which owned the Warwick Hotel from 1978 to 1998, and has developed a number of the City's most desirable residential properties, including William Penn House, Kennedy House, 220 West Rittenhouse Square, Parkway House, and the Wellington Apartments.

"The sheer history of the property has generated tremendous pre-sale interest from those who remember the Gilded Age of the Warwick Hotel," says Bill Frankel, co-owner of Frankel Enterprises. "It is where Frank Sinatra and Ava Gardner honeymooned, and where Dwight and Mamie Eisenhower stayed when in town. Jack Benny, Eddie Cantor, Bob Hope, and Muhammad Ali considered the Warwick their home away from home when in Philadelphia."

Built in 1926 and listed on the National Register of Historic Places, the Warwick Hotel was acquired by Carlson Hotels Worldwide and became the Radisson Plaza-Warwick Hotel in 2001. The condominium conversion is in addition to an extensive $15 million renovation to the hotel that will completely upgrade the lobby, Grand Ballroom, Crystal Ballroom, and mezzanine level. A state-of-the-art fitness center and club lounge will also be added. The condominium conversion will cost an estimated $25 million.

"The property's amenities also generated a groundswell of interest," Domb says. Condominium owners at the Warwick Hotel will share the same amenities as hotel guests, a growing national trend in condominium development that traces its roots to Philadelphia.

"Locally, David Marshall's Rittenhouse Condominium and Hotel was years ahead of its time when it began offering residents the same amenities as hotel guests," says Domb. "The concept has come full circle, and is proving highly appealing again in Philadelphia. Craig Spencer's The Residences at The Ritz-Carlton is 50% sold out, due in large part to its hotel amenities. The same is true with the Warwick. Busy professionals simply do not have the time to manage the details of their personal lives. They prize a hotel-quality concierge, in-room maid service, valet garage parking, and the availability of a car for hire to take them to business meetings, the airport, or 30th Street Station."

Domb says the Warwick Condominium decided to cancel its official marketing and sales campaign after taking more than 95 reservations for the property without running a single advertisement, or even printing a brochure about the property. "The property sold out entirely through word of mouth, which speaks well for the continued vitality of the City's residential market, as well as the attractiveness of the Warwick itself."

Residents are purchasing the Warwick Condominiums as their primary home and as a second or third home to serve as their landing place when in Philadelphia. "Lock and leave is highly appealing to this market, which travels regularly or winters in warmer locales," Domb adds. "Condominiums with hotel amenities offer the lifestyle conveniences that allow residents to travel easily with complete peace of mind and a quality of service that is always welcoming upon their return."

The Warwick Condominium's homes come with luxury finishes, features, and appointments. The property's homes range in price from a surprising $200,000 to

$2 million.

Construction on the renovation is scheduled to begin in the first quarter of 2006 and occupancy will begin in early 2007.

For those interested in seeing whether any of the Warwick's residences may still be available due to cancellation, contact the Warwick Condominium by calling Allan Domb Real Estate at 215-229-9275 or visit http://thewarwickcondos.com/.

About Allan Domb Real Estate

Allan Domb Real Estate has been the dominant player in the Philadelphia condominium marketplace for the past 25 years. Allan's real estate company sells more luxury Center City properties than any other realtor. In terms of overall sales volume, Allan Domb Real Estate is one of the most successful brokerage firms in the US. In addition, Allan is the developer of The Barclay Condominiums, The Lanesborough, and 220 Washington Square (The Saunders Building).

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Allan Domb Real Estate