News

Minimum Bids for One- Through Two-Bed-Plus-Den Residences at the City’s Only Gated Community Start From $195,000

Philadelphia (Oct. 28, 2010) – Accelerated Marketing Partners (AMP) today announced it will conduct Philadelphia’s first waterfront property auction for 35 new, luxury homes in The Reef at Waterfront Square Condominium & Spa, a 22-story tower in Philadelphia’s only gated community that offers a premier lifestyle with resort-like amenities. The event will be held at 4:00 p.m. on Sun., Nov. 21 at the Hyatt Regency Philadelphia at Penn’s Landing, located at 201 South Columbus Boulevard. Minimum bids for the residences available at auction start from $195,000 and are up to 59 percent below last asking prices.

The auction information center and model homes for The Reef are open daily through Nov. 20 at 901 North Penn St. in Philadelphia, from 12:00 p.m. to 5:00 p.m., and on Tues. and Thurs. until 7:00 p.m. Advance registration for the auction is required, and financing is available for qualified buyers. Additional information is available at www.waterfrontphillyauction.com.

“The Reef at Waterfront Square Condominium & Spa auction will provide an unprecedented purchasing opportunity for homebuyers in the greater Philadelphia area, which currently has very few waterfront living options,” said Jon Gollinger, east coast CEO and co-founder of Accelerated Marketing Partners. “Given all that’s on the horizon for the area, this will also be a great time for buyers to get in before prices start to appreciate.”

Residences in the 179-unit development are designed with generous layouts, many of which feature separate den areas with oversized floor-to-ceiling windows reaching heights of up to ten feet. Homes have private, glass-railed terraces and offer various stunning views of the Delaware River, Benjamin Franklin Bridge and city skyline.

Residents of The Reef enjoy a wide array of amenities across the 9.5-acre property, including 24-hour security, resident/guest parking with valet, around-the-clock concierge services, a dog run and private shuttle service into Center City (with various stops from 2nd through 30th St., along Arch, Market and JFK) five days a week. Homeowners also have exclusive access to a state-of-the-art fitness center that boasts individual entertainment systems, certified trainers, the city’s best yoga and pilates professionals, and a semi Olympic-sized indoor/outdoor swimming pool. Additional facilities include a European spa, on-site putting green, lush outdoor common parks and gardens with space dedicated for barbequing, stunning riverwalk trails and much more. The Waterfront Square community is also home to Philadelphia’s largest green roof.

The 35 condominiums available at auction and for immediate occupancy include:

• Four one-bedroom, 1.5-bath residences each approximately 860 square feet, with minimum bids of $195,000. Minimum bids are up to 59 percent below last asking prices, which were as high as $470,000.
• 16 one-bedroom-plus-den, two-bath residences ranging in size from 980 square feet to 1,052 square feet, with minimum bids ranging from $215,000 to $275,000. Minimum bids are up to 57 percent below last asking prices, which were as high as $572,000.
• Five junior two-bedroom, two-bath residences ranging in size from 1,017 square feet to 1,030 square feet, with minimum bids of $235,000. Minimum bids are up to 54 percent below last asking prices, which were as high as $510,000.
• Ten two-bedroom-plus-den, two-bath residences ranging in size from 1,455 square feet to 1,558 square feet, with minimum bids ranging from $365,000 to $415,000. Minimum bids are up to 54 percent below last asking prices, which were as high as $885,000.

“We have been involved with the development of the Waterfront area from the start and are committed to seeing through our vision for residential property there,” said Doron Gelfand, president of the GP of IOC Associates Reef LP, which together with BSR Group, developed Waterfront Square Condominium & Spa. “We are confident that Accelerated Marketing Partners will help us prove there is still a market for waterfront property in Philadelphia and engage consumers to determine market values for our remaining homes, much like they did for Center City with the Murano and The Phoenix auctions.”

Waterfront Square Condominium & Spa is located right on the Delaware River, just north of Penn’s Landing and a stones throw from the business, cultural and recreational destinations that Center City has to offer, as well as the great restaurants, entertainment venues and bars of Old City and Northern Liberties. With their close proximity to major area highways and airports, homeowners can easily take advantage of a city lifestyle without having to forgo privacy. Residents likewise benefit from having the newly opened SugarHouse casino right at their doorsteps, which offers two gourmet dining venues with indoor and outdoor seating.

For more information, please call 215-413-2000 or visit www.waterfrontphillyauction.com.