Open This Saturday: Modern Co-op in Logan Square
This unit in the Kennedy House is bright, comfortable, convenient and attractively priced — but you must clear a hurdle in order to buy it.
Tomorrow’s “Open House Philly” tour is designed not only to tout the capabilities of Philly’s real estate professionals but also to show buyers that one can find properties at all price points in Center City.
This Logan Square modern co-op for sale comes in near the bottom of the range. In fact, it’s the third-cheapest of the more than 70 properties open for tours between noon and 5 p.m. tomorrow. There is a reason why it has such a low price, however, and I will explain why below.
But first, let’s look at the unit. It’s located in the Kennedy House, one of several mid-1960s residential buildings lining the street known as Filbert east of Broad. When the Pennsylvania Railroad built its new underground Center City terminal, Suburban Station, in 1930, the street was widened and renamed Pennsylvania Boulevard. But it wasn’t until after adjacent Broad Street Station and the “Chinese Wall” viaduct leading to it were demolished after 1952 that the boulevard took its present form and role as a grand approach to 30th Street Station.
First Penn Center, then these buildings, rose along the street. By the time this one rose in 1968, however, President John F. Kennedy had been assassinated, and Pennsylvania Boulevard had been renamed for him. Whether this building was named for the street or the slain President is really not that important.
What is important is that this unit is in great shape, has everything you might want in a one-bedroom apartment, and is located in a building with some really nice amenities.
It has a large main living area combining living and dining rooms. You will find an electric fireplace in its built-in bookshelves. And even though there’s an equally tall building across the street, this unit’s location on a high floor means it still gets lots of natural light through its south-facing windows, as the photos above should make clear.
The entrance hall leads past this galley kitchen to the main living area. Its up-to-date appliances include a Bosch front-loading washer and dryer.
Across the hall from the kitchen is this storage room that could serve multiple functions. Need pantry space? You could store your groceries here. Have stuff you want to store but keep close at hand? Stash it here rather than take it down to your included storage unit. Need a home office? That’s what the current owner did with it.
A second corridor heads to the left from the entrance hall. It contains two good-sized closets.
It leads to the bedroom and bathroom. The bedroom also gets plenty of natural light and has a large designer walk-in closet.
The bathroom is simple and functional, with a large step-in shower with a multi-function head you can also use as a handheld spray.
The Kennedy House has many nice amenities. The nicest one of all is the rooftop deck and swimming pool.
It also has a large gym, a library, a community room, and hospitality suites you can rent to put up visiting guests. It also has a coin-operated laundry room for those items too big for you to wash in your unit. On-site parking is available, and the building has a 24/7 concierge. And besides an attractive lobby, the ground floor also contains a very good deli and food market and Chima Brazilian steakhouse.
Another attractive feature: The monthly maintenance fee also covers your real estate taxes, cable TV and electric bills.
That might just make this Logan Square modern co-op for sale one of the best housing bargains in Center City. Its location close to both Suburban and 30th Street stations, the Market West office district, Rittenhouse Square, Logan Square, and the museums along the Ben Franklin Parkway makes it an even better value.
But here’s why it’s such a bargain: The Kennedy House is a co-operative, not a condominium. Co-ops are the original form of shared ownership of a multi-unit residential building. When you buy a co-op, you don’t buy your apartment. Instead, you buy shares of stock in the non-profit company that owns the building, and those shares give you the right to occupy the unit will move into.
But buying a share of stock in a co-op apartment company is different from buying, say, a share of stock in Apple. The existing shareholders have to approve your purchase before you can complete the sale. Usually, the building’s board of directors does the vetting. If you don’t pass muster, you don’t get to buy the shares.
The evaluation is more rigorous than applying for a mortgage because co-op boards usually require you to jump through several additional hoops. In addition to reviewing your finances, employment and tax documents, a co-op board may also ask you about the nature of your household (how many people will move in with you, whether you have any pets) and even require you to meet with it for an interview.
In addition, after you settle in, making changes to your unit will likely also require co-op board approval, while you can pretty much do whatever you want with the interior of your condo unit. (Manhattanites trade laments about dealing with co-op boards often, as co-ops outnumber condos there. Here in Philly, the opposite is the case.)
Because co-ops are harder to sell than condos, they almost always cost less than comparable condos would. But if you make it in, your neighbors will all be owners who are as invested in the quality of the building and its amenities as you will be. That’s not always the case with a condo or its board. Those two facts mean the value of your investment will be better protected in a co-op.
This article goes into more detail about the differences between a condo and a co-op and the pros and cons of buying each. But if you like what you see in this Logan Square modern co-op for sale, don’t let these differences deter you from going for it if it suits your needs. If you clear the hurdles, you will be sitting pretty indeed.
THE FINE PRINT
SQUARE FEET: 871
SALE PRICE: $285,000
OTHER STUFF: A $656 monthly maintenance fee covers maintenance of the building, your unit and the common facilities, the use of which is also covered in the fee. So are the taxes and utilities listed above. An administrative fee of $20 per square foot is due at closing; based on the exact 871.46-square-foot figure, this would amount to $1,729.20. Cats, up to two, and/or one bird are allowed in the unit, but dogs are not. Additional nominal fees apply for use of the hospitality suites and on-site parking. Also, you may not sublet your unit.
This unit will be open for tours from 2 to 5 p.m. on Saturday during “Open House Philly.”
1901 John F. Kennedy Blvd., Apt. 1515, Philadelphia, PA 19103 [Barbara Sontag-Feldman | Keller Williams Philadelphia]