Ardmore Thrives Amidst Lower Condo Prices Near Suburban Square

Sibley Ave. Prices down; Outlook Up

Back in Early fall 2007, it took only about 100 days for most every unit at the newly constructed Cambridge Square Condos (at Ardmore Farmers' Market) to sell out. Prices paid for the initial offering ranged from $570k to nearly $950k. The housing market seemed unstoppable and the future blindingly bright. Developers planned a Phase II second building in between the first structure and the parking lot behind Trader Joe's.

Fast forward 5 years ... And while the future is still bright for this vibrant and extraordinarily well-located building, Phase II  has yet to happen and the first units to be resold are fetching significantly less than the original owners paid. Two of the three resales to date came in Spring 2012 at discounts of about 42% and 32% off initial sales price. Unit 202 offers a grand 2152 sq. ft of living space and its own private patio. First Buyers paid $945,000 in late 2007. Second buyers - late June 2012 - only $550,000. In May of this year, the more understated 1500sq ft. unit #205 resold for $410,000, nearly 32% off the initial buyers cost $599,900.

Ardmore Continues to Grow in Good Ways

The only other unit to be resold came in at 25% discount (925k in 2007 versus 700k in June 2011). Throughout the Mainline, discounts of 15-25% off condo prices from last decade's highs are not uncommon. Some older buildings with banal locations may never fully recover, but we're bullish that Cambridge Square's youth and dynamic location in ever-evolving downtown Ardmore will thrive in the long run.