50|PHILADELPHIA LIFEJUNE 2013

For clients seeking a luxuriousnew place to live in downtownPhiladelphia, The Condo Shopwill find the right hometo suit any lifestyle

One might say Philadelphia has emerged from the hardened shell

of its chrysalis as a city fully transformed. Whereas two decades ago it

was often dismissed as something a second-class city, even the target

of derision, Philadelphia has since evolved into a desirable, diverse and exciting

place to live, offering luxurious lifestyles that can vary greatly from one neigh-

borhood to the next.

In fact, Philadelphia’s renaissance is luring more people than ever to its down-

town in search of a primary residence or second home. When choosing a new

home in the city, however, seekers are finding it to be crucial to know the ameni-

ties, culture and conveniences offered by each neighborhood and, for that mat-

ter, each property. This is precisely why prospective homeowners are turning to

The Condo Shop, which specializes in luxury-condominium sales, apartment

AGaurav Gambhir, owner of The Condo Shop (left), with founder Benjamin Oller

by BILL DONAHUE photography by ROB HALL

PerfectMatch

AHome buyers and tenants in search of luxury condominiums and apartments inPhiladelphia turn to the team of The Condo Shop.

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rentals and building-management services.

The Condo Shop understands Philadelphia better

than anyone else, and uses this knowledge to place

clients in properties designed precisely for their needs.

Whether clients seek a new home along the storied

streets of Rittenhouse Square and Washington Square,

near the cultural centerpieces of the Avenue of the Arts

and Art Museum district, bathing in the historic charm

of Old City and Society Hill, or offering the majestic views

of the Delaware River along the Waterfront, The Con-

do Shop can identify the right home for any lifestyle.

Also, in conjunction with a sister company, The Con-

do Shop exclusively manages and/or markets some of

the most prominent buildings in the city, including The

Residences at Two Liberty Place, Aria the Condomini-

um at 15th and Locust, Murano Condominium at 21st

and Market, and 1352 Lofts on South Street.

Benjamin Oller, founder and president of The Condo Shop,

opened his business in 2006 with the mission of differentiating his firm

by forsaking the distant and overassertive approach taken by other real

estate offices.

“We wanted our clients to walk into a cool office and have a glass of

wine in a calm, warm atmosphere,” he says. “Our clients come from all

over and are all looking for different things. We wanted to understand all

the condo buildings in Philadelphia, each with their own charm and char-

acteristics. Our passion drove us to learn and know what buildings, ar-

eas and lifestyle amenities would be the right fit for our customers. This

attention to detail made us a ‘reference desk’ to the other agents in the

city and ultimately differentiated us from our competition.”

The Condo Shop now has five Center City offices—its main office on

Locust Street, as well as others in Rittenhouse Square, the Art Museum

area, Avenue of the Arts and Northern Liberties—and a team of licensed

real estate professionals. Oller describes The Condo Shop’s agents as hard-

working, smart and engaged in their profession. “We don’t think of this

as work but as fun; each day is different, each client is different, and we

all like the challenge of making people happy,” he says. “Buying a home

is not always a fun process, and the emotional commitment can more

often than not be very stressful. Our knowledge of the area and of the build-

ings we sell helps to mitigate the fears and concerns of our buyers.”

Besides their deep knowledge of and affection for the city, The Con-

do Shop’s agents also owe their success to understanding their clients.

From having the most current market data for sellers to knowing the unique

attributes of condominium buildings/units for buyers and tenants,

agents from The Condo Shop provide every client with the relevant in-

formation they need—building design, amenities, finances, etc.—to make

a decision with which they will be happy. Agents also provide other val-

ue-added benefits to represented buyers that further underscore the firm’s

“boutique” treatment, from complementary attorney services and lim-

ousine transportation and to home-staging services and financing, title

and closing assistance.

The Renaissance ContinuesGaurav Gambhir, owner and executive director of The Condo Shop, has

been entrenched in the local real estate market since 2001. He began his

career after what he calls “the most unfavorable time to get out of col-

lege”—in the aftermath of the September 11 terrorist attacks, when sev-

eral industries, including real estate, plummeted. Rather than obstacles,

however, he saw only opportunity.

“We have weathered recessions and other business challenges, and

we have come to a time when we almost can’t keep up with the work,”

he says. “I’m fortunate to be surrounded by experi-

enced, entrepreneurial people. Looking back, my start

in this business couldn’t have gone any better.”

Part of The Condo Shop’s unique concept is a fo-

cus on retail office locations so buyers and renters can

walk in and discuss their real estate needs. The sell-

ers and landlords have a great advantage that their list-

ings are posted on the office windows for maximum

exposure, according to Gambhir. “Thousands of

people pass by our office locations on a daily basis,”

he says. “It cannot get better than this for sellers, land-

lords and for clients.”

Gambhir believes historically low interest rates

and access to units within premier properties com-

bine to make 2013 ideal for buying real estate in

Philadelphia. He also points to the thriving, still-evolv-

ing landscape downtown, which offers some of the

world’s best restaurants, universities and arts-and-culture options, as

well as a network of excellent health care facilities. Also considering

the fact that Philadelphia is nestled between New York City and Wash-

ington, D.C., Philadelphia’s condominium market is perfectly positioned

in more ways than one.

“In the aftermath of the global housing bubble, condominium prices

in Philadelphia have stabilized,” Oller adds. “In today’s environment, more

and more people are staying in the city, and inventory is low, which is driv-

ing up home values. Now is the time to purchase. … I believe that past

lending restrictions were a major factor in limiting buyers, but these re-

strictions have been relaxed. Now that the financing available is pretty much

back to pre-2008 times, condominiums are making for great investments.”

Builders are responding to this demand by turning once-unfash-

ionable neighborhoods into vibrant hubs of business, culture and com-

fort. Some of the hottest neighborhoods, in fact, are in places such

as Fishtown, Graduate Hospital and University City, thereby making

luxury living ideal beyond the traditionally desirable Rittenhouse Square

and Washington Square.

“There are some great, amazing homes and developments being built

here,” Gambhir says. “You used to be able to buy a home for $150,000

in Fishtown and Kensington. Now you’re seeing these big, beautiful prop-

erties being built there for closer to $400,000.”

The definition of “location, location, location” has clearly expanded

in Philadelphia, as prospective homeowners and investors now have an

increasing number of options. The Condo Shop’s agents realize that the

decision to buy, however, stems from much more than where a home

is located; buyers also want more amenities and conveniences, such as

concierge service, parking, ample square footage and fitness centers. Also,

the majority of buyers are also looking for homes that are ready to move

into, with built-in upgrades, so they can spend their time and energy on

other things, such as enjoying the richness of opportunities the city has

made available to them.

“City life is vibrant, and in most of the buildings we represent the lifestyle

of condominium living is almost the equivalent of living in a five-star ho-

tel,” Oller says. “It’s not rocket science, but preparation is the key to all of

our success and continued growth. It also helps that our clients become

family the minute they walk in the door.” n

PHILADELPHIA LIFE|51JUNE 2013

The Condo Shop1425 Locust Street | Philadelphia, PA 19102Phone: 215-692-6636E-mail: info@thecondoshops.comWeb: www.thecondoshops.com

JMuranoCondominium

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