As job recovery continues and the housing inventory shrinks, Pennsylvania’s real estate market is shaping up to become an interesting creature. According to the newest data from the Department of Labor and Industry, the state’s unemployment rate has hit a 7-year, post-recession low of 5 percent.
At the same time, inventory in the Keystone State is appreciating in value and shrinking at a drastic rate. While low inventory levels are hitting many other parts of the country hard as well, Pennsylvania saw its for sale housing stock shrink by a dramatic 21.9 percent, per the Pennsylvania Association of Realtors. And while the median sale price saw a 4.76 percent increase over the previous year, per the same source, some industry players are raising concerns over affordability rates, as new supply is being developed at the higher end of the market. Overall however, the outlook is positive for Pennsylvania, with Philadelphia dubbed the 8th best home building market nationally.
On the luxury end of Pennsylvania’s housing market, however, affordability rates are of no concern. Ranging in price from $10 million to $25 million, Pennsylvania’s most expensive homes for sale right now include sleek urban penthouses and sprawling old world estates sprinkled around the Main Line. Indoor pools, manicured lawns, equestrian facilities and fabulous views are just some of the must-haves for the state’s most opulent homes. As for Pennsylvania’s most expensive home for sale right now, scroll down if you’ve ever wondered what a starchitect’s take on a modern fort would be – hint: the master suite comes with a private tower!
3220 Windy Bush Road, New Hope
Asking price: $10,000,000
Part of the original William Penn land grant, this estate will get history buffs’ hearts racing. The 190-acre equestrian estate includes a 1713 grand manor house, a Victorian guest house and a 1740 cottage. The luxurious property is part of the famed Fashion Farms horse breeding farms and includes a bank barn complete with caretaker’s apartment. Amenities include a spring house, lighted tennis court and greenhouses.
912 Providence Road, Newtown Square
Boasting 72 acres of rolling Chester County countryside, Heartwood Farm features an early 20th century 8-bedroom stone farmhouse designed by Brognard Okie and expanded in 2005 by Peter Zimmerman, as well as a 1780s 5-bedroom structure known as the Isaac Massey house. An equestrian estate, Heartwood Farm boasts two barns totaling 24 stalls, a lighted, all-weather riding ring, and grass dressage and show jumping training facilities. The main house and 30 acres of the estate are also available for purchase separately for a cool $7,995,000.
Arguably one of the most desirable addresses in Pittsburgh, this dramatic 3-story penthouse is located within The Residences condo development atop the LEED-certified Three PNC Plaza. Featuring floor-to-ceiling windows, this 7-bed mansion in the sky frames some of the most breathtaking views of the Pittsburgh skyline and waterfront. If you can tear your eyes away from those gorgeous views, the penthouse has some pretty swanky amenities to enjoy, like a home theater, wine grotto, wet bar, jet tub and master bedroom fireplace.
Designed by F.L. Bissinger and built by E.B. Mahoney, the 3-story Westbourne Woods is a luxurious Colonial nestled on 8 manicured acres. The 14-year-old home features 6 bedrooms and some truly sleek amenities, such as an indoor lap swimming pool, baseball batting cages, wine cellar, fitness center, theater, stone soaking tub and a formal dining room with hand painted ceilings. The property also has some green features, with solar panels furnishing part of the home’s energy needs.
1414 S Penn Square #PHII, Philadelphia
Located at The Residences at Ritz-Carlton, one of Philly’s it addresses, this 9,515-square-foot penthouse unit is on the market raw, meaning you can personalize it to the nth degree. The unit comes with access to The Ritz-Carlton’s luxurious amenities which include a state-of-the-art fitness center complete with lap pool and yoga room, landscaped park with a 12-foot waterfall, on-site dog run, outdoor terrace, media room, concierge services and chauffeur service with Bentley or Escalade vehicles.
Designed by Edmund B. Gilchrist for stockbroker Rodman Ellison Griscom, the 1931-built Linden Hill estate was owned for more than 50 years by the Dorrance family of Campbell’s Soup fame. Encompassing 50 park-like acres, the Norman style property is reminiscent of French countryside estates with its 8-bed manor house, brick chimney stacked guest houses, turreted caretaker’s residence, stables and 10-car garage. Posh extras include an aviary, two pools and a pool house.
232-36 Walnut Street, Philadelphia
Buyers looking for modern amenities in a historic setting should look no further than this 2-bed house in Philadelphia’s historic Society Hill neighborhood. Just steps away from Independence Hall and Carpenters Hall, the 16-year-old build offers 5,400 square feet of posh living space across 3 floors. The property boasts luxurious gardens with mature trees and a koi pond, a 5-car garage, mahogany wine cellar, professional office and wet bar.
733 N Spring Mill Road, Villanova
Another Bissinger and Mahoney collaboration, this 8-bed stone estate features all high-tech conveniences in a gracious, old-world setting on the Main Line’s Golden Mile. The 4.5-acre estate’s lush grounds surround the 14,000-square-foot hand-cut stone mansion with its marble floors, 14-foot ceilings and intricate millwork. Built in 2002, the property features 7 bedrooms, an 8-car garage courtyard and a stunning pool and pool house.
Originally listed for $28,000,000, The Estate at Maple Hill is among the priciest and newest residences on the Main Line. Built in 2009, the 6-bed mansion offers 16,538 square feet of luxurious living space that includes a professional gym, indoor pool, screening-grade home theater, onyx bar and a master suite with individual walk-in closets and nap room. The property’s outdoors are just as stunning with sprawling grounds, ATV trails, lighted tennis court and outdoor fire pit.
7111 Sheaff Lane, Fort Washington
Designed by starchitect Rafael Viñoly, this 37,000-square-foot modern fort is located only 22 miles from downtown Philadelphia. Some of the jaw-dropping features of the estate include a living room with 30-foot ceilings and a master bedroom complete with “a private tower retreat” that offers 360-degree views of the estate. Originally listed for $30,000,000, the 70-acre compound also includes a 20,000-square-foot “playhouse,” 2 stone farm houses, a 3-bedroom apartment, indoor and outdoor tennis facilities and a pond.
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