“Buying property is life changing. What’s important to me is helping someone feel comfortable through the process” said Allan Domb. Domb will be explaining his real estate philosophy as the next speaker at the Wednesday June 11th JBN meeting at noon. The entrepreneur is known as the king of the luxury condo market in center city Philadelphia. So what does he see ahead in Philadelphia? “The city has overbuilt smaller one bedroom rental units, what is in demand are the larger two and three bedroom apartments. As far as properties for sale we now have the lowest inventory in recent years which is good news for sellers”, Domb went on to explain “What will help to drive the market is new employment in the city from the CHOP expansion, the new COMCAST tech center and of course Drexel and Penn”.
Domb began his career in 1980 specializing in sales in buildings such as Academy House, The Bank building, The Barclay, Center City One, The Dorchester, Hopkinson House, Independence Place, The Lanesborough, The Lippincott, Parc Rittenhouse and many others. Domb’s company also leases residential apartments and since 1999 has expanded into redevelopment of historic buildings into high end condos. What does he feel is his proudest achievement?
“We think of ourselves as resuscitators. We have helped bring back to life many of the abandoned properties in the city. It makes me proud that we have changed the landscape of Philadelphia and I will continue to do so focusing next on the 18th and 19th block of Walnut Street. Look for many interesting things to take place there” added Domb.
Domb is in his third term as President of the Greater Philadelphia Association of Realtors, the first person to do so and has been awarded many accolades including Realtor of the Year by GPAR in 1982 and 2013. He plans to spearhead a movement to grant 20 year tax abatement for homes under $250,000. Domb feels that will provide the incentive for people to buy in decaying or marginal areas.
Little known is that Domb is also an investor/owner in the Starr Restaurant organization a group of 31 cool eateries in Philly, NY, DC, AC and South Philly. When asked he would not reveal his favorite saying only that if you had 31 children you would never tell which you loved best. Perhaps he can be prodded during his talk at JBN Wednesday June 11 at noon.
To hear more, register to attend the luncheon at www.jbnphilly.org