The record $7.678 million that bought a Philadelphia condo unit on March 18, 2009 is proof that the recession hasn't hit everybody - and everybody isn't necessarily banking on the mortgage rates before they buy. At a time when most real estate buyers are eyeing the market with trepidation, luxury condo buyers in Philadelphia and elsewhere are keeping the market strong. The savvy real estate agent knows how to approach these buyers in order to find the right condo for them.

The record-sale unit, on the 46th floor of the Residences at Two Liberty Place, is not likely to remain long on the Philadelphia record. More units in the prestigious complex are likely to go for similar prices, perhaps a few hundred thousand more and, in the case of the penthouse suites, over $8 million more. Custom tailoring to the owner's preferences is a feature of these units, along with luxury amenities like custom gourmet kitchens, walnut flooring, wet bar, steam shower and more.

Luxury buyers tend not to be that concerned with mortgage financing, often paying cash for their homes. They are not all "old money" or all-star sports players. Many are young entrepreneurs, established businesspeople and empty nesters. Many are celebrities, but just as many more are people who have worked their way to success. Therefore, it is unwise to pigeonhole these people in a “type”, besides the possession of enough money to make affordable the purchase of a multi-million dollar condo.

The goal for these buyers is to show them how this particular condo will work for them. Will it provide an easy access point to business for the entrepreneurs? Will the empty-nesters find active lifestyle options within the complex or close by? Will celebrities find the privacy that they often desire? What about people with families who want their children to be close to their chosen school? You can sell the same type of unit to people of many different walks of life by knowing how it can make their lives better, transportation easier and entertaining more fun.

Knowledge of the upper-class amenities in the area is one great way to show a luxury buyer why this Philadelphia condo is right for them. It’s not enough to say that “there are a lot of shopping and dining opportunities”. You can mention that Foster’s Urban Homeware on 399 Market St. is a great place to shop for funky home accessories. Or, that Le Bec Fin, at 1523 Walnut St. (less than 2 blocks away from that 7.5 million dollar condo) serves some of the best French cuisine in the city.

The Philadelphia luxury condo market is one example of how agents need to view luxury properties differently in order to provide their clients with the best service possible. Knowledge of the trends and your market area is going to make the difference when selling luxury properties and knowing how to market them.