Philadelphia Real Estate Blog

Philadelphia has been graced with some wonderful, and some not so wonderful additions to their condominium inventory over the past five years. Some are selling quite well, and some- well, not so much.

I think that the popularity of a certain building has to do more with the buildings cache, or “je ne sais quoi” rather than the normal fluctuations that occur within a given real estate market at any given time.  By that I mean that some buildings are, and have sold well due to either the builder’s name, or hype that surrounds such buildings. The lack of such hype can be devastating. 

From ultra-contemporary to elegantly conservative, Philadelphians seem split on the style design of the condos they prefer.  We have seen some very high end Penthouse units sell in Old City lately, and the addition of the most modern building to hit town become erected at 13th and South Streets.

New construction is favored by many, due to Philadelphia’s tax abatement , and the stylish finishes found in many new high and mid rise Center City condo buildings. Even high-end condos can be found, bursting with amenities, in some low rise Brownstone conversions projects found scattered about town.

In a town that brought you Ben Franklin, and Betsy Ross, historic and pre-war condos do have their place. But for some, there is nothing like a new construction condo here in Center City Philadelphia.

Like New? Prefer Old? Let’s chat! 

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Philly condominiums offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit.

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s discuss how parking may affect you!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Parking? $40,000

A one bedroom condo in hip Old City Philadelphia? $300,000.

Good closet space wherever you live here in Center City Philadelphia? Priceless.

Good closet space inside a Philadelphia condo is like a good wine. Coveted, hard to find, and treasured by all. With a high percentage of my buyers being of the “Empty Nesters” set, I find that their preference for good closet space can not be ignored. Downsizing from a larger home is traumatic enough in itself, without have the added turbulence of deciding what to keep, what to give away, and what to simply heap into a large pile, and burn.

There is one condo development here is town that many of my buyers find quizzical: The good sized two bedroom condo units do not have walk-in closets. Only the medium sized one bedroom condo units in the building have a walk-in closet. Odd, they say- and I can’t disagree.  Dockside in Philadelphia offers two healthy sized walk-in closets in their two bedroom condo units. I thought I was going to have a heart attack when I saw that act of generosity.

I do believe that the lack of closet space must be coming from some NYC consulting firms, used by local developers when putting up a new high rise condo building here in Center City. I know New Yorkers don’t seem to value kitchen size as much as Philadelphians, but could it be that they travel lighter as well, and don’t have as much stuff to store as we do? Who knows! But a bit more attention to good closet space by Philadelphia developers would be a huge help in their sales efforts here in Center City (in my humble opinion)!

I talk about a lot of stuff about Center City real estate.  Click onto my “podcasts” link on www.CenterCityCondos.com to hear me go “off” on everything that is Center City real estate!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

One of the most distressing real estate topics we hear in the news is the foreclosure rate.  Realty Trac, the California based company that tracks foreclosure information, just released the news that foreclosures rose 81% in 2008.  But to put this in the proper perspective, one needs to consider two things:
 
The total percentage of homes in foreclosure is 1.84%.  An 81% increase appears dramatic, but the fact is that this overall percentage rate is relatively small.

 
 
The majority of foreclosures are in areas of the country where real estate values rose at unsustainable rates and/or land available for development caused excess new construction.  These include the coastal areas of California and Florida, as well as Arizona and Las Vegas, Nevada.  One of the primary reasons that there has been steep price declines in these areas is because of the number of foreclosed properties on the market. 
 
The eight-county Philadelphia region placed 77th of 100 metro areas nationwide in the number of foreclosure filings recorded in 2008, not too bad.

If you are looking to find a great deal here in Center City Philadelphia, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Many buyers who email me about Fitler Square condos in the 19103 zip code favor a quiet neighborhood, with easy access to the University of Pennsylvania, or I-676, or perhaps strolling distance to Rittenhouse Square. Though few condos exist in this part of downtown (Center City) Philadelphia, the attraction of being near the Schuylkill River and the recent addition of the jogging trail next to the river make the Fitler Square area a destination of choice for many Philly condo buyers.

Most notably, Locust Point condominiums has recently added condominium inventory to the neighborhood. 251 S. 24th St. is a boutique style loft condo building with parking, and a relatively small association. Additionally, one will find a smattering of low rise, Brownstone styled condos in the neighborhood– each offering a unique floor plan, layout, or character specific to the particular building. The introduction of some very high end Brownstone styled condos like 2025 Spruce St, and 251 S. 22nd have added a bit of cache to the appeal of this small, yet diverse collection of condominiums that make up (sometimes) rare offerings of Fitler Square.

The one interesting bit of info I can tell you about my experience selling, and sitting open houses in the Fitler Square area is that it seems EVERYONE who is looking for a condo here, is fairly set on finding something in the neighborhood. The #1 question out of their mouths is “What else is available here?”

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”. 

It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as:   – area, -vicinity, and –adjacent.  And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).

So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.

I am here to help you navigate the world of Philadelphia Real Estate. I can be reached at 267.237.3404 or at Mark@CenterCity.com.  Thank you!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Some real estate looks good on paper, but not always in person.

And no, this is not a new listing of mine. And yes, that is a swinging couch.

Looking for a Philadelphia realtor who will “Call them as he sees them?” Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s see all that Center City Philadelphia has to offer.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106