Philadelphia Real Estate Blog

Every Philadelphia condominium building has it’s own basis for charging condo fees, and the percentage one pays is a reflection of the square footage of their particular condo.

Some potential condo buyers shy away from condo fees…or at least fees that they view to be excessive. But let’s look at what condo fees can cover. This way you can pick and choose which services might be right for you….and which building or building style may be right for you:

Trash Removal                        Common Area cleaning
Management Service               Doormen
Parking                                  Town Car Service
Pool                                        Shuttle/Buse Service
Heat                                       Central Air
Hot water                               Common Electric
Concierge                               Building Maintenance
Landscaping                         Gym
Window Washing                  Elevators
Common Electric                   Security
Bundled Cable                       Water and Sewer
Master Insurance Policy

You can pick and choose your services….Just let me know what your priorities are, and we can find a condo in Philadelphia that is right for you!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox & Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

So we hear all the time about the glut of condos on the market. But that is not always true in specific segments of the Philadelphia condo market. For instance, if we look at four very popular existing condo buildings here in downtown Philadelphia we see that the opposite is the case.

According to TrendMLS, on September 20, 2011 there are only three (3) active condominiums for sale in the following buildings:

-The Dorchester at 226 W. Rittenhouse Square

–The Hopkinson House at 604 S. Washington Square

-Independence Place (Buildings I AND II) at 233 and 241 S. 6th St.

-The Wanamaker House at 2020 Walnut St.

So out of nearly 2000 possible available units, there are 3 units for sale. Go figure.

Mark Wade
www.CenterCityCondos.com
Mark@CenterCity.com
Berkshire Hathaway Home Services Fox and Roach Realtors

Bloomberg News – Mortgage Rates Fall to Lowest on Record, Freddie Mac Says – Lowest Since 1950s Sept. 15 (Bloomberg) — U.S. mortgage rates fell for a second week to the lowest on Freddie Mac records as a slowing economy and concerns that Europe’s debt crisis is worsening drove investors to the relative safety of Treasury bonds.The average rate for a 30-year fixed loan dropped to 4.09 percent in the week ended today from 4.12 percent, Freddie Mac said in a statement today. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate fell to 3.30 percent from 3.33 percent.Yields on 10-year Treasuries, a benchmark for consumer loans including mortgages, are near all-time lows amid signs that the U.S. economic recovery has stalled and the euro region is struggling to contain its debt burden. Low borrowing costs have done little to improve the housing market as foreclosures mount and the unemployment rate remains above 9 percent. Data from the National Bureau of Economic Research measuring Federal Housing Administration loans indicate that long-term borrowing costs are the lowest since the 1950s, according to Chad Wandler, a spokesman for Freddie Mac. Mortgage applications rose for the first time in four weeks as rate declines encouraged purchases and refinancing, according to the Mortgage Bankers Association. A gauge of refinancing climbed 6 percent in the week ended Sept. 9, while the purchase index gained 7 percent, the Washington-based group said yesterday.

Philly Penthouse Condos: You call THAT a penthouse? Is that a true penthouse (left) or a Just a top floor condo (right)?

Almost any top floor condo in Center City Philadelphia will attempt to be passed off as a penthouse. But does a top floor condo always constitute penthouse living?

Often, penthouse condos will truly be a little home onto of a high rise building. Think
1901 Walnut St. (the Plaza), or the top floors of 250 S. 13th st. (The Lenox) or 1900 Rittenhouse
Square (1900).  These are true penthouse condos- with gracious outside space atop the building, and some really outstanding features- be it interior staircase (think bi-level) or say
a private elevator going directly to the top floor unit.

Too often, I see no redeeming value or quality to what are referred to as “Penthouse Condos” here in Center City. No excessive or heightened ceiling height, no over-sized windows, or even
any detailing that might somehow lend credence to the word penthouse- the unit simply happens to be on the top floor of the building.

True Penthouse condos tend to be large, with ornate detailing, or some other attribute that will separate the units look, feel and emotional impact from other units in the building. And they generally garner a higher dollar per square foot sale price.   However, a top floor unit may notalways warrant an inflated value if the unit possesses no true value or otherwise compensating factor.

Mark Wade
www.CenterCityCondos.com
267.237.3404

Quick Center City Condo Sales Stats 2011 Year to Date

Zip Code    Number of Closed Sales         Low Price     High Price

19102                 90 Sales                                       $188,500 –       $2,200,000

19103                362 Sales                                       $48,000 –        $4,850.000

19106                 199 Sales                                      $105,000 –       $2,200,000

19107                  130 Sales                                     $55,000 –          $1,306,000

19123                  119 Sales                                      $35,500 –          $1,000,000

19130                  158 Sales                                     $78,000 –          $575,000

19146                   65 Sales                                      $101,000 –         $1,700,000
19147                  104 Sales                                     $149,900 –            $950,000