Philadelphia Real Estate Blog

1) Why is the seller selling?

2) What will my taxes be in five years?

3) Is this condo going to appreciate?

4) Are there going to be any future assessments?

5) Will there be more units coming on the market in the future?

Every good Philly condo buyer has asked me at least one of these questions. It is to be expected. As is the blank expression that will cover my face after you ask.  Call me and I’ll let you know the answers to all the questions I can answer!

Mark Wade 
BHHS Fox & Roach Realtors®
www.CenterCityCondos.com
530 Walnut St. #480 Phila, PA 19106
Mark@CenterCity.com | 215.521.1523

Once you’ve spent all the time you can browsing Philadelphia Condos for Sale online, you’ll finally be ready for your first condo tour. Here are a few things you’ll learn in person that online listings may not reveal at first glance.

1) Many “concierge” folks are, in fact, front desk attendants. In some buildings, I think it’s fair to say they are simply seat-fillers. Sorry.

2) You should NEVER underestimate the value of good closet space. Ever.

3) Many newer construction high-rise buildings do not vent the stove or the dryer to the outside.

4) Deeded parking usually doesn’t really mean “deeded” parking – most parking spots do not have their own separate deed (they’re usually assigned and/or identified as a limited common element in the condominium declaration).  There are some exceptions here but they are rare.

5) An alarm system inside a condo is likely useless to a buyer because the systems become obsolete very quickly.

6) Almost all new or replacement floors are laminate. They look great, they don’t wear, and they come in 1.5 jillion colors/options.

7) Most tenants usually don’t want to move out and will often make showing the home a nightmare- from locking deadbolts to leaving the home dirty and looking like crap for showings.

8) You really shouldn’t rely upon a “fact sheet” or what you read in the MLS. That info may be outdated and should always be verified…(I am lookin’ at you Zillow and Trulia!).

Mark Wade
BHHS Fox & Roach Realtors®
www.CenterCityCondos.com
530 Walnut St.#480 | Philadelphia, PA 19106

I believe appreciation is a greater function of an improved interior condition than is any other factor.

Why? Because buyers don’t buy bricks and mortar-they buy feelings and emotions. So the best way to increase the value of your condominium is to improve the strength of the feelings and emotions of your condo.  C’mon… This isn’t a difficult concept.

There is always a multiplier effect for the first dollars you put into your condo (think-painting, cleaning, etc).  Add a new kitchen, bathrooms, flooring, etc. and the value of any given condo will almost always rise above the cost of those upgrades.  And don’t forget about staging your Philly condo, either!

Our market is made up of TWO distinct types of buyers: first-time buyers and empty-nesters, and though they don’t buy the same product, the one thing they have in common is that they’ll pay for turnkey condition, especially in the condo segment of the Philadelphia market.

Therefore…

Want to steal a condo here in town? Buy Ugly.  Want to max your resale price? Sell Pretty.

Again, no earth-shattering concepts here. I’ve seen this theory in action for thirty years here in Center City and it’s a solid one.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors®
530 Walnut St. #480 Phila., PA 19106

If you need to act like you know something about the Center City Condo/real estate market, then drop these little nuggets of info at any gathering:

“Unless U of Penn moves to Oklahoma, there will always be demand for one bedroom condos west of Broad Street.”

“Most loft-styled condos in Old City are one of a kind.”

“My condo guy (that’s me!) says he’s never seen condo inventory this low in 29 years.”

“New construction condos around town can easily pull over $1000 per sq. foot.”

“The bigger the building, the higher the condo fees.” (Think gym, pool, doormen, parking, etc…)

“The Center City condo market revolves around The Spring- always has and always will!”

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors®
530 Walnut St. #480 | Phila., PA 19106

…In my opinion, these are facts.

1) In most cases, showing ability can be just as important as location, in terms of the sale-ability of a condo here in town.

2) Yes, it is normal for your condo fees to go up a few percentage points per year.

3) Condo association assessments are a necessary ingredient to value preservation over the long haul.

4) I think a long-term hold in Center City is smart money (yeah, I may be biased.)

5) Laminate floors are very popular. Very.

6) Buyers buy feelings and emotions and not bricks and mortar.

7) The next high rise to be announced in town to be priced under $1000 per sq ft is going to be a hit because of the lack of options for new construction.

8) The outer bands of Center City are selling exceedingly well – and it doesn’t really matter which direction you go.

9) Philly buyers are devouring what once was B & C grade inventory and cashing in in terms of value retention.

10) Emotional support dogs may be changing the landscape of pet policies within Center City condo buildings.

I would love to discuss these points further. Don’t be shy- email me and challenge my two cents! I’m all ears…

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
530 Walnut St. #480 | Phila., PA 19106

Click to see drone footage at Waterfront Square Condos!

This beautiful, gated, high-rise community located at 901 N. Penn Street in Northern Liberties includes a 24-hour concierge and convenient shuttle service. The 25-meter-lap indoor pool is an absolute dream come true with beautiful views of the bridge and river and the purchase of each unit includes one valet parking space. There is also a spa, sauna, and steam rooms, not to mention a fitness center and on-site yoga classes. Bike parking is also available.  Call us to schedule a showing today!

Mark Wade
BHHS Fox & Roach Realtors
530 Walnut St. | Phila., PA 19106
www.CenterCityCondos.com

There are two key distinctions that every buyer should know when purchasing insurance for their Philadelphia condo or home: “replacement cost” versus “market value.”  Here is some helpful info from our friends at Trident Insurance Agency:

Replacement Cost vs. Market Value
Replacement Cost and Market Value are two different things, and it’s important to understand both when you’re a homeowner. The former impacts your home insurance policy, while the latter comes into play when you put your home on the market.

Market Value
Your home’s market value is the amount for which it would sell in the current marketplace in its current condition. Market value changes and can be difficult to predict, but it’s based on your home’s location, internal and external characteristics, and how the homes are selling in that area.

In most cases, it’s not a good idea to insure your home based on its market value. Your home’s market value might not cover the cost of rebuilding if your house is destroyed by fire or another disaster. Materials and labor may cost more now than when it was built, and special features could be more expensive to replace.

Replacement Cost
This is how much it would cost to rebuild – or replace – your home if it were completely destroyed.

Why is this figure important? It’s how much you should insure your home for. Replacement cost, or reconstruction cost, coverage insures your home for the cost to repair damage to your home or rebuild it completely at equal quality — at current prices.

Replacement cost calculations can vary depending on the home insurance company you’re working with, but it typically covers plans and permits, labor and materials, and fees and taxes. Land value is not included in replacement value, as it does not factor into the cost to rebuild a structure. Keep in mind that costs for these things at the time of your appraisal will affect your replacement cost value. If supply and demand change, those costs may have increased significantly at the time you actually need them.

Insuring Your Home
You should insure your home based on its replacement cost, not its market value, as the cost of building a home often exceeds its market value. Because it is difficult to predict the future, it’s important to choose a policy to help account for unforeseen circumstances — and to regularly review your home’s current replacement cost in case you need to update your coverage.

Updating Your Policy
Remodeling your home will affect its replacement value, so it’s a good idea to review and update your homeowners’ insurance policy after remodeling. Be aware of fluctuating costs of labor and materials in your area so you can update your replacement cost as necessary. Review your policy annually and update it to reflect any changes in replacement value.  (Info provided by Safeco Insurance Company)

If you need help finding the best homeowner’s insurance coverage to fit your needs, email Jessica.Nydick@FoxRoach.com

Fox & Roach / The Trident Group LP
A HomeServices of America, Inc Company and a Berkshire Hathaway Affiliate

Anyone who has ever taken advantage of any of The Schuylkill River Trail knows what an amazing addition it has been in Philadelphia!  The Schuylkill Banks section located in Center City begins at the Fairmount Water Works (by the Art Museum) and has expanded to Christian Street (so far). The jogging/walking/biking trail includes an ADA accessible connector bridge, boardwalk, and dog park in the Fitler Square area…not to mention a ton of things to do from picnicking and yoga to fishing and kayaking.

The most recent expansion completed was from South to Christian Streets featuring access points at The CHOP Bridge and Schuylkill Banks Boardwalk at South Street. This extended the trail an additional 1400 feet past the Boardwalk into the Graduate Hospital neighborhood.

(Photo Courtesy of SchuylkillBanks.org)

There are plans in the pipeline to continue the trail from Christian Street to Grays Ferry Crescent by 2020 and to open an ADA accessible swing bridge that would provide a link from Grays Ferry Crescent to the west bank of the Schuylkill, eventually extending the trail to Bartram’s Garden.

Learn more about the trail and things to do by clicking here: Explore The Schuylkill Banks.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

1) The process of getting a mortgage will drive you up a wall. Someday there will be paperless closings, I am sure. Until then, you will have to sign your name 1,378 times. Just know that you are being tortured just as equally as everyone else.  (Check out our preferred lenders here – they will make this process as painless as possible for you – I promise!)

2) The seller may leave your new home in a condition you find unacceptable. Rarely will a seller have the home professionally cleaned after they move out. If they do, know that you should thank them…honestly.  You should also be grateful if they remember to bring ALL the keys, key fobs, garage door openers, door codes, and the mailbox key to closing…

3) You will find holes left in the walls where the seller’s artwork once hung. Yeah- artwork and framed photos don’t magically float.  It would be illogical to assume that some holes will NOT be left. Sorry.

4) You can’t move in prior to settlement, nor may you move any of your belongings into the condo prior to settlement. Most buyers get this, but some get p*ssed when they learn they may not do so.

5) You have to coordinate your move-in with the condo management company and there may be restricted time frames that the building allows move-ins – weekends and after 5pm is most likely a no-no.

6) While chatting with the seller at the table, you find out you can’t have a BBQ grill on your deck, or that the building has rules on visitation, like extra fees for parking, etc. because you didn’t read your condo docs and now you are shocked and p*ssed. Not uncommon.

7) No one told you that your closing funds have to be in a cashier’s / bank check or wired in prior to settlement. (Our preferred title people will not let this happen to you – again, I promise!)

Mark Wade
Mark@CenterCity.com
BHHS Fox & Roach Realtors
www.CenterCityCondos.com

I am a sucker for new construction, but hey let’s face it, aren’t we all? There’s nothing quite like brand new hardwood floors and a beautiful fresh kitchen. However, what really gets me going is new construction WITH some of that sought-after Philadelphia historic charm. The two combined together create an unbeatable combo and uniqueness that defines this city.

Having an office in Society Hill I am exposed to this beauty constantly. Recently, I discovered some construction across the street from my office building which perked my ears right up. I quickly came to learn that Scully Company was taking on a project to create 63 luxury rental units in the historic Curtis Building at 6th and Walnut. I toured the building in the middle of construction and was immediately hooked.

*The Terrace for The Penthouse Collection

As their extremely knowledgeable and passionate leasing agent, Molly Shapcott, always says “they didn’t cut any corners here.” The finishes compare to a brand new condominium building, along with high ceilings, original window detail and state of the art amenities.

I left the tour thrilled and had to share the news. Within days, I had a client moving from New Zealand to sign a 9-month lease (yes, they accommodated that no problem!).  Shortly after, I had another client applying for the 3 bed + den, 3.5 bath duplex penthouse unit. Since then I have had another 2 bedroom client and another 2 bed + den duplex client.

Long story short, if you are looking for a new building with the best amount of historic charm, look no further than the Lyndon At The Curtis. Please let me know if you have interest in checking this amazing building out. I pretty much go on a weekly basis to check on the progress along with visit the friendly leasing staff! Feel free to come along with me next time I go. 🙂

Click here to learn more about the rental market in Center City Philadelphia.

Jaime Hyman
Berkshire Hathaway Home Services | Fox and Roach Realtors®
530 Walnut Street, Suite 480  |  Philadelphia, PA 19106
Email: Jaime@CenterCity.com  |  Cell: 610.613.1297
www.CenterCityHomes.com | www.CenterCityCondos.com