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January 5, 2015
The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.
And if you think the Center City Real Estate community doesn’t have its own clique- then you would be incorrect. Some Center City Condo listings get more traffic than others just due to their basic popularity, like the Academy House at 1420 Locust St. Being cooperative, flexible, playing by the rules, etc., all have their benefits. I have heard repeatedly that agents will avoid certain listings because they don’t want to work with this or that agent for the next two to three months of their lives. I get it. I am not saying I condone such behavior, but I do understand it. I too do not want to deal with someone who is not going to return my phone calls, has a reputation of being a pain to deal with, or maybe even known to be a hint evasive or is just someone who is known for not being able to help carry a deal to closing because they haven’t (say) been honest with their clients. Or just plain aloof.
And being “In with the In crowd” gives me access to properties that less popular agents can’t arrange. I am in the clique, you see  And I sell a lot of Philadelphia condos….so I may get a hint more wiggle room for weekend appointments, or last minute appointments. Or just get waltzed right past the doorman when I walk into a building.
Tags: Center City condo, center city philadelphia condominiums, condominiums
December 29, 2014
December 22, 2014
December 9, 2014
So where are we in terms of value retention and return? Have we fully recovered from our last downturn? Just What Can We Expect For 2015?
Is it time to be a seller??
Click play below to listen to my new podcast about the 2015 Philly Condo Market…
Mark Wade 215.521.1523
Berkshire Hathaway Home Services | Fox and Roach Realtors®
Tags: Center City condo, center city condos, center city philadelphia condo, condominiums, condos in Philadelphia
December 1, 2014
Click here to see Center City Condos Featured Listings!
Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com
Tags: 19106 condos, Center City condo, center city condo philadelphia, Center City Real Estate
November 24, 2014
1) Rivers Edge Condos at 2301 Cherry St: There can be little argument that prices and demand for the building are on a huge upswing since residents have implement and paid for assessments for improvements made to 2301. Just look at the sales in the MLS. And it makes sense- a killer location in the 19103 zip with parking. Winning!
2) The Coronado at 2201 Chestnut St: Facade overhaul – even decorative elements of this lovely pre-war are being removed and recast…including ironwork and window frames. Foyer and front entrance being studied to include doors, lighting, canopy and tile restoration work. And they have limited their allowable rentals-BRAVO!
3) WaterFront Square at 901 N. Penn St: In the middle of some really groovy renovations to the entrance including an attractive water feature and improvements to the larger of the two dog parks. The entrance was benign and bland. Not any more…
4) The Plaza at 1901 Walnut St: Assessments are finished and interior (behind the walls) work done to common elements. New entrance and foyer area work completed as well as mail room. I think 1901 is poised for real value growth.
5) GrandView at 1100 Vine St: Recently refinished the lobby area..and holy crap is it stunning. Someone here had a good eye.
Also plans for redoing the entire 2nd floor (common area) to include new/expanded gym, yoga studio and commercial kitchen areas. First floor commercial offices being rented out as well- which will help curb appeal. Smart Center City Condo building- one of first to put a severe hold on rental ratio. Very smart indeed. 6) BridgeView Place at 315 New St: Finished the common roof deck and exterior brick work (some time ago).
7) Hopkinson House at 604 S. Washington Sq: A face lift project to the front entrance plaza area is well underway as well as installation of a handicap ramp and the repair of deteriorating underground structural beams and expansion joints.
8) The Academy House at 1420 Locust St: Upcoming improvements include lobby and arcade renovations. Fabulous!
And the employees recently rejected the idea of “going union.”
Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com
Tags: center city philadelphia condo, condominiums, Rivers Edge, The Coronado, Waterfront Square
November 3, 2014
Of course I get tons and tons of folks emailing me looking to move into a Center City condo…no surprise there. But you might be surprised by who is actually buying in town. Here are some common groups of buyers who I see buying condos in Center City. Certainly others exist, but this is a generalization of what I see: –
1) The Returnees – Grew up in Philly, moved elsewhere, and now returning. Being close to friends and family is often the draw.
2) The Empty Nesters– Shedding themselves of 75,000 pounds of unused house. They can often be very happy happy buyers who are starting a new chapter in their lives. I enjoy working with and watching them get excited for a move into town.
3) The Weekend Warriors– They have done the shore, now they spend their weekends in town. Much more common than you think.
4) The Kids Who Have Parents Who Have $$ – Very common. Very.
5) The Transferee– Maybe came to town via a promotion- and wants to be close to work. Moving to town wasn’t on the radar. Doesn’t matter- he or she is here now.
6) The Growing Families– It used to be that young adults would get married , and get a dog, two kids, a station wagon, and BOOM- off to suburbia they went. No longer the case. They now often represent our move up buyers in Center City.
7) The Investors– Who know that the city is the place to be, and that their investment will provide a handsome return year after year after year. Unless say Univ. of Penn moves to say the moon…a condo may easily be a magnet for a tenant.
8) The First Timers– The good ole reliable first time buyer. The backbone of the Center City condo market- always has been, probably always will be.
Tags: Center City condo, center city condos, Center City Real Estate, condos in Philadelphia
October 27, 2014
Let’s Look At Condo Sales By Price Range:
Under $250,000 = 213 SALES
$250,000-$500,000 = 397 SALES
$500,000- $1,000,000 = 115 SALES
Over $1 Million = 63 SALES
Let’s Look At Center City Condo Sales By Zip Code:
19102 = 59 sales
19103 = 195 sales
19106 = 111 sales
19107 = 82 sales
19123 = 68 sales
19130 = 131 sales
19146 = 66 sale
19147 = 61 sales
Let’s Look At Philadephia Condo Sales By Bed Count:
Studios = 38 SALES
One Bedrooms = 299 SALES
Two Bedrooms = 307 SALES
Three or More Bedrooms = 70 SALES
Per Trend MLS I am including all sale in 2014 in the following zip codes:
19102,19103,19106,19107,19123,19130,19146,19147
I sifted through page after page of MLS sale stats to come
up with these figures. The numbers may be off by a few…
So a hint of forgiveness is appreciated. Thanks.
Tags: Center City condo, center city condo for sale, Center City Real Estate, condominiums
October 20, 2014
For Sellers:
Keep the temperature of your condo comfy for showings
Make sure ALL keys work before giving to Realtor
Disclose ALL defects..but keep your feeling about your neighbor mum if you simply have an ax to grind
Deliver your Center City condo CLEAN and free of debris prior to settlement
Keep appliance manuals for your new buyer
Give buyers the name of the paint but throw away old paint cans
Leave a note in your condo about any quirks that the buyer may find
helpful such as trash day, neighbor contact info, mgmt info, etc.
For Buyers:
Be on time for your scheduled appointments
Eat and use restrooms prior to your condo tour with your Realtor
Keep sassy comments to yourself UNTIL we exit the condo…then
we can talk trash about what we have seen
Furniture and other unattractive decor items aren’t included.
You are not buying the sofa….So don’t be too judgmental
Know that the property will NOT be delivered in a state of cleanliness
that is up to your standards. A hint of forgiveness goes a long way.
IF you ask to see a specific condo…don’t change your mind
when you pull up to the building and think you want to “pass” on it…
For Open Houses:
Never allow any agent to pressure you to sign in…ever.
Be on time…and don’t show up 5 minutes after scheduled
open house closes
Keep your dog at home. NEVER bring a dog to an open house
If you are a curious looky-loo- no problem…just don’t try to monopolize an agent’s time – let them concentrate on the real lookers
Best not to be talking trash about what you are seeing
while still inside the condo. Zip it…
————————————-
Listen…I get it. Sometimes nice polite folks run afoul of the more general accepted practices in real estate…sh*t happens.
But do your best to play by the rules as emotions do end up playing a huge
part in any real estate transaction.
Trust me…I’ve got 25 years of witnessing hurt feelings
every now and again
and no one wants to feel like a goof when big money
is exchanging hands…
Tags: Center City condo, center city condos, Center City Real Estate, condos for sale in center city philadelphia pa, condos in Philadelphia
October 13, 2014
1) You see that the condo is vacant, and the front desk tells you they moved
over a year ago.
2) You Google the sellers, and You see that they own multiple properties,
and all of them are for sale.
3) You search the history (in the MLS) of that listing, and see the seller is on
their third listing agent.
4) You walk into the Philadelphia condo, it is vacant, the appliances are gone, and it looks
like the seller left in the middle of the night.
5) You read some unique language in the MLS listing about “seller makes no
warranties”, or “ corporate addendum must accompany…” usually means
corporate owned- aka REO.
These are all possible signs that the condo is ripe for an insulting offer.
Good Luck!
Mark Wade
CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Tags: center city condos, Center City Real Estate, condominiums philadelphia real estate, condos in Philadelphia
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