Philadelphia Real Estate Blog

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!

Don’t believe everything you read, or every comparable you see. NOT all condo space is created equal, and not all two bedrooms in the same building are of the same value.  Duh. There are soooo many factors that infuence value-

HOW DO YOU THEN CORRECTLY COMPARE APPLES TO APPLES?

Here are some Tips:

1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.

2) Find a map of the building, and see which units face “The Park”, and which overlook the DUMPSTERS – Positioning within a Center City condo building plays a role in value!

3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?” Cuz if it did, it is going to distort the comps.

4) Floor height value- may or may not play a part in comps/ comp value. Newer Philadelphia condos are GREATLY based upon floor height.

5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking).

And know that “Fact Sheets” and MLS sheets are like Resumes- full of bullsh** and dog doo. Never take that info for granted- you must confirm!

6) AND THE BIGGEST factor to warp comps- Interior condition. Hugely huge in comp valuation.

Here is a good example of “Not All Space Being Created Equally”…

Equally sized two bed units at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.

So clearly comps can be deceiving – if you don’t know…ask me. Please.

Brownstone styled condos are an option in Center City that I find are becoming more popular for many condo shoppers. Known for their low condo fees, and some really groovy features, low rise condos have shown to have good resale over time, and often show up in some of the strongest residential locations in Center City.

The condo associations tend to almost always favor pets, rules can be a bit more lax than a high rise, and many units have either decks, parking, fireplaces, or say an abundance of original detailing. Here are some of my favorite low rise/ Brownstone condo buildings in town- Due to either curb appeal, unit layout, value retention, or just an overwhlemingly serene locale:

1) Roberts Quay: 1035 Spruce – 18 units, a huge variety of layouts, and probably the most handsome building in 19107. Sits on the NE corner of 11th and Spruce. (see above and you can see what I mean).

2) 2100 Delancey: Again, huge curb appeal, an array of unit sizes and wrought with original detail. Many units have fireplaces, ornate windows, and of course a great location.

3) 251 S. 24th St: A very rare loft styled new condo building in Fitler Square that few have heard of/know of/have seen. Garage parking, huge windows, and sits in a quiet pocket of Fitler Square. High end contemporary finishes throughout each unit.

4) The Clinton: Now here is a stunning building. Sits on the corner of 11th and Clinton St- serene as they come. Some units have parking, and many units have south facing windows- many completely shielded by huge trees. Modest condo fees and attractive pricing. 1023 Clinton St.

5) St. James Court: Hidden between 5th/6th Street, Locust and Walnut sits this enclave of “uppers and lowers”. Rental parking next door at Indep Place. Great space, quiet location, handsome exteriors, outside space for every unit, and two story living rooms. A great track record of resales / value retention over the past dozen years.

There are a lot of well managed, well run Philadelphia condo buildings here in town, and there are a lot of crappy, hard to resell, impossible to finance, and just all around disasters-  In terms of being an awful investment.

Here are some things that I suggest buyers keep in mind when determining the strength of a Center City condo purchase (unless of course, they outright just steal the condo in terms of a killer price-

1) Owner- Occupancy Ratios: The more owners in a building, generally the better for resale. Under 30% tenants is a fine number. 90% tenants ain’t so great.

2) Delinquincy Ratios on Condo Fees- Some buildings are filled with deadbeats. Sorry. If over 15% of owners are late on their monthly dues- building becomes non fanne mae warrantable, and financing the condos in the building is remarkably difficult. Leads to depressed values real quick.

3) Condo buildings with appallingly low monthly fees. That could mean the building is going to hell in a handbag. Buildings need to be maintained regularly.

4) Buildings that clearly are in need of an assessment- yet owners won’t approve deferred, much needed upkeep and repairs- either internal or exterior.

5) Overall Ugly Buildings. In an alley. Next to a dumpster. Puke on the sidewalks. And urine. Yeah, not a big fan.

You want me to name name’s? Call me. Let’s chat.

….fairly painlessly

Remember- If your Philadelphia condo association isn’t being run like a business (which in essence, it is) then someone isn’t doing

their job. Capiche?

I always find it interesting when developers or REALTORS advertise a spring 2013 delivery for Center City condos and the project has yet to break ground. I’m thinking, it’s summer 2013 and your project isn’t even started!

Or, how about those large signs in the ground announcing a new development that got axed nine months ago? Look around town, you can see a few.

I don’t know why delivery dates for new construction Philadelphia condos are so wrong sometimes but I do have my theories.

Perhaps these developers are unaware of what it takes to get Philadelphia condos approved and built. Maybe its a bit of wishful thinking on the part of the REALTOR: will and early delivery date increase the traffic through their site?

More likely, it’s a bit of both.

Any buyer looking at pre-construction projects should be told of the inherent delays in new construction. Buyers must be aware of the countless pieces of the puzzle that need to fit into place in order for a project to come together. And they must be told the truth- that often, developers have zero control of the puzzle pieces. (Think city and state permit requirements for example.)

I think it would be difficult in most cases to adequately predict, some nine months in advance, an exact settlement date for your new condo. To me, promising a delivery date that clearly isn’t within range is a mistake. REALTORS and developers of new Philadelphia condos lose credibility when they do this.

I started thinking about all this remembering a mistake I made. (I know, I know. I, of all people should know better!) When I was moving I actually messed up my calculations on a new construction piece. I ended up in corporate housing for six months. (You can imagine what a pain in the ass that was. Two extra moves…)

If you’re considering Philadelphia condos in a new construction project, be wary of the advertised delivery date. Allow for some grace time with your lease. Don’t make completely firm plans with your moving company. You’ll avoid a lot of headaches brought on by unforeseen construction delays.

Stop trying to comprehend today’s complex real estate market all alone. Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. Together, we’ll find your perfect Center City Condo or sell your Philadelphia condo… and ave fun doing it!

And has dirty orange shag carpeting. And faded purple painted walls. Really!

I have been preaching this mantra for some eighteen years now here in Center City Philadelphia. And it has worked! Our little group of seven REALTORS (www.centercitycondos.com) at Prudential Fox & Roach REALTORS sell over 160 Philadelphia condos and Philadelphia townhouses every year to very happy owners.

One distinction that we can brag about is the fairly sizable profits a lot of our buyers make when they call us a number of years later to resell their Center City condos. Now granted, a lot of that has to do with the market conditions, and the fact that Philadelphia real estate has been on an upswing for the past dozen or so years. But, a significant reason many of our Philadelphia condo buyers make money is because we guide them to properties that are diamonds in the rough.

Buyers are probably going to find the smelly, ugly Center City condos severely discounted (disproportionately) lower than one might expect… because few other buyers are emotionally attracted to these “dogs”.  My goal is to get buyers to see past the simple outdated or unattractive cosmetics that are inherent in a number of downtown Philadelphia lofts, condos, and townhomes.

I feign deafness when I hear a buyer tell me that the “place is perfect, except I don’t like the carpeting”. Or that the appliances are old and the inside of the refrigerator smells like the inside of their gym bag. Those issues are what I call PHONE CALL UPGRADES. You pick up the telephone, you dial the local Home Depot or Lowes and you set an appointment for them to cone out and replace the appliances and carpet. You place one call to a painter who repaints all the faded purple colored walls. These are one step-one call upgrades. This isn’t brain surgery. We are not moving the kitchen which would involve moving gas line, water lines, replacing flooring, redoing baseboard moldings on and on and on. Simple stuff…”One Phone Call” Stuff.

And that is where many buyers see a huge increase in their resale price: simple, light cosmetic work. The kind of work that takes a pee smelling, dirty orange shag carpeted piece of ick, and adds significant emotional value through the use of good decorating skills, cleanliness, and minor cosmetic upgrades that are readily visible to the eye.

Buy ugly. Buy smell. And sell oohs and aahs… Then sing and dance all the way to the bank.

Ready to discover your own diamond in the rough? Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com. We’ll smell out those “dogs” and find you a real ooh and aah buy!

There is something to be said about model homes. I love them.  I want to buy everyone I see.  Brand spanking new model homes-versus-character laden, gorgeous, historic homes- which do I choose? The great thing about Philadelphia real estate is that there are fantastic properties at both ends of the spectrum.

While I am a veteran home flipper (my brother and I have bought, rehabbed, and resold 140+ Philadelphia condominiums and town homes)  I have to admit I am intensely attracted to the pretty residential faces of model homes.

It really is an occupational hazard! I want to move every week. This is in spite of the fact that the Philadelphia loft condo I currently share with m other half has been featured on HGTV.

We rehabbed our circa 1813 Old City condo (with three-car parking inside a really cool private gated courtyard) from scratch. We chose every material and item in it ourselves. Okay, we grossly overspent. But, we also won the 2005 Philadelphia Magazine’s Kitchen of the Year Contest.

But like a lot of you who love historic Philadelphia real estate, I also love model homes. I used to preach the mantra of “With a town the brought you Betsy Ross and Ben Franklin, historic homes sell-well!” And although I do throw that line out there to buyers from time to time, the truth is I’m a sucker for Philadelphia’s new construction model homes.

Am I a hypocrite? Should I not utter what I covet?

When you see what’s available in terms of model homes, you can’t help seeing the benefits of owning one of these properties.

I am telling you, give me a new construction ranch house, with a driveway, garage, patio, and 1/4 acre yard in Old City-And I am willing to bet that I would go directly into the intersection of Broad and Walnut Streets, and dance a bit… right there in the middle of the street. Honest.

Of course, that ranch house has to be “Model Home” gorgeous. You know, with all the latest designer furniture, wall coverings, hip features, new paint, etc.

It’s all about life style. Getting into a house or Philadelphia condominium that doesn’t require any work so you can sit back and enjoy your new property is a big bonus. I know I would love that type of lifestyle with all my heart. And never, ever, ever want to leave. That’s right, never.

Until, of course, the next time I was out showing a buyer a new construction penthouse condominium with gorgeous outside patios. Slowly but surely all closet doors are being slid open, rooms explored for the first time, kitchens ogled and bathrooms admired, that feeling will come over me again.

I’ll be struck with the itch to own one of the amazing model homes available on the Philadelphia real estate market. And you’ll find me back in the intersection of Broad and Walnut Streets doing my own crazy version of the model home dance.

Whether you want to buy a new construction or historic beauty, I can help you get the best price and terms. ( I can even help you choose between the two.) Give me a call today at 215-521-1523 pr drop me an email at Mark@centercity.com.

I like programs on TV about real estate. I think the shows are timely, relevant, and interesting. A nice combination of education and entertainment centered around a topic everyone likes to talk about- Real Estate buying and selling.

Here are some ideas I have for TV programs that I would like to watch, because as a Philadelphia REALTOR, I encounter a plethora of situations I believe are worthy of their own TV segments:

Buy a Home From Me… or Get out of My Car- A show where buyers who really are not interested in buying, but just want a guided tour to see some cool homes, are called on the carpet.

Lazy, Stupid REALTORS- A show featuring some of the lazy stupid things REALTORS do… Like advertising open houses, and then not bothering to show up for it.

Buyers- What Are You, Nuts? – A show where buyers grossly overpay for a home simply because they like the way the home shows and/or because of the cleanliness of the interior.

Sellers- What Are You, Nuts? – A show where sellers want to sell their homes for more than any other house in their ZIP code because they “KNOW” their home is the nicest in the entire area.

Yes, You Have to Pay Condo Fees – A show that captures the quizzical looks of buyers when they learn that the Center City condo front doorman doesn’t work for free. Or, that the elevators do run on electricity, which results in a common bill for ALL condo owners.

You Want to Buy WHAT?? – A show that features buyers who purchase the polar opposite of what they tell their REALTOR they’re looking for.

Any Closet is a Walk-In Closet if You Try Hard Enough – A show featuring the silly things that come out of REALTORS mouths when trying too hard to make a sale.

Fighting Spouses – She wants a Philadelphia condominium; he wants a Center City loft. The differences play out before the cameras! Or, she wants to buy, he doesn’t.

Parents Say the Darnest Things – So eager for their kids to move OUT of the house, parents find a positive side to the worst possible properties on the market!

Let me help you make sure your Center City real estate transaction doesn’t become the next hit reality show. Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com