Philadelphia Real Estate Blog

….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

I am a REALTOR in downtown Philadelphia. I specialize in selling Center City condos and have for the past 23 years of my career.

Condominium buildings, like cars, teeth, and gardens, require ongoing maintenance and care. In an effort to cut your personal costs, try not buying toothpaste or floss for a year, and see where that gets ya’. In the long run, its probably going to cost you more than if you bought (and used, of course) toothpaste, floss, and mouth rinse. One dental bill can blow those costs out of the water. The same analogy can be said about Philadelphia condo buildings.

I’m always amazed when I go onto a listing appointment and the owner tries to sell me on the fact that the condo fees in his building are super low, as compared to similar condo buildings in downtown Philadelphia. Perhaps Me. Seller things I am new to this planet. It’s been my experience that somewhat abnormally low condo fees for a particular building can actually result in a lower resale price for those Philadelphia condos.

Let’s say a condo association decides its going to keep fees minimal because the owners got together and decided NOT to raise fees yearly. Bad move, I say! Interior and exterior maintenance projects are going to be lacking, most likely, as will routine projects like cleaning exterior windows, hall carpeting replacement, etc.

I think a HUGE portion of a buyer’s perception of a particular Center City condo is formed in his or her brain PRIOR to him or her entering that specific condo. If the common hallways are dirty, the exterior weak in terms of curb appeal, etc., it is not going to reflect well on any unit within that Philadelphia condominium building.

Such glaring deficiencies in the showing ability of the building as a whole should not be underestimated by any condo association. Certainly the prospective buyer walking in the front door for the first time is going to see those deficiencies…

Personal circumstances such as your job, family and lifestyle preferences determine whether or not city life is a good fit but for many, the center of Philadelphia is the place to be.  The City of Brotherly Love, a big city with a small town feel, is known for its friendly residents and if you love the vibrant life in cities Philly condos have a lot to offer. Trees and parks offer a refreshing contrast to its museums and shopping centers. Philadelphia is, quite literally, the best of both worlds. Decide for yourself if it’s right for you.

Less Reliance on Automobiles
Philly has a terrific public transportation system. It runs in a timely manner and can get you almost anywhere you want to go in the city or the surrounding areas. Commutes are quick and, if you prefer walking, almost anything is within reach. Shopping, entertainment and a wide variety of restaurants are within reasonable walking distance. In the suburbs, you will likely have to run a car, adding significant expense to your monthly budget and never mind the time spent commuting.

Wide-Ranging Culture
Philadelphia is known for its vibrant art scene. It’s not uncommon to see used forklifts moving sculptures, paintings and other pieces of art into a building. Museums, the zoo, and popular sports teams also bring entertainment to the city. If you’re a shopaholic, you’ll enjoy a large variety of boutiques, larger department stores and small specialty shops.
Even better, Philadelphia is one of America’s oldest cities and is full of historical significance. Its architecture is second to none. You can find a multitude of different cuisines; the city has many ethnic restaurants if you’re up for new experiences. There are diverse neighborhoods and Center City condos with distinct cultural offerings, so you’re never bored and without something to do.
Philadelphia is also home to some prestigious educational institutions, such as the University of Pennsylvania, which add to the vigor and excitement of one of America’s favorite cities. All of this can be right outside your door.

Real Affordability
Compared to living in some cities like New York and Chicago, living in Philadelphia is quite affordable. Rent is cheaper and because public transportation is plentiful, saving on getting to and from work is easy. Cars require maintenance and upkeep; you don’t have to worry about those costs if you live in the city center. Even purchasing a home is more affordable in Philly than it is in comparable cities in the United States.

If you’re looking to move to Philly, don’t just settle on the suburbs. Instead, think about everything the City of Brotherly Love has to offer you and your family.

Michelle is an aspiring writer with a passion for blogging. She enjoys writing about a vast variety of topics and loves that blogging gives her the opportunity to publicly voice her thoughts and share advice with an unlimited audience.