Philadelphia Real Estate Blog

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.

Condominium; an apartment house, office building, or other multiple-unit complex which is individually owned, with an individual deed and right to sell the individual unit of that building. So many uses of the word “individual” but that’s not exactly the word most people would use to describe a condo. Yes, you have your individual unit, but it is in a shared building with shared amenities, such as pool, gym, and/or tennis court, and shared responsibility to show your neighbors the utmost respect.

Let’s back track for a minute. You stopped at the word “amenities” didn’t you? That’s right, when living in a condo amenities such as these are right in your “backyard”, so to speak. Some Philly condos even go as far as to providing you with town car or private bus service to and from your destinations! Not a bad deal for a small fee.

A fee is described as a charge or payment for professional service. That couldn’t hit the nail harder on the head. Along with all the amenities included in your “condo fee”, which is a monthly payment for access to all that a condo has to offer, you also receive the privilege of professional services such as lawn and exterior maintenance as well as indoor home repairs. There are so many wonderful things a condo has to offer.

Condos provide a sense of a safer environment for people living alone or looking after small children considering the extra eyes that are always around. Living in a condo is like working in an office, you have your own personal and private space, yet you aren’t alone, and you aren’t too far from a neighbor or friend.

Of course I get tons and tons of folks emailing me looking to move into a condo in Center City…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:

Follow these tips to make your Philadelphia condo truly feel – and look – like home.

1. Chances are, your condo isn’t as huge and spacious as you would like. Luckily, you can easily make your space look and feel larger than it is by keeping clutter away, creatively organizing and strategically placing mirrors around the apartment.

2. Sometimes, life just gets in the way of a lease. Don’t be scared into staying in an condo you no longer want because of the apparent lease penalty. You can smartly break your lease without spending all of your savings. Know your rights and don’t hesitate to negotiate with your landlord.

3. There’s no such thing as the perfect landlord and some are downright awful. That doesn’t mean you should have to deal with a leaky faucet or pest problem by yourself. Try a few different communication techniques until you find one that gets you the response you need.

4. Few condo dwellers are lucky enough to have a washer and dryer in their home. Minimize trips to the laundromat by using a bath sheet instead of a bath towel. This is especially helpful if you often use two towels after a shower – one for your body and one for your hair.

5. Living alone is great, but it’s not the safest option. Amp up your at-home security by keeping it under wraps that you live solo. You don’t have to lie, but don’t advertise that you don’t have a roommate or live-in boyfriend.

6. If July and August is brutal where you live, you’re probably used to holing up inside with the air conditioning on full blast for eight weeks during the summer. This is a huge expense, though. Cut electricity and costs by using the AC’s other settings, like the fan and the timer.

7. Think you smell a rat? Deal with it! Pushing the problem off until you can’t mentally handle the rodent isn’t going to get rid of it and the problem will only get worse.

8. When you can, fix your own run-of-the-mill apartment problems. If you really want your landlord to be there when you need him, don’t bug him if a light bulb blows or the toilet clogs.

9. When you have the heat on, set your ceiling fans so they turn clockwise, which will help warm the house and cut your heating costs.

10. If things go truly wrong between you and your landlord, you can turn to online dispute resolution.

Annabelle Smyth

5 Things I know about Old City Philadelphia…

I lived in the neighborhood for 18 years- and I know of what I speak…

1) Old City is very “So-Ho” in nature- lots of people walking on the street, shopping and simply strolling around. It is really kinda’ groovy

2) Old City has but about two dozen single family homes- and a few thousand condos

3) BridgeView Place, The Wireworks, and the The Castings Condos are exceedingly similar-all built by the same developer and all offer similarly priced and sized condos. If you are condo shopping and see one building- you should see all 3 of these buildings

4) There is a “sweet spot” in Old City in terms of where most folks will ask to live- Which is east of 4th street, and north of say Market Street

5) Old city has it’s own Special Service district- uniformed folks who sweep the street and provide tourists with directions and a sense of comfort. A special tax is included for many Old City condo purchases, but a small price to pay for piece of mind.

Mark Wade

www.CenterCityCondos.com

The Way I see it…

How Neighborhoods in Center City came to be (East of Broad St)

In the 1960’s the city wanted to revitalize Society Hill. They did indeed with the addition
of Society Hill Towers, and the surrounding area. Many vacant homes were sold for $1 as
long as you promised to fix them up and make them livable.
As Society Hill become popular and pricey, folks started to take their money, their lives, and
the rehabbing skills to Queen Village (QV)….though Queen Village was never as vacant and run down as Society Hill had become. But none-the-less, to QV they went.
Then in the late 1990’s, it became apparent the QV was becoming pricey, and availability of
run-down started homes become scarce, and folks then began to see the value and beauty of
Bella Vista. Back in the day, you couldn’t find a Bella Vista home for over $500,000- that kind of money was reserved for (first) Society Hill, then Queen Village.
Finally, as Bella Vista began to be known as a destination, folks started to move west into
Hawthorne (west of 11th street, east of Broad). Now Hawthorne boasts some nice houses
and some fine Hawthorne lofts.
And that is the migration of folks east of Broad Street since the 1960’s – the way I see it.

Mark Wade
www.CenterCityCondos.com

     ATTENTION DEVELOPERS….

Converting a Brownstone to Condos in Center City?

As the market begins to heat up, so does the demand for smaller associations like brownstone styled condos that tend to have lower condo fees, and a hint more character than say a high rise may possess. Here are a few hints a developer may want to keep in mind:

1) Make sure to carpet the common areas. No one wants to hear the owner of say unit 2R clomp his or her way through the halls with their high heels. Keep noise to a minimum in common areas- hardwood floor and or tile is not appropriate. Carpet these areas. Please.

2) Think about splitting your water bills up- meter each unit separately. Many buyers may be part timers or weekend city warriors, and may benefit from not having to pay for water that they don’t use on a daily basis.

3) If the city allows, and you have space in the basement, put up two by fours and chicken wire storage units. And buy a dehumidifier for the association. The minimal cost will pay for itself in terms of marketability.

4) Common Area paint should be done in a low gloss finish. And spend a few extra dollars on front door security and hallway lighting. Again, a small cost, but huge in the minds of many Center City brownstone styled condo buyers.

5) When you are done building the condos, take a step back, and put in another $2500 into each unit in terms of groovy paint, wallpaper, and lighting. You will no doubt be able to recoup every penny of that visual investment (and them some) and the condos will sell quicker. Much quicker.

Remember, your competition is going to be at least a decade or two old- so modern up to date cosmetics are exceedingly important for marketability. I find that what kills a developer in terms of profitability, is the time it takes to market a condo. A vacant condo is simply just p*ssing money down a drain.  I would suggest there is a fine line between over-improving, and hitting the market just right- in terms of pricing and your final product. Need some more advice?

Call me, Let’s chat. Mark Wade

215.521.1523 / 215.627.6005           www.CenterCityCondos.com          Prudential Fox and Roach Realtors