The market generally still favors buyers, in my opinion, and has since 2007 or so. No big surprise there. Since it is overall still a buyer’s market (that fact is changing, I believe), I think it’s best not to piss off a buyer who can be described as “Ready, Willing, and Able”. Pissing a buyer off who is under agreement on your Philadelphia condo can seriously backfire, and cost you more in the long run. I have been selling condos for 23 years in this town, and I see it ALL the freakin’ time. So sellers, listen up…..
1) Fail to disclose the condition of your condo.
If say, an outlet doesn’t work, Disclose it. Ditto for say the leak in the kitchen faucet. You may end up being sorry if you don’t disclose all you know. Trust me…not doing so honestly can be quite costly and time consuming.
2) Neglect to tell buyer of impending assessments-
They can be found in the condo docs- usually in the budget section. You gotta’ fess up about this. Talk of an assessment may not be the same as an assessment that has been voted on, approved, and is being collected. Talking to a Real Estate lawyer would be a good idea here if unclear.
3) Nit-pick every detail of their offer.
Check your ego at the door, swallow your pride, and move forward. I see a TON of sellers who like to moan about the most miniscule BS- Remember, this is a business transaction…nothing here is personal. Perhaps best if you just “dummy up” and don’t let the little things become HUGE.
4) Insisting on having the last word
Akin to # 3 above, don’t nickle and dime the crap out of a buyer. If buyer says their highest and best is say $535,500, and you come back with $535, 600, I would suggest you are doing more harm than good for yourself. Remember, they still have the home inspection to knock you over the head with. A little sugar can help a lot. Just smile. Be the best actor you can be. You can thank me at the closing table for this advise. Or buy me a Martini. You pick.
5) Leave a Pig Sty for the buyers walk-through
Sure, the contract says that you need to leave the condo in “Broom Swept Clean” condition upon exiting/moving out. You want to put a smile on the buyers face? Have your condo professionally cleaned. It is one heck of a nice thank you. And can put the buyer in a good mood for closing. Priceless!
6) Don’t complete Punch Lists per home inspection
This is fabulous. Don’t be a goof. Do what you say you are going to do. And do it prior to settlement. No buyer wants to inherit your problem(s). This is one sure way to irk the sh*t out of a buyer. Urg…
7) Not allowing them to come in and measure
Nothing in the contract says you have to, but if you don’t , the buyer will think you are hiding something. Keep an open door policy without being taken advantage of, when the buyer wants to revisit to measure.
8) Remove the blinds or surreptitiously replace the dishwasher with a cheaper model prior to settlement and after the home goes under agreement.
This should go without saying but sometimes does need to be said. Read your contract. Then read it again. You can’t be pulling those hi-jinks. I know 99.9% of my sellers would never ever dream of such a thing….
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Having lived in many many Center City Condos over the years, here is what I believe to be the case in terms of costs to heat and cool a condo- Generally, you have someone living above you, below you, and on perhaps both sides of you, so your exposure to the elements is limited. It is not like you are living in a McMansion on the side of a hill in Ardmore. You follow me?
And heat has a tendency to emanate into your condo- you will probably be surprised how little heat you actually use. The fact that the majority of condos in town are one-level, your AC bills tend to be on the low side as well- It is not like you are trying to cool three floors. I live in a 1450 sq ft. condo in a newly constructed building here in town. My average electric bill is about $100 a month. I pay no gas, no water- both covered by the condo fees. When I lived in a 2200 sq ft converted loft, my bills were about twice that- but lower than I could have ever paid in a single family home somewhere….
The Packard Grand Condos at 111 S. 15th St: Condo Assoc recently acquired the top floor of the building from the developer. It is a 3,300SF space (on the 27th floor) with fitness center, large west-facing outdoor deck, party room, meeting room, and large capacity laundry machines. This was a great move by the condo board for a building that had lacked amenities. The new fitness center is now open and the rest of the amenity floor will open by September.
Center City One at 1326 Spruce St.: Responds well to its broken water meter. The association took quick action and repaired and replaced everything with swift action.
Toll Brothers: Approx 160 new units right on 24th street! Expect delivery late July 2013. Based upon the success at Naval Square- look for these units to sell at a pretty good clip. 8 out of 22 sold in Phase One and ground hasn’t even been broken. Stay tuned for more details…
WaterFront Square: A trail runs through it- The Penn Street Trail – a section of the Central Delaware waterfront trail that will connect Spring Garden Street with SugarHouse Casino’s portion of the trail – is expected to open next spring.
Murano: 2101 Market St.- Sale prices doing exceedingly well post auction. They just re-listed all high floor units with Pru Fox Roach. Look for the remaining units to sell fairly quickly!
Penns Landing Square at 130 Spruce St: Spending money to better manage water run-off and to be more efficient at being able to segment water shut-offs in order to better serve homeowners. Touche!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Two bedroom, one bath new condos about 850 square feet in a reasonably sound neighborhood for $300k-$325k.
Closet space would need to be well organized, parking optional, washer/dryers in each unit, with some sense of security – be it a virtual doorman or a security cameras/ systems.
Add minimal private outside space per unit, and I believe these units would sell like hot cakes in today’s Center City Condo market.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Ten years ago, these younger Center City folks with growing families would have a child or two, and BOOM- they were destined for the ‘burbs. Not always the case any longer as Center City Condos become more “Kid Friendly” and popular with the younger family set. These buyers tend to already live in town, and simply move into larger quarters, while remaining inside the downtown area.
2) The Out -of -Towners
Becoming much more common than most current Center City owners are aware. These buyers are looking for an urban weekend place. Generally empty nester folks who have done the beach and the burbs, and are now excited about buying their second or third home in Center City. Space is usually not a huge issue for many of these buyers, but walk-ability ranks very high on their list of priorities. I also find that many gravitate towards less than “full service” buildings as they look to avoid full service condo fees. And usually (I am generalizing here) will swing more towards hip and groovy interiors.
Mark Wade
www.CenterCityCondos.com
Prudential Fox And Roach Realtors
530 Walnut St. #260 Phila., PA 19106
From Philly.com: “An upscale W Hotel is scheduled to break ground next year on a half-acre site that was originally planned for a $420 million Waldorf-Astoria Hotel with luxury condominiums before the lending markets collapsed four years ago.
The new hotel would sit on what is now a surface parking lot at 1441 Chestnut St, just behind the Ritz-Carlton Hotel and its condo tower, according to a representative of Starwood Hotels and Resorts Worldwide Inc., which owns the W brand.” [Read More…]
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
2. There is a new tax called the “Center City District Tax”…kinda’ nominal, but adds street cleaners and supervisors on many of the residential streets.
3. Northern Liberties is RED HOT- You MUST see to believe (compared to the 1980’s).
4. Graduate Hospital is now apartments- The hospital closed.
5. We have a new “South Street Bridge” and it is fabulous.
6. Broad St Just South of City Hall is Hoppin’…with residential and tons of restaurants.
7. The Bellevue Stratford is now The Hyatt at the Bellevue- and is stunning.
8. Delaware Ave. is now Columbus Blvd- and nicely manicured.
9. The old Naval Home on Grays Ferry is now a Toll Brothers development.
10. Most Parking meters are gone- replaced by Kiosks- and the parking authority is still very well run- If our city was run as well, the streets would be lined in gold.
If you are looking to come back to check out the City, drop me an email at Mark@CenterCity.com…I would love to show you some of the great new Philadelphia Lofts and Condos available too!
Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila, PA 19106
I am often asked about short terms Rentals here in Center City.
Many buyers are in need of such housing…either they have sold a property and are waiting to settle on their new Center City condo, or perhaps they are just in a state of flux, deciding on where they are going to end up.
Either way, I think if you find yourself “homeless”, you may want to check out www.StayAKA.com. Located on the northeast corner of 18th and Walnut on Rittenhouse Sq- they can accommodate you for a day, a week, a month, or longer. From studios to large two bedroom units…Take A look!
So you want to join your Philadelphia condo board…..
Hang signs in the hallways that say “Vote for Susie For Vice President”
and see where that gets ya’ BUT SERIOUSLY>>>>>
This is a fantastic site..check out their blog. You can post questions, and there are some seriously intelligent questions on the site. If you are a board member, you should keep this website marked as one of your “Favorites”.
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106
