Philadelphia Real Estate Blog

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Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19103
215.521.1523  Mark@CenterCity.com

There are really only three Philadelphia condominium buildings that I believe qualify as being gated:

WaterFront Square at 901 N. Penn St: I live here and I love it. I have lived in town for 24 years, and I know every condo building like the back of my hand. I choose the building because it sits on 13 manicured acres with tons of parking, pool, deck onto the river, etc. And being gated (and a doorman building), it takes the security equation right out of the picture- in my mind. If I forget to lock my condo door- WHO GIVES A CRAP?!  I live in a gated community with a doorman to boot.

Naval Square: Gated and sits on something like 20+ acres…gorgeous setting. And again, takes the security equation right out of the picture. Ample parking, pool, and lots of space for the dog, the kids, even bike riding. These are qualities that are generally lacking in a non-gated urban community. I love Naval Square, and think that the HUGE variety of styles and sizes are fantastic. And the tax abatement doesn’t hurt either. Many units are single level/one story styled condos.

The National in Old City: Gated, yes. Doorman- no. Acts like a doorman building, but actually there is no attendant on duty. This is a Semi-Gated Community where a fair number of properties are indeed off-street, and you have to pass through a gate to gain access. I have sold a fair number of units here, and my buyers do appreciate the sense of security. I love the location in Old City, the garage parking, and remaining life of the original tax abatement. High floors have some really cool water views as well.

If you are considering looking at some condos in downtown (Center City) Philadelphia, and would like to check out some gated communities, Give me a call or email. No pressure.

Mark Wade
www.CenterCityCondos.com
267.237.3404 (Cell)
PRUDENTIAL FOX AND ROACH REALTORS  215.627.6005

Every Philadelphia condominium building has it’s own basis for charging condo fees, and the percentage one pays is a reflection of the square footage of their particular condo.

Some potential condo buyers shy away from condo fees…or at least fees that they view to be excessive. But let’s look at what condo fees can cover. This way you can pick and choose which services might be right for you….and which building or building style may be right for you:

Trash Removal                        Common Area cleaning
Management Service               Doormen
Parking                                  Town Car Service
Pool                                        Shuttle/Buse Service
Heat                                       Central Air
Hot water                               Common Electric
Concierge                               Building Maintenance
Landscaping                         Gym
Window Washing                  Elevators
Common Electric                   Security
Bundled Cable                       Water and Sewer
Master Insurance Policy

You can pick and choose your services….Just let me know what your priorities are, and we can find a condo in Philadelphia that is right for you!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox & Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

So we hear all the time about the glut of condos on the market. But that is not always true in specific segments of the Philadelphia condo market. For instance, if we look at four very popular existing condo buildings here in downtown Philadelphia we see that the opposite is the case.

According to TrendMLS, on September 20, 2011 there are only three (3) active condominiums for sale in the following buildings:

-The Dorchester at 226 W. Rittenhouse Square

–The Hopkinson House at 604 S. Washington Square

-Independence Place (Buildings I AND II) at 233 and 241 S. 6th St.

-The Wanamaker House at 2020 Walnut St.

So out of nearly 2000 possible available units, there are 3 units for sale. Go figure.

Mark Wade
www.CenterCityCondos.com
Mark@CenterCity.com
Berkshire Hathaway Home Services Fox and Roach Realtors

Quick Center City Condo Sales Stats 2011 Year to Date

Zip Code    Number of Closed Sales         Low Price     High Price

19102                 90 Sales                                       $188,500 –       $2,200,000

19103                362 Sales                                       $48,000 –        $4,850.000

19106                 199 Sales                                      $105,000 –       $2,200,000

19107                  130 Sales                                     $55,000 –          $1,306,000

19123                  119 Sales                                      $35,500 –          $1,000,000

19130                  158 Sales                                     $78,000 –          $575,000

19146                   65 Sales                                      $101,000 –         $1,700,000
19147                  104 Sales                                     $149,900 –            $950,000

I have seen some pretty cool decorating ideas in many condos throughout the Center
City Philadelphia condo landscape. And I have seen some mistakes as well. Here are
just a few ideas off the top of my head…decorating mistakes that don’t play well in the
resale market:
1) Putting a shiny clear coat of varnish of exposed brick walls
2) Installing carpet in a lower level area- be it a kitchen or bedroom
3) Using florescent lighting anywhere when trying to sell a condo
4) Hollow core white doors with brass knobs and hinges- Try painting a neutral color
5) Vertical Blinds. Need I say more?
6) Colored carpet. Any color of the rainbow in terms of carpeting is bad. Stick to neutrals or dark
    dark dark low pile brown.
7) Less is more. Condo by definition are usually limited in size. Get rid of the crap that has  been
   piling up- aka: Clutter.
8)  The Matchy Matchy Look- curtains match the tablecloth, the carpeting, and bedspread. Ick.
Here is a GOOD idea….
If you have some exposed brick, try painting it a really cool light color (like grey) and finish it with  matter finish (flat). You can thank me when you see the appeal it can have with buyers.

Mark Wade

Lovely Painted Brick adds huge emotional impact

www.CenterCityCondos.com

Biggest Misconception – Buying a Condo in Center City

1) You are going to find a condo where you don’t have to pay condo fees!
Of course you are, dear. Perhaps the common elevator runs on magic pixie
dust, the doormen are happy to work for free, and the swimming pool needs
no maintenance or upkeep. Aka- Rub a Lamp….all condos have condo fees.
2) You are going to move into Center City and walk everywhere.
I love it when buyers tell me this.  Like the giant soaking tubs in many 1980 styled bathrooms       this notion will wear out quicker than you might believe. You will walk at first- then you will drive or take a cab everywhere after year 1 of moving into town
3) You need a 3 bedroom condo so that you can have a spare bedroom. Very often- not
the case. Friends or relatives will stay at a hotel that is two blocks away.
4) Since you have a gym within my building, you are going to work out more.
Good One. And good luck with that- let me know how it works out for you.
5) You need a large kitchen, because you like to cook. Ever wonder why there are
so many restaurants in Center City? You will probably find yourself eating out a LOT
more, and cooking a lot less.

Certainly these rules don’t apply to all, but do apply to most of those looking to make a
move into the Center City condo lifestyle.

Some of the most sought after condo buildings here in Center City are on or very close to lively blocks that are full of activity, or they are on or near bus routes, and can have a close proximity to highways. This is very convenient but can be noisy!

Having constant noise outside your dining room or bedroom could be a big problem. So, I devised a kinda’ cool solution that works like a gem. And in the scheme of things, really doesn’t have to cost a lot.

Here’s the solution: Replace your windows (genius, eh?)!

Depending on where you live in downtown Philadelphia, you may have a fairly strong historic association who mandates the type of window replacement you must use.  However, this does not preclude you from installing another set of windows INSIDE the historical set.

You can add a double paned, inexpensive vinyl clad INSIDE the outer set of historically approved windows, giving you a total of 3 or 4 panes of glass between you and the noise.  This ingenious little set-up demonstrates how you can effectively keep all city noise out of your Philadelphia loft or condo.

You don’t need to live 30 feet from the highway or live in a super luxury condo building to benefit from this idea.  Such insulation also provides extra protection from cold, heat loss, and dirt that gets inside of other single paned windows!  To Keep the Value in, You Must keep the noise out!

If you’re thinking of buying or selling a Center City condominium and want some more tips, I can help.  Give me a call today at 215-521-1523 or drop me an email at Mark@CenterCity.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106

There was an article last week in the Philadelphia Inquirer that suggests more Philadelphia Condos are being rented.  Here is an excerpt from the article:

Because the focus of residential construction during the boom times was on for-sale housing rather than rentals, there aren’t enough high-end apartments to go around now.

“We are finding the high-end rentals to be almost nonexistent, as they rent fairly quickly,” said real estate agent Mark Wade, of Prudential Fox & Roach.

Condos near the University of Pennsylvania and Thomas Jefferson University “have a built-in demand for rentals, and we have seen that equation play out year after year,” Wade said.

Read more here:

http://articles.philly.com/2011-06-01/news/29608739_1_rental-apartments-rental-units-center-city-district/2

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106