Philadelphia Real Estate Blog

Consider This Scenario:

You make an offer on a great Philadelphia condo. You are pre-approved, you are putting 20% down, your ducks are in a row, and you are presenting a clean offer. No goofy contingencies in sight. All normal and standard- mortgage, home contingency, etc. Then you ask the seller (who has already packed up, and moved to the other side of nowhere, perhaps), and you request that the seller power wash the stucco in the patio area. 

I would suggest that asking the seller to spend $175 is not necessarily a bad idea, but asking him to do something that is clearly a nuisance to him can really emotionally cripple your offer.  Remember, it is not only the sale price that determines a sellers Openness to your offer. Terms and conditions play a huge part. The easier you can make it on a seller, the bigger the impact of your offer may be.
 
Nuisance requests come in all forms. My suggestion is that you keep the offer as clean and easy on the seller as possible. Reduce your offer by $175 (shy of what would be your “highest and best offer”) and make it easy on the seller. Like you, he is probably worried, burdened, and has a million things on his mind. And you making a deal clean and easy may benefit you well beyond that $175.
 
Suck it up, and make it a clean deal. Your offer may be contingent upon it, especially if you are in a mulitple offer situation!
 
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…and I claim that you have a problem telling the truth.

So there I was last night at some little gathering of well heeled city folk, many of whom are “In the Know”, along with a few hanger-on’ers, and me. And someone that knows who I am drops a BOMB- a certain new construction condo building in town is 44% sold. Oh how I love a good story. Especially when it appears to be true, and contrary to what the PR machines have been putting out. I understand the motive. Every new Philadelphia real estate condo building loves to put on a good show, and appear to be a success. I get it. But don’t you, Mr. Sales Staff for any given new condo building, feel any sense of remorse or regret when you convince a buyer to buy in your building, under false sales stat quotes? I certainly would.
    
Philly condo buyers should not believe everything they hear. Especially from developers sales staff who claim that their buildings have this much, or that percentage sold. The numbers are secretive, not displayed in the MLS, or in government records, and sometimes the numbers are bogus. And what recourse might you have? I would suggest very little. When you walk into any new construction condo building, without a buyers representative (aka- me) with you, you possibly are going to get one side of the story.
     
Many new condo developments have a policy and it reads- “Agents must accompany on buyers FIRST visit”….or,  they (that sales staff) will not allow me to come in with you visit #2, or anytime thereafter. I personally feel this policy is bullshit. If you visit a building, then meet me, I cannot be your agent for THAT building.
    
So wise up here folks. IF you want buyer representation…see me first. Then let’s go visit some Center City new construction high rise buildings. Because if that building is spewing BULLSHIT, I am going to tell you. And again, I am kinda’ “In the know”…..

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

1) Buyer buys a new car, or otherwise obligates him or herself financially, between signing of the agreement of sale, and closing.

2) Either party, while NOT attending settlement, sends documents back that have not been witnessed by a notary.

3) Either party, having to bring money to the table to complete the transaction, brings a personal check, and not a certified check.

4) Realtor forgets to either: Bring the escrow check, read the utility meters, neglects to do a walk-through, or doesn’t check to see all obligations on the agreement of sale have been fulfilled-like making sure appliances are still in the house at the time of settlement, etc.

5) Seller neglects to, or just doesn’t give a crap, and fails to complete items on a written punch list. I hate sellers like this. Usually deveoplers. Sleezy-bags.

Through hundreds of closings, Mark will do his best not to ruin the day you close on your favorite Fitler Square condo. Or any Philadelphia condo for that matter! 🙂

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…see if you can avoid being a dumb ass! 

Here are the top 5 Mistakes potential buyers make when shopping for a new condo in Philly:
 
1) They don’t do their homework- And end up buying a condo with a fatal resale flaw… like a 6th floor walkup, or a 2000 sq ft studio.

2) They overpay without asking their realtor for detailed comparable info- huge mistake. Happens all the time.

3) They use a realtor who is a relative, or someone from way out of the area. Whatta’ you, new to this planet? Don’t do that.

4) They neglect to get their mortage costs AND interest rate in writing from their mortgage dude/dudette.

5) They get a friend or relative to do a home inspection for them. I reserve the right to laugh at anyone who does this.
 
Honestly, most Center City Condominium buyers are intelligent, and come prepared. But some don’t do their homework, and end up getting kinda’ screwed in the end. Please don’t let this happen to you! Call, and let’s chat about some of the common pitfalls of buying a condo.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

A true variety of sizes, shapes and views make 2401 Pennsylvania Avenue a wonderful choice for condo buyers.

I have always been a big fan of the Philadelphian, located in the Art Museum area of Center City Philadelphia. One of the, if not THE largest condominium association here in Pennsylvania, “2401” has an indoor pool, and outdoor pool, limited garage parking, a supermarket, a restaurant, and a variety of shops located all under one roof! Many units have oversized balconies, with fantastic city or Museum views. The Philadelphian recently replaced all windows, and hvac systems! Stunning penthouse units, and according to www.2401.com, the building has a variety of clubs and social functions throughout the year. Penthouse units have dazzling ceiling height, and top-notch views!

Considering a move into Center City? Give me a call, and let’s check out the value and size of some of the Philadelphian’s condos!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Yes, buyers come to me with a wish list a mile long. Shocking, eh? And if you already own a condo in Center City, don’t pretend like you bought the first thing you saw. You didn’t. I know, because I was probably your Philly realtor. 🙂 I always tell people that I can get them 9 out of 10 things on their wish list. If they want 10 out of 10, then they are going to have to rub a magic lamp. I just isn’t possible.

Anyway, here are the top 5 things buyers INITIALLY ask for when they call:

1) Parking

2) Walkable area at Center City restaurants, Cultural activities, etc.

3) A workable, open kitchen

4) Tons of closet space

5) Hardwood Floors

 
Though clearly this list varies from buyer to buyer, these are the most “asked for items” when I first get a call that someone is looking for a condo!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…yeah well, they all do.

Container gardens are very popular with city dwellers- though rarely do I see a small private outside area and witness plants thriving. It is like a death sentence for any plant that gets purchased by anyone who resides within the confines of Center City. So here are my suggestions for those looking to buy garden plants that basically “thrive on neglect”
 
Tall Plants- Good Sun           Tall Plants-Shade
                          
Bamboo                                 Feather Reed Gras 
 
Small Flowers- Full Sun         Big Flowers-Shade
            
Moss Rose                              Salvia                      
 
 
So if killing plants is your “thing”, Try these goof-proof plants that can thrive on neglect,
and you may have one of the prettiest gardens in Center City Philadlephia!

Is gardening a priority for your move into Center City? Lets chat about how we can find you a place with some nearby “Greenery”.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…and their priorities

I certainly don’t want to stereotype any particular set of buyers, but it has been my experience that each set or group of buyers assign different values to amenities in Philadelphia lofts and condominiums. From first time buyers to empty nesters, each comes with their own set of wants, needs, and priorities. Here are what I believe to be common amongst the empty nester set:

-Very few stairs
-Very little maintenance
-Parking
-Pet friendly buildlings
-Closet space
-Walking Distance to shopping, dining, and cultural activities     
 
While such niceties as a high floor with great views, hardwood flooring in bedrooms, and exposed brick may be a plus, I see fewer empty nesters in Philly willing to pay for such features. Again, I apologize if I am pidgeon-holing any group of buyers, it has just been my experience that different groups of buyers gravitate towards different amenities – some weighted with a higher value than others, of course.

Lets discover your priorities in Philly Real Estate!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…ok, don’t answer that…and no, thats not a photo of me.
 
Top 5 things I can’t get Philadelphia Loft and Condo buyers to believe:

1) It is OK to paint exposed brick
2) Carpeting is OK in your bedroom
3) There is no difference in value between say the 33rd floor, and the 34th floor
4) A super clean older kitchen will sell just as well as a stainless steel, dirty kitchen
5) You will never recoup the costs of a new heater and new central air conditioning system
 
Don’t believe me? Well, get in line. Most don’t. But it is not like I am employed by the “Painted exposed brick” lobbists, or anything. I am just telling you what I know from my 20 years experience selling Philly real estate.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

It is called a Busy-Body

Like an early form of caller ID, Ben Franklin invented this interestingly simple device called a busy-body. Attached to a 2nd floor exterior windows sill, this device allows you to stand inside your home, and see who is at your front door, without that guest or visitor know that he is being watched. So if someone is knocking at the front door of your Philadelphia Brownstone, perhaps selling sweepers, or magazine subscriptions, you may see who it is, and choose not to answer. All the while, the person knocking will have no idea that he or she has been seen. The set of 3 mirrors is angled so the image of your front door stoop is reflected directly into a window on the 2nd floor. Again, so you can see who it at your door, without having to answer your door. That Benjamin Franklin was one smart guy!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106