Philadelphia Real Estate Blog

(An Over Priced Piece Of Crap)
 
Step right up, and get in line, because I see buyers shelling out good money for them all the time. Although, since they are not “my” buyers, I have no right to step in and tell them what I think. Well, that ain’t going to be the case if you happen to contact me, and we decide to go condo shopping. You are going to get full-on honesty.

Snarky, yes. Honest- you betcha.

I have to be bloody honest and truthful if I see you dangling over the edge of a cliff. Perhaps I am too much of a big-brain, or I have too many opinions. Or maybe I just know what the heck I am doing when it comes to Philly Real Estate, and don’t want to see you buy in a building that I believe is a poor investment.

Whatever the case, if you don’t like me, then fire me, or don’t return my phone calls. But I am going to be a loud mouth, and that is just my style.

Though I can’t control the overall Philadelphia loft and condo market, I can hopefully help you avoid some of the pitfalls that I see buyers fall into. That is my goal. To keep you as clean as possible!
Drop me a note if you want to chat sometime…

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

…than a low rise loft or brownstone styled condo 

It makes sense if you think about it. A high rise condo is generally going to have higher condo fees than a Brownstone styled or low rise condo development. All in all, the more services, the higher the condo fees.

An elevator is a factor which is going to raise your condo fees. Not only the electric to run the lift, but also the budgeted maintenance is a shared expense that must be accounted for. In addition, many highrise condos in Philly have doormen. I know of no doorman who will work for free. In addition to the payroll, you need to consider the payroll taxes and benefits offered to such employees. Lastly, many high rise condos in Center City have amenities like a parking garage, perhaps a pool, or exterior grounds that need to be maintained.

And on the whole, the larger the building (the taller), the more amenities, and hence larger condo fees.

YOU GO GET THE SERVICES YOU PAY FOR…but some buyers choose no, or few services for their Philadelphia condo. You desire to have a doorman, or the high rise style of living is going to determine your need to pay condo fees to maintain those common services to the building.

Not sure which style of Center City Condo building you might prefer? Call me…lets talk-no pressure.

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

…then you need to get with the program.

I recall my parents looking for a new home when I was in grade school. The event was heralded around the dinner table in much the same way as the other big news of the day- “Man Walks on Moon”. We couldn’t wait for the Sunday paper to arrive, so dad could get out his red magic-marker and circle the homes that sounded like a good fit for our growing family.

3bd/2ba with gdn and pkg, Lg LR…. $49,900 – yeah, circle that one.

Todays buyers are much more savvy, and they tend to plan ahead. They use the internet to learn about available Philly condos, and know a lot about certain projects prior to their arrival. Schools, police districts, and highlights of various neighborhoods can all be found on-line. Also, learning the difference between a low rise (loft or brownstone) styled condo, and a high rise condominium can be very helpful as we get starting condo shopping.
    
AN EDUCATED CONSUMER IS A GOOD CONSUMER. So learn as much as you can prior to meeting up with me. Get to know your areas, buildings, and what you value and don’t value in a Philadelphia condo. Use the internet as a screening and learning process, and hopefully, with our combined knowledge, we can find you the perfect condo in Philly!

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

Liberty Two    58 stories
The Ritz Carlton    44 stories
The Murano     42 stories
The Academy House    37 stories
The Hopkinson House    35 stories
The Aria    33 stories
The Dorchester    32 stories   
The Wanamaker House    32 stories
Society Hill Towers    31 Stories
 
Wanna’ live way up high? Give me a call, and let’s go visit some of the highest residences in Center City Philadelphia!

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

We received this useful bit of information here in Center City Philadelphia this month from Prudential Fox and Roach’s Research Division. The numbers indicate that Philadelphia sellers need to be very cautious when pricing their homes andcondos for sale in the current market and they may experience somewhat longer than expected marketing time. Month’s supply of inventory refers to how many months it would take to sell the inventory (homes for sale) based on the rate of sales (homes sold).

Month’s Supply of Inventory by Price Range, July 2007-July 2009:

Price Range                 July 2007          July 2008          July 2009          % Change 07-09

All Price Points                7.3                     9.4                    9.8                     34.4

$1,000,000+                    23.7                    26.9                 43.4                    83.6 

$1,000,000-$750,000       12.4                    17.2                 24.2                    95.1 

$750,000-$500,000            9.3                     12.4                18.0                    92.9 

$500,000-$300,000           7.9                     10.1                  12.0                   51.6 

$300,000-0                       6.5                     8.6                     8.1                   25.5  
————————————————————————————

Philadelphia Buyers on the other hand, have a larger inventory from which to select their home and interest rates remain at a very low, affordable level. First time home buyers also have until November 30 to take advantage of the $8000 tax credit.

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

….or risk killing a deal
   
 
  
Most tenants are buttheads. Come on, let’s be real here. I can list dozens of reasons why tenants can be deal killers. All from my own personal experience. They are not on this planet to make sure a buyer buys your Center City Condo, or that you get the most money possible. They can interfere greatly. Consider:

-Tenants who keep YOUR home looking like crap, with filth and crap strewn about your condo.
-Tenants who will keep shades drawn, as they laze around watching daytime TV when a showing occurs. Yeah, that’s going to help you sell your condo.
-Tenants who follow home inspectors along saying things like “Yeah, the roof keeps leaking all the time”.
-Tenants who say they will be home to let you in, then magically don’t answer the door.
-Tenants whose lease is up on say May 30th, and shockingly aren’t prepared to move (haven’t signed another lease)
-Tenants who leave all kinds of crap behind.
-Tenants who lock the one lock on the front door to which you do NOT have a key
 
Tenants are not on this earth to make your transaction easy. A lot of times, they don’t want to move. And allowing realtors to show their residence is not something they generally get excited about.

So…make a plan to keep your tenants happy while you market your Philly condo. Give them some incentive for making showings easy. Keep them in check, and do not allow them to call the shots. You and your future buyer will be much happier if you do not allow your tenant to cause all kinds of potential problems.

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

Your front Center City Condo doorman is kinda’ rude, he has no real training, and your management company is charging your buyer $200 to answer routine questions that should be listed in your condo docs, or on your resale certificate. Oh, and there is a dirty mop bucket inside one of your broken elevators which sits wide open in the lobby, with the lights off.  WAY TO MAKE A GREAT IMPRESSION ON POTENTIAL BUYERS!

Oh, and did I mention that your management company rep won’t return my phone calls, and takes 3 weeks to get me condo docs?? And your common hallways smell icky, and they need cleaning (my buyers parents can see the dust accumulation on the hallway baseboards from about a mile away). Oh, and in addition to charging your future potential buyer money to ask questions, they are going to charge him or her $300 to assemble a standard set of paperwork that is required for you to sell your Philadelphia condo. Then they have to pay a $250 move-in fee. AND YOU DON’T HAVE A CLUE.

Perhaps you need to look into this. Then do something about it. Because my buyer isn’t made of money, but it appears your management company is making money hand over fist. Oh, and the lack of training of your doorman? BLAME YOUR MGMT COMPANY.

Then blame your condo board for not objecting to this shortcoming! If you think my buyers aren’t going to notice…you are WRONG.

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

A lot of smart elements helped make this building a success!

It can be no secret that a few buildings in town are struggling to sell their units. Some buildings have had a much greater degree of success. The shining example would have to be Locust Point Condominiums at 2425 Locust St. here in downtown Philadelphia. With a total of 110 units, the building offered a great residential location, coupled with on-site parking, nice common areas, and a great mix of one and two bedroom units. Add other relevant factors- like being right next to the entrance of the Schuylkill River jogging trail, and close proximity to Univ. Of Penn- and Viola!….

The building is now all sold out!

Of course, having a smart and friendly sales staff headed up by Marianne Harris didn’t hurt sales a bit! The sales staff made it very easy to show- and they flung the doors wide open when it came to cooperating with the real estate agents in Philadelphia.

The developer also was very smart in rehabbing the common areas of the building, making sure hallways, lobby, elevator, and exterior were presentable. He also replaced all the windows in the building, and made sure Locust Point get FHA approval.

Other developers should take note. This was a brilliant business model. The right building, done the right way, with a good sales staff equaled an unprecedented sell out.

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

I am often asked what the 6″ metal star shaped thingies are that are often seen on the facade of many of Center City Condominium buildings.

Simply put, they are called star bolts. Though they come in many shapes, the star seems to be most prevelant here in downtown Philly. The purpose of the star shaped bolts are to prevent the facade from bowing out, or to perhaps to stop the process of the facade of many old rowhomes from bowing. They have a long rod that runs through the joists of the home, and is held in place by the endcap- the star bolt.
They are not for decorative purposes, rather as a structural element to prevent the facade from moving out of place from over exposure to water seepage (and freezing of that water). etc. These bolts were also added as protection from earth quakes. For example, all the old houses in Charlston, SC had these bolts installed after a large earthquake destroyed parts of the city.

So there you have it. Those bolts are doing more than just looking cute on the facade of many Society Hill homes.

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

Though the first minute and a half is a pep talk about why you should buy now, this is a great and easy explaination of the tax credit.

https://www.davidknox.com/foxandroach/
 
Let me know if you have any questions!

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