Philadelphia Real Estate Blog

…Vary Building by Building

 
Every condominium association has its own rule governing cats, dogs, giraffes, and other miscellaneous pets. The general rule of thumb is as follows:

1) Low Rise and/or Brownstone Style condominiums

Almost ALL of these small associations allow dogs and cats. I dunno’ about giraffes. Rarely are size, or breed restrictions in place. Such is the case at The Clinton Condominiums at 11th and Clinton Streets. No elevator, and limited common space generally mean more relaxed pet policies. However, there may be a nuisance clause inserted into the condo docs, should your pet be continually yappy, or be prone to bite others.

2) High Rise Condos

All Pre-War buildings on Rittenhouse Square allow dogs and cats. Breed restriction or weight limits may apply. It has been my experience that smaller high rise (and high-end) buildings with limited number of occupants do allow pets- Like 1900 Rittenhouse Square.  High rise condo buildings with large populations (Academy House)  generally will not allow dogs. The Philadelphian, at 2401 Pennsylvania Ave. goes as far as to prohibit dogs and cats. I understand not wanting some wreckless 19 year old kid with his mean dog in an elevator with my 94 year old grandmother.

Large condo associations looking to rethink their restrictive pet policies can implement size and breed restrictions to keep disruptions and the “fear factor” out of the common areas of any given association. This idea will probably gain in popularity as associations look for ways to attract, instead of repel potential buyers. In my 20 year real estate career here in Center City, the buying public is about 50 times more likely to purchase a condo with a relaxed pet policy, than in spite of one. Most buyers will give up their first choice of condo buildings, before they will give up their beloved dog or cat. I wouldn’t dream of giving away my dog to live in any specific building here in Center City. Would you?     

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

Generally accompanied by oversized windows and high ceilings, exposed brick walls lend an air of casual comfort to many Old City lofts, and other Center City abodes. But the treatment of those walls need not take on the same ol’ look, time after time.

Some Opt to varnish, or apply polyurethane to the brick, thereby controlling the brick dust accumulation, and giving the brick a bit of a shine, not unlike shiny hardwood flooring.

Another option, which I strongly prefer, would be the Painted Exposed brick look. Though I can rarely convince others to paint their exposed brick, some of the coolest and most hip looks are achieved by taking a  colored paint to interior exposed brick finishes.

Of course, once you paint an exposed brick wall, you are kinda’ stuck with the look, unless you go and have the walls sandblasted. Not a process I would wish upon my worst enemy! Messy, to say the least.

Looking for cool and hip? Let’s take a look at some units together? Maybe a Fitler Square Condo? Give me a call at 215.521.1523 or email me at Mark@CenterCity.com.

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

…and floor height isn’t the only factor affecting values within the same buildings
 
Probably the most overlooked effect on value to high rise Rittenhouse Square condos is the view that any particular condominium building offers. And not all views are created equal. Let compare and contrast a few different scenarios. All are based on my opinion, as a fairly seasoned Center City realtor who specializes in condo sales-
 
1) It is possible for a posh Rittenhouse Square condo to nearly double in value if it has a full squre view (as opposed to say the identical unit with NO view of the square).

2) In some buildings, the highest values have been posted not only on the highest floors, but also on what we call “treetop” view. A very nice view of the treetops, say on the 5th floor of a Philadelphia highrise condo can be very appealling to a number of buyers

3) A condo on a high Floor does not always warrant a higher sales price. IS there a benefit to looking directly into a neighboring high rise condo building- from the 27th vs the 8th floor?

4) I personally have found few buyers to discriminate between an East vs West view. However, a number of condo values are greatly affected by a North Vs South view.

5) Not all views from the 16th floor of various buildings are the same. Think about ceiling height, and windows that run floor to ceiling. The building itself can manipulate either the view, or the feeling that the view offers, and this in turn will affect resale value and overall appeal.

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

Because I have nothing better to do in my life than to find out and report on everything that has to do with condominiums in Center City Philadelphia :-), I thought I would post the following facts about some of the large buildings here in town:

The Murano: Located at 21St and Market Streets, this new gorgeous high rise has 302 units. And killer views! Floor to ceiling windows don’t hurt either!

The Dorchester: At 224 W. Rittenhouse Sq., this large condo building has a rooftop pool, garage rental parking, and a whopping 526 units!

2601: On the corner of 26th and Pennsylvania Ave. is this very large 550 unit building with some really cool rooftop penthouse units with large patios!

The Academy House: Locust and 15th Streets, this super large condo building has a ton of amenities, and a total of 576 units.

Society Hill Towers: Comprised of 3 tall high rise buildings, with garage parking and a cool outdoor pool has a total of 670 units

The Philadelphian: The Grand-Daddy of all Pennsylvania condo buildings with a whopping 676 units, and 306 rental garage spots!! Wow!

IS BIGGER BETTER? Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s chat!

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

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”.

As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pockets?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to build the building?
 
Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com if you might like some help in finding your new Center City condo!

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

Some buyers favor space. Others location. Some buyers want only the BEST city views
 
All home buyers priorities are like snowflakes- no two are ever the same.

Are you strickly looking for a highrise, or a brownstone styled condo? 

Do you desire a gorgous, modern new construction piece that shows like a dream?  

How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really
dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can
put the pieces of the puzzle together to find you your perfect new home!
 
Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com…let’s chat about your priorities in a Center City condominium!

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

Here is a solid breakdown of the information in the stimulus bill the President signed:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

If you have any questions or would like to discuss how you can apply this tax credit to your Center City Condo purchase, please feel free to call me 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., Suite 260 Philadelphia, PA 19106

Thank you for visiting our website, filled with information on Philadelphia real estate, with an emphasis on Philadelphia condos and co-ops. 

    
 
If you are considering a move into a Philadelphia condo-be it a Rittenhouse Square condo or Old City loft, finding the right unit that can cater to your new urban lifestyle is of the utmost importance! From Society Hill condos to Fitler Square condos, as well as condos in the Art Museum area or Washington Square West condos, CenterCityCondos.com covers it all! From a Philadelphia loft condo in the Queen Village neighborhood of downtown Philadelphia, to a Luxury Penthouse condo in Bella Vista….many condos can be found right here! Looking for  green condos, or that warehouse loft condominium? How about one of the many doorman condos with full on-site staff similar to a condo hotel? Philadelphia has a variety of real estate option in the condominium and co-op areas of ownership. Philadelphia has grown considerably in the past five years, and many new condos have given many Center City condo buyers a variety of options that didn’t exist in the downtown Philadelphia area a decade ago.

Our familiarity with almost every Philadelphia condo, condominium, and loft here in Center City, will hopefully help your Philadelphia condo search much easier!  Our Center City Real Estate team will do our best to help you with all of your Philadelphia Condo Real Estate needs! Be sure to check out our Philadelphia condo blog, as well as our Podcasts, in which we discuss a variety of topics dealing with condos in Philadelphia!

All the information you may need to know about Philadelphia condos can be found here on our site. We have agents that live in a variety of Center City neighborhoods…Kathy lives in Queen Village, Randy in Rittenhouse Square, Patrick enjoys his real estate in the Bella Vista section of town, Matt in the Art Museum area, John Eric in the Fishtown / Northern Liberties section, Jared lives in Society Hill, and finally, Mark and Jim live in the Old City section of downtown Philly.

We are happy you are here. Enjoy our site, and let us know if we can help you search for some Philadelphia condos! Our office at 530 Walnut St. in Society Hill is easily accessible, and you can email us 24 hours a day with questions and/or comments about the Philadelphia real estate market!

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

Sometime yes. 

Sometimes no.

 
In a town that brought you the likes of Betsy Ross, and Ben Franklin, Philadelphia history sells. And every buyer asks if there are hardwood floors underneath the carpeting. Guaranteed. Historic charm, and hardwood flooring seem to go hand in hand. I am guessin’ George Washington didn’t have shag carpeting in his living room.

However, there is a place for carpeting. And that would be the master bedroom. I have dark chocolate brown low pile carpeting throughout my entire master suite, and I believe it is not only appropriate, but also an enhancement to the enjoyment of the “quieter” area of my Center City Condo.

A limited amount of quality, good looking carpet in a bedroom, or a guest bedroom will enhance that particular space. But carpeting needs to be used sparingly in order to garner a positive response from a buyer.

I have seen carpeting in kitchens and bathrooms. Talk about a death sentence. Who the hell would want that? Ditto for carpeting in living rooms, dining rooms, and family rooms. At least that seems to be the case for most Philadephia real estate buyers.

Carpeting will indeed kill your resale value if not modern, clean, and modest in terms of appearance and use. Most new Philly condos (new construction high rises) have finally begun to follow this trend, and I think the positive emotion such usage evokes is money well spent.

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

Easy quick steps to buying a Center City Condo

 
1.) Find a Philadelphia realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure they are listed.

2.) Get in realtors car. Shop for condos in Philly. Find one you like after X number of tours/weeks/whatever.

3.) Revisit condo, bring in-laws, family, whomever. Ask lots of questions.

4.) Have realtor draw up offer. Sign. Have realtor submit to listing agent to give to seller.

5.) Negotiate…if successful, sign altered agreement of sale.

6.) Have your realtor help you schedule home inspection. Get mortgage application taken.

7.) Attend home inspection, send info to your mortgage company.

8.) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!

 
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
 
Here is a quick way to start the process:
 
Call me at 215.521.1523 or email me at Mark@CenterCity.com. We will chat..no obligation, and no pressure.

I am here to help you.

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