Hard VS Soft Lofts
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January 24, 2017
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January 18, 2017
Picking Apart: The Phoenix Condos At 1600 Arch St.
Having sold over a dozen units in the building, I can say for certain that I am a fan of the Phoenix condos. And here is the inside skinny as I know it-
The Phoenix was an existing office building when it was converted to apartments just over fourteen years ago…say around 2002. Then around 2006, the usage was altered to be condominiums. The Phoenix performed fairly well at its introduction to the public and is fully sold out. The building has a great mix of one, two and three bedroom condos- though the 3 bed units are rare, as are a handful of studio units in the building. A fair number of one bed plus den styled units…around 1100 sq ft (the den is a bedroom, but doesn’t have any direct sunlight or windows..but the size of the den is similar to the bedroom). Values can be contingent upon which direction a condo faces, but in reality- interior condition is king. The costliest views are east and north…and resale prices are reflective of such. The building has valet parking- condo owners could have either purchased a rental license or were given the option to rent a parking spot. The tax abatement for the building expired in 2013 and I do NOT think that values have been affected in any way by that fact. The condos at the Phoenix provide direct access to the train station (you don’t have to walk outside to catch a train to say NYC). The front desk staff is very friendly and have never given me any crap….and I can see that the residents of the building like them as well. There is a Starbucks and a restaurant down the first floor corridor which is nice for owners and residents.
The building kinda’ sits close to Jefferson Medical, U of Penn and Hannemann which draws from those three crowds…almost like a “built-in resale market.” The Phoenix at 1600 Arch has the best and largest common roof deck of any condo building in Philadelphia and has lounge areas as well as a BBQ station which is nice. There is also a fairly good sized gym and conference rooms. The common areas are done nicely and retain a fair amount of their pre-war grandeur, but the interior units don’t reflect that fact. The top floor condos at the Phoenix are unique in that they preserved some of the original detail of the building and incorporated it into the condo units. The condominiums are pet friendly and I am unaware of any rental restrictions for owners.
And my clients should feel free to email me if they would like to chat with someone who lives in the building in order to get their two cents on the Phoenix condos at 1600 Arch St. I recently sold a unit to a lovely couple at the Phoenix and their condo is NOTHING short of stunning and is magazine quality (I mean you Joan).
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January 16, 2017
Crap I know about Real Estate in Center City-Insider Tips and Clues
I am generalizing here but you’ll get my drift…
1) When a couple get into my car- the quiet one in the backseat is usually the one making the decisions. The one in the front seat just thinks he or she is doing so.
2) I like to look for listings that say “corporate addendum” attached. This usually means the condo is owned by a non-emotional third party who is generally more motivated to sell.
3) Some of the best deals are the condos that have been on the market for a long time with continual price drops. Might signal a fatigued seller.
4) When a buyer says to me “I have to see the condo today” or “I have to buy a condo by tomorrow” – usually these are non buyers and rarely ever turn out to be a real buyer.
5) If you think that getting a mortgage from a bank where you hold a savings or checking account is a bonus- it isn’t. Ever.
6) Wall art does not magically levitate on a wall. Yes there will be nail holes in the wall when you move in. It’s just logical to assume.
7) Within a specific building, condo fees are based on the square footage. But that same square footage in any other building will result in different condo fees.
8) Most sellers don’t need to be at settlement. Most buyers do.
9) You almost always have to pay 2 months into the condo pot when you buy. You don’t get that back when you sell.
10) The old real estate saying “buyers are liars” is usually not the case. More often they just don’t know their options in terms of what is available to buy.
11) I like to look for listings that are with specific agents in town- the ones who primarily work with foreclosures and Relo properties.
12) I put up with a lot of sh*t in my job. You being late for an appointment is not one of them 🙂
13) REMEMBER ONE THING IN REAL ESTATE:
All is well that ends well. The middle part of the transaction may suck but the end result is the goal. In a month from now, you will forget what a pain in the ass this transaction has been for you. I promise.
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January 9, 2017
10 Misconceptions About Our Center City Condo Market
Some buyers know it all. Good for them. For the rest of you…here is what you may not know:
1) Two bedroom units are a better investment than a one bedroom-
Unless you live at the beach and plan on having guests every weekend. Otherwise, I don’t see that argument holding much water.
2) That unit comes with deeded parking-
Not always. Usually a parking license that gives you the right to park, but you don’t have a separate tax bill.
3) Those are hard wood floors-
Or maybe they are laminate, or a composite, or a soft wood like pine. Though it may make no difference to anyone, many floors are called hardwood but actually are not.
4) I can rent my unit out anytime I choose-
Not unless the condo docs say otherwise. Read your docs.
5) A higher floor always means a higher value-
In older buildings, I think the guiding light of value is not floor height, rather interior condition. Though a high floor has never hurt value.
6) A friend told me to stay away from that building-
It is hard to turn a deaf ear to a friend. But sometimes doing your own homework and asking questions can be an equally good idea.
7) I will walk everywhere when I move into town-
That’s great. But few will walk from say Naval Sq. to The Ritz movies in Old City. Of course you will walk more. Walk everywhere? Doubt it…Get the Uber app on your cell phone and be done with it.
8) I need three full bedrooms-
Most buyers can do with two beds and a den. Think about that as the number of three bedroom condos under say $1m is exceedingly limited.
9) I am going to find a condo where I don’t have to pay condo fees-
Good luck with that. Elevators don’t run on magic fairy dust and doormen do not work for free. Fees are a reflection of what the building offers and how much it costs to operate.
10) I need to have gas cooking-
I sold a condo to a sous chef from Le Bec Fin back in the day. He bought a condo with an electric stove. He said it didn’t matter…rather a huge misconception with the part time home chefs. Sorry.
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January 5, 2017
Center City One Condominiums at 1326 Spruce St. – Some updated info!
A Great Value! With 182 individual condominium units, and 86 deeded parking spots, Center City One Condominiums have a great reputation for being a solid Philadelphia real estate buy. A mix of studio, one, and two bedroom units, Center City One condos near the center of Philadelphia, at Broad and Spruce Streets, have great views – either offering wonderful city views, or wonderfully bright, sun-drenched southern views. These Washington Square West condos are located in the 19107 zip code, and all units at Center City One are flats- no loft condo units at 1326 Spruce exist. We find many Philly real estate buyers delighted with what they can buy for their money at Center City One.
As a veteran Philly real estate agent who specializes in condo sales, I hear a lot of feedback that the building has a strong on-site management team, an active condo association, and of course liberal pet policies. Parking, and the building’s close proximity to Avenue of the Arts really allow this building to “fire on all cylinders”. All condos at 1326 Spruce have their own HVAC systems.
Center City One condos hold some of the best values in town, and the two bed/two bath 1209 sq ft units have the BEST floor plan in town for city living. The owners association updated all hallways, the lobby, and elevators in 2013…and did a great job. In 2016, the exterior of the building was pointed and power washed. The balconies were painted and the wood rails were stained. Also, many of the owners have purchased upgraded windows and balcony doors. Exterior lighting in the garage and under the portico was replaced with LED fixtures, making the building more energy efficient.
When units become available for sale, prices can fluctuate and are generally contingent upon views and interior condition. You may find some original condition condos at great prices, but expect to pay a premium for some of the stunningly upgraded condos in the building- though I think either are a strong value. If I had millions of dollars, I would probably spend most of them inside this building if I wanted to make money. The location and floor plan are tough to beat.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
215-521-1523
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January 3, 2017
BPS- Big Purchase Syndrome
When normal everyday people board
the crazy train…
Listen- I get it. Buying a condo can easily cause BPS (big purchase syndrome). Normal everyday people can go a little nuts over small bumps in the road or small wrinkles that inevitably come down the pike when buying a home. And catching BPS crosses all lines- whether you are buying a small little one bedroom condo or a large penthouse. Happens to many buyers of all ages and sizes regardless of the price range or experience of the buyer.
I don’t judge people when they board the crazy train in a real estate transaction. Sh*t happens and BPS is more common than one might think. And it happens to me every time I buy or sell a condo. It just does.
So don’t feel bad if you call me out on some silly detail or freak out over a little bump in the road. I understand that buying a condo has much more to do with emotions and feelings than actually owning a condo in Center City.
Almost all of my favorite buyers go bat-sh*t crazy at least once during a deal. It is part and parcel. The true crazies here are the folks who can and do take everything in stride 🙂
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December 5, 2016
Is An Energy Audit Right For Your Condo Association?
The strength of any condo association in town is usually a reflection of how much money they have in the kitty and it is the responsibility of EVERY condo association to cut costs wherever waste is identified. There is a company in town who has been doing audits for some larger buildings around town and helping them assess their energy needs and areas for efficiency improvements.
No Capital outlay
Lower operating costs; now and in the future
Make long term energy efficient building improvements
Lower maintenance cost by replacing aging equipment
Improve resident and guest experience
Utility company Cash Incentives available in many states
Tony Lepre may be able to help your condo association save money:
email Tony Lepre at tony@lepreenergygroup.com
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November 8, 2016
Additional Crap I know about Real Estate in Center City That You Probably Don’t :-)
1) The Philadelphian at 2401 Pennsylvania Ave. is the largest condo building in the state of PA. Over 700 units. Very cool mid-century feel to the place.
2) Buyers AND Sellers often nit-pick themselves right out of a deal. They focus on minute details and the other party gets fatigued and the deal falls apart. Most deals fall apart over the SMALLEST details and usually based upon emotion and not $$.
3) Buyers usually don’t buy the bricks and mortar. They buy feelings and emotions. (See #2 above).
4) I encourage buyers to bring family members on a tour of condos. But not friends. Family members support and encourage. Friends are the ultimate deal killer who bad mouth EVERY condo we see- almost always.
5) I do not believe that expiring tax abatements on any given condo building equates to lower future values. I have watched many buildings with expired abatements and I haven’t seen a correlation.
6) Like automobiles, popular condo units (when first offered/built) have a tendency to remain popular units throughout their life span. Like all the “01” units at The Murano or the “G” units at Society Hill Towers.
7) Condo fees are like a person’s age. They go up nominally almost every year. It is a fact of life…it just is.
8) Waterfront Sq. at 901 N. Penn just got their Energy Star Rating- To earn the ENERGY STAR, the apartments in a new multifamily building must be built to meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. An apartment unit that has earned the ENERGY STAR label has undergone a rigorous process of third-party testing and verification to ensure it delivers better quality, comfort, and value.
9) When I settle on a property, that buyer or seller is out of my life for the foreseeable future. This often is a letdown as I have grown to know my clients and I won’t get to continue to interact with them.
10) Sloppy offers usually garner sloppy responses. If you want your offer to be presented in the best light, then dot your i’s and cross your t’s. And that often means getting a pre-qual from the lender that the LISTING AGENT knows best. This can easily remove doubt as to your qualification for a mortgage.
11) No, you can’t bring your dog on our tour of condos. I love dogs. I love my dog too, but you won’t see her on our tour. Leave your dog at home. Seriously.
12) Every home inspector says you need a pan under your washer/dryer. If there is not one there now, then you most likely aren’t getting one. This is the #1 thing on any inspection report that I cannot successfully negotiate for you. (If there is not drain, then a pan will do you no good and very few buildings have drains under their W/D units).
13) Mortgage companies torture everyone equally. You will not be able to circumvent this fact EVEN if you are super-duper rich or if you have an existing account with your lender. Trust me. I know.
14) More and more high rise buildings are not renewing their FHA approvals. Not sure why- but the Reef building at Waterfront Sq. just did so.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523
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September 27, 2016
Rising home prices, quick sales – Philly’s in a sellers’ market (Mark’s Two Cents on Philly.com)
Alan J. Heavens, Philly.com’s Real estate writer says, “The city of Philadelphia is officially a sellers’ real estate market, as a continued shortage of inventory has pushed up prices for properties listed for sale.”
Economist Kevin Gillen, senior research fellow at Drexel University’s Lindy Institute for Urban Innovation, said the second quarter of 2016, which ended June 30, saw median prices 13 percent higher than April-through-June 2015.
…Gillen isn’t exactly sure why homeowners aren’t rushing to list their houses, but Mark Wade, an agent with Berkshire Hathaway Home Services Fox & Roach Realtors, cites several factors.
Mostly, it is “because many buyers in town over the last few decades have been empty nesters who believe they have made their final move and don’t need to downsize or adjust their living quarters to match their future needs,” Wade said.
The “flip side of rising house prices is decreased housing affordability,” Gillen said.
“Prices are now rising faster than household incomes, which implies that home buyers must now sacrifice a greater portion of their wealth to buy a home than they would otherwise, or else must defer the purchase of a home altogether,” he said.
Click here to read the full article on Philly.com.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523
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May 9, 2016
1326 Spruce #2001
Vacant for nearly 25 years. A high floor condo at Center City one 1326 Spruce St.
Delightful skyline views of this two bedroom, two bath condo with PARKING.
Original condition condominium with fantastic floor plan/layout. Being sold AS-IS.
Asking price is $475,000 A rare opportunity indeed!
Mark Wade
CenterCityCondos.com
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