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January 9, 2017
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.
January 5, 2017
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
January 3, 2017
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 🙂
December 5, 2016
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:
November 8, 2016
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
Tags: center city condos, Philadelphia condos, Rhilly realtors
September 27, 2016
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
Tags: center city condos, Philadelphia condos, philly real estate
April 4, 2016
My good friend Tom who introduced me to Center City in 1987 told me that the “Hop House” was known as one of the best values in downtown condo living. Ask anyone today and I think they will repeat that assertion about The Hopkinson House. I call it “The Toyota Of Center City Values”….reliable, dependable, and an easy resale if you need to sell your condo at 604 S. Washington Square. Since that time we have sold probably close to a dozen units at Hop House- And I always find that demand outweighs supply- especially in the spring market when the med students come into town and want proximity to Jefferson Medical Hospital.
My brother and I used to own a unit in the building which we flipped…and I think the management is a strong attribute to the appeal of the building (many of the very friendly front door staff is still around after 20 years). Know that all the corner units in the building are two bedroom units (unless modified from the original plan by individual owners) and a portion of the two bedroom units are 1.5 baths- HOWEVER, those units can be modified and made into TWO full bath units.
All units face either North or South- And I honestly have never found there to be a preference in terms of resale ability, or demand. South units have great sun and the higher floors have killer river views. The North facing units at The Hopkinson House have great views of Washington Square park. The Heat and Central Air are supplied by the building and I believe is done so via a TWO PIPE system, which means the Hopkinson House dictates when the condo building as a whole switches from delivering heat to delivering central air. The condo building does not allow dogs- though they do allow cats. Rental parking is in the lower level, so no one owns parking at Hopkinson House. I have had parking in the building on a monthly basis for a few years as our office is very close- staff is very friendly and helpful. Management is tops in town and really couldn’t be any nicer. A small but well-stocked food market is on the first level of the building and hailing a cab from here is never an issue. Oh, and there is one Kick-A** pool on the roof which rocks! 🙂
The condo association has recently upgraded their hallways (which is a huge visual improvement to the common areas), and has replaced all interior windows and sliding glass doors to individual condo units. What I find interesting is that 604 S. Washington Sq. has more Realtors who live in the building than any other condo building in town- And I think that speaks volumes. One other thing I know is that a TON of info about the building can be found publicly on their condo’s website, which many folks find helpful. Know that I have a number of friends, colleagues, and past buyers who live in the building- So my current clients should contact me if they want additional insight into the “Hop House”.
March 28, 2016
So there has a  been a lot of talk recently within my circle of condo buyers in town about how the views of south facing units at the Ritz Carlton will be affected by the new building being erected to the south. This really only affects “A” units at the Ritz which face south and east. I was able to find an image showing what the views might one day look like.
In my opinion, when that new building is erected and buyers can actually see that it will be some 53 feet in distance from the Ritz- the effect on value(s) for the south facing condos will really not suffer a great deal.
I think the “unknown” may be more damning that the reality of what is going to be built.
My suggestion- throw some caution to the wind and look at the “A” units while you can and while their pricing may be a bit suppressed by the “unknown” element – that being partially blocked views.
February 25, 2016
Check out this 1999 Article on Mark’s Society Hill Rehab Featured in the Remodelers Show !
“It’s More Than Just For Show Mark Wade, Who Buys, Guts And Rehabs Properties In Center City, Was Handpicked To Produce A Model Home For A National Show. Eventually, It Will Be Someone’s $1.25 Million Residence.
By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
POSTED: November 07, 1999
Eleven days till the deadline for completion, and the house on South Third Street in Philadelphia had a long way to go.
Dust was everywhere. Drywall was waiting for primer and finish coats. There were holes in the walls where state-of-the-art security and electronic technology were destined to be installed. The rear courtyard had a crying need for sod.
At the front entrance, Mike Chobert, a painting contractor from the Queen Village neighborhood, was good-naturedly lecturing John Gall on the finer points of stripping the ancient Colonial-style front door.
In the deep shadows of the third-floor bathroom, Ed Mattio, a third-generation plumbing contractor from Queen Village, deftly connected the hot and cold water lines to the pedestal sink without the aid of electric lighting, stopping only to praise the new-age plastic pipe he was working with.
Across the hall, in a bedroom filled with sunlight from Third Street, the developer, Mark Wade, and his Germantown-based general contractor, John Fries, talked details as Fries wolfed down the sandwich he had brought for lunch.”
Click here to read more!
February 15, 2016
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“The sellers didn’t leave the condo as clean as I thought they might or as clean as I would have liked them to”
The contract/agreement of sale calls for broom swept clean condition with no debris left behind. Beyond that- Even most Rittenhouse Square condos are indeed transferred a little less than spotless.
2) “I will probably never use that Jacuzzi style hot tub.”
I find if the tub is new and never used, buyers view it with a shrug. If it old and used- that amenity really becomes a detractor of value.
3) “I guess I don’t really and truly need a 3rd bedroom”
Many buyers have a 3rd bedroom on their wishlist, though most buyers will eventually opt for a two bed plus den. Even a fair number are opting for a large one bed with a nice den.
4) “Walk-ability is high on my wish list”
And for good reason. But many buyers realize that just being in Center City gets them out and about – and that is kinda’ the idea to city life. Getting out of your condo and shopping/dining/exploring the city can be done regardless of the proximity. Think Uber for a lift to where you want to go.
5) “The ability to rent the condo is of importance”
Indeed. I also think the appeal and ultimate rent-ability of the condo is heavily based upon interior condition and showing ability in addition to the time of year in which you seek to rent the unit. If it shows well, it will rent well….every time.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com
Tags: buying Philly condos, Philly condominiums for sale, rittenhouse square condos
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