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June 2, 2015
1) Is transfer tax split between buyer and seller?
Yes….and that fact is embedded into the agreement of sale. You pay 2% of the sale price, and so does the seller.
2) Can I move my stuff in prior to settlement?
Uh, no. The day you give the seller your money, it is all yours. Until then, you may not occupy or make alterations to your new Philly condo!
3) Why do I have to pay 2 months condo fees to the association?
It is called a capital contribution. Helps pad the condo association against future assessments. Almost all condos has everyone pay this when buying.
4) Do I get my 2 months capital contribution back when I sell?
Uh, no, shut up.
5) Why do I need to buy title insurance?
Because certain debt transfers with title. You buy, you may inherit someone else’s debt. Title insurance gives you a clean, debt-free title. (Abridged answer!)
You will certainly have more questions when purchasing a new Rittenhouse Square condo, or say Old City loft. Trust me.  And that is why I am here.
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, center city condos, center city philadelphia condo, Center City Real Estate, philadelphia
May 11, 2015
The Hopkinson House at 604 S. Washington Sq.
Doing their annual Habitat for Humanity clean out as well as providing a truck on-site to shred documents for owners. Also the apron work around the front entrance appears to be completed.
WaterFront Square at 901 N. Penn St.
New front entrance (really nice looking water feature) is almost complete as is the new redesigned dog park. New manager for Reef Building as well as new front door staff.
444 N. 4th St.
This lofty styled condo building between Spring Garden and Callowhill has 4 recent pending sales as well as another 12 settlements and has brought new life to the loft building. Recent developer upgrades to each unit would most likely be the culprit behind the great sales of late.
The Philadelphian at 2401 Pennsylvania Ave.
Terrace upgrades are in the works! The owners have chosen clear glass panels and there will not be a special assessment to pay for this project. The work is expected to begin in early summer of this year. Just terrific!
The “NEW” National Condos (?) –
Who knows what to call the condos on the east side of N. 2nd (between Elfreth’s Alley and Arch). I am told by a fairly reliable source that the parcel was purchased by the developer of WaterFront Sq. No idea what is to become of this. 10 years ago it was to be high end loft condos. That never happened….
One Riverside Condos at 210 S. 25th St
– I hear the condos are flying off the shelves. There is very little competition for this segment in terms of location and pricing for new buildings- anywhere in Center City. One Riverside is a fantastic location in 19103 zip and views are going to be some of the best in town.
Sales are going very well…37 sold and 2 under deposit out of 55. Now can offer tours of the building and show individual residences with the 10′ ceilings, 8′ doors, trim and cabinets installed. Projected delivery in the fall so buyers can now protect their interest rate till their settlement…and that fee paid by seller.
The Murano-at 2101 Market St.
With just 3 units still on the market (developer owned)- I would expect to see values jump in the short run as almost all similar buildings see a jump in resale value after the developer is gone. Don’t ask why. I think I am a big brain and I can’t explain this phenomenon. Also- The first floor commercial space has a new tenant- some kind of financial/banking tenant which adds some liveliness to the ground level entrance which is nice.
The Dorchester at 226 W. Rittenhouse Sq
Work continues on the heating/cooling risers as well as progress on the repairs to the garage under the building. Upgrades to the bike room look to be completed shortly – Most major projects now completed or nearly completed.
The Rittenhouse Hotel at 210 W. Rittenhouse Sq.
Sales of the raw space on the 19th floor (two settled and one still available)
are encouraging as are recent sale prices in the building. I have always thought the building was a bit undervalued but prices here are escalating as they should. Top notch in my book. This would be my destination if my other half said we could move. We can’t.
Rivers Edge Condos at 2301 Cherry St.
All common windows and inside apartment windows(bedrooms) have been replaced at the condos expense. They’re still replacing the sliding patio doors but have completed quite a few and are done at the owners request and expense. The outside front entrance is about to have new pavers and plantings. Also they are working on water damage from the courtyard level. Assessments continue through 2018…then look for a HUGE spike in resale values.
Academy House Condominiums at 1420 Locust St.
Front entrance/lobby has been torn out and a new lobby is in the works. Replacing the overabundance of green marble that had existed since the 1980’s. Sales in the building are hot as only “one bedroom” condos are available in the entire building of over 500 units. And of the one beds for sale (seven total)- FIVE are under contract and only two left for sale. Huge.
Ten Rittenhouse Condos at 130 S. 18th St.
A larger unit just sold at over $1000 a sq ft. No surprise- building is stunning and there really is no inventory in town. Oh, and that unit didn’t even face the square. The gold standard for this segment.
Low Rise/Brownstone Styled Condos in 19107
Aka- Near Jefferson Hospital. Always hot in the spring market and this year is no exception. Currently there are 22 such units “UNDER CONTRACT” and awaiting settlement. Prices have escalated and inventory shrinking. The surprise in this segment is the “DOM” clock (days-on-market) is much shorter in 2015 than I have seen in the past.
The Ritz Carlton at 1414 S. Penn Sq.
Without a doubt, the hottest selling building in town. And deservedly so.
With the completion of Dillworth Plaza, the views facing north are really stunning and worth seeing if you have yet to view. Also pretty nice resale values for previously owned units… appreciating nicely!
Tags: apartments for sale philadelphia pa, center city condos, condos in Philadelphia, Philadelphia condos
April 27, 2015
April 20, 2015
Here Are 5 clauses that are usually inserted into your Center City condo mortgage papers that you may not have known about…
1) Acceleration Clause
2) Defeasance Clause
3) Prepayment Clause
4) Due On Sale Clause
5) Compliance Clause
All these clauses are standard-whether you are buying at The Hopkinson House, or say the Academy House….in most residential mortgages. What is the bottom line here? In my opinion…pay your mortgage and no one gets hurt….Similar to any other obligation, but in the case of a mortgage lender, they will provide clauses and provisions that are generally immutable and do go to the heart of protecting their own interests. Your best defense? Ask. Then ask again. And get a Real Estate Lawyer if you are signing something you don’t understand….
Tags: Center City condo, center city condo philadelphia, Center City Real Estate, condominiums, Philadelphia condominiums
April 14, 2015
Being a veteran Center City Realtor (26 years), I often see buyers making some repeated mistakes.
At least in my opinion, I use the word mistakes.
Here are some common pitfalls:
1) Paying Points on a short term hold
Many buyers know they will only own their condo for 3 to 5 years. Paying Points may not be advantageous- Talk to your lender. Do your homework here.
2) Saying “No” to a “Betterments and Improvements” rider on your home owners policy. This covers items like floor, appliances, cabinetry, doorknobs, etc etc. Might be worth considering.
3) Glossing Over Building Issues – You are given 5 days to read your condo docs. If you don’t want to do so, then hire a lawyer. A Real Estate Lawyer.
4) Using a Mortgage Lender because you have a Savings Account at that bank, and have had for 23 years. That doesn’t mean crap, in my experience. Nada. Nil. Zip.
5) Using a relative to be your Realtor, Mortgage person, or otherwise to play a huge role in your buying process. These arrangements can go up in flames quickly. Not always…but…
6) Not Vetting Your Realtor – “When in Rome” is pretty good advice.. Interview him/her to decide if you two make a good team. Ask your realtor what they know about, say The Ayer condominiums on Washington Sq.
7) Over-buying: Do you really need a three bedroom and den unit? Or will a two bedroom and den suffice? Same story with one vs two bedroom units- If you don’t need the space, why pay for the space?
8) Not Reading Your Sales Contract – 99% of the questions you may have about a transaction here in PA can be answered by reading your Agreement of Sale (The Contract). Read It. I beg you.
9) Expecting Perfection: Yes, the seller is going to vacate your new condo in a dirty and somewhat used condition, with holes in the walls where their art once hung. IF that is the biggest bump in the road during our journey, then we should all go sing and dance in the middle of the street with joy and glee 🙂 Nothing in life is perfect so a hint of forgiveness along the road can be helpful.
10) Relying on the Square Foot calculations on Condo Flyer. Or even relying on info provided by some sources. Best to do your own measuring/ fact checking.
Just Ask Me.
Let’s find the answers together to help you make the best decisions possible.
Tags: Center City condo, center city condos, center city philadelphia condo, Center City Real Estate, condos in Philadelphia, condos philadelphia
April 6, 2015
The goal should be your own Use and Enjoyment
with a side of Value Retention
There is no such thing as a Sure Thing..no surprise there. In most instances, condo owners upgrade for their own Use and Enjoyment- but some do improve with the goal of a higher resale value. Here are some common upgrading mistakes that I see in the Center City Condo marketplace:
1) Wall to Wall Carpeting in a Living room.
2) Installing a Huge soaking tub/ Jacuzzi like monstrosity
3) Replacing closet doors with Mirrored closet doors
4) Adding a Roof Deck (very subjective on this one)
5) Adding Hi-Hats and / or track lighting
Now certainly there are exceptions to every rule, and in some instances, these additions can add value. But from my experience- the value added is nominal. And in some cases- can actually detract from value. Really depends upon the unit. If you have some of these features in your condo, I would NOT suggest you remove them. But spending money to add them to your existing condo may not provide you with the expected return. Instead, I suggest you throw some money into what buyers seem to always remember:
1) Rework your Closets- You can buy off the shelves at Home Depot or Lowe’s. I call it the faux California Closet look. Never underestimate the power of good closets in Center City condo value. One of the first things condo buyers do is they check out the closet space- like the walk ins at Waterfront Square Condos. 2) Repainting- Want some Kick-A** ideas? Visit www.Houzz.com for some fab fab fab visuals. Remember, focus on two main colors and highlight with decor pieces as the third. You needn’t paint every wall in a room one color. 3) Recaulk and Regrout Your Bathroom- This is huge, and doesn’t cost a lot. Email me and I can send you references to
make your bathroom look 1000% better- and can be done in a day. Don’t underestimate this upgrade, please.
4) Replace all the knobs and pulls in your kitchen and bathroom. And try Pottery Barn or Restoration Hardware. This is a huge and inexpensive way to really put “icing on the cake” in two of the most important rooms in your home. And if you want to take it a step further- after you do the above 4 Upgrades- think about replacing interior door knobs. Again , a small visual cue that can really set the tone and feel of you condo.
Want my input? Call me, and I will come over and do a quick assessment of your place…No biggie. I have been on HGTV for the decorating I did in my own home, and I won Philly Mag’s Kitchen of the Year contest back in 2005. Not to be a big brain or anything…
Tags: Center City condo, center city condo for sale, center city condos, Center City Real Estate, condos in Philadelphia, Philadelphia condominiums
March 30, 2015
A few things to remember when doing work to your Center City condo:
1) You will have to present Insurance certs to the board for your contractors. Like at the Philadelphian Condos which has a strong management board. 2) Your contractors will generally have specific times when they may work- and hours are usually like from 9am-4pm Monday through Friday. Weekend work not allowed in most buildings.
3) Converting a two bedroom condo to a large one bedroom unit? Usually not a good idea in terms of resale value and future demand for your condo.
4) Light Cosmetic work (paint, wallpaper, re-sanding floors) will almost always get you the biggest return for your money. Especially when done with the supervising eye of a decorator.
5) Never carpet a living room. Never use high gloss paint outside a kitchen or bath. And when thinking of a color scheme- use 2 primary colors and one accent color. No more then 3 per room.
6) Stay away from: Black grout around the tile… Mirrored Closet doors…an avoid fluorescent lighting fixtures. No one looks good under fluorescents. Not even supermodels.
7) Consider putting $$ into your closet organizing system- this is going to give you a HUGE return in terms of “Use and Enjoyment” and is going to play quite well into resale value.
8) When remodeling a kitchen- you needn’t spend the big big bucks for a built-in refrigerator, but you should make your refrigerator appear to be built-in….this is an easy trick for any qualified contractor. A frig that looks out of place IS out of place…Like black shoes and a brown belt.
If you need some advice, call me.
I know the best, and the worst contractors in town.
Tags: Center City condo, center city condo for sale, center city condos, Center City Real Estate
March 23, 2015
Known for low condo fees and uniqueness brownstone / low rise styled condos are an option in Center City that I find are becoming more popular for many condo shoppers. Known for their really groovy features, low rise condos have shown to have good resale over time, and often show up in some of the strongest residential locations in Center City.
The condo associations tend to almost always favor pets, rules can be a bit more lax than a high rise, and many units have either decks, parking, fireplaces, or say an abundance of original detailing. Here are some of my favorite low rise/ brownstone condo buildings in town- Due to either curb appeal, unit layout, value retention, or just an overwhelmingly serene locale:
1) Roberts Quay: 1035 Spruce – 18 units, a huge variety of layouts, and probably the most handsome building in 19107. Sits on the NE corner of 11th and Spruce. (see above and you can see what I mean).
2) 2100 Delancey: Again, huge curb appeal, an array of unit sizes and wrought with original detail. Many units have fireplaces, ornate windows, and of course a great location.
3) 251 S. 24th St: A very rare loft styled new condo building in Fitler Square that few have heard of/know of/have seen. Garage parking, huge windows, and sits in a quiet pocket of Fitler Square. High end contemporary finishes throughout each unit.
4) The Clinton: 1023 Clinton St. – Now here is a stunning building. Sits on the corner of 11th and Clinton St- serene as they come. Some units have parking, and many units have south facing windows- many completely shielded by huge trees. Modest condo fees and attractive pricing.
5) St. James Court: Hidden between 5th/6th Street, Locust and Walnut sits this enclave of “uppers and lowers”. Rental parking next door at Indep Place. Great space, quiet location, handsome exteriors, outside space for every unit, and two story living rooms. A great track record of resales / value retention over the past dozen years.
And of course I should mention:
Kahn Park Place at 1119-25 Pine
Wash Sq. West Condos on the 12xx block of South St.
Portico Row – 9xx Block of Spruce St.
Tags: Center City condo, center city condo philadelphia, center city condos, center city philadelphia condo, Center City Real Estate
March 16, 2015
Philadelphian– 35
Society Hill Towers– 13
Academy House – 17
Dorchester– 9
Hopkinson House– 17
City View- 39
Independence Place– 9
2601 PA. Ave– 30
WaterFront Square – 33
Wanamaker House– 2
The Murano– 25
The Savoy– 9
Center City One– 3
Symphony House– 12
1352 South– 12
The Ellington – 12
Locust Point – 13
And interestingly enough…Low Rise Condos On Spruce St. From River to River = 39
Mark Wade
Mark@CenterCity.com
www.centercitycondos.com
Berkshire Hathaway Home Services – Fox & Roach Realtors
Tags: apartments for sale in philadelphia, center city condo for sale, center city condos, Center City Real Estate, condominiums
March 9, 2015
(When I have nothing better to do, I like to run through all MLS data…)
19102 – Broad to 16th Streets
Number Of Active Condos For Sale = 41
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 72
19103- Rittenhouse/Fitler/Logan Circle
Number Of Active Condos For Sale = 89
Number Of “Pending” Condos = 31
Number of Sold Condos in Past 12 Months = 244
19106- Old City/Society Hill
Number Of Active Condos For Sale = 103
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 160
19107 Washington Square West
Number Of Active Condos For Sale = 48
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 97
19130 Art Museum Area
Number Of Active Condos For Sale = 82
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 187
19146 Graduate Hospital Area
Number Of Active Condos For Sale = 40
Number Of “Pending” Condos = 10
Number of Sold Condos in Past 12 Months = 88
19147 Queen Village/Bella Vista
Number Of Active Condos For Sale = 67
Number Of “Pending” Condos = 19
Number of Sold Condos in Past 12 Months = 85
So just what the heck does this all mean?
Pretty simple equation- shrinking inventory coupled with growing buyer demand means that condos are selling for much closer to asking price than a year ago, they are selling faster, and there are fewer options.
AND…the spring market will “officially” be here in a week or two- When we hit our first 60 degree day, the buyers will come out in full force.
This scenario is playing out all over town- be it in the condo or the single
family segment.
Prices are going up.
Period.
Tags: 19106 condos, art museum area condos, Center City condo, Center City Real Estate, condo loft philadelphia rittenhouse square
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