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January 19, 2015
Being on the inside track of the Center City condo market, I am at the epicenter of buyer feedback and I am privy to their thoughts and I see what buyers consider to be red flags. Here is what they are telling me. This list could also be called ” Things My Condo Buyers Quickly Reject:” 1) A condo with a two-story spiral staircase
2) Poorly kept common areas of low rise condo buildings
3) Low owner occupancy ratios in any size condo association
4) Lawsuits against the association
5) An unusually high “days on market” for units within the building
6) A clear lack of upkeep and maintenance for any size building. Buyers are usually acutely aware of the lack of upkeep and have little trouble identifying such buildings.
Certainly there are a plethora of reasons why a buyer will buy or reject any given condo here in town. The above list of six examples are the most common that I see.
Tags: apartments for sale in philadelphia, Center City condo, center city condos, center city condos for sale philadelphia
December 15, 2014
Our condo market in town can best be
described as Turn-Key
Fixer-Uppers cater to a very slim market in Center City as most buyers are not equipped with the tools, knowledge, time nor the know-how to rehab a condo. Turn-key condos (those that are ready to occupy with little or no work) appeal to the majority of buyers in Center City Philadelphia.
Most buyers who come to town do not own a band saw, a miter saw, or any kind of saw for that matter. Nor do they possess the expertise in using such instruments and probably couldn’t identify a band saw if their life depended on it. Our marketplace is one of professional white collar buyers who have money and a sharp eye…but fall short of having the time, inclination or ability to make repairs to any new possible purchase. That fact should come as no surprise to any of my readers.
So when you hear that condition is king…right up there with location- you needn’t look or act surprise. The visual appeal of any given condo here in town is going to play a heavy hand in determining value. See the photos below to see what I mean…
Visual appeal with some heavy decorating…
Turn key is KEY in our marketplace
when looking to garner maximum
resale value for your condo.
Tags: Center City Real Estate, condos in Philadelphia, Philadelphia condos
December 1, 2014
Click here to see Center City Condos Featured Listings!
Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com
Tags: 19106 condos, Center City condo, center city condo philadelphia, Center City Real Estate
November 24, 2014
1) Rivers Edge Condos at 2301 Cherry St: There can be little argument that prices and demand for the building are on a huge upswing since residents have implement and paid for assessments for improvements made to 2301. Just look at the sales in the MLS. And it makes sense- a killer location in the 19103 zip with parking. Winning!
2) The Coronado at 2201 Chestnut St: Facade overhaul – even decorative elements of this lovely pre-war are being removed and recast…including ironwork and window frames. Foyer and front entrance being studied to include doors, lighting, canopy and tile restoration work. And they have limited their allowable rentals-BRAVO!
3) WaterFront Square at 901 N. Penn St: In the middle of some really groovy renovations to the entrance including an attractive water feature and improvements to the larger of the two dog parks. The entrance was benign and bland. Not any more…
4) The Plaza at 1901 Walnut St: Assessments are finished and interior (behind the walls) work done to common elements. New entrance and foyer area work completed as well as mail room. I think 1901 is poised for real value growth.
5) GrandView at 1100 Vine St: Recently refinished the lobby area..and holy crap is it stunning. Someone here had a good eye.
Also plans for redoing the entire 2nd floor (common area) to include new/expanded gym, yoga studio and commercial kitchen areas. First floor commercial offices being rented out as well- which will help curb appeal. Smart Center City Condo building- one of first to put a severe hold on rental ratio. Very smart indeed. 6) BridgeView Place at 315 New St: Finished the common roof deck and exterior brick work (some time ago).
7) Hopkinson House at 604 S. Washington Sq: A face lift project to the front entrance plaza area is well underway as well as installation of a handicap ramp and the repair of deteriorating underground structural beams and expansion joints.
8) The Academy House at 1420 Locust St: Upcoming improvements include lobby and arcade renovations. Fabulous!
And the employees recently rejected the idea of “going union.”
Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com
Tags: center city philadelphia condo, condominiums, Rivers Edge, The Coronado, Waterfront Square
November 3, 2014
Of course I get tons and tons of folks emailing me looking to move into a Center City condo…no surprise there. But you might be surprised by who is actually buying in town. Here are some common groups of buyers who I see buying condos in Center City. Certainly others exist, but this is a generalization of what I see: –
1) The Returnees – Grew up in Philly, moved elsewhere, and now returning. Being close to friends and family is often the draw.
2) The Empty Nesters– Shedding themselves of 75,000 pounds of unused house. They can often be very happy happy buyers who are starting a new chapter in their lives. I enjoy working with and watching them get excited for a move into town.
3) The Weekend Warriors– They have done the shore, now they spend their weekends in town. Much more common than you think.
4) The Kids Who Have Parents Who Have $$ – Very common. Very.
5) The Transferee– Maybe came to town via a promotion- and wants to be close to work. Moving to town wasn’t on the radar. Doesn’t matter- he or she is here now.
6) The Growing Families– It used to be that young adults would get married , and get a dog, two kids, a station wagon, and BOOM- off to suburbia they went. No longer the case. They now often represent our move up buyers in Center City.
7) The Investors– Who know that the city is the place to be, and that their investment will provide a handsome return year after year after year. Unless say Univ. of Penn moves to say the moon…a condo may easily be a magnet for a tenant.
8) The First Timers– The good ole reliable first time buyer. The backbone of the Center City condo market- always has been, probably always will be.
Tags: Center City condo, center city condos, Center City Real Estate, condos in Philadelphia
October 27, 2014
Let’s Look At Condo Sales By Price Range:
Under $250,000 = 213 SALES
$250,000-$500,000 = 397 SALES
$500,000- $1,000,000 = 115 SALES
Over $1 Million = 63 SALES
Let’s Look At Center City Condo Sales By Zip Code:
19102 = 59 sales
19103 = 195 sales
19106 = 111 sales
19107 = 82 sales
19123 = 68 sales
19130 = 131 sales
19146 = 66 sale
19147 = 61 sales
Let’s Look At Philadephia Condo Sales By Bed Count:
Studios = 38 SALES
One Bedrooms = 299 SALES
Two Bedrooms = 307 SALES
Three or More Bedrooms = 70 SALES
Per Trend MLS I am including all sale in 2014 in the following zip codes:
19102,19103,19106,19107,19123,19130,19146,19147
I sifted through page after page of MLS sale stats to come
up with these figures. The numbers may be off by a few…
So a hint of forgiveness is appreciated. Thanks.
Tags: Center City condo, center city condo for sale, Center City Real Estate, condominiums
October 20, 2014
For Sellers:
Keep the temperature of your condo comfy for showings
Make sure ALL keys work before giving to Realtor
Disclose ALL defects..but keep your feeling about your neighbor mum if you simply have an ax to grind
Deliver your Center City condo CLEAN and free of debris prior to settlement
Keep appliance manuals for your new buyer
Give buyers the name of the paint but throw away old paint cans
Leave a note in your condo about any quirks that the buyer may find
helpful such as trash day, neighbor contact info, mgmt info, etc.
For Buyers:
Be on time for your scheduled appointments
Eat and use restrooms prior to your condo tour with your Realtor
Keep sassy comments to yourself UNTIL we exit the condo…then
we can talk trash about what we have seen
Furniture and other unattractive decor items aren’t included.
You are not buying the sofa….So don’t be too judgmental
Know that the property will NOT be delivered in a state of cleanliness
that is up to your standards. A hint of forgiveness goes a long way.
IF you ask to see a specific condo…don’t change your mind
when you pull up to the building and think you want to “pass” on it…
For Open Houses:
Never allow any agent to pressure you to sign in…ever.
Be on time…and don’t show up 5 minutes after scheduled
open house closes
Keep your dog at home. NEVER bring a dog to an open house
If you are a curious looky-loo- no problem…just don’t try to monopolize an agent’s time – let them concentrate on the real lookers
Best not to be talking trash about what you are seeing
while still inside the condo. Zip it…
————————————-
Listen…I get it. Sometimes nice polite folks run afoul of the more general accepted practices in real estate…sh*t happens.
But do your best to play by the rules as emotions do end up playing a huge
part in any real estate transaction.
Trust me…I’ve got 25 years of witnessing hurt feelings
every now and again
and no one wants to feel like a goof when big money
is exchanging hands…
Tags: Center City condo, center city condos, Center City Real Estate, condos for sale in center city philadelphia pa, condos in Philadelphia
October 6, 2014
Scenario 1: Having the Last Word
Seller is asking $499k for a condo
Buyer and seller go back and forth on an offer and after a few days the buyer says -$480,000 is my “Highest and Best” offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a goof and say that? You are pissing the buyer off, and it will probably cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin’ $480k instead of having to have the last word. Don’t forget, buyers still have to perform a home inspection.
Scenario 2: Can’t See the Forest For the Trees
Seller asks $499k for a condo
A condo that is a bank-owned unit that should be selling for $800k if it weren’t so dirty, missing all the appliances, and listed with Susy Bag O’ Donuts out of Erie, Pa. (it happens…bank foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k…because after all, the market is slow, weak, and uncertain. OK….you are an idiot. If you can’t recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k….then maybe you need to do a little more homework on prices and values here in Center City.
Scenario 3: Why Isn’t My Realtor Using a Magic Wand?
Sellers asks $499k for a condo
As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent “comps” suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can’t get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut. It happens.
Opportunity exists in all market conditions, and the current state of affairs in Center City should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town might be helpful when finding the perfect condo and help you negotiate the best possible and realistic terms.
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Tags: Center City condo, center city condos, Center City Real Estate, condos for sale in center city philadelphia pa
September 29, 2014
1) 2301 Cherry St– The condos are selling at a pace I haven’t seen in a decade at Rivers Edge. Major assessments are helping and you just can’t find these values in 19103 with parking in a doorman building.
2)1352 South St. Condos– Began a new marketing campaign earlier this year. When that is over and the building sells out- I would look for prices to spike as the current $/sf is very competitive.
3) Low Rise Condos in 19107 – The overall lack of inventory and “DOM” (days on market) for this set shows a trend for potential future growth. One key is proximity to Jefferson Medical.
4) The Rittenhouse Hotel and Condominiums – Recent sales have primarily been original condition units which have artificially set the bar at a low point in terms of resale prices. Once that inventory gets soaked up- Prices are going to jump in the building in my estimation. The competition just isn’t there for such a fine building on the Square.
5) Center City One Condos– 1326 Spruce St. The lines have already started- buyers looking for a two bedroom two bath unit here will compete with each other for the next unit to appear. A new benchmark will be set…that is pretty clear to anyone who has kept their eye on the Center City condo market. I mean…even a blind man knows when the sun is shining 🙂
Oh, and of course 1706 Rittenhouse!
Tags: Center City condo, center city philadelphia condo, condominiums, condos in Philadelphia
August 4, 2014
There is something to be said about model homes. I love them. I want to buy everyone I see. Brand spanking new model homes-versus-character laden, gorgeous, historic homes- which do I choose? The great thing about Philadelphia real estate is that there are fantastic properties at both ends of the spectrum.
While I am a veteran home flipper (my brother and I have bought, rehabbed, and resold 140+ Philadelphia condominiums and town homes) I have to admit I am intensely attracted to the pretty residential faces of model homes.
It really is an occupational hazard! I want to move every week. This is in spite of the fact that the Philadelphia loft condo I currently share with m other half has been featured on HGTV.
We rehabbed our circa 1813 Old City condo (with three-car parking inside a really cool private gated courtyard) from scratch. We chose every material and item in it ourselves. Okay, we grossly overspent. But, we also won the 2005 Philadelphia Magazine’s Kitchen of the Year Contest.
But like a lot of you who love historic Philadelphia real estate, I also love model homes. I used to preach the mantra of “With a town the brought you Betsy Ross and Ben Franklin, historic homes sell-well!” And although I do throw that line out there to buyers from time to time, the truth is I’m a sucker for Philadelphia’s new construction model homes.
Am I a hypocrite? Should I not utter what I covet?
When you see what’s available in terms of model homes, you can’t help seeing the benefits of owning one of these properties.
I am telling you, give me a new construction ranch house, with a driveway, garage, patio, and 1/4 acre yard in Old City-And I am willing to bet that I would go directly into the intersection of Broad and Walnut Streets, and dance a bit… right there in the middle of the street. Honest.
Of course, that ranch house has to be “Model Home” gorgeous. You know, with all the latest designer furniture, wall coverings, hip features, new paint, etc.
It’s all about life style. Getting into a house or Philadelphia condominium that doesn’t require any work so you can sit back and enjoy your new property is a big bonus. I know I would love that type of lifestyle with all my heart. And never, ever, ever want to leave. That’s right, never.
Until, of course, the next time I was out showing a buyer a new construction penthouse condominium with gorgeous outside patios. Slowly but surely all closet doors are being slid open, rooms explored for the first time, kitchens ogled and bathrooms admired, that feeling will come over me again.
I’ll be struck with the itch to own one of the amazing model homes available on the Philadelphia real estate market. And you’ll find me back in the intersection of Broad and Walnut Streets doing my own crazy version of the model home dance.
Whether you want to buy a new construction or historic beauty, I can help you get the best price and terms. ( I can even help you choose between the two.) Give me a call today at 215-521-1523 pr drop me an email at Mark@centercity.com.
Tags: center city condos, condos in Philadelphia, Philadelphia condominiums
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