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July 14, 2014
I am often asked by condo owners to offer tips on getting their condo to “Show Well”. Here are the 3 quick easy tips for maximizing the showing ability of your Philadelphia condominium:
1) Go to Ikea, and buy a floor to ceiling curtain and hang it from ceiling height, in front of your bathtub. This is not going to take the place of your shower curtain, it is simply going to add some dramatic effect to the bathroom. It is quick, cheap, and has a powerful punch in terms of the emotional appeal of your Center City condo.
2) Paint an accent wall. Preferably, one that is opposite the entryway to any given room. I like to see fireplace walls accented in somewhat neutral, yet enticing colors too. Like a chalky blue, or green. Painting an accent wall will give a hint of flavor to a room, without overpowering the room with massive color.
3) Replace the knobs on the doors and drawers in your kitchen and bathroom. And don’t buy the 99 cents knobs either. Go to Pottery Barn, or Restoration Hardware, and spend a few dollars. Believe me when I tell you, they will help even a somewhat tired kitchen look a bit refreshed.
That’s it. Three quick easy steps for maximizing the interior “curb appeal” to your Center City Condo!
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, philadelphia, philadelphia realtor
June 16, 2014
What was once valued can easily become passe. Though many elements listed below are still of interest to many buyers and prevalent in our marketplace, many Center City Condo buyers are now asking for the following:
What’s In? What’s Out?
Wallpaper in Bathrooms Painted High Gloss Walls
Mixed Counter Top Surfaces Corian
Wireless Alarm Systems Window Grates/Bars
Freezers On the Bottom Side By Side
LED Lighting Halogen Lighting
Oversize Kitchen Sinks Double Kitchen Sink
Balconies Roof Decks
Solid Interior Doors Hollow Core Doors
Dark Hardwood Flooring Honey Colored Hardwood
Painted Brick Exposed Brick
One Level Living Multiple Level Living
Home Theaters Dens
Frosted Glass Glass Block
Full Door Closets Bi-Fold Closet Doors
Quartz Granite
Walk-In Showers For Two Jacuzzi Tubs For Two
Tags: condominiums, philadelphia loft, real estate philadelphia condos
June 9, 2014
Think you are going to get a $10,000 price reduction after your home inspection?
 Everyone should get a home inspection. There is no such thing as perfection and every Philadelphia condo- be it new construction, or a clearly used up old condo- almost every condo that I have come across needs some kind of maintenance or attention.
But how do you go about protecting yourself without pissing off a seller to a point where he or she no longer wants to deal with you? Well, that can be a thin line….but here is what I suggest:
1) Focus on the big ticket items. Try not to be too nit picky about the small stuff. Sellers can become easily fatigued…so instead of asking for a plethora of small items to be corrected, ask for (say) one or two big issues- If warranted. One that can be backed up by the home inspection. Sellers are sometime less worried about the money and more worried that they may not have the time to fix every little issue- sometimes sellers will negotiate on convenience- as opposed to being consumed by trivial matters.
2) If you have the option of taking a credit, or having the seller repair items- GO FOR THE CREDIT. Because more often than not, you or your contractor may not like the way the seller does the repair. Then we all have a problem….
3) I don’t think it is logical for a buyer to ask for a credit or a repair on items they clearly knew were previously broken. For instance, if you make an offer on a condo that has a cracked window pane or clearly unused/broken dishwasher – the seller may be less apt to fix it- because you clearly knew of this shortcoming prior to making an offer….and of course you made your offer accordingly, one would assume.
4) Electrical issues are huge….and you can almost always hit a seller up for making such a repair. Electrical issues are scary for most buyers and something most buyers cannot and probably should not fix themselves.
—
I usually coach my buyers to think this way: If the amount of the needed repairs impacts your perception of the value of the Center City condo, then you should probably back out of the deal or go at the seller at full force. However, if you are just looking to rake the seller over the coals for the hell of it- that should be done during the time you make your offer. Not at a later date where you are just looking to perhaps get something for (almost) nothing. Just my two cents…
Tags: center city condos, condos in Philadelphia, condos philadelphia
June 2, 2014
When enthusiasm drips from a buyers mouth-
Every “Ohh” is worth $5,000
and every “Ahh” is worth $10,000
Location is always going to be a determining factor in price as well as long term value retention. But there are mitigating factors in the Center City condo market that are going to dilute the power of a strong location in driving prices over the long haul. That major factor would be interior condition and the visual impact of any given Center City condo. Here are a few factors that may help the power of a condo’s condition to play a huge role in determining value:
Disbursement Of Wealth- Twenty years ago, if you had $1,000,000 you bought on Rittenhouse Square-period. Today, we will find that every neighborhood has broken the $1M barrier. And it is getting much easier for buyers to find high end condo product in some locations that might have been unfathomable even five years ago.
First Time Buyers and Empty Nesters- Clearly the dominate driving forces in the Center City condo buying segment. AND what do they both have in common? They both want a strong interior condition as neither seem to favor the condos that need work. Trying to get either to buy a fixer upper is an uphill battle (generally speaking).
Everything is out the window when buyers fall in love- You would pretty much have to be new to this planet to not know that concept. I have found that most buyers buy with their eyes. More often than not, buyers will forego the strength of the location in order to buy the condos that really strike a visual chord.
In no way should this argument be a vote for a weaker location than perhaps what you have in mind. However over the long haul, you might be surprised to find just how important condition is to the overall value retention of your condominium here in Center City. Ugly is an 800 pound albatross that can and will drive down your value like no other condominium attribute- And it may not matter if you are sitting in the perfect location. To underestimate the value of strong interior and visual appeal would be to underestimate the overall value of any given
Center City condominium.
Tags: Center City condo, condos in Philadelphia, Philadelphia condos
May 5, 2014
I get asked a lot of questions about Center City condos. Tons actually.
I have no problem with questions. In fact I love questions-gives me the opportunity to be a big brain know-it-all. When I was a kid, my father called me a ham. I don’t think he was too far off. Whatever….here are some commonly asked questions asked by buyers and sellers and the most direct answers I can come up with- My answers are in RED –
1) What will my future taxes be?
I dunno’ – I can’t see into the future.
2) Should I get a Lawyer?
Sure- IF you get a real estate lawyer 🙂
3) Should I have an inspection?
Yes- Please please do.
4) What will this condo be worth in 10 years?
Crystal ball broken- check back later.
5) Do I have to attend settlement?
Usually not. But a buyer who is getting a mortgage may have to attend.
6) Can I move in (either myself or my stuff) prior to settlement?
Uh, no.
7) What are condo docs?
See the answer to question # 2 above.
9) Do I have to pay condo fees?
Yes. All condos have fees. All.
Tags: Center City condo, condos in Philadelphia, philly realtor
April 21, 2014
Let’s Look Closely At The Current
Rittenhouse Condo Market
# Condos For Sale in 19103 Under $300,000 = 13
# Condos For Sale in 19103 From $300k-$500k = 21
# Condos For Sale in 19103 From $600k + = 62
# Condos For Sale in 19103 That Include Parking (all price ranges) = 31
# Condos For Sale in 19103 Having 3 bedrooms = 13
# Condos For Sale in 19103 Currently Pending = 48
# Settled Condos in 19103 since 1/1/14 = 51
# Condos For Sale in 19103 That Are ON The Square = 25
*Information per TrendMLS as of 3/25/14
Tags: Center City condo, Philadelphia condo, rittenhouse sq condos
April 14, 2014
It can make you a big winner or a big loser…
When big money is flying around here and there, the door opens for many folks to get bitten by the A-Hole bug. Which make sense…emotions are running high, deadlines need to be met, etc. etc., and I have seen some folks get seriously burned by playing their cards at the wrong time in the wrong place.
I think you need to look seriously at a few circumstances that may surround your transaction to know the power or leverage you have to throw your weight around. To begin with, the first thing you should look at is
“substitute-ability” of the Philadelphia condo. If you are fishing in a big pond of buyers or sellers, then of course you can bounce from one to the other without much risk to your goal of buying or selling a condo. Want to buy a condo at Locust Point in the spring? Watch your P’s and Q’s and zip your lip. Ditto for say a two bedroom at the Hopkinson House. If you are buying, you need to put your best foot forward and tie it up with a pretty red ribbon because demand almost always outweighs supply in those instances. Playing hardball as a buyer in these circumstances probably isn’t going to play in your favor. Owner’s can feel free to play any cards they pretty much like under those circumstances.
Two Quick Examples:
I sold a Center City condo in early 2010 to a buyer who had a real F You attitude to me, the seller, and the man on the moon for that matter. I have a lot respect for this buyer, and I like him. But I knew early on that if he didn’t get his way, he was going to walk. He may have been trying to save a dime for the sake of a dollar, as this was an exceptional deal, but his hardball play worked for him. I represented the buyer in this case, so I gave him all the ammo I could find. With a little homework, I could easily deduce that a lowball offer was warranted (thank you google) then was accepted by the seller. Winning.
On the other hand, back in the early 1990’s, I had a seller who was a real pr*ck, and his hardball tactics seriously misfired. He got his price, but wanted to keep his prized
Westinghouse Washer and Dryer…that were like 12 years old. Buyers told him to keep his used basement appliances, and walked. Seller sold the property six months later, for $40,000 less. The proverbial $40k washer/dryer, if you will.
Are you going to be a big winner, or perhaps a big loser? I dunno. But if you are going to play the A*hole card, you better be willing to stick to your guns when the heat rises. I just hope I can give you solid, if not a hint conservative information so you can make your own decision. And if you are being a butt-head, be my guest.. Then we’ll see how the deal is going to go down 🙂
Tags: Center City condo, Center City Real Estate, Philadelphia condominiums
April 8, 2014
I hear a lot of talk about the up’s and down’s of today’s Center City condo market. And what most Realtors are witnessing is multiple offers, properties selling at or above asking price and a decreased “days on market” statistic.
For the majority of the Center City condo market, there are more buyers than available inventory and the shift in that relationship will give rise to actions that we see more of today than we would have even six months ago- such as multiple offer bidding. I just encountered three offers on the same condo in one day and that condo had sat idle for almost two months.
Also becoming common are full asking price offers or even over asking price offers. I think it makes sense (many buyers see the time as being right to snag a condo out of the clutches of others and are therefore willing to put their best foot forward). I am now telling my buyers that IF they see a condo they want- do not hesitate to go in quick and strong.
Because nothing is more painful than a bidding war. Good for sellers, not so much for buyers.
Lastly, Realtors I speak with also confirm that they are seeing a decrease in the “days on market” calculations. Many Center City condos are selling within days, even hours after being listed for sale. I know of one unit at the Philadelphian that was listed in the MLS in the AM, and under agreement about 4 hours later. Not common, but certainly not unheard of.
Tags: Center City condo, condos in Philadelphia, philadelphia
March 3, 2014
Think your condo board and management companies don’t play a role in your value retention?
Center City condominium buildings are like a business and should be run as such. From maintenance to condo association policy, seems many folks have a hand in the determination of your resale value. Value within any given building is a moving target, and if I were King of the World, I would suggest that any association would want to evaluate their policies considering:
1) Pets- A hot button item. Buildings are often overlooked by potential buyers based upon the buildings’ pet policies. Buyers often request a pet- friendly building, but never have I had a buyer express to me that a pet-free building is on their wish list. Associations may want to limit pets based upon breed, size and allow such freedoms to only the owner occupants and not tenants.
2) Common Area Presentation – The death knell for many buildings in town in terms of value retention. Often, buyers refuse to walk into a Philadelphia condo unit after being walked through the common building foyer and through the halls. Some hallways smell- and haven’t been painted or had any new lighting in 20 years. I would have to suggest you rid your association of anyone who could be responsible for such lack of attention. The cost is SO MINIMAL to improve common area elements that it really makes no sense not to keep your common areas in tip top shape. This is where the “Investment Multiplier” comes into effect- for every dollar you put in, you get two back. Simple math here folks.
3) Transparent and Open Communications – There is a reason why Society Hill Tower, Hopkinson House, and The Washington Square West Condos at 12xx South St. are known to be very well run. I would suggest it has to do with the accessibility and transparency of the condo associations and or management companies. From condo docs, to board minutes – THINGS BUYERS WANT TO KNOW- Are but a click away on but a handful of condo sites. The surreptitious and somewhat mysterious ways that associations fail to hold out the information to scrutiny can be a serious concern for many buyers. And making a buyer wait up to 4 weeks to get condo docs – REALLY? That is a great way to piss off a new buyer and possibly a new member of the condo association.
4) Rentals- It is fairly standard for a building to allow a certain percentage of the condominiums in the association to be rented out. But having NO policy which addresses rentals can be a real disaster. Fannie Mae has rules about owner-occupancy ratios. A lack of adherence to those rules can lead to the need for buyers to put more money down AND pay a higher interest rate.
Which of course can reduce demand for your building, raise inventory levels, and ultimately lower your values. Ain’t no rocket science involved in that equation….
Below is a fantastic site with some great information. If you are a board member of an association here in town, you might want to bookmark this website:
Tags: Center City Real Estate, Philadelphia condo, Philadelphia condos
February 24, 2014
The old adage “Buyers Are Liars” is repeated often in many Real Estate circles. I think the line is a crock of sh*t….The line should be “Realtors don’t spend the time to get to know their Buyers.”
And there you have it….
The key to selling condos in Philadelphia. Find out as soon as possible what trigger is going to make any given condo work for a given buyer. Oh, and make sure you know everything about almost every condo in town and be able to discuss that condo at length, at the drop of a hat.
Here is a list of things that I find buyers really key into when shopping for a condo here in town:
1) Walkability
2) A Side of parking
3) Proximity to a given Point Of Interest
4) Areas in which they already are familiar
5) Curb Appeal / Interior Condition
Which one of those blows the others out of the water?
That would be # 5…
I hear it all the time- “I want this area”, “I must have parking”, or I want to be able to walk around town”. But many of those MUST HAVES fly out the window the minute the majority of buyers walk into a Philadelphia condo and fall in love with what they are seeing…usually quite a different story than what originally comes out of their mouths. NOTHING wrong with knowing what you like….I too am very visual.
Gone is the need for a study, or a 2nd bedroom, that large kitchen buyers have always wanted. Visually stunning condos here in Center City Philly are always in demand- regardless of most market conditions. Believe you me….and NEVER underestimate the fact –
IF IT SHOWS WELL, IT WILL SELL WELL
Tags: Center City condo, Center City Real Estate, Philadelphia condos
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