Philadelphia Real Estate Blog

And has dirty orange shag carpeting. And faded purple painted walls. Really!

I have been preaching this mantra for some eighteen years now here in Center City Philadelphia. And it has worked! Our little group of seven REALTORS (www.centercitycondos.com) at Prudential Fox & Roach REALTORS sell over 160 Philadelphia condos and Philadelphia townhouses every year to very happy owners.

One distinction that we can brag about is the fairly sizable profits a lot of our buyers make when they call us a number of years later to resell their Center City condos. Now granted, a lot of that has to do with the market conditions, and the fact that Philadelphia real estate has been on an upswing for the past dozen or so years. But, a significant reason many of our Philadelphia condo buyers make money is because we guide them to properties that are diamonds in the rough.

Buyers are probably going to find the smelly, ugly Center City condos severely discounted (disproportionately) lower than one might expect… because few other buyers are emotionally attracted to these “dogs”.  My goal is to get buyers to see past the simple outdated or unattractive cosmetics that are inherent in a number of downtown Philadelphia lofts, condos, and townhomes.

I feign deafness when I hear a buyer tell me that the “place is perfect, except I don’t like the carpeting”. Or that the appliances are old and the inside of the refrigerator smells like the inside of their gym bag. Those issues are what I call PHONE CALL UPGRADES. You pick up the telephone, you dial the local Home Depot or Lowes and you set an appointment for them to cone out and replace the appliances and carpet. You place one call to a painter who repaints all the faded purple colored walls. These are one step-one call upgrades. This isn’t brain surgery. We are not moving the kitchen which would involve moving gas line, water lines, replacing flooring, redoing baseboard moldings on and on and on. Simple stuff…”One Phone Call” Stuff.

And that is where many buyers see a huge increase in their resale price: simple, light cosmetic work. The kind of work that takes a pee smelling, dirty orange shag carpeted piece of ick, and adds significant emotional value through the use of good decorating skills, cleanliness, and minor cosmetic upgrades that are readily visible to the eye.

Buy ugly. Buy smell. And sell oohs and aahs… Then sing and dance all the way to the bank.

Ready to discover your own diamond in the rough? Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com. We’ll smell out those “dogs” and find you a real ooh and aah buy!

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling Center City condos, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.

Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com

I like programs on TV about real estate. I think the shows are timely, relevant, and interesting. A nice combination of education and entertainment centered around a topic everyone likes to talk about- Real Estate buying and selling.

Here are some ideas I have for TV programs that I would like to watch, because as a Philadelphia REALTOR, I encounter a plethora of situations I believe are worthy of their own TV segments:

Buy a Home From Me… or Get out of My Car- A show where buyers who really are not interested in buying, but just want a guided tour to see some cool homes, are called on the carpet.

Lazy, Stupid REALTORS- A show featuring some of the lazy stupid things REALTORS do… Like advertising open houses, and then not bothering to show up for it.

Buyers- What Are You, Nuts? – A show where buyers grossly overpay for a home simply because they like the way the home shows and/or because of the cleanliness of the interior.

Sellers- What Are You, Nuts? – A show where sellers want to sell their homes for more than any other house in their ZIP code because they “KNOW” their home is the nicest in the entire area.

Yes, You Have to Pay Condo Fees – A show that captures the quizzical looks of buyers when they learn that the Center City condo front doorman doesn’t work for free. Or, that the elevators do run on electricity, which results in a common bill for ALL condo owners.

You Want to Buy WHAT?? – A show that features buyers who purchase the polar opposite of what they tell their REALTOR they’re looking for.

Any Closet is a Walk-In Closet if You Try Hard Enough – A show featuring the silly things that come out of REALTORS mouths when trying too hard to make a sale.

Fighting Spouses – She wants a Philadelphia condominium; he wants a Center City loft. The differences play out before the cameras! Or, she wants to buy, he doesn’t.

Parents Say the Darnest Things – So eager for their kids to move OUT of the house, parents find a positive side to the worst possible properties on the market!

Let me help you make sure your Center City real estate transaction doesn’t become the next hit reality show. Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com

I love that line. Could you imagine someone throwing that at you to try to overcome or capitalize on a possible downside to a home?

I remember back in the early 1990’s, a listing agent told “Suzy” the REALTOR and Suzy’s buyer that “this” home was historically certified. As the deal progressed, the buyers could find no substantiating evidence to support such a claim. The listing agent, when cornered, uttered, “No dear, I said historically certifiable”.

But that leads to a valid question, especially here in the historic city of Philadelphia. Does the reputation, or historic significance, of a home play into the value of the home… be it a Philadelphia condominium, loft, or townhouse? And conversely, does a less than desirable reputation of a certain home have the ability to suppress the resale value of that home?

I say yes to both.

Pretend a major double murder-suicide kind of something went down in a home, especially in the not too distant past. Such an event might make a buyer hesitate to become interested in a home, which could draw out the length of time a home sits on the market, and make that home riper for a lower sales price.

On the other hand, the fact that Ben Franklin used to make booty calls to your home is no occasion to memorialize such an event with a plaque on the front of your home.

Having, say, “Hail Columbia” composed in your living room might make for an interesting compliment to your resale value. I know of more than one example of premiums being paid for Philadelphia condominiums and town homes where significant history was made at that particular address.

In a town that brought you the likes of Thomas Paine, Dolly Madison, and Betsey Ross, history does sell and has a tendency to sell well; assuming, of course, that such history can be documented and is more than a wild rumor. Less concrete claims, like ghosts and “George Washington once left his wooden teeth in this house” are less likely to garner price adjustment to a historic Philadelphia home.

Interested in buying or selling your own historic (or non-historic) Philadelphia condo? Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. (Ghost and wooden teeth not guaranteed.)

Personal circumstances such as your job, family and lifestyle preferences determine whether or not city life is a good fit but for many, the center of Philadelphia is the place to be.  The City of Brotherly Love, a big city with a small town feel, is known for its friendly residents and if you love the vibrant life in cities Philly condos have a lot to offer. Trees and parks offer a refreshing contrast to its museums and shopping centers. Philadelphia is, quite literally, the best of both worlds. Decide for yourself if it’s right for you.

Less Reliance on Automobiles
Philly has a terrific public transportation system. It runs in a timely manner and can get you almost anywhere you want to go in the city or the surrounding areas. Commutes are quick and, if you prefer walking, almost anything is within reach. Shopping, entertainment and a wide variety of restaurants are within reasonable walking distance. In the suburbs, you will likely have to run a car, adding significant expense to your monthly budget and never mind the time spent commuting.

Wide-Ranging Culture
Philadelphia is known for its vibrant art scene. It’s not uncommon to see used forklifts moving sculptures, paintings and other pieces of art into a building. Museums, the zoo, and popular sports teams also bring entertainment to the city. If you’re a shopaholic, you’ll enjoy a large variety of boutiques, larger department stores and small specialty shops.
Even better, Philadelphia is one of America’s oldest cities and is full of historical significance. Its architecture is second to none. You can find a multitude of different cuisines; the city has many ethnic restaurants if you’re up for new experiences. There are diverse neighborhoods and Center City condos with distinct cultural offerings, so you’re never bored and without something to do.
Philadelphia is also home to some prestigious educational institutions, such as the University of Pennsylvania, which add to the vigor and excitement of one of America’s favorite cities. All of this can be right outside your door.

Real Affordability
Compared to living in some cities like New York and Chicago, living in Philadelphia is quite affordable. Rent is cheaper and because public transportation is plentiful, saving on getting to and from work is easy. Cars require maintenance and upkeep; you don’t have to worry about those costs if you live in the city center. Even purchasing a home is more affordable in Philly than it is in comparable cities in the United States.

If you’re looking to move to Philly, don’t just settle on the suburbs. Instead, think about everything the City of Brotherly Love has to offer you and your family.

Michelle is an aspiring writer with a passion for blogging. She enjoys writing about a vast variety of topics and loves that blogging gives her the opportunity to publicly voice her thoughts and share advice with an unlimited audience.

Condominium; an apartment house, office building, or other multiple-unit complex which is individually owned, with an individual deed and right to sell the individual unit of that building. So many uses of the word “individual” but that’s not exactly the word most people would use to describe a condo. Yes, you have your individual unit, but it is in a shared building with shared amenities, such as pool, gym, and/or tennis court, and shared responsibility to show your neighbors the utmost respect.

Let’s back track for a minute. You stopped at the word “amenities” didn’t you? That’s right, when living in a condo amenities such as these are right in your “backyard”, so to speak. Some Philly condos even go as far as to providing you with town car or private bus service to and from your destinations! Not a bad deal for a small fee.

A fee is described as a charge or payment for professional service. That couldn’t hit the nail harder on the head. Along with all the amenities included in your “condo fee”, which is a monthly payment for access to all that a condo has to offer, you also receive the privilege of professional services such as lawn and exterior maintenance as well as indoor home repairs. There are so many wonderful things a condo has to offer.

Condos provide a sense of a safer environment for people living alone or looking after small children considering the extra eyes that are always around. Living in a condo is like working in an office, you have your own personal and private space, yet you aren’t alone, and you aren’t too far from a neighbor or friend.

Of course I get tons and tons of folks emailing me looking to move into a condo in Center City…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:

Follow these tips to make your Philadelphia condo truly feel – and look – like home.

1. Chances are, your condo isn’t as huge and spacious as you would like. Luckily, you can easily make your space look and feel larger than it is by keeping clutter away, creatively organizing and strategically placing mirrors around the apartment.

2. Sometimes, life just gets in the way of a lease. Don’t be scared into staying in an condo you no longer want because of the apparent lease penalty. You can smartly break your lease without spending all of your savings. Know your rights and don’t hesitate to negotiate with your landlord.

3. There’s no such thing as the perfect landlord and some are downright awful. That doesn’t mean you should have to deal with a leaky faucet or pest problem by yourself. Try a few different communication techniques until you find one that gets you the response you need.

4. Few condo dwellers are lucky enough to have a washer and dryer in their home. Minimize trips to the laundromat by using a bath sheet instead of a bath towel. This is especially helpful if you often use two towels after a shower – one for your body and one for your hair.

5. Living alone is great, but it’s not the safest option. Amp up your at-home security by keeping it under wraps that you live solo. You don’t have to lie, but don’t advertise that you don’t have a roommate or live-in boyfriend.

6. If July and August is brutal where you live, you’re probably used to holing up inside with the air conditioning on full blast for eight weeks during the summer. This is a huge expense, though. Cut electricity and costs by using the AC’s other settings, like the fan and the timer.

7. Think you smell a rat? Deal with it! Pushing the problem off until you can’t mentally handle the rodent isn’t going to get rid of it and the problem will only get worse.

8. When you can, fix your own run-of-the-mill apartment problems. If you really want your landlord to be there when you need him, don’t bug him if a light bulb blows or the toilet clogs.

9. When you have the heat on, set your ceiling fans so they turn clockwise, which will help warm the house and cut your heating costs.

10. If things go truly wrong between you and your landlord, you can turn to online dispute resolution.

Annabelle Smyth