Having lived in many many Center City Condos over the years, here is what I believe to be the case in terms of costs to heat and cool a condo- Generally, you have someone living above you, below you, and on perhaps both sides of you, so your exposure to the elements is limited. It is not like you are living in a McMansion on the side of a hill in Ardmore. You follow me?
And heat has a tendency to emanate into your condo- you will probably be surprised how little heat you actually use. The fact that the majority of condos in town are one-level, your AC bills tend to be on the low side as well- It is not like you are trying to cool three floors. I live in a 1450 sq ft. condo in a newly constructed building here in town. My average electric bill is about $100 a month. I pay no gas, no water- both covered by the condo fees. When I lived in a 2200 sq ft converted loft, my bills were about twice that- but lower than I could have ever paid in a single family home somewhere….
The Packard Grand Condos at 111 S. 15th St: Condo Assoc recently acquired the top floor of the building from the developer. It is a 3,300SF space (on the 27th floor) with fitness center, large west-facing outdoor deck, party room, meeting room, and large capacity laundry machines. This was a great move by the condo board for a building that had lacked amenities. The new fitness center is now open and the rest of the amenity floor will open by September.
Center City One at 1326 Spruce St.: Responds well to its broken water meter. The association took quick action and repaired and replaced everything with swift action.
Toll Brothers: Approx 160 new units right on 24th street! Expect delivery late July 2013. Based upon the success at Naval Square- look for these units to sell at a pretty good clip. 8 out of 22 sold in Phase One and ground hasn’t even been broken. Stay tuned for more details…
WaterFront Square: A trail runs through it- The Penn Street Trail – a section of the Central Delaware waterfront trail that will connect Spring Garden Street with SugarHouse Casino’s portion of the trail – is expected to open next spring.
Murano: 2101 Market St.- Sale prices doing exceedingly well post auction. They just re-listed all high floor units with Pru Fox Roach. Look for the remaining units to sell fairly quickly!
Penns Landing Square at 130 Spruce St: Spending money to better manage water run-off and to be more efficient at being able to segment water shut-offs in order to better serve homeowners. Touche!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
We just sold our summer vacation house of 2200 sq ft and bought a really nice 458 sq ft condo up on Cape Cod….and in all honesty- we have never been happier.
The benefits?
Easier to clean
One Level living
Financially- It is a no brainer
I honestly feel like I can breathe a sigh of relief…hard to explain.
When you get to an age where you are looking to downsize to a Philly loft or condo, I am here to tell you that less really is more. More peace of mind…and more to smile about. I feel I shed about 700,000 pounds of fat- and I am feeling free as a bird. Size isn’t everything- especially when you know how to use it. We want for nothing, and aren’t looking back…
Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila., PA 19106
A LOT of the recent talk in Center City Real Estate circles has been about the number of multiple offers on various parcels, and how some places are sitting on the market for a only a week, and being sold in short order. This is clearly a change from the previous four years. Maybe not be true in all segments, but certainly becoming more and more common this year.
I think what most buyers in the Philadelphia Real Estate market have to come to terms with is that they may need to make their offer as attractive as possible on those homes that are in short supply, and in heavy demand. Even a gradual shift from a buyers market to a sellers market is difficult for buyers to grasp. Those in the know are going to fare much better than those who perhaps think they can come in at super low offers like perhaps that might have done in 2009.
As demand increases, and supply decreases, we will see the gradual escalation of values here in town. But remember, Philadelphia Real Estate values generally don’t skyrocket…they meander up or down depending upon market conditions. This certainly lends strength to the fact that
“All in All”, the Philadelphia housing market is relatively stable…relatively speaking.
We have not seen the peaks that perhaps NYC, Miami, or parts of Southern California have seen over the years, and in turn, we are not seeing the loss in value as many other big cities have seen over the years.
Be happy you live in Philadelphia.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Don’t believe everything you read, or every comparable you see. NOT all Philadelphia condo space is created equal, and not all two bedrooms in the same building are of the same value. Duh.
There are soooo many factors that infuence value-
HOW DO YOU THEN CORRECTLY COMPARE APPLES TO APPLES?
Here are some Tips:
1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.
2) Find a map of the building, and see which units face “The Park”, and which overlook the
DUMPSTERS – Positioning within a condo building plays a role in value!
3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?”
Cuz if it did, it is going to distort the comps.
4) Floor height value- may or may not play a part in comps/ comp value. Newer condos are GREATLY based upon floor height.
5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking). And know that “Fact Sheets” and MLS sheets are like Resumes- full of bullsh** and dog doo. Never take that info for granted- you must confirm!
6) AND THE BIGGEST factor to warp comps – Interior condition. Hugely huge in comp valuation.
Here is a good example of “Not All Space Being Created Equally”…Equally sized two bed units at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.
So clearly comps can be deceiving – if you don’t know…ask me. Please.
Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106
The Old Piano Factory – Located on the corner of 2nd and Queen Streets in Queen Village. Super groovy soft loft living with garage parking. Fabulous building.
2009 Spruce St. – Double Wide Brownstone that is the epitome of luxury low rise Philly condo living. Killer location.
Kahn Park Place– Perennial fav…parking, some of the best roof decks in town, and central locale. You’ve driven past 1119 Pine a million times, if you have done so once.
700 S. 10th St – Remember Tom Hanks’ condo in the movie “Philadelphia”? Stunning views, big windows, parking!
The Palladian– 2138 Lombard St. One of the first low rise luxury conversions in town. Rarely available, parking.
Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106
Residential Sales in 19146, 19147, 19107, 19106, 19102, 19103, & 19130 – Jan 1-July 15, 2012
Thanks to all for sending me their friends and family looking to buy and sell in town. Much Appreciated!
The Biggest Cheerleader for Condo Living in Center City, Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Ten years ago, these younger Center City folks with growing families would have a child or two, and BOOM- they were destined for the ‘burbs. Not always the case any longer as Center City Condos become more “Kid Friendly” and popular with the younger family set. These buyers tend to already live in town, and simply move into larger quarters, while remaining inside the downtown area.
2) The Out -of -Towners
Becoming much more common than most current Center City owners are aware. These buyers are looking for an urban weekend place. Generally empty nester folks who have done the beach and the burbs, and are now excited about buying their second or third home in Center City. Space is usually not a huge issue for many of these buyers, but walk-ability ranks very high on their list of priorities. I also find that many gravitate towards less than “full service” buildings as they look to avoid full service condo fees. And usually (I am generalizing here) will swing more towards hip and groovy interiors.
Mark Wade
www.CenterCityCondos.com
Prudential Fox And Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Do you really know what you are going to get? I am going to suggest you don’t.
When the spate of new high rise buildings hit the drawing boards over the past
decade, many buyers purchased their Center City condo based upon renderings, little floorplans, and a whole lot of marketing materials which surely guaranteed a buyers happiness IF they bought in that particular development. All ad campaigns showed smiling, happy, good looking folks who would one day reside in the building you were considering.
But what about the Quality of the Finishes? Many questions remained unanswered until the finished project was done, and buyers could then see what they were getting. And some projects of course, looked better on paper than they perhaps do in real life. So many factors don’t show up on renderings, like:
-Width of the Common Hallway
-Common area ambiance – Scale, decor, and ceiling height
-The feel of the interior condo elements- like light, view, and again, scale
-Amenities- Size of gym, parking access or lack thereof, and staffing budget
-Quality of interior finishes- Hollow core doors? Doorknobs? Countertop thickness, quality or lack thereof in terms of carpeting, noise transference between units, etc.
And I am just scratching the surface here. The point is, if you are buying new construction, you should ask a lot of questions. And get the answers in writing if you can. Because some new construction Philadelphia condo buyers turn out to be big winners, and others- well, not so much.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
