Philadelphia Real Estate Blog

If you found a Philadelphia condo, and made an offer and the seller signed the offer on say, January 1st, here is a rough time line of what to expect:

By January 5th – Have mortgage application taken.
By January 15th – Set up and have Home Inspection.
By January 16th – 2nd deposit due.
Sometime mid to late January- You get condo docs and have 5 days to review.
Throughout January and February- Be tortured by your mortgage company.
Through January and February- I order title insurance, city certificates, etc etc.
One week prior to settlement- You order a homeowners’ insurance policy  for your unit.
One day prior to settlement- We do our final Walk-Through
Day of Settlement- Take This day off work. Please. Settlement will take an hour or two.
Post Settlement- Sing and dance in the middle of the street, and drink to celebrate your accomplishment!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach
530 Walnut St. #260 Phila., PA 19106

I get a lot of email from folks who used to live in town…here is what you may not know about Center City if you haven’t been to town in 20 years:

1. Spruce and Pine Streets are now one lane- the other lane is a bike lane.

2. There is a new tax called the “Center City District Tax”…kinda’ nominal, but adds street cleaners and supervisors on many of the residential streets.

3. Northern Liberties is RED HOT- You MUST see to believe (compared to the 1980’s).

4. Graduate Hospital is now apartments- The hospital closed.

5. We have a new “South Street Bridge” and it is fabulous.

6. Broad St Just South of City Hall is Hoppin’…with residential and tons of restaurants.

7. The Bellevue Stratford is now The Hyatt at the Bellevue- and is stunning.

8. Delaware Ave. is now Columbus Blvd- and nicely manicured.

9. The old Naval Home on Grays Ferry is now a Toll Brothers development.

10. Most Parking meters are gone- replaced by Kiosks- and the parking authority is still very well run- If our city was run as well, the streets would be lined in gold.

If you are looking to come back to check out the City, drop me an email at Mark@CenterCity.com…I would love to show you some of the great new Philadelphia Lofts and Condos available too!

Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila, PA 19106

Mortgages play very crucial role in the economy. The importance of the mortgage industry was realized during the last economic crisis that the country had faced. Rising number of mortgage loans default cases were reported and housing prices plunged to very low levels. This led to the crash in the real estate market in the economy. The negative effects of the crash in the real estate market were percolated to the other sectors of the economy soon. Eventually, the country, as a whole, went into recession. Anyways, in the aftermath of the global financial crisis, the mortgage lenders have become more cautious and they are keeping in more stringent eligibility criteria for obtaining a home mortgage loan. In other words, they are checking the credit worthiness of the borrowers like never before.

Anyway, before taking out a mortgage loan, you must conduct a thorough research about different mortgage loans and rates available at the market place. After examining the different mortgage loans, you will be able to find the most suitable mortgage loan. In other words, the home mortgage loan that you have taken out, must be very affordable to you. In order to find out your affordability, you can also take the help of a mortgage calculator. A mortgage calculator calculates your affordable mortgage payment amount. Anyways, if you face difficulty in repaying your original mortgage loan, you can opt for home mortgage refinancing too.

A mortgage refinance replaces the original mortgage loan with a new one which is affordable to you. In other words, the aim of mortgage refinancing is to help the borrowers pay off their mortgage loans. This can be done through by lowering down the monthly mortgage payment amount or by raising the term of a mortgage. If you want to pay off your mortgage loan earlier before the scheduled time, then also you can opt for mortgage refinancing. Mortgage refinancing can lower down the term of the mortgage loan but at the cost of increased monthly mortgage payment.

Again, if you want to switch to the safety of a fixed rat mortgage from that of an adjustable rate mortgage, then also, you can opt for mortgage refinancing.

1) You see that the condo is vacant, and the front desk tells you they moved
over a year ago.

2) You Google the sellers, and You see that they own multiple properties,
and all of them are for sale.

3) You search the history (in the MLS) of that listing, and see the seller is on
their third listing agent.

4) You walk into the condo, it is vacant, the appliances are gone, and it looks
like the seller left in the middle of the night.

5) You read some unique language in the MLS listing about “seller makes no
warranties”, or “ corporate addendum must accompany…” usually means
corporate owned- aka REO.

These are all possible signs that the condo is ripe for an insulting offer.

Good Luck!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106

Before you buy, Mark Wade of Berkshire Hathaway Home Services  Fox & Roach in Center City, who specializes in low- and mid-rise condos, recommends careful scrutiny of the condo association.

“The association can influence value,” Wade said. For instance, if it doesn’t monitor the owner-occupancy ratio – that is, if there are more than the acceptable number of renters vs. owner-occupiers,  it may make it difficult for a buyer to get financing.

Condos not approved for Fannie Mae, Freddie Mac, or Federal Housing Administration-backed financing are known as “nonwarrantable” and offer few options for buyers or those refinancing.

“This scenario ultimately lowers demand for a building, and reduces resale values as well,” Wade said. “A review of the condo budget, money on hand, and knowing what is included in the condo fees should be considered when buying a unit.”

Click to check out some other articles in which I have been quoted speaking about Philly Condos!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106

As a 23 year veteran of condo sales here in Center City Philadelphia, I am often asked what I believe to be the best buys in terms of a long term “hold” in the downtown Philly condo market.
My thoughts often come back to 2301 Cherry St. (aka- Rivers Edge Condominiums) for a variety of reasons. Lets look at the reasons this building is one of my picks for “Best Long Term Condo Investment” potential in the downtownPhiladelphia condo segment:

1) Strong location: Close to Penn and Drexel, not to mention the Schuylkill river jogging trail, and located within the coveted 19103 zip code.
2) Parking: Every unit at Rivers Edge includes a parking spot.
3) Doorman Building: And the doormen and women at 2301 are always friendly, and never seem to leave their post- great for security and that piece of mind that is important to many Philly condo buyers.
4) Fantastic asking prices: There is not a chance in hell that any similar product can be picked up what some of the recent sales have been registering than at 2301.
5) Outside Space: Almost every unit at 2301 has a private balcony or patio. And if that isn’t enough, then the common roof deck with it’s sweeping views will knock your socks off.

6) Layouts: Many of the units are done in half levels, which appeals to a fair number of buyers who are stair-adverse. I find this to be a huge advantage over other bi-level units with a full set of stiars dividing the levels.
7) Storage: The architect was a smart one here….great in-unit closets and storage areas.
8) Artificially depressed resale prices in recent months. Again, the values here, in my opinion are lower than they should be, and have no place to go but up.
9) A Smart Condo Association- Now making improvements to the building in terms of assessments that generally have a multiplier effect on resale values- for every dollar spent to improve the property, we will generally see a boost in resale values here in town.
10) Generous kitchen and bathroom sizes- providing great elbow room. Uncommon for a building that is not new construction here in town, in my opinion.

If you are interested in taking a look at this lovely condominium building, feel free to drop me an email at Mark@CenterCity.com and let’s chat!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Like Hair-Do’s and Trendy hot spots around town, the popularity and demand for specific Philadelphia condominiums can fall in and out of style. The following ten Center City condo buildings have withstood the test of time, and generally garner more interest from buyers than sellers. Usually noted with low inventory levels, a good track record of previous sales, and/or a strong association, these condos rise to the top of the Philadelphia condo market. In no particular order, here are some notes on what many believe to be the Best Center City Philadelphia Condo buildings:

1. The Ritz Carlton – 1414 S. Penn Square

Towering 46 stories just south of City Hall, The Ritz Carlton houses nearly 300 condominiums in a variety of sizes from one bedroom condos to a jumbo Penthouse- nearly unrivaled in Center City in terms of size, views, and style. With some new pricing, the Ritz Carlton is poised to be 2011 and 2012’s hottest selling Philadelphia high rise. Condo fees are higher than most, but the services and amenities lend credence to the monthly fees. Pet Friendly, tax abated, and Towncar service for residents. Floor to ceiling windows and beautifully finished throughout.

2. WaterFront Square- 901 N. Penn St.

Probably the most overlooked building in town, WaterFront Square offers quiet, water front living in an environment that is nothing short of relaxing. Three towers- The Reef building being the newest and boasts a gracious tax abatement, river front gym and pool, not to mention shuttle service into Center City. Room layouts are well thought-out, and most unit have private balconies. A gated community with on-site management and concierge. Pet friendly.

3. The Hopkinson House- 604 S. Washington Sq.

The “Toyota” of Center City high rise living. Reliable, dependable, good resale, and a strong Washington Square location. Perhaps not high on “Glamour”, but consistently a strong buy in any real estate market. Roof top swimming pool, 24 hour doormen, on site management, garage rental parking, and the building offers Studio, One and Two bedroom condominiums. No dogs. South facing units offer great sun, and north facing units look onto Washington Square. All utilities included in condo fees.

4. The Clinton – 1023 Clinton St.

In terms of low rise condos in town, it is hard to beat the quality and location of the Clinton St. condominiums in Washington Square West. A lovely tree lined street with little thru-traffic, bricked sidewalks and historic street lighting. The condo building consists of 20 units- from one bedrooms to larger two bedroom bi-level units. A few of the condos include parking- and a rental garage sits directly across the street. Lovely interior finishes, and a well managed building. Pet friendly, and attractive rear common garden area. Often overlooked as a quiet, in-town option for condominium living.

5. The Philadelphian- 2401 Pennsylvania Ave.

The largest condominium building in the state of Pennsylvania. Known for it strong management, and services, the building boasts an assortment of activities, services, and on-site retail- including a restaurant, pharmacy, and small super market. South facing units are afforded a terrific view of downtown Philadelphia and the Art Museum, and the Penthouse units are nothing short of mansions in the sky. Condo fees include all utilities, and rental parking- when available is can be found in the lower level of the building. Two pools, and a shuttle into and around town.

6. 117 S. 16th St. AKA- 1551 Samson St.

Truly unique- This six story mid-rise condo building has but one unit per floor. Elevator opens directly into unit. A surprisingly well located building that even many Center City Realtors could identify. A plethora of windows, reasonable condo fees, and extra basement storage. Pet friendly and proximity to shopping and activities in town is strong. Modest condo fees and a fantastic light are the hallmarks of 117 S. 16th St.

7. Locust Point – 2429 Locust St.

With 110 units, on-site parking, and next to the Schuylkill River Jogging Trail, this building really shines. Great value, a terrific sales record, and FHA approved, Locust Point demonstrated it’s desirability by selling out when other buildings in town stood still. Not to mention the integration into a fine residential neighborhood, and proximity to University Of Penn. A great mix of one and two bedroom condos. Common areas have been refinished, and many common elements replaced (windows!) throughout the building.

8.  Saint James Court- Walnut/Locust between 5th and 6th Streets

The perfect cross between a modern townhouse and condo living in a Society Hill locale. Upper and lower units- each with it’s own distinct advantages. Lower units have very nice gardens, and upper units have soaring living room ceilings. Rental parking at Independence Place, and many units face the quiet off-street courtyard. Ranging from 1300+ to nearly 1500 sq ft., every units is a two bed, two bath with a small den area overlooking the living room. All units are bi-level, and even upper units have a balcony/outside space. Perfectly adept at customizing into a modern, or more traditional style, St. James Court Condos were built as a low rise supplement to Independence Place. Nice curb appeal and well managed. These late 1970’s units can go strikingly contemporary, to a more muted traditional feel.

9. The Dorchester- 224 W. Rittenhouse Sq.

Sitting proudly on the southwest corner of Rittenhouse Square is probably one of the best known building in Center City- The Dorchester. With roof top swimming pool, rental garage parking, and variety of sized units, 224 W. Rittenhouse continues to churn up more supply than demand. Units within the building have a tendency to sell fairly quickly and not languish on the market. High floor command strong prices, and have sweeping city views. Twenty Four hour doorman building and on-site management. A smart buy, if you can find a unit to purchase.

10. Acme Piano Condominiums- 201 Queen St.

This Boutique converted warehouse sits in the heart of Queen Village and units rarely become available for sale. All units are of substantial size (2000 sq ft+/-) and most include garage parking. Pet friendly and quiet building noted for high ceilings, over sized windows, and original detailing complement the scale and dimension to the rooms. Nicely finished with upgraded kitchens and baths. This project is approximately seven years old, and a great addition to the neighborhood.

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Philadelphia, PA 19106

If you love to be at the center of so many Philadelphia traditions, a condo on or near the Parkway might be right for you. Condos like The Phoenix, 2601, and The Philadelphian offer front row seats to the many events on The Parkway throughout the year, including Philadelphia’s Thanksgiving Day Parade!

Click here to check out our 2 Bed + Den condo that is currently available at The Philadelphian! You could watch all the festivities from your very own balcony! There are many lovely condominiums available in Center City and in the Art Museum Area that are just steps from all the action!

And if you love to be close to it all…but just not too close, there are great Philly Condos available from Rittenhouse Square to Old City to Washington Square West. Feel free to drop me an email at Mark@CenterCity.com to chat about just what you may be looking for in your new Philadelphia Home!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Snarky, yes- But I truly am not a bitter Philadelphia Real Estate agent. Most would agree that I am kinda’ happy go lucky. Except when another agent pees on my leg and tries to tell me it is raining outside. Then I get kinda’ angry. I am not a fan of someone lying, or trying to twist the truth to my clients. And I have listened to my share of crappy real estate sale pitches over the past 23 years, but here are some of the more memorable:

1) “The cabinetry is A Wenge Dutch Maple laminate with a caramelized soapstone countertop”
To Which I respond: PUKE. Could you be more pretentious? Nobody gives a crap for all your
namedropping. The kitchen is small, not real attractive (some would say ugly)…no matter how much fabulousness you try to heap on it.

2) “We are 60% sold”
To which I respond …perhaps you have trouble telling the truth- I know you are lying, and you should know that I am going to tell my customers. I am not on “your” side. I work for my clients.

3) “The Developer said we will not negotiate on the prices”
Tell me if that is the case in 6 months when your bank is putting pressure on you to hold an auction. Actually, in some rare cases, this is true. More often than not, it is BS. I recently got
this song and dance from a high rise in 19103. The one that isn’t selling.

4) “I have a buyer for your condo!!”
I hate it when Realtors send these fake postcards to potential  sellers….trying to induce them to sell/list with whoever is sending the mailer. More often than not, this just a sales pitch.

5) “This condo includes parking”
No it doesn’t. You have induced your seller to buy one year of rental parking down the street, but you want to advertise that your condo has parking- hoping it will draw more attention. That is like lying to your therapist, or saying on eharmony that you are 29 when you are 48.
Do you think the world is full of idiots?- I mean, what is the point of lying here?

Looking for the straight scoop? Let me by your agent and I will sing like a canary! 🙂

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors

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Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19103
215.521.1523  Mark@CenterCity.com