Philadelphia Real Estate Blog

There are really only three Philadelphia condominium buildings that I believe qualify as being gated:

WaterFront Square at 901 N. Penn St: I live here and I love it. I have lived in town for 24 years, and I know every condo building like the back of my hand. I choose the building because it sits on 13 manicured acres with tons of parking, pool, deck onto the river, etc. And being gated (and a doorman building), it takes the security equation right out of the picture- in my mind. If I forget to lock my condo door- WHO GIVES A CRAP?!  I live in a gated community with a doorman to boot.

Naval Square: Gated and sits on something like 20+ acres…gorgeous setting. And again, takes the security equation right out of the picture. Ample parking, pool, and lots of space for the dog, the kids, even bike riding. These are qualities that are generally lacking in a non-gated urban community. I love Naval Square, and think that the HUGE variety of styles and sizes are fantastic. And the tax abatement doesn’t hurt either. Many units are single level/one story styled condos.

The National in Old City: Gated, yes. Doorman- no. Acts like a doorman building, but actually there is no attendant on duty. This is a Semi-Gated Community where a fair number of properties are indeed off-street, and you have to pass through a gate to gain access. I have sold a fair number of units here, and my buyers do appreciate the sense of security. I love the location in Old City, the garage parking, and remaining life of the original tax abatement. High floors have some really cool water views as well.

If you are considering looking at some condos in downtown (Center City) Philadelphia, and would like to check out some gated communities, Give me a call or email. No pressure.

Mark Wade
www.CenterCityCondos.com
267.237.3404 (Cell)
PRUDENTIAL FOX AND ROACH REALTORS  215.627.6005

Every Philadelphia condominium building has it’s own basis for charging condo fees, and the percentage one pays is a reflection of the square footage of their particular condo.

Some potential condo buyers shy away from condo fees…or at least fees that they view to be excessive. But let’s look at what condo fees can cover. This way you can pick and choose which services might be right for you….and which building or building style may be right for you:

Trash Removal                        Common Area cleaning
Management Service               Doormen
Parking                                  Town Car Service
Pool                                        Shuttle/Buse Service
Heat                                       Central Air
Hot water                               Common Electric
Concierge                               Building Maintenance
Landscaping                         Gym
Window Washing                  Elevators
Common Electric                   Security
Bundled Cable                       Water and Sewer
Master Insurance Policy

You can pick and choose your services….Just let me know what your priorities are, and we can find a condo in Philadelphia that is right for you!

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

So we hear all the time about the glut of condos on the market. But that is not always true in specific segments of the Philadelphia condo market. For instance, if we look at four very popular existing condo buildings here in downtown Philadelphia we see that the opposite is the case.

According to TrendMLS, on September 20, 2011 there are only three (3) active condominiums for sale in the following buildings:

-The Dorchester at 226 W. Rittenhouse Square

–The Hopkinson House at 604 S. Washington Square

-Independence Place (Buildings I AND II) at 233 and 241 S. 6th St.

-The Wanamaker House at 2020 Walnut St.

So out of nearly 2000 possible available units, there are 3 units for sale. Go figure.

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

Bloomberg News – Mortgage Rates Fall to Lowest on Record, Freddie Mac Says – Lowest Since 1950s Sept. 15 (Bloomberg) — U.S. mortgage rates fell for a second week to the lowest on Freddie Mac records as a slowing economy and concerns that Europe’s debt crisis is worsening drove investors to the relative safety of Treasury bonds.The average rate for a 30-year fixed loan dropped to 4.09 percent in the week ended today from 4.12 percent, Freddie Mac said in a statement today. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate fell to 3.30 percent from 3.33 percent.Yields on 10-year Treasuries, a benchmark for consumer loans including mortgages, are near all-time lows amid signs that the U.S. economic recovery has stalled and the euro region is struggling to contain its debt burden. Low borrowing costs have done little to improve the housing market as foreclosures mount and the unemployment rate remains above 9 percent. Data from the National Bureau of Economic Research measuring Federal Housing Administration loans indicate that long-term borrowing costs are the lowest since the 1950s, according to Chad Wandler, a spokesman for Freddie Mac. Mortgage applications rose for the first time in four weeks as rate declines encouraged purchases and refinancing, according to the Mortgage Bankers Association. A gauge of refinancing climbed 6 percent in the week ended Sept. 9, while the purchase index gained 7 percent, the Washington-based group said yesterday.

Do you HATE condo fees? You could be an Goof….
I hear buyers say “I don’t want to pay condo fees” all the time. Of course we all want our elevators to run on magic pixie dust, and we want our doormen to work for free. And I want
a new shiny Bentley in my driveway too. You get what you pay for. Period.
Here is the scoop:
In high rise condos, fees can appear to be excessive. But NO ONE is profiting from the fact that you pay condo fees. Fees can cover:
Doorman
Elevators
Utilities
Master Insurance Policy
Amenities (parking, pool, trash removal, water and sewer, etc).
I understand you may not want those services. Perfect….then a high rise condo isn’t for you. No problem. But I hear buyers say they don’t want to pay any condo fees- not even in a low rise condo. those buyers are seriously misguided. Low rise/Brownstone/Lofts style condos have minimal fees- and those fees are simply fees that you would have to pay if you lived in a SINGLE FAMILY TOWNHOUSE . Get it?
Like paying your own:
Master Insurance Policy
Exterior Repairs
Water
Sewer
Exterior Lighting
And putting some $$ away for a rainy day-which condo associations generally do

Some Center City condo buildings boast amenities like a gym. In actuality, they are nothing
more than a converted maids closet. Small, cramped, and stupid would be the best way to describe what some developers will pass off as a gym. Here are the best gyms in the city that are inside of condo buildings, in my opinion:

1) WaterFront Square: The best of the best. Huge, clean, great views, and always really well air-conditioned. Nice assortment of free weights and machines. Even an on-site vendor to serve up protein shakes when you are done. The Pool is unrivaled in terms of size and views. Hot tub, sauna and steam room complete the package. A-1

2) The Ritz Carlton– Huge, super clean, and well furnished. Of course the pool and hot tub don’t
hurt either. Bottled water at each treadmill awaits. Great Views overlooking City Hall!

3) The Murano– Similar to the Ritz Carlton…but a bit smaller. Huge pool…no hot tub or sauna- but a fairly large dressing room/shower area. Kept in mint condition…very clean.

4) Liberty Two– Large clean gym with lots of equipment, and the views from the 36th floor are stunning. A great way to pass the time while you are on the treadmill. Pool is small, but it is one of those endless pools that means you swim in place- against a current.

5) Locust Point– Not really all that large, and no pool, hot tub or sauna. But floor to ceiling glass…so you can lookout to the Schuylkill Riverpark jogging trail. Or just head out to the trail and skip the gym. This nod to Locust Point is more about the fact that you are right at the Riverpark…and gives you an option that few other condo buildings can brag about.

Mark Wade
www.CenterCityCondos.com

Philly Condos- Not All Allow Pets

No Dogs or Cats:    2401 Pennsylvania Ave (The Philadelphian)

No Dogs, but yes to cats:
The Dorchester                    The Wanamaker House
Society Hill Towers                    Rivers Edge (2301 Cherry)
Hopkinson House                    Academy House

In today’s competitive condo sales market, there is one rule that stands above all others that may determine whether or not your condo is going to be looked at by potential buyers- Your Condominiums rule with regards to pets. Rules vary from building to building and some are very open, and some buildings are very restrictive.
Most buildings in town will have some kind of restrictions as to pet ownership- specifically dogs.
Restrictions in terms of dog size, breed, or the number of dogs per owner. All makes sense to me. But NOT to allow dogs is one sure way of restricting resales in the building.
Susie the buyer is NOT going to give up her cherished Poodle in order to live in your building, should you be on the above list.  In my opinion, those rules are SO OUTDATED….
Why not put limits on size and breed? Or allow ONLY owners and not renters to have pets?
Mark Wade
www.CenterCityCondos.com

And please stop with the patronizing “and you get lovely carpet in the bedrooms at no extra charge”. Again, you are an idiot.

And touting the virtues of a dishwasher, a garbage disposal, and/or doorbell for each condo unit?Yippee…where does my buyer sign?? If developers could take a minute or two to tour some of the condo offerings in Center City Philadelphia, and realize that the buyers I am bringing to your front door have seen almost EVERYTHING on the market, then maybe that developer could wise up, and compare apples to apples. Tell us about the significance of your location, the quality of your construction, or the fact that you are priced competitively. My buyers are not stupid, and I will not allow them to be uneducated. So wise up, and let’s make a deal. Because until you (Mr. Developer) come to your senses, my buyer’s desire to write an offer on one of your condos is going to be severely limited.

Some of the most sought after condo buildings here in Center City are on or very close to lively blocks that are full of activity, or they are on or near bus routes, and can have a close proximity to highways. This is very convenient but can be noisy!

Having constant noise outside your dining room or bedroom could be a big problem. So, I devised a kinda’ cool solution that works like a gem. And in the scheme of things, really doesn’t have to cost a lot.

Here’s the solution: Replace your windows (genius, eh?)!

Depending on where you live in downtown Philadelphia, you may have a fairly strong historic association who mandates the type of window replacement you must use.  However, this does not preclude you from installing another set of windows INSIDE the historical set.

You can add a double paned, inexpensive vinyl clad INSIDE the outer set of historically approved windows, giving you a total of 3 or 4 panes of glass between you and the noise.  This ingenious little set-up demonstrates how you can effectively keep all city noise out of your Philadelphia loft or condo.

You don’t need to live 30 feet from the highway or live in a super luxury condo building to benefit from this idea.  Such insulation also provides extra protection from cold, heat loss, and dirt that gets inside of other single paned windows!  To Keep the Value in, You Must keep the noise out!

If you’re thinking of buying or selling a Center City condominium and want some more tips, I can help.  Give me a call today at 215-521-1523 or drop me an email at Mark@CenterCity.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106

After living in the heart of downtown Center City Philadelphia for 24 years, we have decided it was time to move the hell out of town. Well, at least like 5 blocks out of the heart of town.
I personally spent 18 years in Old City. I love Old City. I lived for six years on and around Rittenhouse Square. I love Rittenhouse Square. But in my advancing years (I just turned 50), I find that a gated community with a guard at my front gate, plus a doorman, and a valet, and on-site pool and huge deck overlooking the river- is getting to be more my speed. I don’t want to be a big brain, but as a Realtor since 1989 in Center City, I KNOW my Real Estate in this town. There are many fine places to live. But I don’t think I could have made a better decision than to live at WaterFront Square.
    The unparallelled views, the service, huge private balcony off my living room, the tax abatement, two car parking, and the ground are really One-Of-A-Kind here in Philadelphia. We have shuttle service into town, and honestly- some of the nicest doormen I have met. And I know ALL the doormen in the Center City condo buildings- I am a Realtor who specializes in condo sales. I have been here a month, and have yet to hear a neighbor. Or meet one. Yippee!
    Most buyers who move to town say they want to be within walking distance of their favorite restaurants or venues. What they really mean- but don’t yet know- Is that they want to be within a taxi ride of their favorite haunts. Mr. and Mrs. Draped in Diamonds and Furs won’t be seen walking home from the Academy of Music at 10pm on a Saturday night- believe me. For the naysayers  who poo-poo the idea of living just on the outskirts of town, I have to say- You don’t know what you are missing. I live in a haven of tranquility and amenities. Two qualities of life you are not going to find en mass around Old City, or even the square.
Mark Wade
Owner – www.CenterCity.com and www.CenterCityCondos.com