Technically, in the State of Pennsylvania, if you do not obtain mortgage financing, no one is going to force you to buy title insurance on your new Old City or Rittenhouse Square condominium. But as your Realtor, with your best interest in mind, I am going to rant and rave until you agree to buy it.
A mere title search doesn’t always reveal all the flaws that could potentially be a part of the chain of title. And title searches are not free. Not to mention you will need to pay an attorney or title company closing fees and notary fees to complete your transaction if you do not purchase title insurance from them. Closing fees and search fees are usually waived if you purchase the title policy. Since you will need to put out several hundred dollars for these services if you waive title insurance anyway, you might as well pay the difference and protect yourself against the unthinkable.
Here are a just a few scenarios you could encounter without the protection of title insurance:
– Forgery or Fraud in connection with the execution of previously recorded documents
– Incorrect representation of marital status of grantors
– Undisclosed or missing heirs
– Wills that have not been properly probated
– Mistaken interpretation of wills and trusts
– Incorrect legal descriptions
– Unsatisfied mortgages, liens, or judgments not shown on the record
– Deeds executed under expired or false power of attorneys
– Confusion due to similar or identical names
– Unknown rights of ex-spouses or former owners
– Clerical errors in recording legal documents
– Incorrect filing of condominium declarations
Some of these things sound crazy I know. But in my 21 years of selling Philadelphia Real Estate I have come across more than a few of the above situations. So think of it this way:
Paying for a title search and other closing fees to buy your condo without the protection of title insurance – Around $800
Paying for the same search and closing fees including title insurance protection on your $300,000 condo – Around $1600
The peace of mind of having your title company to call and not having to deal with an old lien or back taxes that suddenly show up on your title – priceless!
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
As a longtime Philly Realtor, I see the value in a good appearance of a given, say Old City Condominium, and a good first impression. One that does not include dirt!
It is one thing if your kitchen has white appliances and Formica counter tops. Buyers can look past that. Most folks can even get passed your vanilla bathroom and maybe even the lack of good natural light. But your dusty brown futon from your college days? Your clear lack of ownership in a vacuum, or a mop? More than any home improvement, if you are looking to increase the value of your condo in Philly, get yourself some Clorox, and get cleaning.
Most buyers are not interested in having your dirt and grime included with the sale. Unless of course, you are looking to kill your resale value.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Old City Philadelphia: the neighborhood that was once blighted with unattractive and massive warehouses is now the place to be for many searching for a hip and groovy Philadelphia Condos. Once referred to as the “Warehouse district”, Old City has become the hip urban neighborhood that is much in demand!
Converted factories and lofts dominate the Old City condo set. Though few townhouses are located within Old City, many buyers find the attraction to the variety of loft space a real draw. Old City Condos in the area are many and varied. From studios to larger rambling spaces, the historic fabric and eclectic visuals make Old City a popular buying destination for Philadelphia’s residential condo buyers. 108 Arch, The Moravian condominiums, York Square, Bridgeview Place condos, Wireworks condos, and the National in Old City are some of the big name condos in the area. All of Old City falls within the 19106 zip code. Area boundaries for Old City Philly are: Front St. to the east, 5th St. to the west, and Walnut St. to the south, and Wood St. to the north.
I personally have lived in Old City for 17 out of my 20 years here in downtown Philadelphia, and really enjoy the neighborhood. The charm, history, and area shopping proximity are just a few bonuses to my Old City condo!
Not all fluctuations in value have a direct correlation to one particular quality of any given Philadelphia condominium. Rather, a Philadelphia condominium’s value, and the rate of change therein, is really a product of a host of factors.
Obvious factors are the showing ability and the condo’s emotion: cleanliness, natural light, wall color, furniture, even the smell of a condo can add or subtract from the emotional beauty, and leads to a huge impact on a condos value. In my twenty-one years of selling real estate, I have never had a buyer tell me to find him the dirtiest, or the worst decorated condo available. Interior condition can also have a major impact on value. Beige bathtubs and appliances can crimp value fairly quickly in a lot of cases. And of course the physical characteristics of any given unit can help or hurt the units value (think- huge closets, a tax abatement, high ceilings,etc). Styles, like appliances and carpeting have a tendency to age, and that is usually accompanied by a slower rate of appreciation. Clearly, more recently rehabbed, say, Rittenhouse Square condos are going to retain their value better than a unit in a state of disrepair.
Location is a huge factor to the rate of either appreciation or depreciation too. Stronger locations in town have a tendency to be a bit more elastic- they are the first neighborhoods to see a drop in inventory with any influx of buyers to the market. That’s a good thing. Recall the principles of supply and demand. I would argue that a strong location is going to depreciate less -because IF in a weakened marketplace, the first condos to remain unsold are in the weaker locations. (The flip side is that you might be able to strike a significantly improved deal, should you be looking away from an “A” location.)
I am just brushing the surface here, but know that not all condos in town will appreciate or depreciate at the same rate. Or sell within the same given time frame. The best tools you have to insure your value remains intact is twofold:
1) Buy it at the right price in the first place and/or
2) Keep your unit looking like it just jumped off the pages of Town and Country Magazine.
Easier said than done, I am aware!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Get this….23 S. 23rd St- A two bed, two and a half bath condo asking $439,900 Listed by a good friend who sells a lot of Fannie Mae Foreclosures…I just have to tell all my blog readers about this unit….
High end cherry kitchen, with Sub Zero and Viking appliances, Hardwood flooring, high ceiling, close to Penn, and very very cheap rental parking in the building. Doorman building!
97% Financing Available for Owner Occupants!
Curious…Call me! 267.237.3404
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Whether you live or work here in Center City Philadelphia, you know all about The Parking Authority! Here is a short video about how to easily avoid them.
So from avoiding “No Parking” zones in front of the driveway of any given Center City Home, to making sure you do not exceed twenty minutes in the “loading zone” in front of that Philly Condo Building, you can greatly cut your chances of getting a ticket, or even worse, getting towed.
Watch your time in meter spots. The meter folks are only doing their jobs, so be nice to them. Always look out for temporary regulations and read the signs to make sure parking on any given street isn’t cut off after a certain time of day. For example, you can only park on the 600 block of Walnut Street until 3:30PM so they can clear the road for rush hour traffic, which does everyone a lot of good. They will tow you if you are blocking the traffic!
Some streets offer free 2 hour parking, but if you don’t live in a Philly Loft or Home in that neighborhood (with a sticker on your window to prove it), you will be ticketed if you exceed the 2 hour limit OR if you try to sneak back to the same block later in the day. Your license plate number is in the system, so they have no idea if you left and came back. You get 2 hours free on each block each day if you are an out-of-towner! There are tons of lots in Center City if you need to stay longer.
Lastly, don’t park in a Handicap Spot if you don’t have a Handicap plate. It WILL cost you! Follow this simple advice, so you don’t end up featured on the next episode of Parking Wars!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
If you are doing work around your Philadelphia home, why not donate your Used items to Impact Services of Philadelphia?
Here is why you should:
1) They will take used appliances, faucets, cabinetry, doors, sinks- even furniture -THEY TAKE THEM AWAY FOR FREE!
2) You are helping the community, as the donations you make will be sold quite inexpensively to those in need
3) You get a tax deduction
4) Did I mention that they will come into your Philadelphia condo or home and remove said fixtures?
So let’s review. You save money from not having to dispose of a variety of items, free removal, tax deduction, and you are helping the city.
A few rules:
-All appliances must be in good working order, and a maximum of 10 years old
-All other fixtures must be in good working order/good condition
-They do not take mattresses
You can call Impact Services at 215.423.3613 Monday-Friday 8am-4:30pm. Their schedule is done on Mondays for the week. So schedule your pick up accordingly. And know that the staff is always very friendly!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I have been selling real estate in Philly for 22 years. I like to say I have “Seen It All”.
In this market, it is sometimes hard to believe it when a condo you LOVE comes on the market, and quickly sells out from under you. You know, you prepare for a 2nd visit, you get your ducks in a row, and the day prior to your 2nd visit – the property sells.
Yes, even in Mid-November 2010, properties do sell – if they show well, and are priced fairly. It happened to me twice this month…I lost two deals by either being out-bid, or by not getting my buyers to act fast enough to make an offer on a Philly Condo they loved. If you love a property, believe me – I am going to tell the listing agent, and signal that IF he or she gets an offer, please call and let me know. Most Philly Realtors, who work in the best interest of their sellers, will call.
SOME (PERHAPS) SHADY REALTORS JUST IGNORE THE REQUEST AND CLOSE THE FIRST DEAL…POSSIBLY THEIR OWN.
The point is….if you love, love, love it….then buy, buy, buy it. Quickly. The market waits for no one….
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
There are clearly a number of condos for sale in Philadelphia. Duh. But what about the unmentioned “Shadow Inventory” that might be creeping up on us all? Shadow inventory, in my mind, are the condos that are part of some non-performing new developments here in town. There are a number of buildings with a hefty amount of inventory that has been sitting for quite a while, and is not selling. And the bulk of it is high rise condominiums – in generally what most buyers term as “B” locations.
IF A BUILDING HAS NOT BEEN ABLE TO SELL 70% OF ITS UNITS IN SAY 3 YEARS- THE PRICES ON THOSE AVAILABLE UNITS AREN’T GOING TO RISE ANYTIME SOON.
Prices have a tendency to come down in such situations. Sometimes a new buyer will come in and buy the inventory in bulk, sometimes a condo auction will reset the pricing structure, and sometimes the buildings become glorified rental buildings- which simply postpones the inevitable price restructuring in the building (Delay and Pray).
Will Center City’s Shadow Inventory Come back to Haunt the Pricing Structure for Condos in this Segment? Will Philadelphia Condo Buildings that are viewed as substitutes for this shadow inventory suffer as well?
Stay Tuned..I’ll tell you what I think.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
….Yeah, that Link would be in the middle of this article. I think having a building FHA approved is a huge help to buyers who are eyeing your building/thinking about a purchase. It makes a Philly condo building open to more options in terms of buyers financing a purchase within the building. All Good.
In the old days, FHA could approve the buildings on the spot with a quick check of some facts about the composition of the building and the condo association. No longer. A full FHA approval process must be put in place in order for an FHA loan to be used to purchase inside a particular condo building. Here is the Link- Just add the zip code of the building in question and a list of FHA approved buildings in that Zip Code will magically appear:
