Philadelphia Real Estate Blog

WE ARE OFFERING FREE BUYER REPRESENTATION….EMAIL US FOR DETAILS Mark@CenterCity.com

1) WATERFRONT SQUARE:
Located at 901 N. Penn St. is the complex known as WaterFront Square.Thirty-five condos will be auctioned, including four one-bedroom/1.5 bath units; 16 one-bedroom-plus-den, two-bath units; five “junior” two-bedroom, two-bath units; and 10 two-bedroom-plus-den, two-bath units. The minimum bid prices will range from $195,000 to $415,000.
The auction will take place at 4 p.m. Sunday, Nov. 21, at the Hyatt Regency Philadelphia at Penn’s Landing, 201 S. Columbus Blvd.

Waterfront Square is a gated community on 10 acres. It boasts the largest green roof in Philadelphia – grass covering the parking garage – and has round-the-clock security, a clubhouse, fitness center and spa, swimming pool, and 24-hour concierge in each tower building. A tax abatement is in place for all units, and ALL units include One Parking Spot!
This minimum bid auction has prices starting at 60% off previous List Prices! I really like this development…some lucky buyers are going to get a lot for their money here. We have sold a number of units, and believe that although not all units are created equal, the deals are going to be strong!

2) THE WINNE BUILDING
Located in the Old City section of Center City Philadelphia at  38-44 N. FRONT ST. the Winne is a lovely old warehouse condo development with some really strong interior features. Set for the Fall of 2010- Date to be determined -12 units at the Winne Building will be auctioned -studio, one and two bedroom units. This building is a low-rise elevator building that was fully rehabbed in 2008. Existing tax abatement to units being auctioned. Beautiful Original Random Width Pine floors in most units, exposed brick, high end bathrooms and new stainless and granite kitchen. Lovely common areas with really neat lobby.  All new mechanical systems including electric, Heat, Central Air, and appliances. LAST listed prices on these units from $259,000 – $449,000 – Expect Lower Prices!

Judging from our earlier success at the Murano auction and Phoenix auction, we expect some fairly good deals to come about when the auction is held. Please know that we have sold a dozen units in this building in the past. All auctioned units have yet to sell, and most have been rented out for the past year, to year and a half.

Interested? Send us an email at Mark@CenterCity.com or call us at 215.521.1523 and we will set an appointment with you to walk through the building when permissible. 

Mark Wade 215.521.1523
Mark@CenterCity.com
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I recently sold an Old City condo to a physician. Great guy who knew what he wanted, and finding him the right condo was not an issue. We had fun, and he found something he really loved. And let me tell you- this condo rocked. All Good!

However, he wanted to do some Cock-a-mamie type of loan that I was sure would fall flat and go nowhere. Oh yes, my big-brain was sure this deal was going to suck.

However, I was proven wrong, and the deal actually was quite smooth. He applied for what is known as a Physician Loan, and was able to get a JUMBO mortgage (one over $500,000) with just 5% down- you heard me 🙂

Here are the basics that were offered by John P. Wagner, Sr. Loan Consultant from Tower Mortgage Corporation – 1.800.918.5400 – and he was great by the way.

He can offer zero down to Physicians with no PMI –
FYI, zero down to $500K, 5% down $500-650K, 10% down $650-850K, 15% down to $1M

The theory is that since they went to school for sooo long, and have a very LOW default rate, there are lenders that will bank on them with little down.

So if you are a doctor, give me a call, and lets find you the perfect Philadelphia Condo with little down!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

In the current real estate climate, getting a buyer and seller to agree on a price is tough enough. But that isn’t the toughest part of real estate today. I find that the most difficult aspect of my job as a Center City Real Estate agent is getting the deal done in terms of jumping through the hoops set forth by the mortgage company.

First the appraisal, which is becoming difficult, as I see very few lenders willing to be anything close to generous with the numbers they conclude to be the value of any given condo. I am not going to argue who is right and who is wrong here- suffice to say that hitting the needed number to make the appraisal work is more difficult than in the “Good Ole’ days”…..
Next, the condo has to fit the mold that the mortgage companies seem to favor- and just to list a few of those attributes:

1) Does the condo have enough owner-occupants as opposed to tenants?
2) Does the original developer hold more than, say 10% of the unsold unit?
3) Is there a reserve fund set up to put some money aside within the budget of the condo assn?
4) Has the association been turned over to the owners, and for a minimum of two years?

These are just a few of the hoops that not only YOU, but the condo you are buying MUST jump through in order to be approved for a mortgage. And this is just the tip of the iceberg.

Looking for help in determining your best strategy for obtaining financing for a Philadelphia condo you may find in the Center City condo market? Lets chat about some of the pitfalls and hoops!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

As a veteran Philly real estate agent, I find sooooooo many buyers here in town are visually motivated. Yet visualizing color, texture, furniture placement, and implementing solutions to visual challenges, are often the most difficult hurdles to jump when trying to emotionally put themselves inside a new condo here in Philadelphia.

  
I see so many buyers react to staging, wall color, furniture design, and layout, that the power of a well done model home cannot be overstated. Just look at Toll Brothers Naval Square Condos which do a fabulous job pulling in your emotions by allowing you to leave nothing to the imagination. I see my buyers react, and they are like “WOW”.

If you are considering buying, I suggest we sit down and chat about your visualizing skills. And lets see which units in town may be a good fit for you.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…very common here in Center City!

I have seen a number of Center City Penthouse condos, and the one thing many have in common beyond a fantastic view is the visual presence of fairly large crack in the walls and the ceilings. From The Condos at Society Hill Towers, to new construction pieces like WaterFront Square, the issue is more prevalent than one might think.
   
To an inexperienced observer, some of these cracks, if left unattended can look downright scary. Measuring up to an inch wide and running from ceiling onto an adjoining wall, it does beg the question “Why shouldn’t I be worried about such an issue”? Although these cracks in the drywall and perhaps plaster may look frightening, they do make sense as many tall high rise condominium buildings here in Center City are subject to high winds, and of course higher winds prevail at higher heights. And buildings do shift and bend a bit- plaster and drywall are rigid and fixed- and they only thing plaster and drywall can do when exposed to movement is to crack.
   
If you have concerns, you should certainly ask your home inspector for his two cents. Just know that the issue is widespread amongst high rise condos in Philadelphia and throughout the planet.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…qualities in a condo for those looking to downsize in Center City:

1) A walkable location to restaurants, the arts, and “things to do”

2) One Level Living

3) Parking

4) A safe neighborhood

5) A guest bedroom and a guest bathroom

Now certainly not all Center City condo buyers looking to downsize in a condo in town are created equal, nor do they all have the same wants and needs. But based upon my 21 years experience selling condos in Center City Philadelphia, I would have to suggest, if pressed, that the above 5 qualities in a condominium are heavily favored by a lot of folks moving to town.
Thinking of a move yourself? What are your priorities?

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Certainly not all Philly condo buildings are created equal. They may look alike on the surface, but may not resell as well, and maybe be subject to a high number of foreclosures, short-sales, or REO/transferee buyouts.  And how do you tell the difference? Quick Answer- Get a Real Estate professional who knows the ins and outs of the Center City Philadelphia Condo market, and get an expert opinion.
    
In order to make a sound, value-based decision, you need to be concerned with issues such as: Owner-Occupancy ratios, Association finances, Upkeep, Rules and Regulations, and whether or not the building you are considering is even available to be financed. Unless you have a crystal ball in your possession, perhaps you need to ask someone who knows about the Center City condominium market.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

In order to NOT bite off more than you can chew, here are a few beginning steps for the first time buyer.

To begin, you should start by contacting a local mortgage professional, like Jason Griesser from Trident Mortgage. No need to see a variety of, say, Wanamaker House Condos if those condos are not within your budget. I think the next step is for you to do your homework, and get an idea of what $ 400,000 is going to get you in Society Hill, or maybe Old City.

Working with a good website like www.CenterCityCondos.com is a good start. Duh. Then call me, and lets chat about your REAL wants and needs. Lets see if we can keep your hopes and dreams within realistic terms.

No pressure-

Mark Wade
215.521.1523
www.CenterCityCondos.com 
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…in terms of buying Philly Condos?

OMG…I just did a deal in which the buyer of a Center City Condo was her own worst enemy in the deal. It was rather shocking….I thought 21 years experience would insure that I had seen it all- but this deal was a ball-buster. And I thought I was the crazy one in the bunch! 🙂 The buyer just kept creating problems….for issues that were remote, and minuscule. After a week of haggling, the deal finally got signed- but not without significant arm twisting (reasoning).

Case in point-  Who gives a crap if the seller refuses to leave the curtain rods….are you kidding me? Am I on one of those hidden camera shows?  You mean to tell me that you are going to walk away from a $500,000 condo it took you six months to find because of a $100 detail?   Think about it…..are you nutty, or are you certifiable? 🙂

Keep your eye on the big picture….that’s my advice. Let go of the little details, and keep your focus. Too many times, I find that buyers and sellers are just in it to cause the other side pain, without regard to their own time and efforts….and long term happiness. So when negotiating, it is sometimes helpful to take a step back, and look at the big picture. Like a marriage, real estate transactions are all about giving and compromising…even when you think you are doing the lions share of the work!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I get this question regularly from folks looking at condos for sale. The answer is yes and no. Philadelphia city code does not allow gas or open flame bbq grills on any outside balcony of any condo building. And most condo associations will mention that fact in their condo docs.

However….some associations will allow an Electric Grill….just not briquettes or gas grills.  I have seen some really cool electric outside grills…the assortment offered at many suppliers is growing in terms of quality and size. So do some looking around…and remember, just because you now live in a Philadelphia high rise condo, you may not have to give up your rights to BBQ!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106