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July 27, 2017
We remain in a sellers’ market where demand outweighs supply. Some segments around $1m have little inventory and nearly 90% of the “grey” inventory left over from the boom of 2006-2008 has sold.
Interior condition tends to be the driving force of value and can compete with the “location x 3” aspect in terms of value retention. Overall, sale prices average around 97% of asking price and the “days on market” clock is not long by Philadelphia standards.
Empty-Nesters and first-time buyers are our primary buyers and both want “move-in condition” and will pay accordingly. If a Philly condo shows well, it will sell well. Weekend warriors and part timers are buying one bedroom units for fun and many parents buy condos for their kids coming to Philly to attend school- you would be surprised how active that segment has become.
The best move for buyers is to learn the market and take your time. When and only when you are ready- strike like there is no tomorrow. Pounce.
For sellers, staging works. More than you think. This is not an area you want to scrimp. Buyers don’t buy bricks and mortar- they buy feelings and emotions. Dare to disagree with me on that one 🙂
That could have been more than 137 words.
I didn’t really count…
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com
Tags: Empty Nesters Philadelphia, Location Location Location, Philadelphia condos
July 7, 2017
1) Kitchens are going gray and white and are getting smaller than say 20 years ago, and are rarely the “eat-in” variety.
2) More attention is being paid to security. Wireless cameras and monitoring systems are being added and/or upgraded to most new construction condos in Philadelphia.
3) The new design focus is on room size and NOT room count. Most buyers today can do without the true blue 3 bedrooms. Most newer condos are now 2 beds & den. Finding a true 3 bedroom is huge…but rare.
4) The use of quartz over granite is the new trend. Also mixing counter tops is hot- Island counter top may be different than interior kitchen counter top.
5) Most new construction does not have closet space finished. Developers leave them blank for buyer to finish. And I find little difference in resale value if you use high-end closet brand vs. a reasonable knock-off brand. Just maximize your space.
Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Tags: Center City Condo Trends, Philadelphia condos, Philly condo trends, rittenhouse square condos
June 29, 2017
Every Building Shines In One Way Or Another. Here Are My BEST 14 Picks For Specific Buildings:
1) Best Grounds– That would be Naval Square. Hands down- Gated, green and fantastic landscaping on over 25 acres.
2) Best Condo Pool – Waterfront Sq. There is not even a 2nd place for this category.
3) Best Parking – Either Academy House or Independence Place – All rental & always available.
4) Best Views– Two Liberty. Enough said.
5) Best Staff– Friendliest staff has got to be The Ritz. Always nice and no sass which is a good first impression for buyers.
6) Best Management– Society Hill Towers. Model of excellence here- Bev runs the place well and has for many years.
7) Best Layout/Floor Plan– Center City One at 1326 Spruce. The 1209 sf two bed units are perfect.
8) Best For Closet Space– The Philadelphian at 2401 Pa. Ave. Beyond cavernous in terms of storage.
9) Best Kept Secret– The Lippincott. See..you don’t even know where that is located (227 S. 6th St).
10) Best Low Rise– Either 1615 Spruce (the old Garden Restaurant) or maybe 725 Chestnut. Both strong and both very original in fit & finish.
11) Best Value– Lots of bang for the buck at Rivers Edge (2301 Cherry). Buy ’em if you can find ’em.
12) Best Resale Ability– Gotta’ go with Hopkinson House on Washington Sq. Always more demand than supply.
13) Best Lobby & Common Areas– I would have to say 1830 or 1900 Rittenhouse. Very old school Philadelphia. And very high on the “cache” scale.
14) Best Common Roof Deck– The Phoenix at 1600 Arch….hands down.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com
Tags: center city philadelphia condos, Philadelphia condos, Philly condo Amenities
June 14, 2017
 I tend to think we have a variety of buyers here in town. Spending 28 years hauling folks around town, I have learned a thing or two. Here is what I know when it comes to categorizing buyers:
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1) The Prestige Buyer – Only wants to see condos that will look good on him or her. There are a number of buildings in town. Most offer town-car service. These buyers are generally fun to deal with.
2) The Value Driven Buyer – Wants lots of square footage. Location often the first to go for these buyers. No one appreciates a good deal better than I do!
3) The Loft Buyer – High ceiling, exposed brick and large windows fulfill this kind of buyer’s needs, soft loft or hard loft buyers often are just looking for something that is NOT cookie-cutter.
4) The I Don’t Want To Pay High Condo Fees Buyer – Best suited for a single family home, or maybe a Brownstone styled condo. High rise units not an option.
6) The Need To Steal It buyer –These tend to be the most unrealistic buyers if ONLY for the reason that they can’t identify when a property is already drastically under valued. And they lose in multiple bid situations (usually).
7) The “One level living” buyer – VERY common. Very.
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8) The Buyer Who Buys For Kids Going To An Area School. – Very common.
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9) The I’m Not Really A Buyer, But I Want To See Condos Anyway – I love referring these buyers to my competition. LOL
June 12, 2017
Our Center City condo market is very cyclical. Every year about the same time in early March, my phone rings off the hook and that trend continues through say 4th of July. Then anyone with enough money to buy a condo, also has enough money to be sitting their butts on a beach somewhere.
This early part of the summer 2017 tells a bit of a different story. Nearly everyday for the past 3 months we have seen our inventory shrink – DAILY.
When I study the daily MLS activity sheet, I see say 20 new homes on the market. But I see 27 or so go under contract. EVERY DAY.
I would venture to guess this trend will continue through the summer – the lack of overall inventory suggests as much. And there are more buyers lingering in the market today than in the past dozen or so years – they can’t find the right place so they sit on the sidelines and wait. The backlog is staggering.
Usually we see a decrease in activity after Memorial Day. Hasn’t been the case and most likely will not be the case until sometime in say August, I would wager.
Mark Wade
Mark@centercity.com
April 28, 2017
9xx-10xx Spruce – Townhouse styled and Jefferson adjacent. Bingo.
Mark Wade
Mark@CenterCity.com
CenterCityCondos.com
April 25, 2017
‘Cuz I call BS on some of these claims:
1) Concierge Services – Just because you have someone sitting their butt in a chair at the front entrance of your building doesn’t mean you have a concierge. In all honesty, only about SIX buildings in town have true concierge services in my opinion…though they all say they offer such an amenity.2) Includes Parking – Deeded parking is a term thrown around often that doesn’t ring true…often the space may not be reassigned, sold or rented out. And sometimes MLS listings says the unit includes parking, then in the small print it says “Seller pre-paid parking for one year.”
3) Hardwood Floors – Is it really? I mean technically, even pine isn’t hardwood…it’s categorized as a soft wood. The term ” hardwood floors” is seen often and you shouldn’t always believe it to be true. Could be laminate, or engineered flooring.
4) Penthouse – Is that really a penthouse? Just because the unit is on one of the top 3 floors doesn’t make it a penthouse. You’ll know a penthouse when you see one. Usually adorned with nice outside space, higher ceilings and maybe fireplaces.
5) We’re 72% sold! – A very common lie. Please don’t believe it unless the developer can whip out all legally binding sales contracts…otherwise may not be true.
6) Square footage claims – DO NOT rely upon the square footage of a condo based upon a “Fact Sheet” you get from your Realtor. You don’t know where that figure came from- The appraiser? The seller? The listing agent? The city? The man on the moon?? Come on…
7) “Fact Sheets” in general – I think it is fair to say that about 75% of the info listed on a flyer is true. The other 25%..perhaps not as much. DO NOT rely on those fact sheets. You should double check the accuracy for yourself!
Mark Wade
Centercitycondos.com
Mark@CenterCity.com
April 20, 2017
Often sellers are negotiated down in price and below their “drop dead” price. Then they want to add a clause stating the sale is “As-Is”.
I disagree with this approach because:
1) You can’t prevent a buyer from exercising his option to have a home inspection
2) Seller is not obligated to fix anything on the inspection report..there is no obligation to do so.
3) “As-Is” clauses are generally reserved for real pieces of crap and/or a “fire sale”
4) Inserting such a clause is just adding suspicion to the buyers mindset. Not a good way to go.
So….if you are thinking of adding an “As-Is” clause to your contract – think twice.
Mark Wade
CenterCityCondos.com
Mark@CenterCity.com
April 18, 2017
Why are some of the best deals the homes that sit and sit and sit on the market?
Because chances are, the seller is getting fatigued. I have no problems with homes that have been sitting, as long as the seller has been moving the price along with the long days-on- market.
Why Are Owner-Occupancy Ratios Important?
Because if the building has more tenants than owners living in the building, the building will be harder to finance (fannie mae rules). And as a result, you’ll generally see less demand.
And tenants tend to do things that owners wouldn’t…they aren’t as invested in the parcel.
What is one key to making money in the Center City Real Estate Market?
That is an easy one…buy ugly and sell pretty. Condition matters. Buyers don’t buy brick and mortar, they buy feelings and emotions. Make your place lovely when you go to sell.
Mark Wade
Mark@CenterCity.com
April 4, 2017
If I have sold you a condo, then you probably know my trusty contractor Mario. We have worked together for almost two decades and ALMOST ALL of my buyers LOVE him- which is nearly impossible odds, but they do. Here are some inside tips he puts out there:
1) Don’t hover- but please ask questions me questions. It is important that our expectations are on the same page.
2) Don’t assume something will be done if it’s not discussed and in writing. So please, let’s review our agreement and cement our understanding and expectations prior to starting the job.
3) Â If you add extra work, don’t be surprised it’s costing more money and your final bill is higher than the original estimate.
4) When it comes to pricing, you get what you pay for. And I
can ‘t go around other contractor’s work….what’s done is done, and to undo and start over is not going to inexpensive.
5) Treat customers how you would want to be treated. Usually I don’t care how the customer treats me… I’m the one who’s always nice. It’s just good for business and makes everything go so much better.
6) I can only work during certain hours and days in most high rise condo buildings. No way around that.
————————————
And here is what I tell my buyers who want work
done to their new condo :
Plan the “fly” and fly the plan.
…If you are looking to add time, money and frustration to the job- Just change your mind as the job goes along 🙂
Mark Wade
Mark@CenterCity.com
CenterCityCondos.com
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