Philadelphia Real Estate Blog

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 24.5 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 Philadelphia 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 be your agent and I will sing like a canary!

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

The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.

There is no such thing as a Sure Thing. No surprise there. But time and time again I see Philadelphia condos where the seller has spent money in order to hopefully improve the resale value of their condo. In most instances, condo owners upgrade for their own Use and Enjoyment- but some do improve with the goal being a higher resale value. Here are common upgrading mistakes I see in the Center City Condo marketplace:

Philly condominiums offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit.

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s discuss how parking may affect you!

Don’t believe everything you read, or every comparable you see. NOT all condo space is created equal, and not all two bedrooms in the same building are of the same value.  Duh. There are soooo many factors that infuence value-

HOW DO YOU THEN CORRECTLY COMPARE APPLES TO APPLES?

Here are some Tips:

1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.

2) Find a map of the building, and see which units face “The Park”, and which overlook the DUMPSTERS – Positioning within a Center City condo building plays a role in value!

3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?” Cuz if it did, it is going to distort the comps.

4) Floor height value- may or may not play a part in comps/ comp value. Newer Philadelphia condos are GREATLY based upon floor height.

5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking).

And know that “Fact Sheets” and MLS sheets are like Resumes- full of bullsh** and dog doo. Never take that info for granted- you must confirm!

6) AND THE BIGGEST factor to warp comps- Interior condition. Hugely huge in comp valuation.

Here is a good example of “Not All Space Being Created Equally”…

Equally sized two bed units at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.

So clearly comps can be deceiving – if you don’t know…ask me. Please.

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling Center City condos, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.

Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com

I like programs on TV about real estate. I think the shows are timely, relevant, and interesting. A nice combination of education and entertainment centered around a topic everyone likes to talk about- Real Estate buying and selling.

Here are some ideas I have for TV programs that I would like to watch, because as a Philadelphia REALTOR, I encounter a plethora of situations I believe are worthy of their own TV segments:

Buy a Home From Me… or Get out of My Car- A show where buyers who really are not interested in buying, but just want a guided tour to see some cool homes, are called on the carpet.

Lazy, Stupid REALTORS- A show featuring some of the lazy stupid things REALTORS do… Like advertising open houses, and then not bothering to show up for it.

Buyers- What Are You, Nuts? – A show where buyers grossly overpay for a home simply because they like the way the home shows and/or because of the cleanliness of the interior.

Sellers- What Are You, Nuts? – A show where sellers want to sell their homes for more than any other house in their ZIP code because they “KNOW” their home is the nicest in the entire area.

Yes, You Have to Pay Condo Fees – A show that captures the quizzical looks of buyers when they learn that the Center City condo front doorman doesn’t work for free. Or, that the elevators do run on electricity, which results in a common bill for ALL condo owners.

You Want to Buy WHAT?? – A show that features buyers who purchase the polar opposite of what they tell their REALTOR they’re looking for.

Any Closet is a Walk-In Closet if You Try Hard Enough – A show featuring the silly things that come out of REALTORS mouths when trying too hard to make a sale.

Fighting Spouses – She wants a Philadelphia condominium; he wants a Center City loft. The differences play out before the cameras! Or, she wants to buy, he doesn’t.

Parents Say the Darnest Things – So eager for their kids to move OUT of the house, parents find a positive side to the worst possible properties on the market!

Let me help you make sure your Center City real estate transaction doesn’t become the next hit reality show. Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com

I love that line. Could you imagine someone throwing that at you to try to overcome or capitalize on a possible downside to a home?

I remember back in the early 1990’s, a listing agent told “Suzy” the REALTOR and Suzy’s buyer that “this” home was historically certified. As the deal progressed, the buyers could find no substantiating evidence to support such a claim. The listing agent, when cornered, uttered, “No dear, I said historically certifiable”.

But that leads to a valid question, especially here in the historic city of Philadelphia. Does the reputation, or historic significance, of a home play into the value of the home… be it a Philadelphia condominium, loft, or townhouse? And conversely, does a less than desirable reputation of a certain home have the ability to suppress the resale value of that home?

I say yes to both.

Pretend a major double murder-suicide kind of something went down in a home, especially in the not too distant past. Such an event might make a buyer hesitate to become interested in a home, which could draw out the length of time a home sits on the market, and make that home riper for a lower sales price.

On the other hand, the fact that Ben Franklin used to make booty calls to your home is no occasion to memorialize such an event with a plaque on the front of your home.

Having, say, “Hail Columbia” composed in your living room might make for an interesting compliment to your resale value. I know of more than one example of premiums being paid for Philadelphia condominiums and town homes where significant history was made at that particular address.

In a town that brought you the likes of Thomas Paine, Dolly Madison, and Betsey Ross, history does sell and has a tendency to sell well; assuming, of course, that such history can be documented and is more than a wild rumor. Less concrete claims, like ghosts and “George Washington once left his wooden teeth in this house” are less likely to garner price adjustment to a historic Philadelphia home.

Interested in buying or selling your own historic (or non-historic) Philadelphia condo? Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. (Ghost and wooden teeth not guaranteed.)