Philadelphia Real Estate Blog

Often Heard…Rarely Realized

1) “Once I move out, I’m going to rent the condo.”
Half my buyers tell me this and about 10% of those buyers actually do retain the condo as a rental.

2) “I can see past dirt & crap piled in the corners.”
112% of my buyers tell me they can see past the clutter. About 2% actually can. And they’re usually architects. Even after 29 years, I find myself adding (sometimes significant) value to Philadelphia condos that evoke a strong emotional response.

3) “It’s a good idea to only work with listing agents.”
Sure…limit yourself. Go ahead. Maybe best to go with the person who has the most experience within any given building.

4) “I can Air BnB my condo.”
Rub a lamp… then read your condo docs.

5) “The condo fees are too high for that condo.”
Probably a good idea to consider what those fees cover. Parking, gym, electric, pool etc., etc.  All things considered-the fees are likely not too high if you’re getting use out of the amenities.

6) “I’m going to bid based upon what the seller paid.”
Since we don’t know the terms and conditions of that sale, I find this number is often irrelevant. Better to turn your eyes towards interior condition to gauge value.

7) “I need a ‘true’ second bedroom for my guest.”
It is quite possible that a one bedroom plus den would better suit your needs. In any given price range, a full 2nd bedroom will cost more than a comparably equipped one bedroom plus den. However, the latter usually affords a larger living room.

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
530 Walnut St. #480 | Phila., PA 19106

Here are a number of factors that can sway the value of your condominium in any given month:

1) Time of year
The Center City condo market is HEAVILY weighted towards the spring. Selling a condo- especially a one bedroom condo may not pull nearly as much in any other time of year.

2) A spate of foreclosures or short sales in your building
Yeah, that always sucks- but a number of short sales or foreclosures can drop values fairly quickly within any given building. So can an auction.

3) A huge special assessment by the condo association
Though an assessment does (in time) help improve values, the onset of one might temporarily reduce demand for a particular building. ALL buildings have assessments from time to time and it’s unavoidable.

4) A large number of similar properties for sale in a building
Uncommon, but if several condos within any building hit the market, the value of your unit may be affected.

5) The state of the economy
If the market overall is depressed then the value of your condo will decrease.

6) Showing ability
Perhaps your condo used to “SHOW LIKE A GEM” but now you have three frat boys and a dog renting the place. Think that’s not going to affect value?!
You’d pretty much have to be from another planet to think that arrangement won’t affect a condo’s value. 🙂

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

Click to see drone footage at Waterfront Square Condos!

This beautiful, gated, high-rise community located at 901 N. Penn Street in Northern Liberties includes a 24-hour concierge and convenient shuttle service. The 25-meter-lap indoor pool is an absolute dream come true with beautiful views of the bridge and river and the purchase of each unit includes one valet parking space. There is also a spa, sauna, and steam rooms, not to mention a fitness center and on-site yoga classes. Bike parking is also available.  Call us to schedule a showing today!

Mark Wade
BHHS Fox & Roach Realtors
530 Walnut St. | Phila., PA 19106
www.CenterCityCondos.com

I’ve been selling Philly Real Estate for 29 years… so yeah, I’m going to vent…especially when I come across the following:

1) When the MLS says the unit has parking, only to discover that it really doesn’t and the seller is giving “one-year free rental parking.”

2) Late Sunday afternoon appointments…in the rain.

3) “Fact” Sheets about condos that are anything but facts.

4) Poor common area maintenance in any given Philly condo building. Nothing kills value better than a building that is not kept up!

5) Buyers that have never stepped foot in Philadelphia, but know more about the Center City condo market than I do.

6) Being late for an appointment- be it a buyer, a seller, or another agent. I just don’t get it. And if I’m the late party, then it really doesn’t matter because hell just froze over.

7) Suburban agents who drag my butt to the suburbs to settle on a condo in Center City. No offense, but I’m not interested in a drive to Havermore…or wherever.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com | 215.521.1523

Anyone who has ever taken advantage of any of The Schuylkill River Trail knows what an amazing addition it has been in Philadelphia!  The Schuylkill Banks section located in Center City begins at the Fairmount Water Works (by the Art Museum) and has expanded to Christian Street (so far). The jogging/walking/biking trail includes an ADA accessible connector bridge, boardwalk, and dog park in the Fitler Square area…not to mention a ton of things to do from picnicking and yoga to fishing and kayaking.

The most recent expansion completed was from South to Christian Streets featuring access points at The CHOP Bridge and Schuylkill Banks Boardwalk at South Street. This extended the trail an additional 1400 feet past the Boardwalk into the Graduate Hospital neighborhood.

(Photo Courtesy of SchuylkillBanks.org)

There are plans in the pipeline to continue the trail from Christian Street to Grays Ferry Crescent by 2020 and to open an ADA accessible swing bridge that would provide a link from Grays Ferry Crescent to the west bank of the Schuylkill, eventually extending the trail to Bartram’s Garden.

Learn more about the trail and things to do by clicking here: Explore The Schuylkill Banks.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

Why rent a Philly condo when you can buy one?  Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down.  Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.

The main difference between renting and buying is who gets your check—a landlord or the bank.  Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:

Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

Built in 1929, the Drake stands as a magnificent addition to the Philadelphia skyline.

Here’s what you don’t know:

• It IS a condo building. Back in the 1970’s, they converted to condos with a less than enthusiastic welcome.
• Per public records, only five (5) units are privately held – the other 300 units are owned by one entity and are used as RENTALS.
• The penthouse units start on the 24th floor.
• Through most of the 1990’s- all penthouse units were vacant shells.
• Some penthouses housed gardens and the top penthouse had its own pool.
• The building is faced with small details of ships, mermaids, and other sea paraphernalia.

My first apartment was in the Drake in the late 1980’s when Duran Duran was on MTV and telephones had cords.

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

The plan is for 54 condos, along with long- and short-term rental units located in a 48-story high-rise with retail on the first floor.  With prices starting around $2.5M, the developer (Southern Land Company) is hoping for a groundbreaking in 2019.

According to Multi-Housing News, “residents will receive white-glove amenities that include valet parking, indoor lap pool and hot tub, five-star fitness center with luxury locker room, steam room and sauna, yoga and Peloton room. A club room and terrace overlooking Rittenhouse Square will offer bar and catering kitchen, conference room and dog spa.  Residents will also be afforded use of the luxury car service, as well as the rental suite for their out-of-town guests.”

Photo Source: Southern Land Company 

Designed by Solomon Cordwell Buenz, this project aims to be Philly’s tallest residential-only building.  Their plan is to open a sales office at 1845 Walnut in the spring.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

I am a sucker for new construction, but hey let’s face it, aren’t we all? There’s nothing quite like brand new hardwood floors and a beautiful fresh kitchen. However, what really gets me going is new construction WITH some of that sought-after Philadelphia historic charm. The two combined together create an unbeatable combo and uniqueness that defines this city.

Having an office in Society Hill I am exposed to this beauty constantly. Recently, I discovered some construction across the street from my office building which perked my ears right up. I quickly came to learn that Scully Company was taking on a project to create 63 luxury rental units in the historic Curtis Building at 6th and Walnut. I toured the building in the middle of construction and was immediately hooked.

*The Terrace for The Penthouse Collection

As their extremely knowledgeable and passionate leasing agent, Molly Shapcott, always says “they didn’t cut any corners here.” The finishes compare to a brand new condominium building, along with high ceilings, original window detail and state of the art amenities.

I left the tour thrilled and had to share the news. Within days, I had a client moving from New Zealand to sign a 9-month lease (yes, they accommodated that no problem!).  Shortly after, I had another client applying for the 3 bed + den, 3.5 bath duplex penthouse unit. Since then I have had another 2 bedroom client and another 2 bed + den duplex client.

Long story short, if you are looking for a new building with the best amount of historic charm, look no further than the Lyndon At The Curtis. Please let me know if you have interest in checking this amazing building out. I pretty much go on a weekly basis to check on the progress along with visit the friendly leasing staff! Feel free to come along with me next time I go. 🙂

Click here to learn more about the rental market in Center City Philadelphia.

Jaime Hyman
Berkshire Hathaway Home Services | Fox and Roach Realtors®
530 Walnut Street, Suite 480  |  Philadelphia, PA 19106
Email: Jaime@CenterCity.com  |  Cell: 610.613.1297
www.CenterCityHomes.com | www.CenterCityCondos.com

Construction of Phase One of Philadelphia’s exciting new Rail Park is quickly progressing! This 1/4 mile section of the Park is a wonderful addition to the Loft District. Much like the addition of the Schuylkill River Trail, Philadelphians will no doubt make great use of this new outdoor space. It will be a great place for engaging programs featuring arts, education, culture, health, and wellness.  This is a wonderful way to get city dwellers out into green spaces!

Photo Courtesy of TheRailPark.org

Phase One will run from 11th and Callowhill to Broad and Noble Streets and will have gathering places, seating, swings, and amazing skyline views!  Learn more about The Loft District Neighborhood here.