One of the most distressing real estate topics we hear in the news is the foreclosure rate. Realty Trac, the California based company that tracks foreclosure information, just released the news that foreclosures rose 81% in 2008. But to put this in the proper perspective, one needs to consider two things:
The total percentage of homes in foreclosure is 1.84%. An 81% increase appears dramatic, but the fact is that this overall percentage rate is relatively small.
The majority of foreclosures are in areas of the country where real estate values rose at unsustainable rates and/or land available for development caused excess new construction. These include the coastal areas of California and Florida, as well as Arizona and Las Vegas, Nevada. One of the primary reasons that there has been steep price declines in these areas is because of the number of foreclosed properties on the market.
The eight-county Philadelphia region placed 77th of 100 metro areas nationwide in the number of foreclosure filings recorded in 2008, not too bad.
One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”.
It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as: – area, -vicinity, and –adjacent. And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).
So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.
Let’s start by defining your needs. Do you have any pets? That is a great question to start with! Many condo buildings here in Center City Philadelphia have differing pet policies. Some allow dogs, buy have weight limits. Some have limits on the type/breed of dog they allow. Though I have never heard of a weight limit on cats, I am pretty sure most buildings would not allow you to bring a Tiger or a Lion with you :).
Also- when you say you MUST HAVE parking- will on-site rental parking suffice? This little loop hole will certainly increase the number of available condos. May buyers get stuck (not making a judgment call here) on requiring a deeded or assigned parking spot with their unit, when they may not be familiar with the options they have for on-site, or even rental parking within say 50 feet of their front door. Knowing your options can really open up many possibilities in the Philadelphia condo market.
Finally, when buyers say they must have a three bedroom condo, I often ask if a two bedroom and den styled unit will be ample space. There are very few true three bedroom condos available here in town, and those that are available seem to really command a staggering sale price.
So let’s start by defining your true needs. You might find there are options and alternatives to what you believe you truly need and what you might find acceptable! I’m here to help buyers define their needs when searching for their next condo here in downtown Philadelphia! Give me a call at 215.521.1523 or drop me and email at Mark@CenterCity.com!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Yahoo came out with a great real estate article this past week about how Philadelphia Condominium and Home prices have stayed steady! Here is a quick excerpt:
“Philadelphia bashers like to note how the city doesn’t quite keep pace with its northeastern neighbors New York and Boston. When it comes to real estate, that may be a good thing. While prices in the Big Apple and Beantown soared during the bubble years from 2003 to 2006, the City of Brotherly Love charted slow and steady growth. Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow — well below the national average of almost 24 percent.”I personally advertise on Zillow, so I think they are a great informative site! You can also check out my listings at my site CenterCityCondos.com. As you can see Philadelphia seems to be a great place for a long-term investment so give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com if you are interested in making a Philadelphia Condominium your next home!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I love the little tricks that real estate agents sometimes attempt in order to try to “pull one over” on my buyers.
Guess What? They Ain’t fallin’ for it….because I am going to take the time to educate them about the little nuances of realtors here in town.
For instance, that listing where a realtor may have yanked a listing off the market for 2 days, then put it back on the market in order to make it appear “new”? Not going to happen….the MLS now lists the TOTAL days-on-market and makes apparent just how long your listing has been sitting.
A personal favorite of mine-Realtors who list the properties as having parking, then at the bottom of the MLS sheet it says-seller will pay for one year paid parking in some garage somewhere.
DO YOU THINK I AM NEW TO THIS PLANET? I am not. Neither are my buyers. Nice try though…..
Oh, and the sneaky way you might submit your new condo to the MLS, and “forget” to add in the square footage? This simply tells my buyers that your condo may be overpriced for the size, and you just don’t want to admit it.
I work hard to be truthful and honest with my buyers, and I am going to reveal every trick in the book that realtors may attempt in order to get their listing some ill-deserved attention.
My buyers are not stupid, because I am not stupid. So there 🙂
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
With today’s high energy costs and the global warming situation, it may be a good idea to invest in some EnergyStar products for your Center City Condominium. Here are a few that I like myself:
The Miele W3035 Washing Machine. A stainless steel Washing Drum with a 24-hour delay start, interior light, and hydraulic suspension, yet delicate enough to wash your “dry-clean only’s” and environmentally friendly. No condo here in town should be without one of these babies!
The Viking Under-Counter Ultra Premium Dishwasher. The front of this dishwasher is custom-panel ready so that it can match any kitchen in Center City Philadelphia! It’s sound-absorbing, water-extracting, stainless steel and EnergyStar approved! And did I mention it is a Viking?!?!
Last but not least, every condominium owner here in town needs to change thir light bulbs to the new fancy flourescent spiral energy-saving bulbs TODAY! It is simple and these EnergyStar bulbs can save 75% on energy.
When you are ready to start looking for your own energy-efficient condo here in Philly, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Untidy vacant homes? Crime? Social Disorder? Here in the City? Guess again.
With the subprime crisis unfolding across America, more and more homeowners in the Suburbs are facing foreclosure and they are having a difficult time finding buyers who are interested in purchasing their homes that sit on oversized lawns that will need mowing on Saturday morning after a 75 hour work week. Today, most buyers in our market are young professionals who work long hours and who may be interested in eventually starting a family if they haven’t already. This doesn’t leave them with much time left over for things like lawnmowing or cleaning gutters. There has been a major shift in the way folks want to live and work today compared to 30 years ago in more ways than one.
Here is an informative, well-written article, The Next Slum? written by Christopher B. Lineberger, that I came across that talks about how Houses in the Suburbs are sitting vacant or on the market longer and longer. Overgrown lawns and untended homes are sprinkled heavily throughout these neighborhoods that many once thought were much more desirable than our urban setting. Unfortunately this is leading to in influx of problems, such as unlawful homeless tenants or even unruly renters that no one wants as neighbors.
On the same note, cities, especially Center City Philadelphia, have become more desireable to today’s professional buyers. We are seeing more and more new construction around town and more and more folks are leaving their lawnmowers behind and joining us in our culturally exciting way of life. From being able to walk to work or to your favorite restaurant to having your own doorman in a pet-friendly, “green” condo building, Center City Condo living is thriving!
If you are interested in taking a look at some condominiums here in town, give us a call at 215.440.2388 or click this link to Meet Our Team!
Nicole Noguer Licensed Office Assistant to Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
