Philadelphia Real Estate Blog

So you want to join your  Philadelphia condo board…..
Hang signs in the hallways that say “Vote for Susie For Vice President”
and see where that gets ya’  BUT SERIOUSLY>>>>>

Best Resource for any questions relating to your condominium association….
http://www.condoassociation.com.

This is a fantastic site..check out their blog. You can post questions, and there are some seriously intelligent questions on the site. If you are a board member, you should keep this website marked as one of your “Favorites”.

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106

Before you buy, Mark Wade of Berkshire Hathaway Home Services  Fox & Roach in Center City, who specializes in low- and mid-rise condos, recommends careful scrutiny of the condo association.

“The association can influence value,” Wade said. For instance, if it doesn’t monitor the owner-occupancy ratio – that is, if there are more than the acceptable number of renters vs. owner-occupiers,  it may make it difficult for a buyer to get financing.

Condos not approved for Fannie Mae, Freddie Mac, or Federal Housing Administration-backed financing are known as “nonwarrantable” and offer few options for buyers or those refinancing.

“This scenario ultimately lowers demand for a building, and reduces resale values as well,” Wade said. “A review of the condo budget, money on hand, and knowing what is included in the condo fees should be considered when buying a unit.”

Click to check out some other articles in which I have been quoted speaking about Philly Condos!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106

As a 23 year veteran of condo sales here in Center City Philadelphia, I am often asked what I believe to be the best buys in terms of a long term “hold” in the downtown Philly condo market.
My thoughts often come back to 2301 Cherry St. (aka- Rivers Edge Condominiums) for a variety of reasons. Lets look at the reasons this building is one of my picks for “Best Long Term Condo Investment” potential in the downtownPhiladelphia condo segment:

1) Strong location: Close to Penn and Drexel, not to mention the Schuylkill river jogging trail, and located within the coveted 19103 zip code.
2) Parking: Every unit at Rivers Edge includes a parking spot.
3) Doorman Building: And the doormen and women at 2301 are always friendly, and never seem to leave their post- great for security and that piece of mind that is important to many Philly condo buyers.
4) Fantastic asking prices: There is not a chance in hell that any similar product can be picked up what some of the recent sales have been registering than at 2301.
5) Outside Space: Almost every unit at 2301 has a private balcony or patio. And if that isn’t enough, then the common roof deck with it’s sweeping views will knock your socks off.

6) Layouts: Many of the units are done in half levels, which appeals to a fair number of buyers who are stair-adverse. I find this to be a huge advantage over other bi-level units with a full set of stiars dividing the levels.
7) Storage: The architect was a smart one here….great in-unit closets and storage areas.
8) Artificially depressed resale prices in recent months. Again, the values here, in my opinion are lower than they should be, and have no place to go but up.
9) A Smart Condo Association- Now making improvements to the building in terms of assessments that generally have a multiplier effect on resale values- for every dollar spent to improve the property, we will generally see a boost in resale values here in town.
10) Generous kitchen and bathroom sizes- providing great elbow room. Uncommon for a building that is not new construction here in town, in my opinion.

If you are interested in taking a look at this lovely condominium building, feel free to drop me an email at Mark@CenterCity.com and let’s chat!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Like Hair-Do’s and Trendy hot spots around town, the popularity and demand for specific Philadelphia condominiums can fall in and out of style. The following ten Center City condo buildings have withstood the test of time, and generally garner more interest from buyers than sellers. Usually noted with low inventory levels, a good track record of previous sales, and/or a strong association, these condos rise to the top of the Philadelphia condo market. In no particular order, here are some notes on what many believe to be the Best Center City Philadelphia Condo buildings:

1. The Ritz Carlton – 1414 S. Penn Square

Towering 46 stories just south of City Hall, The Ritz Carlton houses nearly 300 condominiums in a variety of sizes from one bedroom condos to a jumbo Penthouse- nearly unrivaled in Center City in terms of size, views, and style. With some new pricing, the Ritz Carlton is poised to be 2011 and 2012’s hottest selling Philadelphia high rise. Condo fees are higher than most, but the services and amenities lend credence to the monthly fees. Pet Friendly, tax abated, and Towncar service for residents. Floor to ceiling windows and beautifully finished throughout.

2. WaterFront Square- 901 N. Penn St.

Probably the most overlooked building in town, WaterFront Square offers quiet, water front living in an environment that is nothing short of relaxing. Three towers- The Reef building being the newest and boasts a gracious tax abatement, river front gym and pool, not to mention shuttle service into Center City. Room layouts are well thought-out, and most unit have private balconies. A gated community with on-site management and concierge. Pet friendly.

3. The Hopkinson House- 604 S. Washington Sq.

The “Toyota” of Center City high rise living. Reliable, dependable, good resale, and a strong Washington Square location. Perhaps not high on “Glamour”, but consistently a strong buy in any real estate market. Roof top swimming pool, 24 hour doormen, on site management, garage rental parking, and the building offers Studio, One and Two bedroom condominiums. No dogs. South facing units offer great sun, and north facing units look onto Washington Square. All utilities included in condo fees.

4. The Clinton – 1023 Clinton St.

In terms of low rise condos in town, it is hard to beat the quality and location of the Clinton St. condominiums in Washington Square West. A lovely tree lined street with little thru-traffic, bricked sidewalks and historic street lighting. The condo building consists of 20 units- from one bedrooms to larger two bedroom bi-level units. A few of the condos include parking- and a rental garage sits directly across the street. Lovely interior finishes, and a well managed building. Pet friendly, and attractive rear common garden area. Often overlooked as a quiet, in-town option for condominium living.

5. The Philadelphian- 2401 Pennsylvania Ave.

The largest condominium building in the state of Pennsylvania. Known for it strong management, and services, the building boasts an assortment of activities, services, and on-site retail- including a restaurant, pharmacy, and small super market. South facing units are afforded a terrific view of downtown Philadelphia and the Art Museum, and the Penthouse units are nothing short of mansions in the sky. Condo fees include all utilities, and rental parking- when available is can be found in the lower level of the building. Two pools, and a shuttle into and around town.

6. 117 S. 16th St. AKA- 1551 Samson St.

Truly unique- This six story mid-rise condo building has but one unit per floor. Elevator opens directly into unit. A surprisingly well located building that even many Center City Realtors could identify. A plethora of windows, reasonable condo fees, and extra basement storage. Pet friendly and proximity to shopping and activities in town is strong. Modest condo fees and a fantastic light are the hallmarks of 117 S. 16th St.

7. Locust Point – 2429 Locust St.

With 110 units, on-site parking, and next to the Schuylkill River Jogging Trail, this building really shines. Great value, a terrific sales record, and FHA approved, Locust Point demonstrated it’s desirability by selling out when other buildings in town stood still. Not to mention the integration into a fine residential neighborhood, and proximity to University Of Penn. A great mix of one and two bedroom condos. Common areas have been refinished, and many common elements replaced (windows!) throughout the building.

8.  Saint James Court- Walnut/Locust between 5th and 6th Streets

The perfect cross between a modern townhouse and condo living in a Society Hill locale. Upper and lower units- each with it’s own distinct advantages. Lower units have very nice gardens, and upper units have soaring living room ceilings. Rental parking at Independence Place, and many units face the quiet off-street courtyard. Ranging from 1300+ to nearly 1500 sq ft., every units is a two bed, two bath with a small den area overlooking the living room. All units are bi-level, and even upper units have a balcony/outside space. Perfectly adept at customizing into a modern, or more traditional style, St. James Court Condos were built as a low rise supplement to Independence Place. Nice curb appeal and well managed. These late 1970’s units can go strikingly contemporary, to a more muted traditional feel.

9. The Dorchester- 224 W. Rittenhouse Sq.

Sitting proudly on the southwest corner of Rittenhouse Square is probably one of the best known building in Center City- The Dorchester. With roof top swimming pool, rental garage parking, and variety of sized units, 224 W. Rittenhouse continues to churn up more supply than demand. Units within the building have a tendency to sell fairly quickly and not languish on the market. High floor command strong prices, and have sweeping city views. Twenty Four hour doorman building and on-site management. A smart buy, if you can find a unit to purchase.

10. Acme Piano Condominiums- 201 Queen St.

This Boutique converted warehouse sits in the heart of Queen Village and units rarely become available for sale. All units are of substantial size (2000 sq ft+/-) and most include garage parking. Pet friendly and quiet building noted for high ceilings, over sized windows, and original detailing complement the scale and dimension to the rooms. Nicely finished with upgraded kitchens and baths. This project is approximately seven years old, and a great addition to the neighborhood.

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Philadelphia, PA 19106

If you love to be at the center of so many Philadelphia traditions, a condo on or near the Parkway might be right for you. Condos like The Phoenix, 2601, and The Philadelphian offer front row seats to the many events on The Parkway throughout the year, including Philadelphia’s Thanksgiving Day Parade!

Click here to check out our 2 Bed + Den condo that is currently available at The Philadelphian! You could watch all the festivities from your very own balcony! There are many lovely condominiums available in Center City and in the Art Museum Area that are just steps from all the action!

And if you love to be close to it all…but just not too close, there are great Philly Condos available from Rittenhouse Square to Old City to Washington Square West. Feel free to drop me an email at Mark@CenterCity.com to chat about just what you may be looking for in your new Philadelphia Home!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Click to read more…

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Click Preview to View Online -Enjoy!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19103
215.521.1523  Mark@CenterCity.com

There are really only three Philadelphia condominium buildings that I believe qualify as being gated:

WaterFront Square at 901 N. Penn St: I live here and I love it. I have lived in town for 24 years, and I know every condo building like the back of my hand. I choose the building because it sits on 13 manicured acres with tons of parking, pool, deck onto the river, etc. And being gated (and a doorman building), it takes the security equation right out of the picture- in my mind. If I forget to lock my condo door- WHO GIVES A CRAP?!  I live in a gated community with a doorman to boot.

Naval Square: Gated and sits on something like 20+ acres…gorgeous setting. And again, takes the security equation right out of the picture. Ample parking, pool, and lots of space for the dog, the kids, even bike riding. These are qualities that are generally lacking in a non-gated urban community. I love Naval Square, and think that the HUGE variety of styles and sizes are fantastic. And the tax abatement doesn’t hurt either. Many units are single level/one story styled condos.

The National in Old City: Gated, yes. Doorman- no. Acts like a doorman building, but actually there is no attendant on duty. This is a Semi-Gated Community where a fair number of properties are indeed off-street, and you have to pass through a gate to gain access. I have sold a fair number of units here, and my buyers do appreciate the sense of security. I love the location in Old City, the garage parking, and remaining life of the original tax abatement. High floors have some really cool water views as well.

If you are considering looking at some condos in downtown (Center City) Philadelphia, and would like to check out some gated communities, Give me a call or email. No pressure.

Mark Wade
www.CenterCityCondos.com
267.237.3404 (Cell)
PRUDENTIAL FOX AND ROACH REALTORS  215.627.6005

Every Philadelphia condominium building has it’s own basis for charging condo fees, and the percentage one pays is a reflection of the square footage of their particular condo.

Some potential condo buyers shy away from condo fees…or at least fees that they view to be excessive. But let’s look at what condo fees can cover. This way you can pick and choose which services might be right for you….and which building or building style may be right for you:

Trash Removal                        Common Area cleaning
Management Service               Doormen
Parking                                  Town Car Service
Pool                                        Shuttle/Buse Service
Heat                                       Central Air
Hot water                               Common Electric
Concierge                               Building Maintenance
Landscaping                         Gym
Window Washing                  Elevators
Common Electric                   Security
Bundled Cable                       Water and Sewer
Master Insurance Policy

You can pick and choose your services….Just let me know what your priorities are, and we can find a condo in Philadelphia that is right for you!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox & Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Bloomberg News – Mortgage Rates Fall to Lowest on Record, Freddie Mac Says – Lowest Since 1950s Sept. 15 (Bloomberg) — U.S. mortgage rates fell for a second week to the lowest on Freddie Mac records as a slowing economy and concerns that Europe’s debt crisis is worsening drove investors to the relative safety of Treasury bonds.The average rate for a 30-year fixed loan dropped to 4.09 percent in the week ended today from 4.12 percent, Freddie Mac said in a statement today. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate fell to 3.30 percent from 3.33 percent.Yields on 10-year Treasuries, a benchmark for consumer loans including mortgages, are near all-time lows amid signs that the U.S. economic recovery has stalled and the euro region is struggling to contain its debt burden. Low borrowing costs have done little to improve the housing market as foreclosures mount and the unemployment rate remains above 9 percent. Data from the National Bureau of Economic Research measuring Federal Housing Administration loans indicate that long-term borrowing costs are the lowest since the 1950s, according to Chad Wandler, a spokesman for Freddie Mac. Mortgage applications rose for the first time in four weeks as rate declines encouraged purchases and refinancing, according to the Mortgage Bankers Association. A gauge of refinancing climbed 6 percent in the week ended Sept. 9, while the purchase index gained 7 percent, the Washington-based group said yesterday.