Philadelphia Real Estate Blog

Do you HATE condo fees? You could be an Goof….
I hear buyers say “I don’t want to pay condo fees” all the time. Of course we all want our elevators to run on magic pixie dust, and we want our doormen to work for free. And I want
a new shiny Bentley in my driveway too. You get what you pay for. Period.
Here is the scoop:
In high rise condos, fees can appear to be excessive. But NO ONE is profiting from the fact that you pay condo fees. Fees can cover:
Doorman
Elevators
Utilities
Master Insurance Policy
Amenities (parking, pool, trash removal, water and sewer, etc).
I understand you may not want those services. Perfect….then a high rise condo isn’t for you. No problem. But I hear buyers say they don’t want to pay any condo fees- not even in a low rise condo. those buyers are seriously misguided. Low rise/Brownstone/Lofts style condos have minimal fees- and those fees are simply fees that you would have to pay if you lived in a SINGLE FAMILY TOWNHOUSE . Get it?
Like paying your own:
Master Insurance Policy
Exterior Repairs
Water
Sewer
Exterior Lighting
And putting some $$ away for a rainy day-which condo associations generally do

I have seen some pretty cool decorating ideas in many condos throughout the Center
City Philadelphia condo landscape. And I have seen some mistakes as well. Here are
just a few ideas off the top of my head…decorating mistakes that don’t play well in the
resale market:
1) Putting a shiny clear coat of varnish of exposed brick walls
2) Installing carpet in a lower level area- be it a kitchen or bedroom
3) Using florescent lighting anywhere when trying to sell a condo
4) Hollow core white doors with brass knobs and hinges- Try painting a neutral color
5) Vertical Blinds. Need I say more?
6) Colored carpet. Any color of the rainbow in terms of carpeting is bad. Stick to neutrals or dark
    dark dark low pile brown.
7) Less is more. Condo by definition are usually limited in size. Get rid of the crap that has  been
   piling up- aka: Clutter.
8)  The Matchy Matchy Look- curtains match the tablecloth, the carpeting, and bedspread. Ick.
Here is a GOOD idea….
If you have some exposed brick, try painting it a really cool light color (like grey) and finish it with  matter finish (flat). You can thank me when you see the appeal it can have with buyers.

Mark Wade

Lovely Painted Brick adds huge emotional impact

www.CenterCityCondos.com

Some Center City condo buildings boast amenities like a gym. In actuality, they are nothing
more than a converted maids closet. Small, cramped, and stupid would be the best way to describe what some developers will pass off as a gym. Here are the best gyms in the city that are inside of condo buildings, in my opinion:

1) WaterFront Square: The best of the best. Huge, clean, great views, and always really well air-conditioned. Nice assortment of free weights and machines. Even an on-site vendor to serve up protein shakes when you are done. The Pool is unrivaled in terms of size and views. Hot tub, sauna and steam room complete the package. A-1

2) The Ritz Carlton– Huge, super clean, and well furnished. Of course the pool and hot tub don’t
hurt either. Bottled water at each treadmill awaits. Great Views overlooking City Hall!

3) The Murano– Similar to the Ritz Carlton…but a bit smaller. Huge pool…no hot tub or sauna- but a fairly large dressing room/shower area. Kept in mint condition…very clean.

4) Liberty Two– Large clean gym with lots of equipment, and the views from the 36th floor are stunning. A great way to pass the time while you are on the treadmill. Pool is small, but it is one of those endless pools that means you swim in place- against a current.

5) Locust Point– Not really all that large, and no pool, hot tub or sauna. But floor to ceiling glass…so you can lookout to the Schuylkill Riverpark jogging trail. Or just head out to the trail and skip the gym. This nod to Locust Point is more about the fact that you are right at the Riverpark…and gives you an option that few other condo buildings can brag about.

Mark Wade
www.CenterCityCondos.com

And please stop with the patronizing “and you get lovely carpet in the bedrooms at no extra charge”. Again, you are an idiot.

And touting the virtues of a dishwasher, a garbage disposal, and/or doorbell for each condo unit?Yippee…where does my buyer sign?? If developers could take a minute or two to tour some of the condo offerings in Center City Philadelphia, and realize that the buyers I am bringing to your front door have seen almost EVERYTHING on the market, then maybe that developer could wise up, and compare apples to apples. Tell us about the significance of your location, the quality of your construction, or the fact that you are priced competitively. My buyers are not stupid, and I will not allow them to be uneducated. So wise up, and let’s make a deal. Because until you (Mr. Developer) come to your senses, my buyer’s desire to write an offer on one of your condos is going to be severely limited.

There was an article last week in the Philadelphia Inquirer that suggests more Philadelphia Condos are being rented.  Here is an excerpt from the article:

Because the focus of residential construction during the boom times was on for-sale housing rather than rentals, there aren’t enough high-end apartments to go around now.

“We are finding the high-end rentals to be almost nonexistent, as they rent fairly quickly,” said real estate agent Mark Wade, of Prudential Fox & Roach.

Condos near the University of Pennsylvania and Thomas Jefferson University “have a built-in demand for rentals, and we have seen that equation play out year after year,” Wade said.

Read more here:

http://articles.philly.com/2011-06-01/news/29608739_1_rental-apartments-rental-units-center-city-district/2

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Please come out with your Mom for a stroll this Mother’s Day and stop by our Center City open houses on Sunday, May 8.

Noon-1:00PM
38-44 N. Front St. – The Winne Condos – 12 bank owned units with unique floor plans, wood floors, top-of-the-line kitchens & baths, recessed lighting, high ceilings, landscaped courtyard. FHA Approval pending – Starting at $215,110

736 Pine St. Unit D – 2-bedroom condo in Society Hill with central air, family room, basement, 2 decks, & parking. Distinctive & delightful! $499,900


736 Pine St. Unit F –  Sunny 2 bedroom condo, private entrance, open floor plan, California closets, granite/ss and tax abatement $349,999

1:30PM-2:30PM
117 S. 16th St. #400 (aka 1551 Sansom) – Entire floor! Very Large 1 bed/1.5 bath condo- corner unit- tons of light. Hardwood floors- Elevator opens directly into unit! Mint Condition, good closets $359,000

103-07 Church St. #9 – Tons of Old City charm. Tall windows, hardwood floors, exposed ductwork, open granite & stainless kitchen. Lrg quiet MBR has natural light & good sized closet w/en suite master bath. ASKO w/d $299,999

3PM-4PM
912 Spruce St. #8 – 1 bedroom located to the rear of building away from any street noise, high ceilings, stainless steel appliances, low condo fees, move-in condition at an unbelievable price! $229,000

We hope to see you there! To view all of our Philadelphia Real Estate Listings, including Philadelphia Condos visit www.CenterCityCondos.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

The spring market is upon us and we have some stunning new listings available. Please come out and stop by our Center City open houses this Sunday, March 27.

Noon-1:00PM
736 Pine St. Unit D – 2-bedroom condo in Society Hill with central air, family room, basement, 2 decks, & parking. Distinctive & delightful! $515,000

1112 Spruce St. Unit 1R – Just Listed! Spacious condo in Washington Square West with wood floors, granite counters, stainless steel appliances, intercom, laundry area, tons of storage, & cute patio $399,000

1:30PM-2:30PM
912 Spruce St. #8 – Cozy 1 bedroom located to the rear of building away from any street noise, high ceilings, stainless steel appliances, low condo fees, move-in condition at an unbelievable price! $229,000

1018 Christian St. – 3BR/2ba in Bella Vista, 2004 renovation, wood floors, lovely details, separate dining area, energy efficient sliding door to brick-paved patio – Reduced to $469,000

103-07 Church St. #2 – Just Listed! Large open 1BR/1.5ba in stunning upscale rehab warehouse building in Old City with gas fireplace, large private brick patio, high ceilings, exposed brick, wood floors $333,900

1100 Vine St. #908 – Freshly painted condo with large closets, 1 bed + large separate den (2nd bedroom), new dishwasher, wood floors, lovely view, 24-hr security desk, tax abatement, great location! $242,500

3:00PM-4:00PM
736 Pine St. Unit F –  Sunny 2 bedroom condo, private entrance, open floor plan, California closets, granite/ss and tax abatement $369,000

918 Spruce St. Unit 1 – 3 bedroom brownstone condo w/2-car tandem parking, 2010 chef’s kitchen-SubZero/Viking appliances, high ceilings, 2 new baths…a true gem! $699,000

1002 Spruce St. Unit E – Just Reduced Match your dreams to this 2BR/2BA condo. Some of the highlights of this distinctive unit are skylights and central air. Celebrity-caliber luxury! $435,000

50 N. Front St. #402 – 1BR condo with fireplace and shared roof deck with views of the Delaware River. Lots of west-facing windows provide great light, tremendous closet space, exposed brick & architectural details $279,000

We hope to see you there! To view all of our Philadelphia Real Estate Listings, including Philadelphia Condos visit www.CenterCityCondos.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Selling Philadelphia condominiums has somewhat of a unique issue that may not be relevant to condos in, say, remote parts of Montana or on deserted private islands. And that issue would be – the noise.

Some of the most sought after condo buildings here in Center City are on or very close to lively blocks that are full of activity, or they are on or near bus routes, and can have a close proximity to highways. This is very convenient but can be noisy!

Having constant noise outside your dining room or bedroom could be a big problem. So, I devised a kinda’ cool solution that works like a gem. And in the scheme of things, really doesn’t have to cost a lot.

Here’s the solution: Replace your windows (genius, eh?)!

Depending on where you live in downtown Philadelphia, you may have a fairly strong historic association who mandates the type of window replacement you must use.  However, this does not preclude you from installing another set of windows INSIDE the historical set.

You can add a double paned, inexpensive vinyl clad INSIDE the outer set of historically approved windows, giving you a total of 3 or 4 panes of glass between you and the noise.  This ingenious little set-up demonstrates how you can effectively keep all city noise out of your Philadelphia loft or condo.

You don’t need to live 30 feet from the highway or live in a super luxury condo building to benefit from this idea.  Such insulation also provides extra protection from cold, heat loss, and dirt that gets inside of other single paned windows!

If you’re thinking of buying or selling a Center City condominium and want some more tips, I can help.  Give me a call today 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. Philadelphia, PA 19106

Here are some tips for making your offer on your potential new Philly  Condo as attractive to the seller it can be:

1) Get a pre-approval from the mortgage company that the LISTING agent uses most.
This will allow the listing agent, who will be presenting your offer to the seller, to be comfortable with your financing arrangements.

2) Narrow your contingency periods to ten (10) days. Not business days either. Make sure you can clear your schedule to do all your inspections on a timely basis. Nothing sours a seller like “15 business days” to do a home inspection.

3) If you are flexible in the dates you can settle, give the seller the option to pick the settlement date. You can write a contract that gives the seller the right to choose your settlement date within a specific period of time, like “ from 30 to 45 days from execution of the contract”..seller to decide.

4) If the seller is buying another home, and doing so locally, consider allowing his or her title company to do your title work. Title rates are standard, and you (generally speaking) will not incur more costs by having your title work done by a company you or your Realtor chooses.

5) Write a nice note to the seller, to be presented with your offer telling him or her why you love their Center City home, and why you want to buy it. If it evokes a special emotion out of you, let the seller know. Every seller wants their home to be “loved”….let them know you love their home!

These tips may give you an edge in a competitive offer situation, or may just save you a couple of dollars when it comes time to negotiate with the seller! Good Luck, and know that the dollar amount you are offering is NOT the only factor your seller may consider when looking at your offer!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Philadelphia, PA  19106

1100 Vine Street, The Grandview is a 12 story condominium building at the corner of 11th and Vine here in Center City Philadelphia. The building is made up of mostly 1 bedrooms under 600 square feet, some nice 2 bedrooms, and a few penthouses. The Grandview has a close proximity to Jefferson.

What is so wise about this Philly condo? The condo association has limited the number of rentals allowed at any given time within this building. Fannie Mae will not lend on a unit in a building where the owner-occupancy is out of whack. This makes it exceedingly difficult to preserve value in a building that has more rentals than owner-occupants. So, the Grandview has a rule written into their condo documents limiting their rentals to around 30%. Genius!

In the buildings with more renters than owners, it is extremely difficult for a new buyer to obtain financing. Occasionally you can find a lender to do it, but you better have at least a 25-30% down payment. Which most first time home buyers here in Center City do not have. Let’s face it, these buyers are “job-rich and cash-poor”. They just started working their first great job, but they have nothing in savings and are buried in students loan payments.

Sales will begin to come to a halt in buildings that are not finance-able. Sellers will begin to compete with each other lowering prices and the value of the building will be a stake. Due to the preemptive strike at the Grandview, condos there are still selling, and selling well. Their value has been preserved. First time buyers can go in with as little as 5% down.

On the flip side, another building here in town has lost a lot of value when the condo board sued the developer. Whether their reason to sue was right or wrong is not for me to decide. But unfortunately, as a result of a lawsuit within the condominium, lenders will not lend. Sales in the building have ceased. After 3 or 4 years of no sales, the building has become filled with renters and anxious sellers lowering prices, and lowering prices some more, hoping for a cash buyer to come along.

The worst part is that when it’s all said and done, due to this short-sighted lawsuit, the owners of the building will never get back what they have lost in value. Let’s say there are 100 units, and let’s say they win the lawsuit.  Even if they win something like $1,000,000, when you split that up among the units, they end up with around $5000 each. It’s like they cut off their noses to spite their own faces. They have lost a lot more than $5,000 in value per unit. Whatever they may win, it will not be enough to override fact that they lost so much value.

Back to a more positive note, I hear another building in Old City also considering the same thing as the Grandview-limiting rentals. Great move! Keep buildings valuable by keeping them mortgage-able.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106