Philadelphia Real Estate Blog

The third auction in the Center City condo segment of the market to occur. I would deem it a success. Here is what I understand folks paid.

 
Here is the breakdown of the prices.  These prices are the winning bid prices and do not include the 10%  auction premium on each winning bid.
 
1.  $615,000 Unit 601E
2.  $600,000 Unit 601W
3.  $470,000 Unit 401W
4.  $495,000 501E
5.  $485,000 501W
6.  $455,000 301E
7.  $455,000 401E
8.  $445,000 201E
9.  $435,000 301W
 
And if you think this is the last Center City Condo auction that is going to take place, I would suggest you are wrong! Keep your eyes open for more future auctions! Call or email me if you want me to comment on these prices!  215.521.1523
  
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

So here’s the scoop – The developer took a run down apartment building, added Granite and Stainless, and refinished the cabs of the elevators, and said “See…New Philly Condos“!

Well…. what about the heating, electric, plumbing, roof, exterior brick, heating systems, central air, exhaust stacks, risers, fire alarms and suppression systems,not to mention the exterior pointing, caulking, window frames, elevator structure and mechanical, and the cockroach problem?
 
Not all rehabs are created equal. Some really suck. Are you going to be the dope who gets fooled by a pretty face? I hope not. Some condo buildings have an inferior set of systems- be it mechanical, financial, or just unchecked age.
 
Look before you leap. Ask me questions about any Philadelphia Condo.  Ask me if I would live in that building you have your eye on. I promise to not hold back.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Of course our Philadelphia condo market is not moving at the pace it was back in say 2006/2007. But are you looking a gift-horse in the mouth when a condo is clearly undervalued (say a foreclosure), and you want to offer 60% of the asking price?

    
Lets say a condo you adore once sold for $500,000, and has gone through the foreclosure process, and is now asking $400,000. You want to offer $240,000 although the comparable valid comps suggest it is worth every penny of the $400,000. Sure, you are probably going to get it for less than asking, but is a $240,000 offer really valid and/or realistic? Probably not.

Though each seller has their own level of motivation, I would suggest that buyers need to look at condos realistically. Don’t you think that IF the seller were going to take $240,000, that there would be a line out the door, and around the block to buy that Philly condo?  What, are you the only big-brained, know-it-all who is clever enough to come up with a plan to buy a condo at an unrealistic price? Perhaps you are new to this planet.
 
Again, YES…the market is not as strong as it once was in terms of sale prices. But ask yourself- are you being realistic, or are you looking a gift-horse in the the mouth?

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…in value, scale, or layout!

   
 
There is one thing I know for sure…and that is that all condos are not cut from the same cloth. When we look at a variety of condos in Center City, buyers should be aware that some units excel in closet space, some units have a lot of wasted space, and some condos are just perfect in their proportions. Every buyer has their own set of “likes and dislikes”.

Sometimes a disjointed living/dining room situation is perfect for one set of buyers, but not for another. At times, a specific condo may have a large kitchen, eat-in-kitchen, or almost no kitchen at all. Center City offers such a wide variety of condominium styles and layouts that buyers are often puzzled when comparing a variety of units to one another. 
 
The comment I hear most is, “The other 1500 sq ft condo we just saw seemed so much larger”. Of course….know that the scale of the Philly condo in question also adds to the perception that one unit may be larger than the other, when in fact, it is not. Ceiling height, views, and the amount of natural light always play heavily into that equation.
 
I have seen some really AWFUL 1500 sq ft Philadelphia lofts and condos, and some that are just perfect. But then again, beauty is in the eye of the beholder, opinions do differ from buyer to buyer.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

In real estate lingo, it simply means “Real Estate Owned”….as in usually owned by a non-emotional third party, out-of-state, corporation or bank.

It also can mean a well priced condo deal for those looking to hopefully hit it “big” in the game of real estate. For instance, lets say a Rittenhouse Square condo goes through a foreclosure process. Often, a large bank will contract with a local real estate company to sell that condo- and usually at a discount.  Along comes Billy the Buyer.

One of Billy’s main priorities is to NOT OVERPAY for a condo here in town. All other wants and needs fall lower on Billy’s priority list. And though every situation is different, I would venture to suggest that REO properties are often priced at a discount. Something Billy is going to like.

Billy has already let me know that he is looking for a deal. So I find this REO property in the MLS, and I call Billy. “Hey Billy…get your can over here and take a look at this great deal”.

IF Billy can negotiate a great deal, Billy could be in for a great great property at a great deal. I have sold MANY an REO in my day here selling Center City Real Estate, and they all seem to have one thing in common- a great asking price!

Lets chat if you have something in common with Billy.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Along the “Spruce/Pine Corridor” lies a wide variety of low, mid and high rise condos here in Center City Philadelphia.  This segment of the Philadelphia condo market has remained strong over the past dozen years in terms of resale, demand, and limited availability.
    
Primarily composed of low rise/ Brownstone styled condominiums, The Spruce/Pine corridor offers studio, one, two, and even three bedroom condos characterized by low condo fees, a wide variety of detailing work, and an array of amenities like roof decks, parking, and fireplaces. These are the primary amenities not found in the newer Philadelphia condo high rises (with the exception of parking, of course).

Plaster mouldings, intricate wood detailing work, interesting original detailed floors, and high ceiling are all hallmaks of the Spruce/Pine corridor condo market, as almost all of the low rise condos in the area are defined as “Pre-War” (being
built prior to WWII.)

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I have submitted an offer on a Center City Condo (on behalf of my buyers) only to have the offer repeatedly sent back to me by the lawyer for the seller.

 
Here is my take:
-Who cares if the Agreement of Sale paperwork has crossed out changes, has been through the fax machine twice, and the signatures aren’t witnessed?
-And do I really give a crap that the initial to the changes aren’t dated?  Not really.
-Perhaps this lawyer needs something to do, because he is really grinding fine on the details that do not make or break this deal, or prevent our agreement from being legally binding.
 
Here is that Lawyers Take:
-Stupid Realtor can’t take the time to dot his i’s and cross his t’s. What an idiot. I’ll show him how a contract should
be correctly executed.
-This is what I learned in law school, and why should I be soft on this contract, and not possibly protect my clients interest?
 
What is fair, and what is reality? Probably somewhere in the middle. Point is, ya’ gotta’ roll with the punches. And yes, even I need to brush up on dotting my i’s and crossing my t’s. Perhaps, in the long run, the longer road taken is the shortest possible road.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

With 54 units priced from $149,900 (which includes parking!) and 17 floorplans, the Rufo Organization has put together a sure fire winner with this new condo conversion (from an old school house) on the corner of 12th and Fitzwater. Stainless and Granite kitchens with tumbled marble backsplash, original wood flooring on main level of units, along with high ceilings, and a quality of finishes not foundin many $500,000 condos, the building is sure to be one popular option in the Center City condo market.

Hawthorne Lofts boast a common roof deck, large oversized on-site gym, parking, tax abatment, low condo fees, and a very strong visual interior and exterior look. All located between Bainbridge and Fitzwater Streets.

Open house every Sunday from 11-4pm. Stop by and see what $149,900 will buy ($129,900 if you don’t want the parking space!)

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Some Center City real estate looks good on paper, but not always in person.

And no, this is not a new listing of mine. And yes, that is a swinging couch.

Looking for a Philadelphia realtor who will “Call them as he sees them?” Give me a call, and let’s see all that Center City has to offer…

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106