Philadelphia Real Estate Blog

Some buyers favor space. Others location. Some buyers want only the BEST city views! 
 
All home buyers priorities are like snowflakes- no two are ever the same.
 
 Are you strickly looking for a highrise, or a brownstone styled condo?  
 
Do you desire a gorgous, modern new construction piece that shows like a dream?  
            
 How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can put the pieces of the puzzle together to find you your perfect new home!
 
Call me…let’s chat about your priorities in a Center City condominium!

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

….Is your sales pitch is way over the top?

I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be. My buyers generally want the quick overview…not the long serenade. And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach….allowing them to give info as they please. SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous. I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers….that is my job. Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.

DO THE MATH, YOU GOOF.

IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES- An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.

So lighten up. Give my buyers the ability to keep some things private. We will both appreciate such courtesy, and will hopefully see you again!

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

Lets be honest here- most  Philadelphia real estate transactions leave buyers feeling that perhaps they may have overpaid, and sellers left feeling like their home was worth a bit more than was reflected in the agreed upon sale price. And it usually doesn’t matter if it is a buyers market, or a sellers market.  Similar to the notion that those driving slower than you are slugs, and those driving faster than you are maniacs. Sound familiar?
    
As a veteran Philadelphia Realtor, I am aware that there is a fair deal of perceived bleeding in most transactions. I personally have never sold a home for what I thought it was worth. In my brain, I always end up getting screwed.  And that is really, in my humble opinion, what buying and selling is all about. You get what you can, you give what you can, and hopefully an agreement is reached. But please don’t think there isn’t going to be a little pain, and a little bleeding.
    
The idea is to keep the bleeding to a minimum as no to warrant anything more than a band-aid. Certainly no one wants to walk away from a deal with war-sized wounds. But a little bleeding is to be expected in most transactions. I always tell my buyers that I can get them 9 out of ten things on their wish list. And the same holds true during negotiations- hopefully I can get you 90% of the way there.
    
At that point, perhaps if the deal is right (for you), you are going to have to cough up that list nickle. And I am aware, it is that last nickle that is the toughest to part with!

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

…that no developer will offer, but you may request!

So you buy a new Philly condo, and the developer gives you options for carpeting, tile work in the bathroom, and selection of kitchen cabinets. However, here are my top five suggestions for things you might want to request. With a good offer, you may just be able to tweak your new condo with the right touches!

1) Back-splash in the kitchen. Almost never included in new construction. Be prepared, and bring a sample with you when doing up your offer.

2) The “edge finish” to your new granite. Most offer a simple “bull nose” finish. But how about an “Ogi” edge? Can really put a nice spin on your granite?

3) A tile or granite threshold into your bathrooms. A simple 4″ wide piece of granite where the carpeting or wood floors meet your tile bath could be nice.

4) A door sweep to your front door. This will help seal the gap between your units front door, and the hallway. Reduced intake of dust and possible pests.

5) Shelving in your laundry area. Never included, but always helpful for storing detergent, etc. Maybe even a cabinet would be nice here too.

Little tweaks here and there can really put a nice looking finish on many new condos in Philadelphia. And under the rule that you don’t get if you don’t ask…why not ask?

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

…I hear it is the next stimulus piece to come down the pike! 

Though the details are still being worked out, the Cash inefficient and old appliances program that kicks in late this fall will offer consumers cash to help buy new home appliances. You could get a rebate of $50 to $200 for buying a new, more energy-efficient appliance to replace one in your kitchen. The federal government has set aside $300 million for the program as part of the economic stimulus plan. Appliances including dishwashers, boilers, freezers, refrigerators, washing machines, dryers, furnaces, water heaters, and air-conditioning units may all be available for the program, and Pennsylvania has indeed applied for enrollment in the program! We may just see the last of the Avacado Green and Forest Brown appliances that adorn many old Center City Philadelphia condominiums.

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

I am well aware that I am a big-brain, Center City snob. I know town like the back of my hand.  How much do you think you know?

Riddle me this:
 
1) Name the five little streets that run between, and parallel –  between the south of Lombard St., and north of South St.

2) 2201, 2401, and 2601 Pennsylvania Ave. are three large residential buildings. Which one is not a condo building?

3) Is the neighborhood south of Society Hill known as Queens Village, or Queen Village?  Bonus Question: Is it Olde City, or Old City?

4) There is no 9xx block or 10xx block of Delancey- it was renamed. What is the street name of those two blocks?

5) What is the name of the neighborhood boxed in by South St. to the north, between 11th St. and Broad St?
 
# correct:
0-1 –   You are new to our town, or you drink a lot. Either way, Welcome!
2-4 –   Not bad. You are ahead of the crowd
5-5 –  You need a life
 
Answers:
                            1) Naudain, Rodman, Tryon, Bradford Alley, and Gaskill
                            2) 2201
                            3) Queen Village. Old City
                            4) Clinton St.
                            5) Hawthorne
 
Want to know more about your city? Call Me. But I reserve the right to fill your head with more worthless info.

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

Not all associations are created equal!

From rule enforcement to maintenance policies, not all condo associations are run equally well. In a world of “you get what you pay for”, the strength of any condo in Philly is on the same parallel to the condominium association in which that particular unit exists. Some associations perform better than others, have a solid reputation, and help retain the values of the units in the building.

Having exceeding low condo fees may not be in your best interest. I know of no doorman who works for free, nor any elevator that  can run forever without upkeep and expense. One of the best example of a well run condo association is Society Hill Towers at 200-220 Locust St. here in Center City (as judged by those who reside at the towers)- residents speak highly of the efficiency and capability of the association to spend, and spend wisely.

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

1) Maybe some rich person from NYC will buy it (yeah-and maybe a cow will jump over the moon….)

2) Does this Philadelphia condo building have condo fees? (Oh no…the doorman/common hallway lights work for free)

3) Are there ghosts in this loft? (Well hold on, and let me call someone and ask)

4) The sellers are moving because they really hate this house (too much disclosure?)

5) The views are very urban in nature (livingroom overlooked a dumpster, bedroom faced a brick wall)

Bonus: What will this piece of Philly real estate be worth in five years? (As it happens, I carry a crystal ball with me at all times)
 
Realtors are not the only folks guilty of putting their foot in their mouths, it is just that I seemed to be in their company a lot, and have first hand knowledge of some of the absurdities that are said.

If you are looking to weed out some of the BS, give me a call. Perhaps I can help. Again, I’m not perfect, but I may be perfect for you.

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

…and I claim that you have a problem telling the truth.

So there I was last night at some little gathering of well heeled city folk, many of whom are “In the Know”, along with a few hanger-on’ers, and me. And someone that knows who I am drops a BOMB- a certain new construction condo building in town is 44% sold. Oh how I love a good story. Especially when it appears to be true, and contrary to what the PR machines have been putting out. I understand the motive. Every new Philadelphia real estate condo building loves to put on a good show, and appear to be a success. I get it. But don’t you, Mr. Sales Staff for any given new condo building, feel any sense of remorse or regret when you convince a buyer to buy in your building, under false sales stat quotes? I certainly would.
    
Philly condo buyers should not believe everything they hear. Especially from developers sales staff who claim that their buildings have this much, or that percentage sold. The numbers are secretive, not displayed in the MLS, or in government records, and sometimes the numbers are bogus. And what recourse might you have? I would suggest very little. When you walk into any new construction condo building, without a buyers representative (aka- me) with you, you possibly are going to get one side of the story.
     
Many new condo developments have a policy and it reads- “Agents must accompany on buyers FIRST visit”….or,  they (that sales staff) will not allow me to come in with you visit #2, or anytime thereafter. I personally feel this policy is bullshit. If you visit a building, then meet me, I cannot be your agent for THAT building.
    
So wise up here folks. IF you want buyer representation…see me first. Then let’s go visit some Center City new construction high rise buildings. Because if that building is spewing BULLSHIT, I am going to tell you. And again, I am kinda’ “In the know”…..

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

…see if you can avoid being a dumb ass! 

Here are the top 5 Mistakes potential buyers make when shopping for a new condo in Philly:
 
1) They don’t do their homework- And end up buying a condo with a fatal resale flaw… like a 6th floor walkup, or a 2000 sq ft studio.

2) They overpay without asking their realtor for detailed comparable info- huge mistake. Happens all the time.

3) They use a realtor who is a relative, or someone from way out of the area. Whatta’ you, new to this planet? Don’t do that.

4) They neglect to get their mortage costs AND interest rate in writing from their mortgage dude/dudette.

5) They get a friend or relative to do a home inspection for them. I reserve the right to laugh at anyone who does this.
 
Honestly, most Center City Condominium buyers are intelligent, and come prepared. But some don’t do their homework, and end up getting kinda’ screwed in the end. Please don’t let this happen to you! Call, and let’s chat about some of the common pitfalls of buying a condo.

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