Philadelphia Real Estate Blog

Here are some things you are going to want to know…

• The Philadelphia Inquirer’s Sunday edition is available on Saturday

• Buy a “Smart Card” from the Philadelphia Parking Authority- that way you won’t have to ask strangers on the street for change for your parking meter

• Rittenhouse Square, Washington Square West, Fitler Square, and Society Hill (to name a few) are neighborhoods located in Center City. Center City encompasses a number of neighborhoods

• We don’t say pop…we say soda

• It is known as Queen Village, not Queens Village, though there may be may queens that live there.

• It is not Olde City…it is Old City

• Ben Franklin was never president of the United States

• NYC is an hour and eleven minutes by train

• We don’t eat Grinders or Subs…we eat Hoagies. Don’t ask me why

• Scrapple is something to be avoided at all costs (breakfast menu item)

• Acme is not just a place where the Wile E. Coyote buys things to “get”the Road Runner….it is a grocery store that is popular in the area 

Want the inside scoop on Philadelphia? Give me a call, and let’s laugh at some of the oddities our fine city presents to those looking to relocate to Philly!

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

Located on the corner of Washington Avenue and 11th Street in the Bella Vista section of Center City Philadelphia, The Lofts at Bella Vista are a wonderful addition to this thriving neighborhood! Just two blocks from the Italian Market, BV Lofts offer a wide range of condominium sizes, shapes, and designs. Impressive penthouse units, and MIND BLOWING Villa units, which sit atop this historic building, are a real Must-See for those entering the Philadelphia condo market!

Indoor garage parking, high ceilings, and modern common areas make this building very attractive and desirable for all price ranges for many Philly condo buyers. High end modern and attractive finishes like polished concrete floors, along with a tax abatement, 24 hour front door person, and wonderful city views all add up to a strong mix which should pique the interest of a wide variety of Center City condominium buyers!

Interested in taking a look at these groovy condos? 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

Parking in Center City Philadelphia is a treasured commodity. Since most single family homes in the downtown Philly area were built prior to Henry Ford cranking out his Model T’s, it is fair to assume that less than half the single family homes have parking- ditto for a number of existing condos in Philadelphia. And a good number of high rise condos in Philly just offer rental parking. With the advent of a number of new high rise condo projects in Center City, the number of parking spaces has ballooned in the past few years. Yippee!!

I remember back in 1990 when a lot on 3rd Street in Society Hill moved some lot lines and created ONE new parking spot, in an existing (say) twenty car lot. The spot went up for auction, and sold for $60,000. I also recall someone buying a neighboring home, as it had two car parking. They rented the house out, and kept the parking for their 200 year old Society Hill townhouse which was just around the corner. 

You can purchase a spot at the Parkominium in Old City for around $30,000- perhaps a bit more or less, depending on which spot you choose. You can buy a second parking spot at the Bella Vista lofts, via a LIFT, for $10,000 (your 2nd car sits on a lift, above your first car’s parking spot). Generally, in new construction condos in Philadelphia, a parking spot can be purchased anywhere from $30,000-$70,000 depending on the exclusivity of the building, and just how “preferred’ the parking spot is, within the parking structure.

I read that a parking spot in NYC (on West 17th Street) recently sold for $225,000 –that of course, being on the high end. My guess is that IF you could add a parking spot to say 1830 Rittenhouse Square (an impressive pre-war Center City condo building that currently has no parking), you could fetch up to about $125,000 for that spot. There would be a lot of “if’s” attached, and that is just a made up scenario, but I would guess that $125,000 would be about the max someone might pay for such an amenity.

Looking for that perfect condo, with a side of parking?

Give me a call at 215-521-1523 or drop me an email at Mark@CenterCity.com and let’s see if we can’t find just what you are looking for ~ in a condo, and in a parking space!

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

1) For every month you lived in your new Center City pad, and made a mortgage payment, you were able  to deduct the interest on the loan.  Try that with a rental payment. And be sure to let the IRS know of your plan here, as I am sure it will go over well with them.

2) You were able to paint the living room that hideous red your wife/husband/other wanted, and didn’t have to worry about NOT getting your security deposit back

3) If you had a fixed rate mortgage, you were able to plan on stable month payments, without the threat of yearly increases in rent, which most landlords do as a matter of habit, as opposed to doing so based on market conditions

4) You didn’t have to worry that your landlord was going to kick you to the curb after your lease expiration period, in order to turn the apartment into condos

5) You had the “quiet use and enjoyment” of the home to do as you please. The piece of mind that only comes from home ownership. 

6) And you now have the pride of owning your own  garden rake, a lawnmower, and perhaps washer and dryer.

Buying a piece of real estate in Philadelphia isn’t always about financial appreciation. Sometimes, the added value is the piece of mind you have knowing that you have a roof over your head that belongs to you. And your bank.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
PREA Top 100 Award- 2005, 2006, 2007

Based upon what my buyers have been showing me for years, I would suggest that there are about ten Characteristics that can limit top dollar resale amounts for condominiums in Center City Philadelphia (not in any specific order) :

1 ) Units in buildings with low owner occupancy ratios
2 ) Tri-Level unit condos with corkscrew styled staircases

3 ) Units on the 2nd floor just above the dumpster area (in high rise condos)
4 ) Units directly over noisy bar

5 ) Units with a significant amount of living space in the basement
6 ) Units without direct light into living room area
7 ) Units located on the first floor

8 ) Units with disproportionately high condo fees
9 ) Units that are fifth floor walk-ups
10 ) Units in an “alley” that has pubs on either ends

Not to say that such units are not sellable, it is just that in many cases, units with some of the above characteristics are often times discounted below the sale prices of units without such conditions. If you can find a Philadelphia condo with one or more of the above attributes, you may find that you will get a bit more square feet for the money!

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

2101 Market Street in Center City Philadelphia

Towering 42 stories tall is arguable one of Philadelphia’s most striking additions to the Center City condominium building set-The Murano Condominium building. Offering stunning views in all directions, the Murano Philadelphia offers one, two, and three bedroom condo units with a maximum of seven units per floor, in the 19103 zip code. According to the website, www.TheMuranoCondominium.com, you will find a 6th floor swimming pool, along with inside and outside common deck areas in which to relax. I recently visited the open house, and can attest to the impressive modern finishes, unique floor plans, and wonderful city views.  On-site parking available, along with 24 hour concierge, and a ten year tax abatement, set into the high rise business district of downtown Philadelphia makes the Murano Condominiums a great option in Center City condominium living!

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

I just saw one of the neatest innovations in painting that can save you a bungle of time, energy, and money. Huge secret here…it is called Behr.com. Behr is a paint company that has developed this online service in which you can pay $4.95, and upload a photo of any particular room in your new Rittenhouse Square condominium, or Old City flat. Then you simply click through their 3700 plus paint colors, to see how that room would look in any of those colors. From eggplant, to a nice sage green, this service is the ultimate “try before you buy” idea, and I think many first time buyers/painters could benefit from such a service.

How Fabulous! If you have painted any room in your Society Hill condo in the past, you know as well as I do how easy it is to “miss” the color you were going for. Even by a little bit, a soft yellow can appear just awful- perhaps the yellow you picked is a little bold, has too much green mixed in, or is just wrong for the  lighting you have in any given room. This service is going to allow you to see the entire color, on a larger wall surface of any given room you choose, to make sure the color is right for that particular room.

And you know as well as I do, that paint cans have a tendency to gather in your closets or storage areas of your Philadelphia condo, and can generally outlive human beings in general. Just think of how many paint cans you WON’T have lingering for decades in that dark corner of your basement storage area! And believe me, this way of “painting a room” is a lot easier to do while downing a Martini or two.  Painting and drinking can now go hand in hand! Yippee!

Give it a try, and see if you don’t agree!

Looking for an easier way to buy your future condo in Philadelphia? Give Mark Wade a call at 215.521.1523 and let him show you a few condos here in Center City.

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

Seen rising above the Barnes and Noble bookstore on the north side of “The Square” is the new premier Rittenhouse Square condominium project, 10 Rittenhouse.

ARC Wheeler, the developer of 10 Rittenhouse in Center City, is saving the historical façade of the old Rittenhouse Club, and the new five-story structure will have three mega-condos. In a nod to preservation, the building will incorporate three landmark structures while adding a new 33-story red-brick and limestone tower behind them.

Ten Rittenhouse Square is a $300 million luxury condo tower under development in Center City Philadelphia whose residential tower will have street frontage on the 1800 block of Walnut Street, South 18th Street and the 1800 block of Sansom Street. According to the website, 10 Rittenhouse will feature:

• One Bedrooms from $714,000 – $856,000
• Two Bedrooms from $1,300,000 – $3,400,000
• Three Bedrooms from $1,900,000 – $4,500,000

In addition there will be six 10,000-square-foot penthouses priced near the $12,000,000 mark.
Needless to say, 10 Rittenhouse will be the paragon of luxury high rise living here in Philadelphia. With Miele and Sub-Zero kitchen appliances and marble baths with BainUltra tubs. Ceiling heights from 8.5′ to 12.5′ accompany window walls, spacious private balconies, terraces and Juliet  windows (in some homes). Building amenities include a garage, concierge service, a restaurant, a pool, spa and fitness center and a shared roof garden.

Barneys Co-op – a part of the high-end New York City department store Barneys will occupy the  first two floors, totaling 10,000 square feet. The Center City’s hip-ometer has officially begun registering some activity.

Barney’s AND living at 10 Rittenhouse?! That is a dream made in heaven.

Interested in living the dream? Contact Mark Wade at Prudential Fox and Roach realtors and lets investigate the possibilities!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
267.237.3404 (That is my cell phone. And this is the first and only time you will see my personal cell phone number listed on a blog entry. THAT is how serious I am about loving this project.)

As a longtime Philadelphia realtor, I am often asked a number of questions about various condos in Philly, and I want my blog readers to know a few things about buying or selling real estate in Philadelphia.

1) The “Days on Market” figure on any mls sheet (“DOM”) may be misleading. Sometimes sellers will pull their condo off the market for a few days, in hopes of resetting that “DOM” figure. Easily overridden by a realtor. Simply hitting the “History” button associated with that particular listing on the internet will give you a clear picture of the MLS history of that (say) Rittenhouse Square condo. So make sure you ask your realtor to show you the history of any given listing.

2) As I have said in prior blog entries and podcasts, make sure you measure the Center City condo you are going to buy to get your own idea of the square footage. Many MLS sheet omit this figure altogether, and are realtors are not required to submit such info to the MLS.

3) Parking- deeded, or assigned? Again, I did an entire blog on this issue. Many realtors will use those definitions incorrectly. Deeded means you have a separate tax bill, and you can sell the space off to anyone. Assigned generally means that the spot transfers with your title, which is not a bad thing.

4) Claims of a property being Historically Certified. Best story ever- once a prominent Center City realtor sold a Society Hill home, and claimed it was historically certified. Without being able to substantiate such a claim, when pressed, she declared the home to be “historically certifiable”. Nice. If such claims are made to you, get it in writing. Ask for documentation when writing the offer, should such a designation be of value to you.

So there you have it. If you are looking for more insight into the Philadelphia Center City condo market, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com. I will be sure to fill you in on the information I have in my brain!

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

Very simply put, a point is equal to one percent of the mortgage amount of your loan for your Philadelphia condo or flat- be it a Rittenhouse Square condominium, or a Society Hill loft. Points are not mandatory, in most cases, and are offered by a bank in return for a lowering of your interest rate.

Let’s say you buy a $550,000 condo in Philadelphia. You are going put 5% down, so your mortgage amount is $500,000. Here is how points work:

You pay 1 point (payable to the lender), which costs you $5,000 and your interest rate is 6%
You pay 2 points, which will cost you $10,000, and your interest rate is 5.75%

Now, if you monthly mortgage payment is going to drop (say) $100 a month BECAUSE you paid a point, it will take you 50 months to recoup that $5000 investment in that one point.

You save $100 a month, and paid $5000 for that honor. Hence 50 months to recoup.

So it begs the question, are you SURE you are going to live in this Rittenhouse Square condo for over four years? Because if you are not sure how long you are going to stay put, it may not be in your best interest to pay that point. I have been a realtor in Philadelphia for almost twenty years now, and I sell a lot of condos in Center City. I don’t see a lot of folks staying put for more than four years. They get a dog, a family, a lawnmower, a promotion, a transfer, and they are off to bigger and better pastures. Empty nesters would be the exception to this general rule.

So there you have it…..for more information, check out my website www.CenterCityCondos.com and click the Vendor Menu button for mortgage solicitors who can explain more about financing a wide variety of condos in Philadelphia.

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