Philadelphia Real Estate Blog

Question: You sell your Philadelphia condo, go to move out your couch which has been sitting in the SAME position for seven years, and the hardwood floors under your couch have faded. Are you responsible for such a “defect” if no such mention was made in a seller’s disclosure?
Answer: What do I look like, a lawyer?

But this does pose a very interesting question. Just how much “on the hook” is a seller? I pose this question, because this exact scenario just happened to me. I moved a couch, and the floor under the couch was discolored. Could the buyer have been mad? Possibly. I guess my argument here would have been “Let The Buyer Beware”.
I certainly wasn’t trying to hide anything. And that big dumb couch weighed as much as a space ship, and sure as hell that thing hadn’t been moved in seven years. But I felt kinda’ bad that the buyer inherited a floor that was (in this spot, where the couch was) discolored.  I guess if the shoe were on the other foot, and the seller told me that he was unaware, I would have to take his word for such.

What’s my point??
My point is that even with a home inspection, and a seller’s disclosure, there may be a surprise or two at the settlement table.

My advice??
Bring a flashlight to the home inspection, and do some looking around yourself. Ask questions. Compile a list of questions to ask the seller, and email to me (your realtor). A more informed buyer leads to less potential surprises. And thought there is no such thing as perfection, (besides a Denny’s Grand Slam Breakfast at 2am on any given Saturday night), the onus is on you to protect yourself from as many surprises as you can!

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

There are a lot of issue that may create higher or lower condo fees in certain condo buildings. Here is a list of ten that you might not have thought of:
 
1) Heat is included in the condo fees. The building has one system, and the cost to run that system is split between all owners of units in that particular building.

2) Water and Sewer are NOT included in the fees. Very rare…but does occur. May account for the fact that one particular building appears to have lower condo fees.

3) A porter is on-staff. This is someone, besides the front door man, who caters to your needs. IE: Trash removal, keeping the place clean EVERY day, etc.

4) An outdated master insurance policy. If you buildings combined unit value is say $3m, and you are only insured for $1.5M…then your fees are going to be lower than they should.

5) The building is a comprised of a small number of condo units, and therefore doesn’t need/have an outside managment company. This will keep your fees lower than most others.

6) The on-site swimming pool, parking, and grounds do not automatically clean and take care of themselves. Shocking. Someone’s got to pay for the upkeep.

7) The building is old, and suffers from no comprehensive, long term maintenance program. Assessments and increased fees are implemented to cover such forgotten upkeep.

8) A lack of common area can keep fees low. A low rise condo building with 4 common hallway lightbulbs is one way to keep the fees low. Especially if no elevator exists.

9) A “Green” thinking Philadelphia condo association that implements low wattage florenscent light bulbs, and utilizes low flow faucetts and toilets can keep fees lower than others.

10) Finally, a good, smart condo board that anticipates, rather than reacts to maintenance items can keep fees low in the long run. An ounce of prevention…….
 
Looking to keep your condo fees in check? Drop me an email at Mark@CenterCityCondos.com to chat about more ways to keep your condo fees in line.

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

A backsplash in a kitchen is the area between the upper and lower cabinetry. Often times, we see a variety of backsplash materials, depending on how a home owner may choose to accent the design of a kitchen.

From granite, to tile, and from glass to mirrors, I have pretty much seen a wide variety of materials used to fill in the space between the upper and lower sets of cabinets in many o’ Philadelphia kitchens.  And I am often times asked to add my two cents into what might look good in this area. The options are numerous, but if you have stainless steel appliances, I would suggest you cover this area with a relatively inexpensive FORMICA (in stainless steel color). The stainless steel look that FORMICA offers is really amazing. You couldn’t tell the difference between this product, and real stainless steel.

SO WHY USE THIS PRODUCT?

It is not expensive, and it is fairly easy to have someone from Lowe’s or Home Depot install it for you.  But the thing I like best is the fact that unlike real stainless steel, FORMICA is not susceptible to fingerprints. And if you do happen to smudge the FORMICA backsplash, it wipes off very easily, and rarely streaks. Try saying the same about the front of your stainless steel refrigerator!

Is it stainless, or is it FORMICA? I dunno. No one else will know either.

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

Congrats…you are in a minority! A good minority to be in, as parking, regardless of cost, has proven to be a great amenity for resale. But a lot (TONS) of realtors are WRONG when they advertise “Deeded parking”. Or they tell their buyers that the parking is “deeded” when indeed that is not the case. Parking can be described in the condo docs, and on one’s deed as “assigned” or as a LCE (limited common element) with the full right of use and enjoyment to unit # whatever.

Which is preferred? Some Philadelphia Realtors incorrectly assume that deeded parking with a Philly condo is preferred. I would argue otherwise. You see, with deeded parking, although you can sell your condominium off to whomever, you have to hope whomever also wants your parking space.  If the potential buyer of your Rittenhouse Square Condo doesn’t want your deeded parking space you are left with the headache of deciding whether to reject their offer because it will leave you with a parking space that will do you no good when you move into your Old City Loft.  Not to mention you’ll be stuck paying taxes on that space you won’t be using because you not only pay taxes on your condo, but you have a separate tax bill for that “other” deed…the one for your parking space.

An assigned condo parking spot has no separate tax bill, as the condo and the parking are on one deed. Really, in my eyes, whichever way the parking is set up by the declarant (the condo developer in most cases), will not affect the value of your condo. The value is in having parking in the first place. But please be aware when you hear the words “Deeded parking”…as your parking space may not be deeded at all. If I had my choice….I would choose NOT to have deeded parking, rather assigned parking to my unit, whose rights of ownership transfer to whomever buys my Philadelphia condo.

Please feel free to leave a comment on this post.  I’d love to hear your thoughts! 

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

If you are purchasing a new Center City condo, and you are fortunate enough to have a developer who will allow you to choose some finishes, here is what I suggest you upgrade for maximum impact.

1) A Viking Stove is a must.  I know you really aren’t ever going to use it, or read the manual to find out how the convection part of your stove works. You don’t have to. Just get one. It will envelop the condominium, and put a halo effect on the entire kitchen, if not your entire condominium. Think of the resale value. Stainless steel Viking stoves just don’t go out of style, nor do the visual style of such change yearly. It is a status piece, and every buyer knows it.

2) Panel the dishwasher. Have the developer/seller install a piece of matching panel cabinet piece over the dishwasher. It will make the kitchen appear to be larger. And it is not like someone is going to walk into your new condo and be impressed that you have a dishwasher. Everyone has one, so hide it….with the same wood façade used in the rest of the cabinetry.

3) I don’t think you necessarily need to grossly oversize your refrigerator. Just make sure the developer gets one that fits. We have all seen refrigerators stuck in spots that are twice the size needed for that refrigerator. Not only should it be the correct depth, but height is important as well. Make sure it fits…and fits well.

4) Wallpaper a bathroom. It is really amazing how almost all decorated condo models in town have bathrooms that have been papered. The look packs quite a punch, and is not a touch seen outside of units done by designers.

Not only will your new touches give you much use and enjoyment in your new Philadelphia condo, but your potential resale value will be greatly enhanced, as you add more “emotion” to your new Rittenhouse Square condo, or your Old City loft, perhaps.

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

Fine. No problem. Just please make sure that one of those agents is NOT me. I am just not interested. Now I don’t mean to be a snob here, or anything, it is just that I am not interested in spending time with you, getting to know your likes and dislikes and teaching you all I can in the time we spend together, in order for you to take that knowledge, and spend it with someone else. I get buyers who say, “Well, I am not going to work with just one Realtor“…and that is fine. I don’t think you are doing yourself any justice but working with many Realtors is your choice. Just please, leave me out of that mix.I tell buyers that they may work with any Realtor they choose, and if I am not doing my job, we don’t happen to click, or you are just plain sick of me, then PLEASE….go find another Realtor. It would be best if you did. I hope you and I don’t have to cross that bridge, but if the case does arise, I suggest you go find another Realtor. But not while you and I are in the process of searching for your new Philadelphia condominium. Working with a Realtor is like dating. You are free to choose whomever you’d like. But double dating is just crossing the line in the minds of many Realtors.

I hope I earn your trust and dedication through my hard work, my honesty, and my knowledge of all Philadelphia condominiums. And if I should let you down, or if you find someone who you like better than myself, then I would encourage you to “jump ship” to that other Realtor, but please….let me know if you plan on seeing two Realtors at the same time, and allow me to back out before anyone gets their feelings hurt.  

My goal is to focus on your wants and needs, and spending time with you in order to learn from you, and really spend the time setting appointments, picking up keys, etc. Nothing is worse than setting up appointments for a buyer who says “I saw this unit yesterday”, or “my other realtor say blah blah blah….”
Yeah, uh…no thanks. But if you are a buyer who may be ready to make somewhat of a “commitment” please give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com. 

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

How?  Easy.  Drive your car off a cliff. With the proliferation of the car sharing companies here in Center City  Philadelphia, you might want to ask yourself, seriously, do I really need to own a car? You might be surprised. Most parking lots around town now have designated spaces for these hourly rental cars.Let’s look at the general/average monthly cost of a new car here in town:

Parking $200

Insurance $300

Car payments $400

Tickets, gas, etc. $100

Cost of being carless: Priceless!

With nearly $1000 a month in saving, you have now transformed your Philadelphia condo shopping possibilities from a one bedroom to a two bedroom.  Or maybe you have gone from an existing somewhat “used” condo to a new bright shiny, never before lived in, say, Rittenhouse Square condo.

Being carless is something that is hard for most Center City condo buyers to imagine. Like freckles, or unmanageable hair, it is something that we possibly have lived with all of our lives. Imagine the freedom you can mentally experience without the burden of owning a car. I did it here in town for five years, and let me tell you- it was a joy!

So to all those Philadelphia loft or condo buyers who are struggling to find what they want, think about the possibility of shedding 2000 pounds of ugly fat. Drive your car off a cliff. Or sell it. Whatever. If you simply look into the easy and availability of the new car sharing programs here in town, you just might be pleasantly surprised at what you can now afford in the Center City condominium market!

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

More often than not, the closet space inside the new piece of Philadelphia real estate you just purchased is not up to snuff. I would call Lowe’s or Home Depot, or wherever, and have them re-do the insides of your closets. It seems like a fairly minimal cost, and you honestly will be able to double the usable space inside the closets of your new place. And certainly a good investment for resale, as a lot of Center City lofts lack such organization inside the closets.

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

Most buyers are unaware that buying a condo in Center City will not cost them much of anything. The way the system generally works is that the seller pays the realtors fees (the listing and the selling agent) and that buyers may contact a realtor, and not have to pay him or her for their services.

The possible exception to that rule may be a $275 administration fee. At least that is the case with myself, and Prudential Fox and Roach Realtors. My fees, as your realtor, are paid for by the seller. You can use me, my knowledge, insight, and I will not charge you for my services. And I don’t charge you the $275, nor do I benefit from that fee-it is a fee that my agency charges. I hate that fee. I think it is stupid.

I will shuttle you around from Center City condo building to condo building, and sometimes even spring for coffee at the local Wawa. I will put money in the parking meters, or park illegally on the street and risk being towed. I might even pick you up at your place of residence, and drop you off there as well when we are done with our tour. All for free!

Now that doesn’t mean that there are not costs associated with buying a condo-on the contrary, as there are closing costs when you buy a Philadelphia condominium. It is just that my services are not charged directly to you.
So, if you are in a “Ready, willing, and able” state of buying your new Philadelphia condo…let’s roll!

Looking to hop into a car, and start your Center City condo shopping? I am ready when you are! Just drop me a note, and let’s chat! And let’s go look at some condos, and have some of that good Wawa coffee in the middle of our tour!

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

As a veteran Center City realtor, I am often cornered at parties, and asked, “What is the best buy in the Philadelphia condominium market?” The answer is not always easy, and depending on your priorities, can be varied, and alterable.

Generally, I have always believed the best buy is a good combination of location and condition. The former being strong, and the latter being weak. Buy an ugly Old City loft in a strong location, and make the emotional improvements yourself. Or buy a dated Rittenhouse Square condominium that needs work, and watch your investment skyrocket with a good dose of elbow grease.

I began selling real estate in Philadelphia nineteen years ago, when the market was very depressed. It was not uncommon for sellers to have to bring money to the settlement table in order for them to sell their condos. That is probably why I think it is ultimately important to buy “ugly”. If you read my blog regularly, or listen to my podcasts, I am sure I am beginning to sound like a nag. But take the point. Or at least consider it. Do not allow someone’s dirty condo to interfere with your perception of the true value of that particular Society Hill condo, or Fitler Square condominium. The power of dirt to chase other buyers out the door, and ultimately result in a lower sale price should not be diminished. One of the first articles I wrote for publication on the net was titled, “I hope I sell you a condo that smells like dog pee”. You can pretty much surmise the story by the title.

So the next time you see me at a party, perhaps getting all liquored up, and rambling on and on about Philadelphia real estate, you can be sure some of the ramblings are going to center around buying a crappy Art Museum area loft, or a smelly Society Hill condo.

And I mean it lovingly. Nothing spells value like the aroma of someone else’s dog pee.

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