Philadelphia Real Estate Blog

It seems “The Donald” is coming to town, and bringing a big band of trumpet blowers with him. I am hearing all kinds of noise about his plans on adding to our waterfront. Trump Tower Philadelphia is his plan to add 45 stories, and 225 residences to our fair city. To which I say, “Have at it”.

I have seen the plans, and been to the sales presentation. Now I am rarely impressed with developers. Especially those from New York, who along with their New York city big- brained consultants tell us what we need, and how we need it. The principle they never seem to get is the “When in Rome” theory of life. And let me tell you, this ain’t Rome. This is Philadelphia. Not all issues, factors, desires, and sales trends translate across the wide expanse of New Jersey (from NYC to Philly).

But I gotta’ say…..I think someone at the Trump organization must have correctly read some tea leafs or perhaps they looked into a crystal ball on the Jersey turnpike on their way down here from NYC. From what I see, this building is not only gorgeous, but appropriately sized (in terms of unit mix, size, and number of units in total), and the amenity package seems to be spot on for what this town really needs to make the waterfront area a really desirable destination for residency. The new Trump Tower Philadelphia, looks to be its own “Private Idaho”, in terms of the amenities and the recreational facilities onboard. I can see the Jersey shore becoming less a draw for those who might live in the new Trump Tower Philadelphia….

What do you think?  Leave me a comment and give me your thoughts or send me an email at Mark@CenterCity.com.  www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106 

Mark Wade

I have been working with buyers in the Philadelphia condo market for some time now.  Since 1989 I have been shuttling around buyers in my car, on foot, and a few times, via bikes. I enjoy myself, and really like selling real estate. Call me nuts. I don’t care, but I do enjoy it.

But what I really don’t like are buyers who won’t give me any guidance or feedback. What Am I, a mind reader? I need you to talk to me. Tell me that you hate that condo on Lombard Street, or tell me you love that loft at 3rd and Arch streets. Just talk to me. Tell me why. I don’t own that condo, and I am not going to get offended by your dislike of dirty orange shag carpeting.  

Every buyer has a rank of priorities when they look at Philadelphia condos. Some value location, some condition, some value ceiling height and natural light above all else, and some Rittenhouse Square condo buyers value the prestige a certain building may or may not exude. I don’t care what your particular  priorities are, or how you value them….I just care that you adequately verbalize these wants and needs to me, so I can incorporate them into our next tour.  Otherwise, I am going to continue to show you a bunch of stuff you are not interested in seeing. God knows there is enough inventory on the Philadelphia condominium market to keep both of us looking until the year 2012, especially with the Changing Skyline that Inga Saffron, the Architecture critic for the Philadelphia Inquirer has been writing about. If you don’t have help me rule out some of the flats and lofts you are NOT interested in seeing, we are just going to spin our wheels.

My favorite buyers are the ones with opinions. Realistic opinions. Penthouse condos in prestigious buildings don’t sell for $139,000, nor can I get you EVERYTHING on your wish list. But I can hit a pretty high percentage of your wants and needs, if you just speak up and tell me why you liked the condo at 2nd and Spruce Street, or why you think you need three bedrooms, instead of two bedrooms and a den. Communication is the key, so don’t be shy!  Again, I don’t own these condos,  I just show these condos, so when you are ready to start talkin’ to me, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.  I am on your side!

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

Not only is this a good question, it is often asked, and it is relevant. There are many issues to consider when answering this question. Let’s assume you are looking at a new condo building here in town that has a new elevator, roof, windows, common area hallways, etc. The answer to your question can be a strong yes, or a strong no.

Yes- Your condo fees are going to rise significantly in the first year:

If an initial review of the budget reveals that the developer has artificially kept fees low, and really skewed the budget to an unrealistic level of operation, then there is no way in hell your condo fees are going to be what the developer is suggesting, in say years two and three. This introductory “teaser’ fees are bullcrap, and that is kinda’ shady of someone to pull that kind of stuff on buyers. A close examination of the condo budget can easily reveal such trickery if you know what you are looking for.

No- Your condo fees should remain stable for the first five years or so:

If your building has a new roof, new windows, a new elevator, new fire systems with a new stair tower(s), new common area carpeting, paint, etc. then you can reasonably expect that your condo fees are going to be stable for the first five years or so of the inception of your Philadelphia condo association. The key is to look at the budget again, and determine if the developer is being honest and truthful, and to see what the fees cover. Do your fees include water and sewer, or are they being billed separately? Does the master insurance policy adequately cover the replacement value of the building? Is a management fee included in your monthly dues?

Generally speaking, I think fees do remain stable in new construction condo buildings here in most Center City Philadelphia condo buildings. Just keep a sharp eye on the budget to make sure that all possible items are accounted for.  And make sure there is money set aside each month into a “rainy day” fund (aka: capital improvements fund).

I personally fell in love with Philadelphia real estate in the late 1980’s and became a resident when I bought my very first condo here in the Old City section of town.  From working with bank foreclosures on multi-unit buildings to helping developers turn apartment buildings into condominium buildings, I have pretty much carved my niche as a condominium specialist.  Today, as a realtor with Prudential Fox and Roach’s Society Hill office and once again an owner of an Old City condominium, I can say with confidence that I am intimately familiar with the lofts and condos (and their association fees ) here in Center City Philadelphia!    

Are you looking for honesty and insight into your future condo fees? Pick a realtor with a lot of knowledge and experience in Philadelphia condominiums, and you might just be happy you did!

Mark Wade
215.521.1523
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

How many times have we heard a Philadelphia realtor bark those words at a buyer during an open house, or say an advertisement in the real estate section of the Inquirer? I like to think of hardwood floors as being in three classes or categories. Each class can be defined by cost, look, and wear.

The first class is what I call the faux class. These floors really have the look and feel of a laminate, but are often incorrectly called hardwood floors by the mistaken masses. The name most often associated with these floors is Pergo. Often times called a floating floor, this surface often has a bit of a hollow sound when you walk. Easy to identify, I discover most buyers, even young first time Philadelphia condo buyers recognize a Pergo floor when they see one. Durable, inexpensive, and easy to install, the benefits do suit a specific type/price range of Center City condominiums.

The second class is the roughly 2 ¼ inch- 4” wide planks sold in either unfinished, or in an array of finishes baked on at the manufacturing plant. Newer construction Philadelphia condominiums abound in these floors. From bamboo to Brazilian cherry, and dozens of hues of oak, this flooring surface is popular in many Center City condos because they tend to be a bit more expensive than faux hardwood floors, and can be re-sanded, sometimes more than once, over the years. Rarely, would  one have to remove these hardwood floors to improve their look. They simply would refinish. In my experience, oak is the most durable. I have seen many a bamboo floor with puncture marks from high heels, etc.

Lastly, original 200 year old random width pine floors, with varying widths of 2”-14” – the latter being in the oldest of Philadelphia real estate attics and such, finish what I believe to be the three most relevant categories of Philadelphia condo flooring.  As the name and description above imply, these floors are the most expensive and rare. Seen in many old Philadelphia townhomes, these floors, with their glowing orange hue, and rough patterns of unevenness, are generally only seen in old lofts throughout Old City and Society Hill condos. You can’t buy these floors, outside of some who salvages old homes for a living. Softer in nature than the store bought oak, and generally about an inch thick in nature, make these floors the Grande Dame of Center City condominium flooring!

And you can check them out for yourself right inside some of my new listings.  Just give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com and we can set up an appointment.  I hope to hear from you soon!  

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

As I work with buyers, a task in which I enjoy very much, it has become evident over the past nineteen years that one tenet of seeing lofts and condos in Philadelphia holds true – You are going to see some undesirable pieces of Center City real estate before we finally hit upon the one that grabs your heart, your eye, and your pocketbook.

More often than not, I find that buyers reject 99.9% of the condos in Center City for one reason or another. No problem. That is the goal of house hunting. And believe me, there is good reason to reject many of the things that are on the market. Too big, too small, not enough closet space, too dark- you name it.  And for one reason or another, any given condo in Old City, Rittenhouse Square – wherever – is not going to be a good fit for what you have in mind.

The important thing here is that you and I learn of your likes and dislikes. That you adequately communicate what you are seeing, and how it does or doesn’t fit into your scheme of things. I don’t own any of the condos you are seeing, so if you aren’t interested – that’s ok.  Just be sure to let me know the strengths and weaknesses of everything we are seeing, so we just don’t work in circles, and continue to see condos in Society Hill that may be too cramped, if that is indeed how you are feeling.

We will eventually find you a new condo. I always do.  And if I can’t…well, then possibly your expectations are a bit lofty, or you are just not ready to buy. I am not going to give up on you….so get ready, and please be patient as we see some crap out there in the Philadelphia real estate landscape!  Call me at 215-521.1523 or send me an email at Mark@CenterCityCondos.com when you are ready to go! 

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

It seems to be universal that all new construction condominium sales policies here in Center City Philadelphia state that buyers must have realtor in tow, on first visit, in order to be represented by said agent.

To which I say, “Bull”. 

Ok, here is a scenario: You are my buyer (I am your realtor, a buyer representative) and you happen upon an open house in say a highrise, new luxury construction project here in Center City Philadelphia.  IF I AM NOT ATTACHED TO YOUR SIDE, AT THAT FIRST VISIT….YOU LOOSE.  I cannot represent you in that particular sale, should you decide to buy in the development.  The developer’s sales staff, at that point, will refuse to recognize me as your buyers agent.  They instead will be your agent, and represent you.

How do you like them apples?

Now… How many buyers, new to our town, are going to know that fact, right off the bat? I would guess, not many.  Even if you and I have been working together, to find a condo for the past six months, and I have been educating you, holding your hand, giving my best advice, and you are planning on naming your first born after me, I cannot represent you unless I accompany you on your first visit to that condominium building.

What kind of suggestion can I offer to such a buyer, who goes to such an Open House without their Realtor? Maybe they can tell the sales staff of their working relationship to said agent, and ask to get that agent on the phone. Maybe the sales staff will then see the commitment that buyer has with his agent, and offer a “Get Out Of Jail Free” card. Maybe that developer’s agent would say, “It’s alright, we can let you slide”.  Maybe not.

It is my opinion that developers are selling themselves short on this issue. I mean come on…you basically steal one of my good long term clients, who has their mom in town for the weekend, can’t reach me, goes to your open house, and your are not going to recognize me? Go ahead, Mr. Developer, and I promise you, I will be the bigger man, and not discourage my buyer from buying your product. You have my word on it.

But I can’t speak for the other 1,587 agents who can sell condos here in Center City Philadelphia.

If you are interested in obtaining honest buyer representation before you make a visit to a new construction loft or condominium here in Center City Philadelphia give me a call at 215-521-1523 or send 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

After eighteen years of selling Philadelphia condominiums, I am still in awe of the common misinformation, unwarranted dislike, and general avoidance of two simple words in our English language:   Condo Fees.You would think the two words were similar to perhaps a monster from the swamps who has come to eat you, and steal your car. Generally speaking, that is not the case. Most studies have found condo fees to be harmless.

In fact, I pay condo fees and I couldn’t be happier.  These fees get me discounts on items such as a master insurance policy, yearly termite treatments, water service bills, and daily trash removal.  These condo fees also help level out some costs like exterior painting, roof repairs, and snow removal. They also enable me to put a portion of the monthly fees aside, for Rainy Day types of building expenditures.

I don’t have to do any repairs to the outside of my building, and I can have a professional management company handle all the common bill paying issues….all for less than if I had to “go it alone” and pay for many similar items on my own.

So I am happy to pay condo fees. And NO, they are not tax deductible. Is your water bill, exterior lighting bill, or your cost to remove snow from your front sidewalk tax deductible? I didn’t think so….

So, if you love the idea paying condo fees like I do, and you are interested buying a Center City Loft or Condominium so you can start paying your own, give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com and I’d be happy to help you find your dream home (condo fees included)!

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