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July 14, 2014
I am often asked by condo owners to offer tips on getting their condo to “Show Well”. Here are the 3 quick easy tips for maximizing the showing ability of your Philadelphia condominium:
1) Go to Ikea, and buy a floor to ceiling curtain and hang it from ceiling height, in front of your bathtub. This is not going to take the place of your shower curtain, it is simply going to add some dramatic effect to the bathroom. It is quick, cheap, and has a powerful punch in terms of the emotional appeal of your Center City condo.
2) Paint an accent wall. Preferably, one that is opposite the entryway to any given room. I like to see fireplace walls accented in somewhat neutral, yet enticing colors too. Like a chalky blue, or green. Painting an accent wall will give a hint of flavor to a room, without overpowering the room with massive color.
3) Replace the knobs on the doors and drawers in your kitchen and bathroom. And don’t buy the 99 cents knobs either. Go to Pottery Barn, or Restoration Hardware, and spend a few dollars. Believe me when I tell you, they will help even a somewhat tired kitchen look a bit refreshed.
That’s it. Three quick easy steps for maximizing the interior “curb appeal” to your Center City Condo!
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, philadelphia, philadelphia realtor
July 7, 2014
Here are a few things that you may not have known are pretty standard in condo docs in Center City:
1) Almost all associations charge 2 months capital contribution- means you pay 2 months condo fees to the association- not the owner, but the association- Helps build the kitty.
2) You better check the pet policy- A few years back a young woman bought a Philadelphia condo at Locust Point, then had to sell because she ignored the pet policy- her dog was too big. And she of course wasn’t parting with the dog, so she parted with the condo.
3) Rental Restrictions- Becoming more and more common in condo docs and their rules and regs- which can be a huge value-preserving tool for the association.
4) Future Assessments- Will tell you if any assessments have been approved for the future. Not “discussing assessments” but real approved assessments. There is a difference.
5) The Budget- This is a biggie. You may want to see how much $$ is on hand for future improvements- should correspond to building size and age. New buildings have little reserve- and often, they don’t need them- there is no differed maintenance beyond cosmetic often.
In the state of PA., you have 5 days or 15 days to review your condo docs depending upon the type of Center City condo you are buying- used or new.
Mark Wade
Berkshire Hathaway Home Services Fox & Roach Realtors
Mark@CenterCity.com 215.521.1523
Tags: Center City condo, condominiums, Philadelphia condo
May 19, 2014
We Will Remember 2014 As The
Year Of No Inventory
In my opinion, the cause is easy to pinpoint.
We are just now coming to a time in the market where prices have begun to rise. However, they have not risen to a point where many sellers have a ton of equity into their Center City condos. As a result, they either choose not to sell or simply cannot sell because they do not have the equity to move into a new home. This creates a bottleneck of demand- buyers are buying but there is not enough product on the market to meet that demand.
We see this phenomenon once every 7 years or so when the market shifts from a buyers market to a sellers market.
Look for the situation to change next fall as more sellers gain the equity needed to move into a new home and list their current properties.
Although I don’t mean to be the “big brain”….
We do have a fairly sizable amount of the
Center City Condo inventory for our buyers….
Tags: Center City condo, philadelphia, philly condos
April 8, 2014
I hear a lot of talk about the up’s and down’s of today’s Center City condo market. And what most Realtors are witnessing is multiple offers, properties selling at or above asking price and a decreased “days on market” statistic.
For the majority of the Center City condo market, there are more buyers than available inventory and the shift in that relationship will give rise to actions that we see more of today than we would have even six months ago- such as multiple offer bidding. I just encountered three offers on the same condo in one day and that condo had sat idle for almost two months.
Also becoming common are full asking price offers or even over asking price offers. I think it makes sense (many buyers see the time as being right to snag a condo out of the clutches of others and are therefore willing to put their best foot forward). I am now telling my buyers that IF they see a condo they want- do not hesitate to go in quick and strong.
Because nothing is more painful than a bidding war. Good for sellers, not so much for buyers.
Lastly, Realtors I speak with also confirm that they are seeing a decrease in the “days on market” calculations. Many Center City condos are selling within days, even hours after being listed for sale. I know of one unit at the Philadelphian that was listed in the MLS in the AM, and under agreement about 4 hours later. Not common, but certainly not unheard of.
Tags: Center City condo, condos in Philadelphia, philadelphia
March 31, 2014
You don’t get if you don’t ask….but there are times when I have to say NO to a buyer’s request. I just can’t….Sorry
1) Getting condo docs in advance of your offer- Condo docs are ordered by the seller and can cost up to $300. No seller orders prior to a sale in my experience.
2) Make an offer on two Center City condos simultaneously- Sorry, but you have to make up your mind. You need to approach an offer in good faith…and like dating, you really can only do so one at a time. You may want to two time…but you really can’t.
3) Move In Prior To Settlement- Perhaps if you rub a lamp, this wish could come true. It ain’t going to happen. You can move in when you own the condo. Period.
4) Expect the Owner to Leave The Condo Spic & Span- Yeah….that ain’t going to happen. The contract calls for “Broom Swept Clean” condition.
5) Expecting there not to be nail holes in walls where pictures once hung- Pictures do not magically float or levitate onto walls. They are put there via nails and screws. Expect that holes to remain once the pictures are gone. Shocking, right?
Tags: Center City condo, condos in Philadelphia, real estate philadelphia condos
March 14, 2014
Click here to check out our new listing at 1035 Spruce Street Unit LL1
Tags: philadelphia real estate
February 24, 2014
The old adage “Buyers Are Liars” is repeated often in many Real Estate circles. I think the line is a crock of sh*t….The line should be “Realtors don’t spend the time to get to know their Buyers.”
And there you have it….
The key to selling condos in Philadelphia. Find out as soon as possible what trigger is going to make any given condo work for a given buyer. Oh, and make sure you know everything about almost every condo in town and be able to discuss that condo at length, at the drop of a hat.
Here is a list of things that I find buyers really key into when shopping for a condo here in town:
1) Walkability
2) A Side of parking
3) Proximity to a given Point Of Interest
4) Areas in which they already are familiar
5) Curb Appeal / Interior Condition
Which one of those blows the others out of the water?
That would be # 5…
I hear it all the time- “I want this area”, “I must have parking”, or I want to be able to walk around town”. But many of those MUST HAVES fly out the window the minute the majority of buyers walk into a Philadelphia condo and fall in love with what they are seeing…usually quite a different story than what originally comes out of their mouths. NOTHING wrong with knowing what you like….I too am very visual.
Gone is the need for a study, or a 2nd bedroom, that large kitchen buyers have always wanted. Visually stunning condos here in Center City Philly are always in demand- regardless of most market conditions. Believe you me….and NEVER underestimate the fact –
IF IT SHOWS WELL, IT WILL SELL WELL
Tags: Center City condo, Center City Real Estate, Philadelphia condos
January 6, 2014
I have been selling real estate in exclusively in downtown Philadelphia for twenty-five years. I have done some stupid things in my career, and I have witnessed many buyers and sellers making equally stupid moves. I often see buyers and sellers either pinching a dime for a dollar, or just doing some absurd moves that are much more trouble than the expected payoff. And I am sure this is not limited to just Center City buyers…I have no doubt the scenarios play out in every real estate community:
Scenario 1: Having the Last Word
Seller asks $499k for a condo
Buyer and Seller go back and forth, and after a few days, buyer say $480,000 is my “Highest and Best” offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a douche bag and say that? You are pissing the buyer off, and it will probably cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin’ $480k instead of having to have the last word. Don’t forget, buyers still have to perform a home inspection.
Scenario 2: Can’t See the Forest For the Trees
Seller asks $499k for a condo
This Philadelphia condo is a bank-owned sty that should be selling for $800k if it weren’t so dirty, missing all the appliances, and listed with Susy Bag O’ Donuts out of Erie, Pa. (it happens…bank foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k…because after all, the market is slow, weak, and uncertain. OK….you are an idiot. If you can’t recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k….then maybe you need to do a little more homework on prices and values here in Center City.
Scenario 3: Why Aren’t you Using a Magic Wand?
Sellers asks $499k for a condo
As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent “comps” suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can’t get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut.
No one likes a whiner. Not even in a “slow, weak, and uncertain” market place. There are bargains to be had and deals to be made. Opportunity exists in all market conditions, and the current state of affairs in Center City- which has weathered the overall real estate storm fairly well- should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town Pa. might be helpful when finding the right piece of Center City real estate. And help you negotiate the best possible, realistic terms.
Mark Wade CenterCityCondos.com
I welcome feedback!
Tags: Center City condo, Center City Real Estate, condominiums, condos in Philadelphia
December 16, 2013
Some of the most sought after condo buildings here in Center City are on or very close to lively blocks that are full of activity, or they are on or near bus routes, and can have a close proximity to highways. This is very convenient but can be noisy!
Having constant noise outside your dining room or bedroom could be a big problem. So, I devised a kinda’ cool solution that works like a gem. And in the scheme of things, really doesn’t have to cost a lot.
Here’s the solution: Replace your windows (genius, eh?)!
Depending on where you live in downtown Philadelphia, you may have a fairly strong historic association who mandates the type of window replacement you must use. However, this does not preclude you from installing another set of windows INSIDE the historical set.
You can add a double paned, inexpensive vinyl clad INSIDE the outer set of historically approved windows, giving you a total of 3 or 4 panes of glass between you and the noise. This ingenious little set-up demonstrates how you can effectively keep all city noise out of your Philadelphia loft or condo.
You don’t need to live 30 feet from the highway or live in a super luxury condo building to benefit from this idea. Such insulation also provides extra protection from cold, heat loss, and dirt that gets inside of other single paned windows! To Keep the Value in, You Must keep the noise out!
If you’re thinking of buying or selling a Center City condominium and want some more tips, I can help. Give me a call today at 215-521-1523 or drop me an email at Mark@CenterCity.com.
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services | Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106
Tags: center city condos, condos in Philadelphia, real estate philadelphia condos
November 25, 2013
1) You see that the condo is vacant, and the front desk tells you they moved
over a year ago.
2) You Google the sellers, and You see that they own multiple properties,
and all of them are for sale.
3) You search the history (in the MLS) of that listing, and see the seller is on
their third listing agent.
4) You walk into the condo, it is vacant, the appliances are gone, and it looks
like the seller left in the middle of the night.
5) You read some unique language in the MLS listing about “seller makes no
warranties”, or “ corporate addendum must accompany…” usually means
corporate owned- aka REO.
These are all possible signs that the condo is ripe for an insulting offer.
Good Luck!
Mark Wade
CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Tags: Center City condo, Center City Real Estate, condos in Philadelphia
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