Philadelphia Real Estate Blog

I always find it interesting when developers or REALTORS advertise a spring 2013 delivery for Center City condos and the project has yet to break ground. I’m thinking, it’s summer 2013 and your project isn’t even started!

Or, how about those large signs in the ground announcing a new development that got axed nine months ago? Look around town, you can see a few.

I don’t know why delivery dates for new construction Philadelphia condos are so wrong sometimes but I do have my theories.

Perhaps these developers are unaware of what it takes to get Philadelphia condos approved and built. Maybe its a bit of wishful thinking on the part of the REALTOR: will and early delivery date increase the traffic through their site?

More likely, it’s a bit of both.

Any buyer looking at pre-construction projects should be told of the inherent delays in new construction. Buyers must be aware of the countless pieces of the puzzle that need to fit into place in order for a project to come together. And they must be told the truth- that often, developers have zero control of the puzzle pieces. (Think city and state permit requirements for example.)

I think it would be difficult in most cases to adequately predict, some nine months in advance, an exact settlement date for your new condo. To me, promising a delivery date that clearly isn’t within range is a mistake. REALTORS and developers of new Philadelphia condos lose credibility when they do this.

I started thinking about all this remembering a mistake I made. (I know, I know. I, of all people should know better!) When I was moving I actually messed up my calculations on a new construction piece. I ended up in corporate housing for six months. (You can imagine what a pain in the ass that was. Two extra moves…)

If you’re considering Philadelphia condos in a new construction project, be wary of the advertised delivery date. Allow for some grace time with your lease. Don’t make completely firm plans with your moving company. You’ll avoid a lot of headaches brought on by unforeseen construction delays.

Stop trying to comprehend today’s complex real estate market all alone. Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. Together, we’ll find your perfect Center City Condo or sell your Philadelphia condo… and ave fun doing it!

And has dirty orange shag carpeting. And faded purple painted walls. Really!

I have been preaching this mantra for some eighteen years now here in Center City Philadelphia. And it has worked! Our little group of seven REALTORS (www.centercitycondos.com) at Prudential Fox & Roach REALTORS sell over 160 Philadelphia condos and Philadelphia townhouses every year to very happy owners.

One distinction that we can brag about is the fairly sizable profits a lot of our buyers make when they call us a number of years later to resell their Center City condos. Now granted, a lot of that has to do with the market conditions, and the fact that Philadelphia real estate has been on an upswing for the past dozen or so years. But, a significant reason many of our Philadelphia condo buyers make money is because we guide them to properties that are diamonds in the rough.

Buyers are probably going to find the smelly, ugly Center City condos severely discounted (disproportionately) lower than one might expect… because few other buyers are emotionally attracted to these “dogs”.  My goal is to get buyers to see past the simple outdated or unattractive cosmetics that are inherent in a number of downtown Philadelphia lofts, condos, and townhomes.

I feign deafness when I hear a buyer tell me that the “place is perfect, except I don’t like the carpeting”. Or that the appliances are old and the inside of the refrigerator smells like the inside of their gym bag. Those issues are what I call PHONE CALL UPGRADES. You pick up the telephone, you dial the local Home Depot or Lowes and you set an appointment for them to cone out and replace the appliances and carpet. You place one call to a painter who repaints all the faded purple colored walls. These are one step-one call upgrades. This isn’t brain surgery. We are not moving the kitchen which would involve moving gas line, water lines, replacing flooring, redoing baseboard moldings on and on and on. Simple stuff…”One Phone Call” Stuff.

And that is where many buyers see a huge increase in their resale price: simple, light cosmetic work. The kind of work that takes a pee smelling, dirty orange shag carpeted piece of ick, and adds significant emotional value through the use of good decorating skills, cleanliness, and minor cosmetic upgrades that are readily visible to the eye.

Buy ugly. Buy smell. And sell oohs and aahs… Then sing and dance all the way to the bank.

Ready to discover your own diamond in the rough? Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com. We’ll smell out those “dogs” and find you a real ooh and aah buy!

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling Center City condos, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.

Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com

I love that line. Could you imagine someone throwing that at you to try to overcome or capitalize on a possible downside to a home?

I remember back in the early 1990’s, a listing agent told “Suzy” the REALTOR and Suzy’s buyer that “this” home was historically certified. As the deal progressed, the buyers could find no substantiating evidence to support such a claim. The listing agent, when cornered, uttered, “No dear, I said historically certifiable”.

But that leads to a valid question, especially here in the historic city of Philadelphia. Does the reputation, or historic significance, of a home play into the value of the home… be it a Philadelphia condominium, loft, or townhouse? And conversely, does a less than desirable reputation of a certain home have the ability to suppress the resale value of that home?

I say yes to both.

Pretend a major double murder-suicide kind of something went down in a home, especially in the not too distant past. Such an event might make a buyer hesitate to become interested in a home, which could draw out the length of time a home sits on the market, and make that home riper for a lower sales price.

On the other hand, the fact that Ben Franklin used to make booty calls to your home is no occasion to memorialize such an event with a plaque on the front of your home.

Having, say, “Hail Columbia” composed in your living room might make for an interesting compliment to your resale value. I know of more than one example of premiums being paid for Philadelphia condominiums and town homes where significant history was made at that particular address.

In a town that brought you the likes of Thomas Paine, Dolly Madison, and Betsey Ross, history does sell and has a tendency to sell well; assuming, of course, that such history can be documented and is more than a wild rumor. Less concrete claims, like ghosts and “George Washington once left his wooden teeth in this house” are less likely to garner price adjustment to a historic Philadelphia home.

Interested in buying or selling your own historic (or non-historic) Philadelphia condo? Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. (Ghost and wooden teeth not guaranteed.)

Condominium; an apartment house, office building, or other multiple-unit complex which is individually owned, with an individual deed and right to sell the individual unit of that building. So many uses of the word “individual” but that’s not exactly the word most people would use to describe a condo. Yes, you have your individual unit, but it is in a shared building with shared amenities, such as pool, gym, and/or tennis court, and shared responsibility to show your neighbors the utmost respect.

Let’s back track for a minute. You stopped at the word “amenities” didn’t you? That’s right, when living in a condo amenities such as these are right in your “backyard”, so to speak. Some Philly condos even go as far as to providing you with town car or private bus service to and from your destinations! Not a bad deal for a small fee.

A fee is described as a charge or payment for professional service. That couldn’t hit the nail harder on the head. Along with all the amenities included in your “condo fee”, which is a monthly payment for access to all that a condo has to offer, you also receive the privilege of professional services such as lawn and exterior maintenance as well as indoor home repairs. There are so many wonderful things a condo has to offer.

Condos provide a sense of a safer environment for people living alone or looking after small children considering the extra eyes that are always around. Living in a condo is like working in an office, you have your own personal and private space, yet you aren’t alone, and you aren’t too far from a neighbor or friend.

Of course I get tons and tons of folks emailing me looking to move into a condo in Center City…no surprise there. But you might be surprised by who is actually buying in town. Here are some common groups of buyers who I see buying condos in Center City.  Certainly others exist, but this is a generalization of what I see:

Whether you have been offered a job in a new country or are simply looking for a change of scenery in your life, moving to a new country can be a very exciting experience. Still, before you make such a drastic change, there are five major steps that you should make sure that you take in order to ensure as smooth a transition into your new life as possible.

Do plenty of research.

Depending on the specific country you will be moving to, the culture there may be very different than what you are used to here in Center City Philadelphia and may take some adjusting. By researching the culture, norms, and languages of the country ahead of time, you can avoid culture shock upon your arrival.

Learn the language.

If you are moving somewhere that has a different official language than what you are used to speaking, you may want to invest in some language classes or language-learning software. After all, the last thing you will want is to be unable to communicate with others upon your arrival in the new country.

Research immigration laws and requirements.

If you plan on living in the country long term, then you will likely need to establish residency and citizenship. Countries vary regarding how long you have to do this and what specific steps you need to take, so be sure to research this ahead of time and bring the necessary documentation and paperwork with you to make this happen.

Decide where you will live.

Consider hiring a real estate group to assist you with locating a home, apartment, condo, or other property to live at once you move there. For example, you may wish to consider the LWP Property Group, which is a reputable real estate company that can assist you in finding the perfect new place to call home. Keep in mind that living quarters can vary greatly from country to country, especially in terms of their average square footage and the amenities offered.

Plan a moving budget.

Moving to a new country can be quite expensive, which is why you should set a budget and do your best to stick to it. This is especially true if you do not have a business or company that will be paying for your move. Price different moving companies and related services to find the best deals in order to save money.

By following the above steps, you can ensure a successful move to a new country. Good luck!

About the Author: Madyson Grant enjoys spending time with her family and blogging about her experiences in her new home. Feel free to find out more!

WTF? Two Months Capital Contribution Buyers Have To Pay… Define: Two Months of Condo Fees A Buyer Must Fork Over When Buying a Condo In the old days- say 20 years ago, a Capital Contribution was a very rare line item paid by a buyer to reimburse the seller for the the contribution he or she originally made to the condo association when they first bought into any given building. Today, this fee is nearly universal in Center City, but it not longer goes to the seller- It goes to the condominium association. I think this is a great idea… You see, the more your building sells, the more money that the condo association is getting to put into their bank account. No longer does the seller get this money. The money goes to the association, and helps build the funds that will one day be needed to say, replace the roof, or do some kind of ongoing upkeep, maintenance, or repairs. I think the strength of any given condo association, and their ability to maintain a building without the need for a Special Assessment, is a function of how much money they have to fix and keep up the building- without having to go to the owners and ask them to pay a special assessment to address upkeep. So yes…if you are going to buy a condo in Center City Philadelphia, plan on having to pay two months condo fees upfront (this is in addition to the month fees you have to pay every single month) to the condo association. This fee will be on your settlement sheet, and is due the day you go to settle on your condo. Everyone pays it….so don’t think you are being singled out. And the money is not going to line someone else’s pocket- You are basically paying the condo association in which you are now a member. So cough it up…. Mark Wade www.CenterCityCondos.com