Old City Philadelphia, or Olde City Philadelphia….either way, the neighborhood once blighted with unattractive and massive warehouses, is now the place to be for many searching for a hip and groovy condos in Philly. Once referred to as the “Warehouse district”, Old City has become the hip urban neighborhood that is much in demand! Converted factories and lofts dominate the Old City condos set. Though few townhomes are located within the Old City, many buyers find the attraction to the variety of loft space a real draw. Old City Condos in the area are many and varied. From studios to larger rambling spaces, the historic fabric and eclectic visuals make Old City a popular buying destination for Philadelphia’s residential condo buyers. 108 Arch, The Moravian condominiums, York Square, BridgeView Place condos, Wireworks condos, and the National in Old City are some of the big name condo projects in the area. All of Old City falls within the 19106 zip code. Area boundaries for Old City Philly are: Front St. to the east, 5th St. to the west, and Walnut St. to the south, and Wood St. to the north.
I personally have lived in Old City for the past 16 out of my 20 years here in downtown Philadelphia, and really enjoy the neighborhood. The charm, history, and area shopping proximity are just a few bonuses to my Old City condo!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Listen to Mark describe condos in Old City in a podcast
Read a blog entry about Old City lofts in Philadelphia
See video of an Old City condo that aired on HGTV!
As a longtime Philadelphia Realtor, I see the value in a good appearance of your Center City Condominium, and a good first impression.
Nevermind that your kitchen has white appliances, and formica countertops. Those sins are forgiveable. Most folks can even get past a seller’s vanilla bathroom and maybe even the lack of good natural light. But your ratty futon from your college days? Your clear lack of ownership in a sweeper, or a mop? More than any home improvement, if you are looking to increase the value of your condo in Philly, get yourself some Mop N Glo, and get cleaning.
Most buyers are not interested in having your dirt and grime transfer with title. Unless of course, you are looking to attract really low offers.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Generally accompanied by oversized windows and high ceilings, exposed brick walls lend an air of casual comfort to many Old City lofts, and other Center City abodes. But the treatment of those walls need not take on the same ol’ look, time after time.
Some Opt to varnish, or apply polyurethane to the brick, thereby controlling the brick dust accumulation, and giving the brick a bit of a shine, not unlike shiny hardwood flooring.
Another option, which I strongly prefer, would be the Painted Exposed brick look. Though I can rarely convince others to paint their exposed brick, some of the coolest and most hip looks are achieved by taking a colored paint to interior exposed brick finishes.
Of course, once you paint an exposed brick wall, you are kinda’ stuck with the look, unless you go and have the walls sandblasted. Not a process I would wish upon my worst enemy! Messy, to say the least.
Looking for cool and hip? Let’s take a look at some units together? Maybe a Fitler Square Condo? Give me a call at 215.521.1523 or email me at Mark@CenterCity.com.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
…and floor height isn’t the only factor affecting values within the same buildings
Probably the most overlooked effect on value to high rise Rittenhouse Square condos is the view that any particular condominium building offers. And not all views are created equal. Let compare and contrast a few different scenarios. All are based on my opinion, as a fairly seasoned Center City realtor who specializes in condo sales-
1) It is possible for a posh Rittenhouse Square condo to nearly double in value if it has a full squre view (as opposed to say the identical unit with NO view of the square).
2) In some buildings, the highest values have been posted not only on the highest floors, but also on what we call “treetop” view. A very nice view of the treetops, say on the 5th floor of a Philadelphia highrise condo can be very appealling to a number of buyers
3) A condo on a high Floor does not always warrant a higher sales price. IS there a benefit to looking directly into a neighboring high rise condo building- from the 27th vs the 8th floor?
4) I personally have found few buyers to discriminate between an East vs West view. However, a number of condo values are greatly affected by a North Vs South view.
5) Not all views from the 16th floor of various buildings are the same. Think about ceiling height, and windows that run floor to ceiling. The building itself can manipulate either the view, or the feeling that the view offers, and this in turn will affect resale value and overall appeal.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Yahoo came out with a great real estate article this past week about how Philadelphia Condominium and Home prices have stayed steady! Here is a quick excerpt:
“Philadelphia bashers like to note how the city doesn’t quite keep pace with its northeastern neighbors New York and Boston. When it comes to real estate, that may be a good thing. While prices in the Big Apple and Beantown soared during the bubble years from 2003 to 2006, the City of Brotherly Love charted slow and steady growth. Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow — well below the national average of almost 24 percent.”I personally advertise on Zillow, so I think they are a great informative site! You can also check out my listings at my site CenterCityCondos.com. As you can see Philadelphia seems to be a great place for a long-term investment so give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com if you are interested in making a Philadelphia Condominium your next home!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I love the little tricks that real estate agents sometimes attempt in order to try to “pull one over” on my buyers.
Guess What? They Ain’t fallin’ for it….because I am going to take the time to educate them about the little nuances of realtors here in town.
For instance, that listing where a realtor may have yanked a listing off the market for 2 days, then put it back on the market in order to make it appear “new”? Not going to happen….the MLS now lists the TOTAL days-on-market and makes apparent just how long your listing has been sitting.
A personal favorite of mine-Realtors who list the properties as having parking, then at the bottom of the MLS sheet it says-seller will pay for one year paid parking in some garage somewhere.
DO YOU THINK I AM NEW TO THIS PLANET? I am not. Neither are my buyers. Nice try though…..
Oh, and the sneaky way you might submit your new condo to the MLS, and “forget” to add in the square footage? This simply tells my buyers that your condo may be overpriced for the size, and you just don’t want to admit it.
I work hard to be truthful and honest with my buyers, and I am going to reveal every trick in the book that realtors may attempt in order to get their listing some ill-deserved attention.
My buyers are not stupid, because I am not stupid. So there 🙂
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
It is a rare day when I meet someone who doesn’t care about how much condo fees are for any given (say) Rittenhouse Square condo. Like saving money at the gas pump, or hitting a sale at Barney’s Co-Op, it is just something that concerns those looking to buy Philadelphia real estate.
Here are my top 4 solutions for cutting your condo fees:
1) Make sure ALL toilets in your association are 1.6 gallon, low flow toilets. Water usage, which is generally included in condo fees is a variable which can easily be controlled through proper usage. Go to your next condo meeting and bring this issue up. All new construction necessitates a 1.6 gallon flush toilet, so why not implement the rule for existing condos as well?
2) If you live in a mid rise condominium building here in Philly, and have a doorman, but are teetering on the edge of needing versus not needing a doorman, why not look into www.virtualdoorman.com (TM)? You could save a bundle, while not compromising the security of your building! I love this product, and excited to see a Philadelphia condo association implement such a savings.
3) Shop your master insurance policy around. Look at your deductible, your total coverage, and get quotes from 3 or 4 other carriers. You might be surprised at the potential savings. I find many condo associations are improperly insured.
4) Low rise condo associations that are under (say) 10 units-fire your management company, and manage in-house. You may find that you do not need to hire a management company to do the little things that are needed of a small association. (careful here…)
If you are looking for a new condo here in town drop me an email at Mark@CenterCity.com or give me a call at 215.521.1523.
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
