Philadelphia Real Estate Blog

Bridge View Place in Old City Philadelphia is an old warehouse building that used to be the home of Thomas Scientific supply. I think they used to manufacture the microscopes and various apparatus that many elementary schools used back in the old days. When made into  approximately 121 apartments by Historic Landmarks for living in the late 1970’s, the units were carved out in such a way that make the condos an easy sell. Very few of the units are dark, almost all have oversized factory styled windows, and all floors have good ceiling height. The original physical characteristics of the building lend themselves to user-friendly condominiums in Old City to this very day.The mix and size of units are appropriate as well. Someone really nailed it back in the 70’s when they decided to make a the building into a fair number of 900+/- square foot two bed, two bath units, to which I say, “way to use your brain”. Throughout the past ten or so years here in the Philadelphia condo market, there has always been demand for such a product, especially an Old City condominium that has the ability to sell with on-site parking, which of course BridgeView possesses.

With interesting common areas, lots of exposed brick, oversized windows, and good ceiling height, as well as underground and outdoor parking lots adjoining the building, and the being one of the few mid-rise doorman condo buildings in Old City, I find that 315 New St. has always been a fairly easy sell. The condo association has many attributes that sell well in today’s market, and I am sure will continue to be an asset to the building in many years to come. For a moderately priced studio, one or two bedroom condo unit in Old City, I have often found BridgeView Place to be the destination of choice for many Philadelphia condo buyers.

If Bridgeview sounds like the place for you, give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com and I’d be happy to show you around one of my favorite buildings here in Center City Philadelphia.

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

Having watched buyers and sellers in all kinds of real estate markets here in Philadelphia – both a buyer’s market, and a seller’s market, I would like to cough up my two cents on what I see is happening now in the Philadelphia condo market as we start the new year (2008).

Let’s begin with the obvious. Buyers believe that sellers are nuts, and sellers believe that buyers are just plain crazy. And realtors are lunatics. I can see that. Buyers will react to what they believe to be a weakened market in a number of ways. Not only will they tend to “low ball”, but their behavior as far as location and condition are altered as well.

1) Low-ball offers become the norm: No big surprise here. The days of multiple offers on the same property have passed. Not only are there fewer buyers in the market, but the motivation levels of those buyers are not as prevalent.  We just don’t see that wide-eyed frenzy of “Gotta’ have it”. Buyers will often question how long a property has been on the market, and bid accordingly. Sellers should be less offended and less surprised by such behavior.

2) Condition Rule: Buyers become much greedier in their desire for something that shows well, and is in move-in condition. Why should they settle for something that needs work, when possibly they can now move up into something newer that shows really well for what they believe to be the same price? Rittenhouse Square condos, say, that do not feature a strong showing ability may be looked over. There is more product on the market, and a lot more substitutability, so those units that are a bit worn, are going to have to be priced really well to garner an offer.

3) Location becomes more important: I witnessed this firsthand back in the early 1990’s. In a perceptually weakened market, the “lesser” locations will be the first to drop off as far as prices and traffic are concerned. A buyer’s desire to “pioneer” an area will lessen as he or she may believe such a tactic is more risky in a less “demand saturated” market.

Condos in Philadelphia may be perceptually “off”, as far as sales and demand is concerned. Sellers need to be aware of this new view that buyers hold, and act accordingly. Waiting for the multiple offer situation to come knocking on their door might be best invoked by rubbing a lamp. However, what doesn’t require one to “rub a lamp” is the notion that a Philadelphia condo that shows well, and is priced well, will still sell well. Take that to the bank.www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106 

Mark Wade

There are contractors, and there are designers. And there is you. Let’s say you are neither.

But let’s say the “DIY” bug has hit you, because you read a book, and now you think you are both.

Well…uh, good luck with that.

Some home improvements are similar to how certain guys dance at weddings….just all wrong. And you know it the minute they hit the dance floor. Truly cringe worthy and laughable. But true to form, they have no idea how goofy they look out there trying their best to impress the ladies. But everyone else does!

Is This How You Roll?

You know what I mean here…..The cheap brass bathroom  sink faucet, paired with brushed nickel shower fixtures.  Or one of my true favorites, dark green wall to wall carpeting in a room with burnt orange colored walls.  Or the moderately acceptable DIY improvements coupled with the living room couch that was discarded at the curb by a neighbor, that magically found its way into your life.

There is overwhelming validity to carpenters, contractors, and designers work. And if you are (say) an accountant, perhaps you should allow the professionals to do what they do best. I sure as heck am not going to allow my plumber to work on my taxes. Would you? You should never underestimate the emotional impact your Philadelphia condominium exudes….or the lack thereof.

What you may not see, may be readily apparent to others. Like the lovely limo pictured above. Sure, it’s a limo. And it is a Honda. Put the two together, and you have one extraordinary piece of crap. There is always a side of an issue that others see, that you perhaps don’t. And having been a Philadelphia realtor for nineteen years now, I have seen “The dark side” of DIY home improvements, and they are not all pretty.  The emotional strength of your Center City Condo is going to equate directly to its marketability, and the eventual sale price.

So they next time you think you are some fancy-pants, limo-riding hipster, perhaps you should seek the advice of the professionals. Because like the “clueless wonder” on the wedding reception dance floor, not everyone is going to be impressed with your skills, regardless of how many “Do It Yourself” books you buy at the local hardware store.

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