As a longtime Philly Realtor, I see the value in a good appearance of a given, say Old City Condominium, and a good first impression. One that does not include dirt!
It is one thing if your kitchen has white appliances and Formica counter tops. Buyers can look past that. Most folks can even get passed your vanilla bathroom and maybe even the lack of good natural light. But your dusty brown futon from your college days? Your clear lack of ownership in a vacuum, or a mop? More than any home improvement, if you are looking to increase the value of your condo in Philly, get yourself some Clorox, and get cleaning.
Most buyers are not interested in having your dirt and grime included with the sale. Unless of course, you are looking to kill your resale value.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Everyone thought Bob and Suzie were nuts to abandon their beautiful suburban oasis, replete with ducks flying to and from the pond, for a 17 foot wide row home in Philadelphia in 1992. A row house with no parking and no more than a small square slab of cement to call a back yard and four stories from basement to top floor. Their move signaled a shift in the residential paradigm. Their parents left the city after World War II, and come hell or high water, they weren’t coming back. But Bob and Suzie think of themselves as far to cool and hip to spend their days in a five bedroom ranch house with a half acre of land, and a basement full of tools and half used accouterments. Remember, they are the generation that said words like “groovy”, and “right on”. The idea of never owning a lawnmower, or a garage full of half used brooms and shovels, appeals to many empty nesters. No more yard work, no more owning more than one car, and no more having to repair the roof. The thought of new surroundings, in a new luxury condominium, with much less responsibility (and therefore more freedom) is again very appealling.
Baby boomers, becoming empty nesters provided the fuel needed for many new projects that have recently been added to Center City’s skyline. Buyers of many luxury Philadelphia condominiums have made wonderful gains in the last twenty years, with respect to their real estate investments. Without the burden of private schools for the kids, the kids, and often during prime earning years it is the Empty Nesters’ turn to treat themselves, and the developers of many condominiums have positioned themselves to take advantage of that market.
The perception that downtown Philadelphia has really come a long way over the past twenty years. Our City is cleaner, safer, and culturally more adept -are all reasons that contribute to the lure of the empty nesters. From friends who have also made the move, to museums, restaurants, shopping, and the bike trails up the Schuylkill river, Philadelphia is shaping up to be a fine residential attraction, and empty nesters have taken notice. And to think that Northern Liberties is now the place to see and be seen. Who would have thought?
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Whether you live or work here in Center City Philadelphia, you know all about The Parking Authority! Here is a short video about how to easily avoid them.
So from avoiding “No Parking” zones in front of the driveway of any given Center City Home, to making sure you do not exceed twenty minutes in the “loading zone” in front of that Philly Condo Building, you can greatly cut your chances of getting a ticket, or even worse, getting towed.
Watch your time in meter spots. The meter folks are only doing their jobs, so be nice to them. Always look out for temporary regulations and read the signs to make sure parking on any given street isn’t cut off after a certain time of day. For example, you can only park on the 600 block of Walnut Street until 3:30PM so they can clear the road for rush hour traffic, which does everyone a lot of good. They will tow you if you are blocking the traffic!
Some streets offer free 2 hour parking, but if you don’t live in a Philly Loft or Home in that neighborhood (with a sticker on your window to prove it), you will be ticketed if you exceed the 2 hour limit OR if you try to sneak back to the same block later in the day. Your license plate number is in the system, so they have no idea if you left and came back. You get 2 hours free on each block each day if you are an out-of-towner! There are tons of lots in Center City if you need to stay longer.
Lastly, don’t park in a Handicap Spot if you don’t have a Handicap plate. It WILL cost you! Follow this simple advice, so you don’t end up featured on the next episode of Parking Wars!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Even the inside of your closets say something about the way you live your life. And if you think buyers don’t take notice, then perhaps you have been living on the moon for quite some time. They do. You did when you first went Philly condo shopping. You opened the seller’s refrigerator, you peeked inside all closets, looked at the pictures on the wall, and even questioned why they did this or that.
The point is – If you want to sell your Philly condo, then clean your Philly condo. Inside and out. Even the small details make a strong impression.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
A buyer of mine sent me this link, www.RayDoor.com, and I think it is really groovy! And a great idea for many Old City condo lofts which have exceedingly large living rooms. By adding another bedroom area, and still keeping the light coming into your living room, you could quickly and easily add value.
And the look is very hip and perfectly positioned for some of the neat Old City condos that Center City has available! See more at www.RayDoor.com.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
We hear all kinds of national news stories about the country’s current real estate market. Below is a simple breakdown of the number of showings that have taken place at Prudential Fox and Roach’s Center City Philadelphia Listings over the past 9 months. The figures are broken down by price ranges. There does not appear to be a lack of folks looking to buy and as usual, very early spring seems to produce the most Center City Condo buyers with traffic slowing mid-summer as many people leave for vacations.
Leave a comment, or shoot me an email at Mark@CenterCity.com. I’d live to hear your thoughts on this “inside” Center City Real Estate report. Spring Market 2011 is just around the corner!
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I am at a standoff between a buyer and a seller on a particular condo in Center City.
This is routine. What makes this an interesting case is that after 5 days of initial offer presentation, the seller is at (say) $815k, after some price reductions, and negotiating…and the buyer is stuck at $810k, after a few counter offers.
So who is going to budge?
If I pester the other agent to hammer his or her buyer to take my seller’s offer of $815k…does that not show a sign of weakness? I think it does. It is a game of chicken at this point, and the first party to flinch, or show weakness in the negotiating process by being too impatient, may well indeed be the loser and may have to cave to make up the $5,000 difference in this case.
I am advising my seller to sit tight, and put on their best poker face.
We will see….stay tuned.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Auction, short sales, and foreclosures all exert pressure.
Interesting development- I had a gorgeous listing that sat on the market for a while, and recently sold for what I would suggest was a really really good price. A strong showing ability, layout, & amenities, coupled with low condo fees and low taxes might have suggested that this unit sold under its value.
However, in the Philadelphia condo marketplace of 2010, the price was spot-on. The seller recognized the effects that outside forces have played on the local condo market, and therefore acted accordingly. She signed the buyers highest and best offer. With the onslaught of a handful of weakened sellers hobbling around the auction blocks, and banks selectively underscoring a trend in pricing with a foreclosure here and there, pricing a Philadelphia condominium is of utmost importance.
The year is not 2007, and prices are not where they were at one time. Though Philly has fared well in comparison to other large cities across the USA, it would be folly to believe that values have not fallen in the past few years. The bottom line is that if your condo is priced well, it should sell well.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
3) Clean your windows- Inside and Outside if possible.
4) Have carpets professionally cleaned.
5) Clean out your storage area- if applicable.
No one wants to inherit your dirty, cluttered lifestyle, if applicable. There is a reason why model homes are so emotionally appealling- they make buyers believe that they will live such a clean, unfettered, uncluttered lifestyle, should they buy that condo. Yeah, it is sometimes a bit “Smoke and Mirrors”…but an emotional kick to a condo cannot be underestimated. I HEREBY DECLARE THAT A GORGEOUSLY CLEAN, DECORATED CONDO WILL THROW THE VALUE OF SAID CONDO UP AS MUCH AS 10%…over an identical, dirty, smelly, ugly looking condo in Philly.
Don’t believe me? Then let me show you two identical Philadelphia condos on both ends of the emotional spectrum. I will make you a believer in no time flat!
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I have submitted an offer on a Center City Condo (on behalf of my buyers) only to have the offer repeatedly sent back to me by the lawyer for the seller.
Here is my take:
-Who cares if the Agreement of Sale paperwork has crossed out changes, has been through the fax machine twice, and the signatures aren’t witnessed?
-And do I really give a crap that the initial to the changes aren’t dated? Not really.
-Perhaps this lawyer needs something to do, because he is really grinding fine on the details that do not make or break this deal, or prevent our agreement from being legally binding.
Here is that Lawyers Take:
-Stupid Realtor can’t take the time to dot his i’s and cross his t’s. What an idiot. I’ll show him how a contract should
be correctly executed.
-This is what I learned in law school, and why should I be soft on this contract, and not possibly protect my clients interest?
What is fair, and what is reality? Probably somewhere in the middle. Point is, ya’ gotta’ roll with the punches. And yes, even I need to brush up on dotting my i’s and crossing my t’s. Perhaps, in the long run, the longer road taken is the shortest possible road.
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
