Philadelphia Real Estate Blog

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:

Follow these tips to make your Philadelphia condo truly feel – and look – like home.

1. Chances are, your condo isn’t as huge and spacious as you would like. Luckily, you can easily make your space look and feel larger than it is by keeping clutter away, creatively organizing and strategically placing mirrors around the apartment.

2. Sometimes, life just gets in the way of a lease. Don’t be scared into staying in an condo you no longer want because of the apparent lease penalty. You can smartly break your lease without spending all of your savings. Know your rights and don’t hesitate to negotiate with your landlord.

3. There’s no such thing as the perfect landlord and some are downright awful. That doesn’t mean you should have to deal with a leaky faucet or pest problem by yourself. Try a few different communication techniques until you find one that gets you the response you need.

4. Few condo dwellers are lucky enough to have a washer and dryer in their home. Minimize trips to the laundromat by using a bath sheet instead of a bath towel. This is especially helpful if you often use two towels after a shower – one for your body and one for your hair.

5. Living alone is great, but it’s not the safest option. Amp up your at-home security by keeping it under wraps that you live solo. You don’t have to lie, but don’t advertise that you don’t have a roommate or live-in boyfriend.

6. If July and August is brutal where you live, you’re probably used to holing up inside with the air conditioning on full blast for eight weeks during the summer. This is a huge expense, though. Cut electricity and costs by using the AC’s other settings, like the fan and the timer.

7. Think you smell a rat? Deal with it! Pushing the problem off until you can’t mentally handle the rodent isn’t going to get rid of it and the problem will only get worse.

8. When you can, fix your own run-of-the-mill apartment problems. If you really want your landlord to be there when you need him, don’t bug him if a light bulb blows or the toilet clogs.

9. When you have the heat on, set your ceiling fans so they turn clockwise, which will help warm the house and cut your heating costs.

10. If things go truly wrong between you and your landlord, you can turn to online dispute resolution.

Annabelle Smyth

Renovating a Philadelphia condo unit brings with it challenges that homeowners simply don’t face. Unit owners must comply with condo rules and regulations, consider how noise affects neighbors and work within the building’s larger electrical or plumbing systems. Careful planning before renovations helps prevent problems with the condo association and staff.

Unlike a house, when you purchase a condo you only own what lies within the unit’s walls. You cannot renovate public areas, other people’s units or the building’s utility infrastructure. This is necessary, in part, to ensure the building maintains its overall feel and appearance.

Check Everything

Well before you commit to any condo renovations, read over the condo association’s condo docs to find out what types of renovations are permitted. Different condo docs have different restrictions. You’ll probably need to submit a plan of renovation, in writing, to the condo association.

Generally, most condo agreements allow you to paint, install new appliances, replace lighting and plumbing fixtures and replace flooring. More complex renovations such as rerouting plumbing or electrical wiring and knocking down walls require approval by the condo association.

Renovations requiring work in adjourning units are least likely to be approved, as this inconveniences other residents. Extensive plumbing and electric work may fall into this category.

Working with Contractors

Renovating a condo often means working several stories up, rather than on the ground. This complicates materials delivery, heavy equipment transport, waste removal and even contractor parking.

Ask your condo association if they can recommend contractors with experience in condo renovations. Contractors need experience working in the tighter confines of a condo unit, and keeping noise to a minimum for the sake of your neighbors.

Renovations will go smoother if you coordinate with condo staff. Doormen and other staff need to know when contractors will be on-site, when they will be moving heavy items and your renovation schedule. Early planning and frequent updates help prevent miscommunications and hard feelings. If your renovations require access to the building’s plumbing or electricity, arrange for access well ahead of time.

Considering the Neighbors

When renovating a house, contractors usually work late into the evening, so the job will inconvenience you as little as possible. In a condo, you have to consider how renovation noise and dust affect your neighbors.

Most condo associations have strict noise regulations and limit the hours during which contractors can work. These are reasonable restrictions; your neighbors share walls, ceilings and floors with you, and don’t want to be disturbed late into the evening.

Let neighbors know your renovation plans well in advance so they don’t get blindsided by unexpected noise. Be polite and understanding–after all, you’re inconveniencing them, not the other way around. When renovations are done, express your thanks to neighbors for their patience.

Byline: Michelle is an aspiring writer with a passion for blogging. She enjoys writing about a vast variety of topics and loves that blogging gives her the opportunity to publicly voice her thoughts and share advice with an unlimited audience.

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