Two bedroom, one bath new condos about 850 square feet in a reasonably sound neighborhood for $300k-$325k.
Closet space would need to be well organized, parking optional, washer/dryers in each unit, with some sense of security – be it a virtual doorman or a security cameras/ systems.
Add minimal private outside space per unit, and I believe these units would sell like hot cakes in today’s Center City Condo market.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Don’t believe everything you read, or every comparable you see. NOT all Philadelphia condo space is created equal, and not all two bedrooms in the same building are of the same value. Duh.
There are soooo many factors that infuence value-
HOW DO YOU THEN CORRECTLY COMPARE APPLES TO APPLES?
Here are some Tips:
1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.
2) Find a map of the building, and see which units face “The Park”, and which overlook the
DUMPSTERS – Positioning within a condo building plays a role in value!
3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?”
Cuz if it did, it is going to distort the comps.
4) Floor height value- may or may not play a part in comps/ comp value. Newer condos are GREATLY based upon floor height.
5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking). And know that “Fact Sheets” and MLS sheets are like Resumes- full of bullsh** and dog doo. Never take that info for granted- you must confirm!
6) AND THE BIGGEST factor to warp comps – Interior condition. Hugely huge in comp valuation.
Here is a good example of “Not All Space Being Created Equally”…Equally sized two bed units at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.
So clearly comps can be deceiving – if you don’t know…ask me. Please.
Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106
The Old Piano Factory – Located on the corner of 2nd and Queen Streets in Queen Village. Super groovy soft loft living with garage parking. Fabulous building.
2009 Spruce St. – Double Wide Brownstone that is the epitome of luxury low rise Philly condo living. Killer location.
Kahn Park Place– Perennial fav…parking, some of the best roof decks in town, and central locale. You’ve driven past 1119 Pine a million times, if you have done so once.
700 S. 10th St – Remember Tom Hanks’ condo in the movie “Philadelphia”? Stunning views, big windows, parking!
The Palladian– 2138 Lombard St. One of the first low rise luxury conversions in town. Rarely available, parking.
Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106
Residential Sales in 19146, 19147, 19107, 19106, 19102, 19103, & 19130 – Jan 1-July 15, 2012
Thanks to all for sending me their friends and family looking to buy and sell in town. Much Appreciated!
The Biggest Cheerleader for Condo Living in Center City, Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox Roach Realtors
530 Walnut St. #260 Phila., PA 19106
From Philly.com: “An upscale W Hotel is scheduled to break ground next year on a half-acre site that was originally planned for a $420 million Waldorf-Astoria Hotel with luxury condominiums before the lending markets collapsed four years ago.
The new hotel would sit on what is now a surface parking lot at 1441 Chestnut St, just behind the Ritz-Carlton Hotel and its condo tower, according to a representative of Starwood Hotels and Resorts Worldwide Inc., which owns the W brand.” [Read More…]
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Do you really know what you are going to get? I am going to suggest you don’t.
When the spate of new high rise buildings hit the drawing boards over the past
decade, many buyers purchased their Center City condo based upon renderings, little floorplans, and a whole lot of marketing materials which surely guaranteed a buyers happiness IF they bought in that particular development. All ad campaigns showed smiling, happy, good looking folks who would one day reside in the building you were considering.
But what about the Quality of the Finishes? Many questions remained unanswered until the finished project was done, and buyers could then see what they were getting. And some projects of course, looked better on paper than they perhaps do in real life. So many factors don’t show up on renderings, like:
-Width of the Common Hallway
-Common area ambiance – Scale, decor, and ceiling height
-The feel of the interior condo elements- like light, view, and again, scale
-Amenities- Size of gym, parking access or lack thereof, and staffing budget
-Quality of interior finishes- Hollow core doors? Doorknobs? Countertop thickness, quality or lack thereof in terms of carpeting, noise transference between units, etc.
And I am just scratching the surface here. The point is, if you are buying new construction, you should ask a lot of questions. And get the answers in writing if you can. Because some new construction Philadelphia condo buyers turn out to be big winners, and others- well, not so much.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
If you found a Philadelphia condo, and made an offer and the seller signed the offer on say, January 1st, here is a rough time line of what to expect:
By January 5th – Have mortgage application taken.
By January 15th – Set up and have Home Inspection.
By January 16th – 2nd deposit due.
Sometime mid to late January- You get condo docs and have 5 days to review.
Throughout January and February- Be tortured by your mortgage company.
Through January and February- I order title insurance, city certificates, etc etc.
One week prior to settlement- You order a homeowners’ insurance policy for your unit.
One day prior to settlement- We do our final Walk-Through
Day of Settlement- Take This day off work. Please. Settlement will take an hour or two.
Post Settlement- Sing and dance in the middle of the street, and drink to celebrate your accomplishment!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach
530 Walnut St. #260 Phila., PA 19106
2. There is a new tax called the “Center City District Tax”…kinda’ nominal, but adds street cleaners and supervisors on many of the residential streets.
3. Northern Liberties is RED HOT- You MUST see to believe (compared to the 1980’s).
4. Graduate Hospital is now apartments- The hospital closed.
5. We have a new “South Street Bridge” and it is fabulous.
6. Broad St Just South of City Hall is Hoppin’…with residential and tons of restaurants.
7. The Bellevue Stratford is now The Hyatt at the Bellevue- and is stunning.
8. Delaware Ave. is now Columbus Blvd- and nicely manicured.
9. The old Naval Home on Grays Ferry is now a Toll Brothers development.
10. Most Parking meters are gone- replaced by Kiosks- and the parking authority is still very well run- If our city was run as well, the streets would be lined in gold.
If you are looking to come back to check out the City, drop me an email at Mark@CenterCity.com…I would love to show you some of the great new Philadelphia Lofts and Condos available too!
Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila, PA 19106
I am often asked about short terms Rentals here in Center City.
Many buyers are in need of such housing…either they have sold a property and are waiting to settle on their new Center City condo, or perhaps they are just in a state of flux, deciding on where they are going to end up.
Either way, I think if you find yourself “homeless”, you may want to check out www.StayAKA.com. Located on the northeast corner of 18th and Walnut on Rittenhouse Sq- they can accommodate you for a day, a week, a month, or longer. From studios to large two bedroom units…Take A look!
