Philadelphia Real Estate Blog

Certainly not all Philly condo buildings are created equal. They may look alike on the surface, but may not resell as well, and maybe be subject to a high number of foreclosures, short-sales, or REO/transferee buyouts.  And how do you tell the difference? Quick Answer- Get a Real Estate professional who knows the ins and outs of the Center City Philadelphia Condo market, and get an expert opinion.
    
In order to make a sound, value-based decision, you need to be concerned with issues such as: Owner-Occupancy ratios, Association finances, Upkeep, Rules and Regulations, and whether or not the building you are considering is even available to be financed. Unless you have a crystal ball in your possession, perhaps you need to ask someone who knows about the Center City condominium market.

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

 I can neither confirm nor deny, but here is what I have heard over the past 21 years of selling Center City condos for sale:

1) The developer of the Philadelphian was so distraught over the perceived success of his building, that he jumped off the roof. 2401 PA. Ave is of course a hugely successful building today in terms of occupancy, resale prices, etc.

2) One of the developers of 101 Arch St. was killed at the opening ceremonies when a large chunk of the facade came crashing down. The Smythe Stores in Old City has a gorgeous historic facade.

3) Society Hill Towers was such a miserable failure when built (as apartments) that they couldn’t pay their electric bill.

4) The townhouses at 10th and Lombard (Society Square) were built upon an old graveyard.

5) Cianfrani park in Bella Vista was known as “Dead Body Park” because the mob would repeatedly dump bodies there after being successfully whacked.

Now I am sure some of these are pure bullshit, but they do make for interesting reading.  Want to unravel the mysteries of your condo? Call me at 215.521.1523 and lets chat! 🙂

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

In order to NOT bite off more than you can chew, here are a few beginning steps for the first time buyer.

To begin, you should start by contacting a local mortgage professional, like Jason Griesser from Trident Mortgage. No need to see a variety of, say, Wanamaker House Condos if those condos are not within your budget. I think the next step is for you to do your homework, and get an idea of what $ 400,000 is going to get you in Society Hill, or maybe Old City.

Working with a good website like www.CenterCityCondos.com is a good start. Duh. Then call me, and lets chat about your REAL wants and needs. Lets see if we can keep your hopes and dreams within realistic terms.

No pressure-

Mark Wade
215.521.1523
www.CenterCityCondos.com 
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…in terms of buying Philly Condos?

OMG…I just did a deal in which the buyer of a Center City Condo was her own worst enemy in the deal. It was rather shocking….I thought 21 years experience would insure that I had seen it all- but this deal was a ball-buster. And I thought I was the crazy one in the bunch! 🙂 The buyer just kept creating problems….for issues that were remote, and minuscule. After a week of haggling, the deal finally got signed- but not without significant arm twisting (reasoning).

Case in point-  Who gives a crap if the seller refuses to leave the curtain rods….are you kidding me? Am I on one of those hidden camera shows?  You mean to tell me that you are going to walk away from a $500,000 condo it took you six months to find because of a $100 detail?   Think about it…..are you nutty, or are you certifiable? 🙂

Keep your eye on the big picture….that’s my advice. Let go of the little details, and keep your focus. Too many times, I find that buyers and sellers are just in it to cause the other side pain, without regard to their own time and efforts….and long term happiness. So when negotiating, it is sometimes helpful to take a step back, and look at the big picture. Like a marriage, real estate transactions are all about giving and compromising…even when you think you are doing the lions share of the work!

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

I get this question regularly from folks looking at condos for sale. The answer is yes and no. Philadelphia city code does not allow gas or open flame bbq grills on any outside balcony of any condo building. And most condo associations will mention that fact in their condo docs.

However….some associations will allow an Electric Grill….just not briquettes or gas grills.  I have seen some really cool electric outside grills…the assortment offered at many suppliers is growing in terms of quality and size. So do some looking around…and remember, just because you now live in a Philadelphia high rise condo, you may not have to give up your rights to BBQ!

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

…shouldn’t I “call ’em as I see ’em”?
 
Shouldn’t your Philadelphia Realtor have the B*lls to give his honest opinion on condos you are seeing? If a particular condo association has no money in the “Kitty”, and the building is clearly in need of maintenance- from hallways to elevators, I think I would not be doing my job if I didn’t point out (what I believe to be) the obvious.
 
Some condos in town really are pieces of crap. From condo associations’ finances, to building construction, to owner-occupancy ratios, to staff, future saleability, to perhaps better, easily identified comparable condos in Philadelphia.
 
My Point- If you are my customer, and you give me the green light, I am going to tell you what I believe are each condo’s strengths and weaknesses. And I will try to keep the snarky comments to myself- but no promises :-).

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

…Have Sh*tty Resale Prices- If they sell at all.

 
Come on, you would have to be from the moon to believe all condo buildings here in Center City are created equal in terms of
demand, cache, and resale ability (in terms of price and “days on market”). There are some buildings in downtown Philly that just really suck, in terms of their investment value. And there are a handful of buildings that basically cannot resale at all.
 
Some of the signs to be aware of-
 
1) A lot of units on the market, and very few sold in the past 12 months
2) A high number of REO’s/Foreclosures/Short Sales
3) A low owner-occupancy ratio in the building
4) Poorly managed exterior and common area condition
 
Unless you are buying a short sale or a foreclosure in the building, or are in the mood to just piss your money away, I would suggest we talk prior to you buying in certain buildings.. Some Center City condominium buildings aren’t worth a look, much less an offer.

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