Philadelphia Real Estate Blog

…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

AKA- Things you don’t see often:

1) A kinda’ grand interior staircase. Meaning a bi-level condo in a high rise. Often evokes “ooh’s and aah’s” out of buyer.

2) Doorbells for each unit…next to each condo’s front door. Like Independence Place. A neat touch buyers seem to like.

3) Painted Exposed brick. Especially when done in a soft gray, or light blue- A textured, colored wall can be a nice surprise.

4) Elevators that open directly into a specific condo unit. Always seems to elicit a gasp.

5) Outside space with outside shower near a lounging/sunbathing area- always a bonus.

Center City does offer a wide variety of surprises in the condo segment. Looking for your perfect, say, Fitler Square Condo?

Call me at 215.521.1523…Lets Talk!

Mark Wade
www.CenterCityCondos.com
BHHS Fox and Roach REALTORS®
530 Walnut St., Suite 480 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

1) Locust Point

2) 815 Arch St

3) Naval Square

4) York Square

5) The National at Old City

Based upon the fact that these buildings are sold out, (or in the case of Naval Square which continues to add new buildings as demand dictates), I would suggest that these five Philly condo buildings have fared the best in Center City since the onslaught of new construction in Philadelphia started taking shape. There are also a handful of buildings that have just a few remaining units left- Ayer, Symphony House, and Western Union Building to name a few. And of course, there are buildings here in Center City in which a small fraction of sales have happened, even after a four to five year marketing period. We won’t mention those pieces here.

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