8.) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
Here is a quick way to start the process:
Call me at 215.521.1523 or email me at Mark@CenterCity.com. We will chat..no obligation, and no pressure.
I am here to help you.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
When considering the purchase of a Center City condo, I think buyers should first ask themselves what style of condo are they considering?
A high rise? Maybe a loft, or a Brownstone style?
There are a whole slew of different condominium buildings here in Center City, and each comes with its own unique characteristics.
Are you willing to pay the higher condo fees charged for doormen buildings?
Or is the idea of a Philadelphia condominium with oversized windows, exposed brick, and high ceilings your idea of the perfect urban pad?
Keep in mind that the larger buildings with elevators, parking, and doormen do have significantly higher condo fees than the Brownstone styled condos without such amenities. There is sure to be a condo in Philly that suits your needs. It just sometimes takes a deeper look than what is on the surface to find that perfect condo!
With my 19 years of helping people find their perfect Center City Condo, I hope to be of service to you, should you be looking to put down some roots in our town!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Philadelphia has been graced with some wonderful, and some not so wonderful additions to their condominium inventory over the past five years. Some are selling quite well, and some- well, not so much.
I think that the popularity of a certain building has to do more with the buildings cache, or “je ne sais quoi” rather than the normal fluctuations that occur within a given real estate market at any given time. By that I mean that some buildings are, and have sold well due to either the builder’s name, or hype that surrounds such buildings. The lack of such hype can be devastating.
From ultra-contemporary to elegantly conservative, Philadelphians seem split on the style design of the condos they prefer. We have seen some very high end Penthouse units sell in Old City lately, and the addition of the most modern building to hit town become erected at 13th and South Streets.
New construction is favored by many, due to Philadelphia’s tax abatement , and the stylish finishes found in many new high and mid rise Center City condo buildings. Even high-end condos can be found, bursting with amenities, in some low rise Brownstone conversions projects found scattered about town.
Philly condominiums offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.
Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.
Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit.
Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.
Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.
Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.
Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s discuss how parking may affect you!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Many buyers who email me about Fitler Square condos in the 19103 zip code favor a quiet neighborhood, with easy access to the University of Pennsylvania, or I-676, or perhaps strolling distance to Rittenhouse Square. Though few condos exist in this part of downtown (Center City) Philadelphia, the attraction of being near the Schuylkill River and the recent addition of the jogging trail next to the river make the Fitler Square area a destination of choice for many Philly condo buyers.
Most notably, Locust Point condominiums has recently added condominium inventory to the neighborhood. 251 S. 24th St. is a boutique style loft condo building with parking, and a relatively small association. Additionally, one will find a smattering of low rise, Brownstone styled condos in the neighborhood– each offering a unique floor plan, layout, or character specific to the particular building. The introduction of some very high end Brownstone styled condos like 2025 Spruce St, and 251 S. 22nd have added a bit of cache to the appeal of this small, yet diverse collection of condominiums that make up (sometimes) rare offerings of Fitler Square.
The one interesting bit of info I can tell you about my experience selling, and sitting open houses in the Fitler Square area is that it seems EVERYONE who is looking for a condo here, is fairly set on finding something in the neighborhood. The #1 question out of their mouths is “What else is available here?”
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”.
It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as: – area, -vicinity, and –adjacent. And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).
So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.
Let’s start by defining your needs. Do you have any pets? That is a great question to start with! Many condo buildings here in Center City Philadelphia have differing pet policies. Some allow dogs, buy have weight limits. Some have limits on the type/breed of dog they allow. Though I have never heard of a weight limit on cats, I am pretty sure most buildings would not allow you to bring a Tiger or a Lion with you :).
Also- when you say you MUST HAVE parking- will on-site rental parking suffice? This little loop hole will certainly increase the number of available condos. May buyers get stuck (not making a judgment call here) on requiring a deeded or assigned parking spot with their unit, when they may not be familiar with the options they have for on-site, or even rental parking within say 50 feet of their front door. Knowing your options can really open up many possibilities in the Philadelphia condo market.
Finally, when buyers say they must have a three bedroom condo, I often ask if a two bedroom and den styled unit will be ample space. There are very few true three bedroom condos available here in town, and those that are available seem to really command a staggering sale price.
So let’s start by defining your true needs. You might find there are options and alternatives to what you believe you truly need and what you might find acceptable! I’m here to help buyers define their needs when searching for their next condo here in downtown Philadelphia! Give me a call at 215.521.1523 or drop me and email at Mark@CenterCity.com!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
There are loft-like Philadelphia Condos, and there are LOFTS. And although the word is thrown around like a ragdoll being mauled by a dog, not all lofts are created equal.
I break them down into two segments-Hard Lofts and Soft Lofts. It is fairly easy to recognize the difference, and I will make the distinction as easy as possible.
A hard loft is generally a converted warehouse space. Huge huge windows, rough finishes, and an open bedroom that overlooks the living area. Often times with cement floors, these hard loft condos lack the refined qualities that many buyers are looking for here in town, like designer kitchens and baths. They are truly open spaces that have been converted to living space.
Here are two examples of hard lofts:
Conversely, the soft loft, is more prevalent here in town, and what most realtors describe when they say “loft” in one of their ads. And it is what most buyers are really looking for (I find). They generally hold some elements of neat unique space, with high ceilings, exposed brick, and some degree of hip-ness.
Here are two examples of soft lofts:
The luxury is built into soft lofts, but they do retain elements of hip, cool kind of urban living.
If you are looking for either a hard or soft loft, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s go see what Philly has to offer!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
