Philadelphia Real Estate Blog

…where I will be living, when I hit the PA Lottery

On the corner of Fabulous and Unbelievable, is a new piece of Center City real estate which arguably will be the ‘Belle of the Ball” amongst Philadelphia’s luxurious condo  buildings.  Known as 1706, this new 31 story tower at 17th and Rittenhouse Streets houses one unit per floor…with a jaw dropping two story penthouse unit. A majority of the units are flats- one story units with two balconies each, and have 4300 square feet  with ten foot ceilings and eight foot windows. From renderings I have seen, this is the kind of building one might see in Miami, Chicago, or New York City. The type of building that may have, say ten years ago, quietly passed on allowing itself to be planted in good old Philly.

When other Center City condominium buildings boast of amenities such as pool, sauna, and conference areas, it seems to me that a many of them are simply paying lip service to such goodies.  1706 Rittenhouse appears to be putting some serious effort into the common area freebies. It doesn’t appear that they will turn a maid’s closet into a room with no windows, a treadmill or two, and a Stair-master knock off.  From what I can gather, this building will not be selling itself short in terms of location, view, amenities, quality of finishes, and overall desirability.

Developed by Scannapieco Corp., and ParkWay Corp., 1706 is targeting a market that appreciates, and will pay for quality. I have always said two things about Philadelphia condo buyers- they will spend for quality when they see it (and can sniff out faux quality like an English fox hound). And secondly, that there are more people in Philadelphia with money, than there are condominiums in Philadelphia to serve the needs of those buyers. I think 1706 is going to be a huge success, and rightfully so. It seems to be taking on that segment of the market that has been somewhat neglected in the past.

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

Bella Vista Lofts is a nine story condominium building located on the corner of 11th Street and Washington Avenue. I visited the other day, intruigued by the Pods they have built onto of the building, which they refer to as Villas. My curiosity was not only satisfied, but I was really amazed at what I saw. The lobby was done in a hip modern style, the units themselves clearly were priced well, and the Villas were unlike any other Penthouse condos in Philadelphia. I was impressed, to say the least. All units in the building offer indoor parking, and get this- for an extra $10,000 or so, you can purchase a lift, and turn your parking spot into Two car parking!

That was a really nifty idea, as many Center City condo buyers have more than one car, and the cost to garage both cars was easy, assessible, and not too expensive. What a great idea! The ceiling height in the garage allowed for such a novel approach. In fact, the ceiling height throughout the buiding was nothing short of phenomenal.

The dollar per square foot asking price on the two bedroom units was around $277 per square foot…and this includes parking! Again, I was very impressed with not only the finishes, but the hip, kinda’ modern and urban feel of these Philadelphia condos! With polished cement floor, and oversized windows, fantastic ceiling height, and the level of finishes throughout make the units very appealling. And it appears that the developer didn’t scrimp on the finishes either. The kitchens and baths were not only modern, but unlike the run-of-the-mill contractor grade stuff that we see in similar price ranges.

With a front doorman, extra wide hallways, and again, fantastic ceiling height and oversized unit windows, it was hard NOT to get excited about what I was seeing. The Penthouse units were a great mix of the Hard/Soft loft as the space was open, generous, and even the closets were of good size. The Villa Units (which I like calling POD units) were really amazing. If you are in the $1M plus price range, and you are looking for a different style of luxury Penthouse condo living here in Center City, then you are going to want to make sure you at least see these units, as there really is no substitutability anywhere around town for these homes. Two and a half story living, with three (count ’em…three!) outside spaces- each one bigger than the next! And the finish level was admirable! The Lofts at Bella Vista are now going to be #1 on my showing adgenda to new buyers whom I introduce to the Philadelphia condominium market.

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

As a longtime realtor in Center City, I am often confronted with conflicting information given to me by other realtors, information on fact sheet or various sources of information on the internet.

One of the most common variables I come across is the difference is square footage calculations or claims. And I think it is important to ask yourself where this information is coming from – the seller, the seller’s appraiser, your appraiser, the realtor, city hall, the developer, your own measurements, or perhaps the man on the moon?

Since you might come up with nine different calculations of square footage, I would suggest that the best source would be from your own measurements. And know that variables do come into play here:
Is the square footage advertised for say a Rittenhouse Square condominium including staircases? Closets?
Does it include the deck or the patio of any given Old City loft?

Do the measurements go from “outside of drywall to outside of drywall”, or is the calculation coming from exterior wall to exterior wall of your Philadelphia condo?

You can always go to online to check city records. That information is usually garnered from the architectures renderings when the project was developed/converted into condos in Philadelphia.
Looking to get a good measure of the Center City real estate market? Give Mark Wade a call for all your real estate needs!

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

So it is settlement day (aka-the day I told you to take off from work) and we are meeting at your new groovy Old City loft, or Rittenhouse Square condominium to do our final walk-through.  I have found condos in Philadelphia left in a variety of stages of transition, from total hell-holes, to gorgeously clean condos with a bottle of Champagne in the refrigerator, and everything in between.

Per the terms of the agreement of sale, the condo should be left in broom-swept clean condition, normal wear and tear accepted. Now, how do we interpret that? I usually tell buyers not to expect that the home has been professionally cleaned, rather just “broom-swept clean, free of debris”. There should be no college fraternity house communal sofa left in the guest bedroom, nor should the seller’s old computer boxes and broken bicycle be left in the storage bin in the basement.

If you notice that the stove hasn’t been cleaned, or the shower stall full of grime, well…uh, know that there is no extra charge for these. The grime transfers with title :). Don’t expect the world from any given seller, just some honesty and good faith. And to all you sellers out there in internet land…no one needs your crap or your garbage. Take it with you….and if you want to donate furniture…call Uhuru at 12th and Spruce Street, who will take donations. And your future buyer is not interested in a closet full of wire clothes hangers either.

So a little forgiveness can go a long way to a happy, smooth day. Don’t expect to be able to eat off the kitchen floor, but garbage and other old belongings need not be present either.

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

I just learned that one change that might affect buyers, is the fact that your mortgage company MAY INDEED pull a credit report on you, a few days before closing.  In addition to looking up your credit when they process your application, they are also pulling credit prior to closing to make sure nothing has substantially changed with your financial position, or you have not gone out and purchased a new car, a boat, applied for a slew of new credit cards, etc.

In almost every transaction involving a Philadelphia condo, there are TWO months “Capital Contribution” due and payable by the buyer at time of settlement. Basically, you have to pay the condo association an amount equal to two months of condo fees (all buyers do). This is just a neat little way for your condo association to stockpile dough. This is not you paying two months up front…this is money that is more like a one-time bill. Not really a bad thing, as everyone who buys into the building must contribute. More of a surprise to most Philly condo buyers than anything else.

And as a courtesy to realtors like myself, who don’t get out often (out of the city, that is…) please pick a title company who will do your title work at one of the realtors offices. At a bare minimum, it should happen in the same city, if not the same county, as the transaction. I truly am not interested in going to Erie, PA to close on a house because your mother’s neighbor’s cousin has a title company in that fine town.  I will bust my hump for you. But I ain’t going to Erie.  Please settle in town. I get the shakes when I have to go to the suburbs. It just isn’t a pretty sight. Thanks.

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

Or perhaps I should ask, what is the assessed value, in the eyes of the City? Do these differ from a valuation or BPO (Broker’s Price Opinion)? How would a buyer know how to sort out the difference, or do these numbers really even matter?

(Your New Condo as Seen by You!)

When you buy your Philly condo, and place a mortgage upon the property, the bank is going to send out an appraiser to assess the value of the Rittenhouse Square condo, or the Old City loft you have just put “under agreement”.  I have always believed that an appraisal is a yes or no question….can an appraised value meet the sales price? If you answer is yes (which it does 99.9% of the time, then the property is appraised at sale price. I don’t think any bank expects more of an in-depth analysis of the value, beyond the “does it meet sale price?” value. An appraisal is a not really, in my opinion, a valuation. A valuation is a determination of value. What will the property sell for on the open market? After all, the true measure of a properties worth, is defined by what someone is willing to pay for it.

(Your New Condo as Seen by Your Appraiser!)

Assessed value, a number the city pulls out of a hat, is used to determine your property taxes. I actually don’t know if the city uses the old hat method of calculating tax bills, but the incongruence I see in the tax rates on real property certainly do lend some credibility to the idea.  I try to coach buyers on the variations in all the values that different parties can attach to the same property. The truth is, the property is worth what you are willing to pay for it, depending upon your knowledge, your realtor’s expertise, and market conditions, just to name a few factors.

(Your New Condo as Seen by Your Tax Assessor!)

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

Here are some helpful hints on what to do/what to expect on your “big” day:

1) Make sure that the funds you have are either in the form of a certified check, or your funds have been wired into the title company’s account. No one is going to take your “3rd party, postdated, out-of-state” check. No one. AND…bring your ID.

2) Plan on some type of delay. Either your mortgage company is not going to have the paperwork ready, or the interest rate you were quoted may be incorrect, or perhaps THEIR wire (your loan amount) has yet to be received by the closing (title) company. It may seem shocking that the people who practically beg for your business are so disorganized. But they usually are. Perhaps this would be a good time to resume sticking  needles in a voodoo doll that resembles the seller. Kidding…do that on your own time.

5) While waiting for someone to do something that they previously forgot to do, why not take the time to call the gas and electric company that you will need to use. Usually can be done over the phone.

6) Now might also be a good time to gather info: How do I get my name programmed into the front intercom of the building (if applicable), what is the Mgmt. company’s contact number, and who is the contact? How will I receive my monthly condo dues bill?

7) What should you do with all the paperwork given to you on your day of settlement?
KEEP THEM HANDY. Do not lose. You will need to refer to this paperwork again, I guarantee you. Especially at tax time.

8)  If you realtor did a good job for you, then brag about them to your friends and family in the future. See that others you care about, get the same good treatment. If your realtor was as valuable as say a bag of nails, then you will know who not to call in the future. If I was your realtor, and I could easily be compared to a bag of nails, then perhaps a good swift “thump” up the side of my head would be appropriate.

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

My FAVORITE city: Philadelphia!  This is where I live, eat, sleep, work, and play.  I love this City!  And it looks like we are finally getting the recognition we deserve from folks all around.  Even National Geographic has published an article called Next Great City: Philly, Really.  Here is a brief excerpt for the article:

"For years, I’ve been hearing great things about this city of 1.4 million on the Delaware and Schuylkill Rivers. Newspaper articles speak of innovative development projects. Friends return from visits amazed that the nightlife is actually lively. "It’s no longer D.C. on a bad hair day," as one jokes.

Philadelphia, I discover, comprises 152 distinct neighborhoods, ranging from working-class South Philly to yuppified Manayunk to ivied University City to up-and-coming Northern Liberties and Fishtown. But it is the Center City, the heart of downtown, that’s energizing the rebirth. Trendy restaurants and condominiums abound. A soon-to-be-completed Cesar Pelli skyscraper, the Cira Centre, just across the Schuylkill River, forms a daring twist in the cityscape. The striking Kimmel Center, with its digital-age design, is the new home of the Philadelphia Orchestra."

Click here to continue reading the article.  Then leave me a comment or drop me an email at Mark@CenterCityCondos.com and let me know what you think….Is Philadelphia the next great City?

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

Virtual Doorman (TM of Virtual Service) is the 21st century equivalent of the standard doorman. The system integrates all the responsibilites of a standard doorman into one, state-of-the-art system. The technology provides access control systems to regulate who can come in and out of your Center City Condo, video security so building activities can be monitored, fire and burlgar alarm monitoring so emergencies can be reported immediately, and interactive video monitoring. Residents and other individuals wishing to enter the building do so by using a card reader at any of the access doors. This interface is intuitive to anyone who as used an ATM. A neat feature about this is that individual doors can be set with different access privileges and cards can be allowed into the building dooring specified time intervals. This is great if, for example, a cleaning crew should only be allowed through the back door from 1pm to 3pm on a given day.

Video monitoring is accomplished through the use of reliable, high-resolution cameras. Integrating mini, aesthetically placed indoor cameras and durable, all-weather outdoor cameras provides full building video monitoring. All captured video can easily be recorded on to a DVD in the event of a crime or other emergency. The intercom system allows a visitor to connect with a tenant from the supplied list of tenants. If, for any reason, the tenant is not home or unavailable, the visitor may interact with the Virtual Doorman (TM of Virtual Service) system. Once the tenant allows the visitor into the building via a button on their intercom in their room, they are able to follow the visitors progress to the room using the in-building cameras. The cameras are integrated into the intercom system.

This service can be used in place of the traditional doorman service to eleiminate the operating cost of a 24-hour doorman, which could in turn lower your condo fees, while providing equivalent, or in many areas, improved levels or service and reliability.  Leave a comment or drop me an email at Mark@CenterCityCondos.com and let me know your thoughts on this groovy new technology!

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

A condotel can be defined as a condominium building that looks and acts like a hotel. A hotel generally has one owner, as where a condotel is going to have as many different owners as there are units. Condo hotels are sold as second, third  homes, but they are not typically sold as primary residences. In fact, many of them limit the unit owner’s usage of the unit because that unit is expected to be included in the hotel’s inventory of rentable units. As the owner of a condo hotel unit, you may place your unit into the hotel’s rental program where it will be maintained and rented out for you, just like any other room in the hotel. As owner, you receive a share of the revenue that the rental of your room generates. So it is kinda’ like being a mini hotel owner. You own just one unit, instead of a giant hotel. While there are many advantages (income from renting your unit out), there may be a heavy maintenance fee which can take a serious bite out of the potential for helping pay your mortgage.

Is Center City Philadelphia ripe for such a project? With the continued growth in popularity of Philadelphia as a tourist destination, and the demand for upscale hotel rooms seemingly strong, I would suggest that such an offering might go over fairly well here in our fair town. It is indeed an option for those looking to invest their money somewhere, as uncertainty in the stock market does give some investors pause. This idea might be great for someone looking to diversify their holdings, who might want have say a son or daughter here in school, whom they might want to visit on occasion. We certainly have a large number of teaching hospitals and higher education opportunities in town.

I get a lot of traffic on my site from potential buyers looking for a few day stay in town, every blue moon. Be it for visiting friends and family, or to reestablish roots where they once lived, or just as an “every now and then” place to visit, I think Center City Philadelphia would be an excellent location for a condominium-hotel-aka-“Condotel”.

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