Philadelphia Real Estate Blog

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

Here is how I would hope you would spend it:
 
1) $5 for a big bottle of windex and a roll of paper towels
           Clean your windows. Let the sun shine in. Believe me when I tell you that your perspective buyers will notice!
 
2) $25 for new bathroom and kitchen caulk and misc. tools
           If you really want someone to run screaming from your home…show them the mold that is growing between your tub and the tiled wall in your bathroom
 
3) $20 for more cleaning supplies
           Dust your baseboards, clean caked on fingerprints off light switches, and use a cleaning product with bleach for your bathtub, shower floor, and sinks
 
4) $10 for replacing burnt out lightbulbs.
           Don’t limit yourself to the inside of your Philadelphia condominium. Exterior and hallway lighting is important as well, in order to give a bright clean appearance
 
5) $40 for Paint and Painting Supplies
           Touch up your front door, door jambs, stairway wall nicks and dings, and fill those holes where needed. A little goes a long way here…..
 
Again, touch up the glaring defects, or shortcomings that are going to have a tendency to cast a bad shadow over your home. More important than staging, or a new bathroom…..is cleanliness. Don’t underestimate the power of a clean, and touched up piece of Philadelphia real estate. It can do wonders for your condominiums image!
Not interested in buying someone else’s dirt? Prudential Fox and Roach’s premier Philadelphia condominium specialist can help. Call Mark at 215.521.1523 or email him at Mark@CenterCityCondos.com…he can help you clean up your act!

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

Being the fabulous, urban Philadelphia condominium realtor that I am, I have an image to uphold. I drive a fancy car, wear the right clothes, and can be seen in all the “in” restaurants. I am a realtor snob, and if I were a female, I might just be draped in diamonds, furs, and white elbow length gloves. You know the type. Fabulous can be a realtors middle name.

But please allow me to be the first to say…We just bought a small vacation home, and…We have Formica brand countertops…and I LOVE them. They are easy to clean, glasses sometimes don’t break upon impact with this countertop, and seldom does this product chip, fade, or need to be regrouted between seams. And when we get sick of it, we will choose another Formica Brand countertop….from our local hardware store.

And for all you housing snobs…guess what?! I have berber carpeting in my new master bedroom, and I DON’T CARE. I kinda’ like it. Again, cheap, easy to maintain, is comfortable to walk on, and when we get sick of looking at it, we will simply take it out back, and throw it in the neighbors dumpster. Let’s see you do that with you old worn hardwood flooring.

We don’t have California closets…we have the Home Depot knock off specials. The fireplace is about as real as Phyllis Diller’s hair. It ain’t authentic, and I don’t care what you think.

Ok, so the brass doorknobs are a bit cheesy these days. But so is that maroon “Members Only” jacket in my closet that I refuse to discard. Oh, and don’t even get me started on the ceramic tile in my bathroom that isn’t ceramic tile, but linoleum that looks like tile. I like it, it cleans up real nice, and didn’t cost me a lot.

I can let my hair down around my new formica, berber, and fake ceramic tile. Simplier can be better. Especially in a vacation home where you don’t want to put on any airs, and you just kinda’ want to kick back, and be yourself. If I could just find a used 1972 Ford Pinto to park in this driveway, my life would be complete.

Not all Philadelphia Condominiums need to be fancy to meet your needs. If you are looking for a smart, simple condo to suit your tastes, why not give me a call at 215-521-1523 or drop me an email at Mark@CenterCityCondos.com, and let me show you some Philadelphia condos that fit your needs!

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

After having lived here in downtown Philadelphia, I know a few things that I would like to share with the folks just moving into downtown for the first time….
 
1) If you live in a condominium building or loft,you can have your dry cleaning picked up and dropped off at your home. For nearly 17 years now, I have been using:
Paul Catellano Dry Cleaning Services 1-609-617-4291  He does dry cleaning, wash and fold service, and is always friendly and reliable-no charge for pickup/delivery
 
2) If you plan on getting around town, from time to time via cab, I like Olde City Cab at 215.338.0838  Again, friendly and reliable, the best in town, in my opinion
 
3) Looking for a kinda’ hip, swanky kinda’ place to have a drink? Try “XIX” at the Bellevue at Broad and Walnut Streets (19th floor of the Park Hyatt). Nice surroundings, with not a lot of attitude. Very Philadelphian of you….
 
4) Don’t join a gym until you have seen the Sporting Club at the Bellevue. Probably will be one of the most amazing things you will see. Huge doesn’t do this place any justice. BIG BIG BIG, clean, and nice classes all day long. Opens super early, closes very late every day.
 
5) Getting from one side of Center City to the other on the weekends is easy if you use Market Street and JFK BLVD.
 
6) Looking for cheap diner food at 2am on any given night? You want to go to Little Pete’s at 17th and Samson Streets.
 
7) Need any bath accessories? Try WaterWorks at 1525 Walnut St.  Some really high quality stuff!  from towels to faucets….
 
8) Cheap Weekend breakfast? Zeke’s deli on 5th street between Spruce and Pine. Service is always friendly, and food is reasonable. A nice clean place!
 
9) New to our TV viewing area? Most Philadelphians watch ABC 6 action news. I don’t know why…but I like them too….
 
10) Looking for some high end appliances? Check out ABC appliances over the bridge in Jersey. Nice folks, nice supply of higher end appliance, etc.
 
For other vendors I like, more related to real estate, vist my site, www.CenterCityCondos.com, and click on the “Vendor” menu button.

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

Last week, I read an article on Philly.com that was inspiring to me as a Center City Philadelphia REALTOR!!  It still appears that despite the housing and mortgage crisis around the country, that Center City Condos are holding on strong!  Here is an exerpt from the article:

“”Housing prices have remained strong,” Levy said. “There’s no doubt there’s a cooling in the market, but there’s no evidence of a bubble bursting downtown.”

Levy noted that Philadelphia has the lowest mortgage foreclosure rate – 0.49 percent – among the 10 largest metropolitan areas, far below Atlanta’s 2.53 percent or Detroit’s 4.92 percent.

Levy said the survey showed that last year the average Center City condominium sold for $428,596, while the average sales price for a single-family home was $286,616. Center City condominiums increased in price about 6.4 percent over 2006, while single-family homes increased in price by 9 to 15 percent, depending on neighborhood.

The number of Center City condominium units that sold for more than $1 million went from 49 in 2006 to 115 last year.”

I love both living and working here in Center City Philadelphia and it looks like I am not alone!!  Leave a comment or send me an email at Mark@CenterCityCondos.com and let me know what you think of our City.

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