Philadelphia Real Estate Blog

Not only is this a good question, it is often asked, and it is relevant. There are many issues to consider when answering this question. Let’s assume you are looking at a new condo building here in town that has a new elevator, roof, windows, common area hallways, etc. The answer to your question can be a strong yes, or a strong no.

Yes- Your condo fees are going to rise significantly in the first year:

If an initial review of the budget reveals that the developer has artificially kept fees low, and really skewed the budget to an unrealistic level of operation, then there is no way in hell your condo fees are going to be what the developer is suggesting, in say years two and three. This introductory “teaser’ fees are bullcrap, and that is kinda’ shady of someone to pull that kind of stuff on buyers. A close examination of the condo budget can easily reveal such trickery if you know what you are looking for.

No- Your condo fees should remain stable for the first five years or so:

If your building has a new roof, new windows, a new elevator, new fire systems with a new stair tower(s), new common area carpeting, paint, etc. then you can reasonably expect that your condo fees are going to be stable for the first five years or so of the inception of your Philadelphia condo association. The key is to look at the budget again, and determine if the developer is being honest and truthful, and to see what the fees cover. Do your fees include water and sewer, or are they being billed separately? Does the master insurance policy adequately cover the replacement value of the building? Is a management fee included in your monthly dues?

Generally speaking, I think fees do remain stable in new construction condo buildings here in most Center City Philadelphia condo buildings. Just keep a sharp eye on the budget to make sure that all possible items are accounted for.  And make sure there is money set aside each month into a “rainy day” fund (aka: capital improvements fund).

I personally fell in love with Philadelphia real estate in the late 1980’s and became a resident when I bought my very first condo here in the Old City section of town.  From working with bank foreclosures on multi-unit buildings to helping developers turn apartment buildings into condominium buildings, I have pretty much carved my niche as a condominium specialist.  Today, as a realtor with Prudential Fox and Roach’s Society Hill office and once again an owner of an Old City condominium, I can say with confidence that I am intimately familiar with the lofts and condos (and their association fees ) here in Center City Philadelphia!    

Are you looking for honesty and insight into your future condo fees? Pick a realtor with a lot of knowledge and experience in Philadelphia condominiums, and you might just be happy you did!

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

How many times have we heard a Philadelphia realtor bark those words at a buyer during an open house, or say an advertisement in the real estate section of the Inquirer? I like to think of hardwood floors as being in three classes or categories. Each class can be defined by cost, look, and wear.

The first class is what I call the faux class. These floors really have the look and feel of a laminate, but are often incorrectly called hardwood floors by the mistaken masses. The name most often associated with these floors is Pergo. Often times called a floating floor, this surface often has a bit of a hollow sound when you walk. Easy to identify, I discover most buyers, even young first time Philadelphia condo buyers recognize a Pergo floor when they see one. Durable, inexpensive, and easy to install, the benefits do suit a specific type/price range of Center City condominiums.

The second class is the roughly 2 ¼ inch- 4” wide planks sold in either unfinished, or in an array of finishes baked on at the manufacturing plant. Newer construction Philadelphia condominiums abound in these floors. From bamboo to Brazilian cherry, and dozens of hues of oak, this flooring surface is popular in many Center City condos because they tend to be a bit more expensive than faux hardwood floors, and can be re-sanded, sometimes more than once, over the years. Rarely, would  one have to remove these hardwood floors to improve their look. They simply would refinish. In my experience, oak is the most durable. I have seen many a bamboo floor with puncture marks from high heels, etc.

Lastly, original 200 year old random width pine floors, with varying widths of 2”-14” – the latter being in the oldest of Philadelphia real estate attics and such, finish what I believe to be the three most relevant categories of Philadelphia condo flooring.  As the name and description above imply, these floors are the most expensive and rare. Seen in many old Philadelphia townhomes, these floors, with their glowing orange hue, and rough patterns of unevenness, are generally only seen in old lofts throughout Old City and Society Hill condos. You can’t buy these floors, outside of some who salvages old homes for a living. Softer in nature than the store bought oak, and generally about an inch thick in nature, make these floors the Grande Dame of Center City condominium flooring!

And you can check them out for yourself right inside some of my new listings.  Just give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com and we can set up an appointment.  I hope to hear from you soon!  

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

As I work with buyers, a task in which I enjoy very much, it has become evident over the past nineteen years that one tenet of seeing lofts and condos in Philadelphia holds true – You are going to see some undesirable pieces of Center City real estate before we finally hit upon the one that grabs your heart, your eye, and your pocketbook.

More often than not, I find that buyers reject 99.9% of the condos in Center City for one reason or another. No problem. That is the goal of house hunting. And believe me, there is good reason to reject many of the things that are on the market. Too big, too small, not enough closet space, too dark- you name it.  And for one reason or another, any given condo in Old City, Rittenhouse Square – wherever – is not going to be a good fit for what you have in mind.

The important thing here is that you and I learn of your likes and dislikes. That you adequately communicate what you are seeing, and how it does or doesn’t fit into your scheme of things. I don’t own any of the condos you are seeing, so if you aren’t interested – that’s ok.  Just be sure to let me know the strengths and weaknesses of everything we are seeing, so we just don’t work in circles, and continue to see condos in Society Hill that may be too cramped, if that is indeed how you are feeling.

We will eventually find you a new condo. I always do.  And if I can’t…well, then possibly your expectations are a bit lofty, or you are just not ready to buy. I am not going to give up on you….so get ready, and please be patient as we see some crap out there in the Philadelphia real estate landscape!  Call me at 215-521.1523 or send me an email at Mark@CenterCityCondos.com when you are ready to go! 

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

There are contractors, and there are designers. And there is you. Let’s say you are neither.

But let’s say the “DIY” bug has hit you, because you read a book, and now you think you are both.

Well…uh, good luck with that.

Some home improvements are similar to how certain guys dance at weddings….just all wrong. And you know it the minute they hit the dance floor. Truly cringe worthy and laughable. But true to form, they have no idea how goofy they look out there trying their best to impress the ladies. But everyone else does!

Is This How You Roll?

You know what I mean here…..The cheap brass bathroom  sink faucet, paired with brushed nickel shower fixtures.  Or one of my true favorites, dark green wall to wall carpeting in a room with burnt orange colored walls.  Or the moderately acceptable DIY improvements coupled with the living room couch that was discarded at the curb by a neighbor, that magically found its way into your life.

There is overwhelming validity to carpenters, contractors, and designers work. And if you are (say) an accountant, perhaps you should allow the professionals to do what they do best. I sure as heck am not going to allow my plumber to work on my taxes. Would you? You should never underestimate the emotional impact your Philadelphia condominium exudes….or the lack thereof.

What you may not see, may be readily apparent to others. Like the lovely limo pictured above. Sure, it’s a limo. And it is a Honda. Put the two together, and you have one extraordinary piece of crap. There is always a side of an issue that others see, that you perhaps don’t. And having been a Philadelphia realtor for nineteen years now, I have seen “The dark side” of DIY home improvements, and they are not all pretty.  The emotional strength of your Center City Condo is going to equate directly to its marketability, and the eventual sale price.

So they next time you think you are some fancy-pants, limo-riding hipster, perhaps you should seek the advice of the professionals. Because like the “clueless wonder” on the wedding reception dance floor, not everyone is going to be impressed with your skills, regardless of how many “Do It Yourself” books you buy at the local hardware store.

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

It seems to be universal that all new construction condominium sales policies here in Center City Philadelphia state that buyers must have realtor in tow, on first visit, in order to be represented by said agent.

To which I say, “Bull”. 

Ok, here is a scenario: You are my buyer (I am your realtor, a buyer representative) and you happen upon an open house in say a highrise, new luxury construction project here in Center City Philadelphia.  IF I AM NOT ATTACHED TO YOUR SIDE, AT THAT FIRST VISIT….YOU LOOSE.  I cannot represent you in that particular sale, should you decide to buy in the development.  The developer’s sales staff, at that point, will refuse to recognize me as your buyers agent.  They instead will be your agent, and represent you.

How do you like them apples?

Now… How many buyers, new to our town, are going to know that fact, right off the bat? I would guess, not many.  Even if you and I have been working together, to find a condo for the past six months, and I have been educating you, holding your hand, giving my best advice, and you are planning on naming your first born after me, I cannot represent you unless I accompany you on your first visit to that condominium building.

What kind of suggestion can I offer to such a buyer, who goes to such an Open House without their Realtor? Maybe they can tell the sales staff of their working relationship to said agent, and ask to get that agent on the phone. Maybe the sales staff will then see the commitment that buyer has with his agent, and offer a “Get Out Of Jail Free” card. Maybe that developer’s agent would say, “It’s alright, we can let you slide”.  Maybe not.

It is my opinion that developers are selling themselves short on this issue. I mean come on…you basically steal one of my good long term clients, who has their mom in town for the weekend, can’t reach me, goes to your open house, and your are not going to recognize me? Go ahead, Mr. Developer, and I promise you, I will be the bigger man, and not discourage my buyer from buying your product. You have my word on it.

But I can’t speak for the other 1,587 agents who can sell condos here in Center City Philadelphia.

If you are interested in obtaining honest buyer representation before you make a visit to a new construction loft or condominium here in Center City Philadelphia give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com. 

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

After eighteen years of selling Philadelphia condominiums, I am still in awe of the common misinformation, unwarranted dislike, and general avoidance of two simple words in our English language:   Condo Fees.You would think the two words were similar to perhaps a monster from the swamps who has come to eat you, and steal your car. Generally speaking, that is not the case. Most studies have found condo fees to be harmless.

In fact, I pay condo fees and I couldn’t be happier.  These fees get me discounts on items such as a master insurance policy, yearly termite treatments, water service bills, and daily trash removal.  These condo fees also help level out some costs like exterior painting, roof repairs, and snow removal. They also enable me to put a portion of the monthly fees aside, for Rainy Day types of building expenditures.

I don’t have to do any repairs to the outside of my building, and I can have a professional management company handle all the common bill paying issues….all for less than if I had to “go it alone” and pay for many similar items on my own.

So I am happy to pay condo fees. And NO, they are not tax deductible. Is your water bill, exterior lighting bill, or your cost to remove snow from your front sidewalk tax deductible? I didn’t think so….

So, if you love the idea paying condo fees like I do, and you are interested buying a Center City Loft or Condominium so you can start paying your own, give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com and I’d be happy to help you find your dream home (condo fees included)!

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

There are a variety of reasons why buyers don’t buy “the perfect Philadelphia condominium” when they see it. A whole host of valid reasons exist why someone would balk at the condo of their dreams. Other reasons are a bit less sane. I call these “deal killers”.

When you are ready to start looking at lofts and condominiums around town, give me a call at 215-521-1523 or send me an email at Mark@CenterCity.com.   

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

I love Old City. And fyi…it is not Olde City….the area located in the eastern part of downtown Philadelphia is spelled Old City. Now there may be Olde city dry cleaners, but that spelling is generally for private businesses.

Anyway, it is a gorgeously sunny fall Sunday afternoon, and we had brunch with our friends at the Continental Restaurant at 2nd and Market Streets. Now mid afternoon, and I decide to take a stroll. I first head to Fosters, where I shop in their new store for kitchen gadgets. Then I stop at Gianfranco pizza for a slice and a coke. Cost me $2.50.  They had Italian Soccer on the TV. Not that I am a big fan of soccer. And the two words I know in Italian are Rigatoni and ziti. But the place is clean, and kinda’ has a European feel. It was great!   Then I stopped by Starbucks on the corner of 3rd and Arch Streets to buy two Black Bottom brownies. The ones that are calorie free, and much like eating celery. Right.  Then down Arch Street to cute little Mulberry Market which is across from the Betsy Ross House for a half gallon of cranberry juice.  I see a billboard for a Michael Yaron development, and get excited to see what kind of condominiums he is going to plant in our neighborhood. I think he does fabulous work, and that the area can only benefit by one of his additions. And I gaze into the windows of a few art dealers on 2nd Street in Old City, and try to grasp the ideas being expressed. I walk away feeling like this art is somehow smarter than me.
I did all this today, and have yet to drive my car.

And that is what I love about living in Old City here in downtown urban Philadelphia. You can walk around the block, stop two or three times, check out a new condominium open house, pick up all the items you need for that day, and walk home. Maybe bump into someone I recognize. I don’t need to say hello. A quick nod assures both parties that there is some recognition of Old City tenancy.  I stop to read yet another “stop work order” that has been posted by L&I because some goof thinks they can do work to their buildings without permits. They must be new around these parts.  Like Betsy Ross, I have been around Old City section of Center City Philadelphia for quite some time, and I love every minute of it!

(I have never been to Topeka, but I am sure it is not this bad. Props to Hallmark.com)

If you are interested in living an “Old City” lifestyle give me a call at 215-521-1523 or send me an email at Mark@CenterCity.com.  I would love to take a stroll together in my favorite neighborhoods and take a look at some new Philadelphia condominiums and lofts.

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

There can be no doubt that there is a link between smell and memory, smell and emotion, as well as a connection between the smell of a Philadelphia condo and how you feel about that particular Center City condominium.  The links between the two are strong, even though the smell may not be too severe. And often times, a seller of a particular, say Society Hill condo may be the worst judge of how his or her condominium may come off to a buyers olfactory sense.

Bad smells are turn offs. Good smells can linger in one’s brain for a long long time. And many Philadelphia condominium owners do not know the difference. Bad smell can easily spell trouble. My suggestion. Ask. Ask a friend, a potential listing agent for your condo, or a family member. And ask them to be honest, because there are few greater turnoffs than a bad odor coming from your condo unit!

Looking to sniff out a great deal? Ask Mark to help you…..give him a call at 215.521.1523 or send him an email at Mark@CenterCity.com.

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

Consider this blog entry my gift to those who might find themselves at a loss for words at any given cocktail party. Just a few tips on what YOU can do to spark a conversation with that person across the room that you have been making eyes at all evening long, but are afraid to approach. Ask where they are from, mention something about Philadelphia real estate, then go off on one of the following easy to remember tangents:

2) Did you hear about the new Liberty Two condominiums they are building in Center City? I saw them online the other day at www.CenterCityCondos.com, and could you imagine living on the 58th floor overlooking downtown? The views are just fabulous….

3) Have you ever thought of moving into a Center City loft or condo in one of the new loft buildings around Rittenhouse Square? I hear that the demand is remaining fairly strong, even through what some might perceive to be a national housing crisis!?

4) Waterfront condos seem to be taking off in Center City. I saw a few of the recent buildings, including Waterfront Square condos, and The Dockside condominiums, and they  look really appealing. I was surprised at how tempting living in Center City might be…..

5) I understand the Symphony House has really brightened up Broad St. It looks like the area is really coming alive with all the cultural activities, and the area around Broad and Pine Streets seems to be very attractive.

Now certainly these are just a few of the hundreds of topics you could bring up in order to insure a receptive audience at your next cocktail party. Learning a bit about Philadelphia real estate, and say, Center City lofts, and Center City condominiums may be helpful prior to your bringing up such topics, but know that Philadelphia real estate is a topic that a lot of folks like to discuss, and enjoy hearing. So the next time you are standing in a corner by yourself, be prepared to bring up a topic on Philadelphia lofts, or say Rittenhouse Square condos. You just might be surprised at the ears you can bend with a little preparedness on your part!

Buying and Selling Philadelphia condominiums has never been easier with one of s Mark’s websites, like  www.CenterCityHomes.com. Look, or listen (to his Philadelphia real estate podcasts) and you too might just find yourself the person party goers listen to at your next gathering!

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