Philadelphia Real Estate Blog

It is said that all real estate is local, and I believe that to be the case, especially in terms of Philadelphia condominiums and lofts.

A lot of buyers are often confused after reading the Inquirer, or surfing the internet for Center City real estate. So here are a few terms, tidbits and odd facts that I know that any Philadelphia REALTOR® should know after selling condos in this town after a while:

RWP Floors:  Random width pine floors. Probably the most valuable and sought after floor here in the Center City realty market. Will refer to an older building, possibly a loft or warehouse, and found in almost all areas of town – from Rittenhouse Square to Society Hill, Old City, Art Museum area, etc. Pumpkin colored, and the width of the planks vary in size, hence the term, Random Width.

Subway Tile:  This refers to the shape of a particular tile. Often found in bathrooms and kitchens of Center City condos, lofts, etc. Commonly, subway tile is twice as long as it is tall, hence, 6” by 3” or even 3” by 1.5".  Varying sizes can be called subway tile, which was popularized in subway platforms around the country back in days of yore.

Summer Winter Hookup: Becoming a thing of the past, but popular in older times, this is a heating system that has an integrated hot water tank. Your hot water is heated by the same system that heats your house. Even more rare in urban condominiums, lofts, and warehouses.

If you have any questions about Center City Philadelphia real estate, condos, lofts or warehouses, please give me a call at 215-521-1523 or drop me an email at mark@centercitycondos.com.  I’m happy to give you the scoop!

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

As someone who sells Philadelphia real estate, I’m often asked how to best incorporate bathroom fixtures into a Center City condominium or loft styled home that will please “the masses.” This question is often asked by developers and those fixing up their own Philadelphia condos for resale.

My best advice is…
If you have a small condo or loft, with just one bathroom, the best use of your bathroom space is probably one large shower stall.

If you have more than one bathroom, I strongly encourage you to install one shower stall and one bathtub.

I’ve seen more than one new construction condominium project here in Center City Philadelphia where a builder goes to sell his Center City condos, and has really misread the Philadelphia real estate landscape. He’s built, say, a Rittenhouse Square two bed condominium and proceeds to install two bathtubs. Or conversely, builds two bathrooms, and does no bathtub. Bad…very bad!

Think of it this way: Most people take showers MOST of the time. Therefore, a builder should spend most of his area in the master bathroom for a large walk-in shower stall. I do NOT see the advantage to trying to fit in a tub AND a small shower in the master bedroom. Put the tub in the guest bath where it belongs!

With multiple bathrooms, a tub is always in order for two reasons:

As a Center City REALTOR® here in Philadelphia for the past 18 years, I’ve met my share of good buyers, and not so good buyers. Here is an off-the-cuff list of traits "Good Buyers” possess:

1. Good Buyers don’t bring their dogs on tour. They understand that if the Dorchester condominiums on Rittenhouse Square has a No Pet Policy, they probably won’t make an exception for you to bring your dog to see the new two bedroom corner condo with parking.
2. Good Buyers understand that the tour is timed. They don’t show up an hour late, which inevitably throws off the entire tour. If the Society Hill tenants in unit #4 on the tour come home after our 4 p.m. scheduled showing, we may not get in to see unit #4 on the tour.
3. Good Buyers understand that it’s a good idea to read their Pennsylvania Association of REALTORS® agreement of sale. They understand that reading the condominium documents to their new Bridge View Place condo might be wise as well.
4. Good Buyers make themselves available to receive faxes, sign addendums, etc.  They understand time is of the essence in the agreement they signed to buy that new unit at Strickland Row in Washington Square West.
5. Good Buyers realize that all first time buyers get cold feet.  They make rational decisions prior to submitting an agreement of sale for the Old City Philadelphia loft with the big windows.
6. Good Buyers have their finances in order.  They submit information to the mortgage company when asked so they can settle on their new Philadelphia condo when the contract says they will settle….and not act surprised that settlement date is when there is an exchange of cash for keys and deed. 
7. Good Buyers know they must bring certified funds and a valid ID to settle on their new Center City condo, because their agent has told them no less than say, four times. And, they know that bringing $6,532.87 in cash to a settlement table may not be an ideal situation.
8. Good Buyers are respectful to listing agents when viewing their new luxury penthouse on Spruce Street. They don’t comment on the red sofa and the orange end table because they are personal property, and are not going to transfer with the sale.
9. Good Buyers don’t bring their mother, father, all siblings, neighbor, sister-in-law, best friend, sister-in-law’s best friend and neighbor’s uncle with them when we meet to see some Society Hill condos. My car seats six. Perhaps you thought I drove a bus….
10. Good Buyers make a B-Line for the photos on the dresser of The Moravian condominium we are looking at. We all do. But, Good Buyers wait until the seller leaves before ogling the occupant’s personal effects.

I came across this blog site, and thought it was one of the funniest things I have seen at http://www.orlandorealestatephotography.com/bad_mls/bad_mls.html   and just about fell off my chair! Be sure you scroll at least half way down the page to see the photo of the empty room, with what appears to be a sizeable blood stain in the middle of the room’s carpeting.

I have said it before, and I will say it again….Showing Ability rules! Whether you are selling a piece of Philadelphia real estate that is a condo, loft, or townhouse, please make sure that you do your best to avoid selling anything like what you will see in these photos. Seriously, could you imagine yourself buying any of these condominiums or lofts here in Philadelphia, if given the opportunity?  As a longtime Philadelphia realtor, I can assure you that buyers do indeed run out of certain condominiums and loft condos screaming….often times laughing uncontrollably!   🙂

So think before you sell. See before you buy. And know that almost all photos have the ability to hide dirt…and like these photos, If you can actually see the dirt IN the photo, there is probably a lot of it there!

And check back to this Orlandorealestatephotography.com  site often, as photos are frequently added….for your viewing pleasure!

Mark Wade    Prudential Fox and Roach Realtors   Philadelphia, Pa. 19106                                                                                                                                                     

www.blog.centercitycondos.com

www.CenterCityCondos.com

I found a great article at www.blog.askjerryboutcher.com, concerning condo fees. Someone was inquiring whether or not his condo fees were too high, with respect to other associations in the area.

Jerry had made a number of good comment, about condo fees, by saying " I always consider them relative, that they are in direct proportion to the amenities and services given in exchange."

I couldn’t agree more. Many potential condo buyers believe that condo fees magically evaporate into thin air. Generally speaking, they do not. You get what you pay for, and in a lot of cases, the fees for different associations (at least here in Philadelphia) vary due to the varying master insurance policy rates that a particular assocation carries.

In addition, a high rise condo fees, in say Rittenhouse Square, are going to be a lot higer than a low rise, regardless of the neighborhood, because high rise condos and loft buildings offer services such as doormen, elevators, possibly pools, and grounds. And none of those amenities are free!

I welcome your questions, comments, or concerns about my posts.

Mark Wade

CenterCityCondos.com      www.blog.centercitycondos.com

Prudential Fox and Roach Realtors

Philadelphia, Pa. 19106

Well, they do have one. But it belonged to the Philadelphia REALTOR®

 who had the listing to this Center City condo prior

I am a REALTOR® in downtown Philadelphia. I specialize in selling Center City condos and have for the past 18 years of my career. Last year, my little group and I sold 160+ Philadelphia condominiums and loft-styled properties.

I’m always amazed when I go on a listing appointment and the owner tries to sell me on the fact that condo fees in his building are super low, as compared to similar condo buildings in downtown Philadelphia.  Perhaps Mr. Seller thinks I am new to this planet. It’s been my experience that somewhat abnormally low condo fees for a particular building can actually result in a lower resale price for those Philadelphia condos.

Condominium buildings, like cars, teeth, and gardens, require ongoing maintenance and care. In an effort to cut your personal costs, try not buying toothpaste or floss for a year, and see where that gets ya’. In the long run, it’s probably going to cost you more than if you bought (and used, of course) toothpaste, floss, and mouth rinse.  One dental bill can blow those costs out of the water. The same analogy can be said about Philadelphia condo buildings.

Let’s say a condo association decides it’s going to keep fees minimal because the owners got together and decided NOT to raise fees yearly. Bad move, I say!  Interior and exterior maintenance projects are going to be lacking, most likely, as will routine projects like cleaning exterior windows, hall carpeting replacement, etc.

Certainly the prospective buyer walking in the front door for the first time is going to see those deficiencies….

Ready to buy or sell your Center City condominium?  Let me help you get the best terms and price. Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.

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

I love that line. Could you imagine someone throwing that at you to try to overcome or capitalize on a possible downside to a home?

I remember back in the early 1990’s, a listing agent told “Suzy” the REALTOR® and Suzy’s buyers that “this” home was historically certified. As the deal progressed, the buyers could find no substantiating evidence to support such a claim. The listing agent, when cornered, uttered, “No dear, I said historically certifiable”.

But that leads to a valid question, especially here in the historic city of Philadelphia. Does the reputation, or historic significance, of a home play into the value of that home…be it a Philadelphia condominium, loft, or townhouse? And conversely, does a less than desirable reputation of a certain home have the ability to suppress the resale value of that home?

I say yes to both.

Pretend a major double murder-suicide kind of something went down in a home, especially in the not too distant past.  Such an event might make a buyer hesitate to become interested in a home, which could draw out the length of time a home sits on the market, and make that home riper for a lower sales price.

On the other hand, the fact that Ben Franklin used to make booty calls to your home is no occasion to memorialize such an event with a plaque on the front of your home. 

Having, say, “Hail Columbia” composed in your living room might make for an interesting compliment to your resale value. I know of more than one example of premiums being paid for Philadelphia condominiums and townhomes where significant history was made at that particular address.

In a town that brought you the likes of Thomas Paine, Dolly Madison, and Betsy Ross, history does sell and has a tendency to sell well.  Assuming, of course, that such history can be documented and is more than a wild rumor. Less concrete claims, like ghosts and “George Washington once left his wooden teeth in this house” are less likely to garner a price adjustment to a historic Philadelphia home.

Interested in buying or selling your own historic (or non-historic) Philadelphia condo?  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.  (Ghosts and wooden teeth not guaranteed.)

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St. Phila., Pa. 19106