 |
|
|
|
November 2, 2015
You can choose your Realtor
You can choose which condo you want to buy (duh)
You can choose your mortgage company
You can choose your title company
You can choose which inspections you want
You can choose what day you want to settle
You can choose certain terms and conditions within the contract
But what if you are unsure about your options? That is where I come in to help.
I usually tell my buyers: “Plan the fly, then fly the plan”.
So when we meet and chat, we are going to put together a plan of attack to best suit
your needs based upon your wants and needs. And know that I will throw in my two
cents to help you navigate the buying process based upon my 26+ years experience- regardless of whether you are buying a brownstone condo, or a high-rise unit..
You may listen to my advice or go out on your own for your options. Probably a mix of the
two works best for most of my clients. Now let’s get started with the condo hunting….
June 22, 2015
I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?
After almost 3 decades selling condos at place like The Murano, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.
Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.
In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.
You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.
So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.
Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com
Tags: Center City condo, center city condos, center city philadelphia condo, Center City Real Estate, condos for sale in center city philadelphia pa, condos in Philadelphia, philadelphia
March 30, 2015
A few things to remember when doing work to your Center City condo:
1) You will have to present Insurance certs to the board for your contractors. Like at the Philadelphian Condos which has a strong management board. 2) Your contractors will generally have specific times when they may work- and hours are usually like from 9am-4pm Monday through Friday. Weekend work not allowed in most buildings.
3) Converting a two bedroom condo to a large one bedroom unit? Usually not a good idea in terms of resale value and future demand for your condo.
4) Light Cosmetic work (paint, wallpaper, re-sanding floors) will almost always get you the biggest return for your money. Especially when done with the supervising eye of a decorator.
5) Never carpet a living room. Never use high gloss paint outside a kitchen or bath. And when thinking of a color scheme- use 2 primary colors and one accent color. No more then 3 per room.
6) Stay away from: Black grout around the tile… Mirrored Closet doors…an avoid fluorescent lighting fixtures. No one looks good under fluorescents. Not even supermodels.
7) Consider putting $$ into your closet organizing system- this is going to give you a HUGE return in terms of “Use and Enjoyment” and is going to play quite well into resale value.
8) When remodeling a kitchen- you needn’t spend the big big bucks for a built-in refrigerator, but you should make your refrigerator appear to be built-in….this is an easy trick for any qualified contractor. A frig that looks out of place IS out of place…Like black shoes and a brown belt.
If you need some advice, call me.
I know the best, and the worst contractors in town.
Tags: Center City condo, center city condo for sale, center city condos, Center City Real Estate
March 9, 2015
(When I have nothing better to do, I like to run through all MLS data…)
19102 – Broad to 16th Streets
Number Of Active Condos For Sale = 41
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 72
19103- Rittenhouse/Fitler/Logan Circle
Number Of Active Condos For Sale = 89
Number Of “Pending” Condos = 31
Number of Sold Condos in Past 12 Months = 244
19106- Old City/Society Hill
Number Of Active Condos For Sale = 103
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 160
19107 Washington Square West
Number Of Active Condos For Sale = 48
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 97
19130 Art Museum Area
Number Of Active Condos For Sale = 82
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 187
19146 Graduate Hospital Area
Number Of Active Condos For Sale = 40
Number Of “Pending” Condos = 10
Number of Sold Condos in Past 12 Months = 88
19147 Queen Village/Bella Vista
Number Of Active Condos For Sale = 67
Number Of “Pending” Condos = 19
Number of Sold Condos in Past 12 Months = 85
So just what the heck does this all mean?
Pretty simple equation- shrinking inventory coupled with growing buyer demand means that condos are selling for much closer to asking price than a year ago, they are selling faster, and there are fewer options.
AND…the spring market will “officially” be here in a week or two- When we hit our first 60 degree day, the buyers will come out in full force.
This scenario is playing out all over town- be it in the condo or the single
family segment.
Prices are going up.
Period.
Tags: 19106 condos, art museum area condos, Center City condo, Center City Real Estate, condo loft philadelphia rittenhouse square
February 24, 2015
What do I get for those super high %&%#)@$
condo fees?
I get it…everyone thinks condo fees are always higher than they should be and many folks are unclear about where their condo dollars go:
1) Master Insurance Policy – Depending on the size of your building, this cost alone can account for up to 50% of your condo fees. More spread out over larger buildings but still a huge proportion of your monthly fees.
2) Building Amenities- Pool, parking, elevators, doormen and any utilities that may be included in your Philadelphia condo fees like water & sewer, or maybe heat and central air. Unless of course elevators run on magic pixie dust- you are going to have to pay to keep them running smoothly and safely. 2401 Pennsylvania Ave. ( The Philadelphian) is a good example of an all-inclusive building where almost all amenities are covered in your condo fees. 3) Upkeep and Maintenance- Of course this is the one factor that varies greatly and plays an integral part of your resale ability and resale price. You gotta’ pay to play folks- and value retention and upkeep of your common areas go hand in hand. There is no avoiding that equation.
IF YOU OWNED A SINGLE FAMILY HOME- YOU WOULD HAVE TO PAY THESE EXPENSES OUT OF YOUR OWN POCKET. THERE ARE SUCH THINGS AS
“SINGLE FAMILY HOUSE” FEES IN THIS WORLD
and buyers should know that!
Tags: Center City condo, center city condo philadelphia, Center City Real Estate, condominiums
January 5, 2015
The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.
And if you think the Center City Real Estate community doesn’t have its own clique- then you would be incorrect. Some Center City Condo listings get more traffic than others just due to their basic popularity, like the Academy House at 1420 Locust St. Being cooperative, flexible, playing by the rules, etc., all have their benefits. I have heard repeatedly that agents will avoid certain listings because they don’t want to work with this or that agent for the next two to three months of their lives. I get it. I am not saying I condone such behavior, but I do understand it. I too do not want to deal with someone who is not going to return my phone calls, has a reputation of being a pain to deal with, or maybe even known to be a hint evasive or is just someone who is known for not being able to help carry a deal to closing because they haven’t (say) been honest with their clients. Or just plain aloof.
And being “In with the In crowd” gives me access to properties that less popular agents can’t arrange. I am in the clique, you see  And I sell a lot of Philadelphia condos….so I may get a hint more wiggle room for weekend appointments, or last minute appointments. Or just get waltzed right past the doorman when I walk into a building.
Tags: Center City condo, center city philadelphia condominiums, condominiums
December 29, 2014
December 1, 2014
Click here to see Center City Condos Featured Listings!
Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com
Tags: 19106 condos, Center City condo, center city condo philadelphia, Center City Real Estate
October 6, 2014
Scenario 1: Having the Last Word
Seller is asking $499k for a condo
Buyer and seller go back and forth on an offer and after a few days the buyer says -$480,000 is my “Highest and Best” offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a goof and say that? You are pissing the buyer off, and it will probably cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin’ $480k instead of having to have the last word. Don’t forget, buyers still have to perform a home inspection.
Scenario 2: Can’t See the Forest For the Trees
Seller asks $499k for a condo
A condo that is a bank-owned unit that should be selling for $800k if it weren’t so dirty, missing all the appliances, and listed with Susy Bag O’ Donuts out of Erie, Pa. (it happens…bank foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k…because after all, the market is slow, weak, and uncertain. OK….you are an idiot. If you can’t recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k….then maybe you need to do a little more homework on prices and values here in Center City.
Scenario 3: Why Isn’t My Realtor Using a Magic Wand?
Sellers asks $499k for a condo
As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent “comps” suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can’t get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut. It happens.
Opportunity exists in all market conditions, and the current state of affairs in Center City should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town might be helpful when finding the perfect condo and help you negotiate the best possible and realistic terms.
|
|
Tags: Center City condo, center city condos, Center City Real Estate, condos for sale in center city philadelphia pa
August 11, 2014
ATTENTION DEVELOPERS….
Converting a Brownstone to Condos in Center City?
As the market begins to heat up, so does the demand for smaller associations like brownstone styled condos that tend to have lower condo fees, and a hint more character than say a high rise may possess. Here are a few hints a developer may want to keep in mind:
1) Make sure to carpet the common areas. No one wants to hear the owner of say unit 2R clomp his or her way through the halls with their high heels. Keep noise to a minimum in common areas- hardwood floor and or tile is not appropriate. Carpet these areas. Please.
2) Think about splitting your water bills up- meter each unit separately. Many buyers may be part timers or weekend city warriors, and may benefit from not having to pay for water that they don’t use on a daily basis.
3) If the city allows, and you have space in the basement, put up two by fours and chicken wire storage units. And buy a dehumidifier for the association. The minimal cost will pay for itself in terms of marketability.
4) Common Area paint should be done in a low gloss finish. And spend a few extra dollars on front door security and hallway lighting. Again, a small cost, but huge in the minds of many Center City brownstone styled condo buyers.
5) When you are done building the condos, take a step back, and put in another $2500 into each unit in terms of groovy paint, wallpaper, and lighting. You will no doubt be able to recoup every penny of that visual investment (and them some) and the condos will sell quicker. Much quicker.
Remember, your competition is going to be at least a decade or two old- so modern up to date cosmetics are exceedingly important for marketability. I find that what kills a developer in terms of profitability, is the time it takes to market a condo. A vacant condo is simply just p*ssing money down a drain. I would suggest there is a fine line between over-improving, and hitting the market just right- in terms of pricing and your final product. Need some more advice?
Call me, Let’s chat. Mark Wade
215.521.1523 / 215.627.6005 www.CenterCityCondos.com Berkshire Hathaway Home Services Fox and Roach Realtors
Tags: brownstone condo in Philadelphia, condominiums, philadelphia
« Previous Page — Next Page »
|
|
|
