Philadelphia Real Estate Blog

By now you know the Fed has raised interest rates three times already this year. The forecast is that we will have a few more bumps upward in 2018 and early 2019.

Our friends at Trident Mortgage shared this fancy chart with us to show just how much you could save over the life of your loan by locking in at a lower rate now.

Here is the scoop on rates this week:

Conventional Loan with a 30 Year Fixed – 4.625% (4.71 APR) – 60 day lock – 0 Points
FHA/VA Loan – 4.5% (4.91 APR) – 60 day lock – 0 Points
Jumbo Loan ($453,100+) – 4.375%  (4.43 APR) – 60 day lock – 0 Points

Conventional ARMS
7/1 – 4.0% (4.09 APR)
5/1 – 3.75% (3.82 APR)

Jumbo ($424,100+) ARMS
7/1 – 4.0% (4.08 APR)
5/1 – 3.875% (3.93 APR)

If you are sittin’ on the fence, now is a good time to hop off, lock in that rate, and make an offer on that Philly condo you have been considering…

Mark Wade
BHHS Fox & Roach Realtors
530 Walnut St. | Phila., PA 19106
www.CenterCityCondos.com

I’ve been selling Philly Real Estate for 29 years… so yeah, I’m going to vent…especially when I come across the following:

1) When the MLS says the unit has parking, only to discover that it really doesn’t and the seller is giving “one-year free rental parking.”

2) Late Sunday afternoon appointments…in the rain.

3) “Fact” Sheets about condos that are anything but facts.

4) Poor common area maintenance in any given Philly condo building. Nothing kills value better than a building that is not kept up!

5) Buyers that have never stepped foot in Philadelphia, but know more about the Center City condo market than I do.

6) Being late for an appointment- be it a buyer, a seller, or another agent. I just don’t get it. And if I’m the late party, then it really doesn’t matter because hell just froze over.

7) Suburban agents who drag my butt to the suburbs to settle on a condo in Center City. No offense, but I’m not interested in a drive to Havermore…or wherever.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com | 215.521.1523

Anyone who has ever taken advantage of any of The Schuylkill River Trail knows what an amazing addition it has been in Philadelphia!  The Schuylkill Banks section located in Center City begins at the Fairmount Water Works (by the Art Museum) and has expanded to Christian Street (so far). The jogging/walking/biking trail includes an ADA accessible connector bridge, boardwalk, and dog park in the Fitler Square area…not to mention a ton of things to do from picnicking and yoga to fishing and kayaking.

The most recent expansion completed was from South to Christian Streets featuring access points at The CHOP Bridge and Schuylkill Banks Boardwalk at South Street. This extended the trail an additional 1400 feet past the Boardwalk into the Graduate Hospital neighborhood.

(Photo Courtesy of SchuylkillBanks.org)

There are plans in the pipeline to continue the trail from Christian Street to Grays Ferry Crescent by 2020 and to open an ADA accessible swing bridge that would provide a link from Grays Ferry Crescent to the west bank of the Schuylkill, eventually extending the trail to Bartram’s Garden.

Learn more about the trail and things to do by clicking here: Explore The Schuylkill Banks.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

Why rent a Philly condo when you can buy one?  Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down.  Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.

The main difference between renting and buying is who gets your check—a landlord or the bank.  Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:

Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

Built in 1929, the Drake stands as a magnificent addition to the Philadelphia skyline.

Here’s what you don’t know:

• It IS a condo building. Back in the 1970’s, they converted to condos with a less than enthusiastic welcome.
• Per public records, only five (5) units are privately held – the other 300 units are owned by one entity and are used as RENTALS.
• The penthouse units start on the 24th floor.
• Through most of the 1990’s- all penthouse units were vacant shells.
• Some penthouses housed gardens and the top penthouse had its own pool.
• The building is faced with small details of ships, mermaids, and other sea paraphernalia.

My first apartment was in the Drake in the late 1980’s when Duran Duran was on MTV and telephones had cords.

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

The one condo question that always gets a negative answer?  I get this ALL the time…

Is Airbnb allowed in this building? No. Never. Ever. Sorry…

Almost every Philly condo has a clause embedded into its declaration/rules and regulations that the minimum lease period is either SIX or TWELVE months.  Period.

Mark Wade 
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

* Deluxe one bedroom?
* Jumbo one bedroom?
* One bedroom plus den?
* One bedroom plus niche?
* Extra large one bedroom?

Call them anything you want, but many buildings offer these super-sized one bedroom condos, which are growing in popularity as well as demand.

I think back to the “01” units at The Murano. Over 1000 sq ft with a very large living room, these units sell almost as quickly as they come on the market.

One Riverside at 25th and Locust has a one bedroom with den unit that I think is fantastic. The “den” is really a bedroom but the design is an open floor plan that offers a buyer options on how they want to lay out their space.

Waterfront Square offers two varieties. In one style, the living room is HUGE…the other has a separate den.

Independence Place has what they call a one bedroom and niche which plays out as a large living room that can easily be cordoned off if the owner desires.

These are just a few examples. I find many buyers will change their minds and opt for a large one bedroom plus den instead of a traditional two bedroom. Often, the square footage is the same but the pricing is usually better. They realize the need to host overnight guests is really NOT a practical decision.

The waters can get muddied when buyers ask what does or does NOT constitute a bedroom.  Does it need to have an operable window to be called a bedroom? If so, then NO units at Two Liberty have any bedrooms because none of the windows open.  Direct sunlight? Then very few units at the National are true two bedrooms as the 2nd bedroom gets no natural light. Does a bedroom need a closet to be a bedroom? I doubt it.

With so many options here in the Center City Condo Market, you might find your best option is a jumbo one bedroom/one bedroom plus den.  Worthy of consideration? I think so…

Mark Wade 
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

The plan is for 54 condos, along with long- and short-term rental units located in a 48-story high-rise with retail on the first floor.  With prices starting around $2.5M, the developer (Southern Land Company) is hoping for a groundbreaking in 2019.

According to Multi-Housing News, “residents will receive white-glove amenities that include valet parking, indoor lap pool and hot tub, five-star fitness center with luxury locker room, steam room and sauna, yoga and Peloton room. A club room and terrace overlooking Rittenhouse Square will offer bar and catering kitchen, conference room and dog spa.  Residents will also be afforded use of the luxury car service, as well as the rental suite for their out-of-town guests.”

Photo Source: Southern Land Company 

Designed by Solomon Cordwell Buenz, this project aims to be Philly’s tallest residential-only building.  Their plan is to open a sales office at 1845 Walnut in the spring.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

I am a sucker for new construction, but hey let’s face it, aren’t we all? There’s nothing quite like brand new hardwood floors and a beautiful fresh kitchen. However, what really gets me going is new construction WITH some of that sought-after Philadelphia historic charm. The two combined together create an unbeatable combo and uniqueness that defines this city.

Having an office in Society Hill I am exposed to this beauty constantly. Recently, I discovered some construction across the street from my office building which perked my ears right up. I quickly came to learn that Scully Company was taking on a project to create 63 luxury rental units in the historic Curtis Building at 6th and Walnut. I toured the building in the middle of construction and was immediately hooked.

*The Terrace for The Penthouse Collection

As their extremely knowledgeable and passionate leasing agent, Molly Shapcott, always says “they didn’t cut any corners here.” The finishes compare to a brand new condominium building, along with high ceilings, original window detail and state of the art amenities.

I left the tour thrilled and had to share the news. Within days, I had a client moving from New Zealand to sign a 9-month lease (yes, they accommodated that no problem!).  Shortly after, I had another client applying for the 3 bed + den, 3.5 bath duplex penthouse unit. Since then I have had another 2 bedroom client and another 2 bed + den duplex client.

Long story short, if you are looking for a new building with the best amount of historic charm, look no further than the Lyndon At The Curtis. Please let me know if you have interest in checking this amazing building out. I pretty much go on a weekly basis to check on the progress along with visit the friendly leasing staff! Feel free to come along with me next time I go. 🙂

Click here to learn more about the rental market in Center City Philadelphia.

Jaime Hyman
Berkshire Hathaway Home Services | Fox and Roach Realtors®
530 Walnut Street, Suite 480  |  Philadelphia, PA 19106
Email: Jaime@CenterCity.com  |  Cell: 610.613.1297
www.CenterCityHomes.com | www.CenterCityCondos.com

Construction of Phase One of Philadelphia’s exciting new Rail Park is quickly progressing! This 1/4 mile section of the Park is a wonderful addition to the Loft District. Much like the addition of the Schuylkill River Trail, Philadelphians will no doubt make great use of this new outdoor space. It will be a great place for engaging programs featuring arts, education, culture, health, and wellness.  This is a wonderful way to get city dwellers out into green spaces!

Photo Courtesy of TheRailPark.org

Phase One will run from 11th and Callowhill to Broad and Noble Streets and will have gathering places, seating, swings, and amazing skyline views!  Learn more about The Loft District Neighborhood here.