Philadelphia Real Estate Blog

Replacing the overabundance of green marble that had existed since the 1980’s was a smart move by the Academy House Condo Association.  The new front entrance/lobby looks great…see for yourself!

The Academy House condo association has also replaced interior unit windows (huge upgrade) several years ago, and in 2013 they revamped the interior hallways- which look really good. These condos have great track record of reselling- always have and probably always will. A very smart purchase. Condo fees include almost all utilities. A very central residential location, rental parking in the lower levels, and a 24-hour doorman. A fair number of units have outside balconies. Academy House is a non-smoking building. Values here are not heavily contingent upon floor height, as many units have great views.

If you are interested in taking a look at condos at The Academy House, give me a call at 215-521-1523 or email Mark@CenterCity.com.

Mark Wade
www.CenterCityCondos.com
www.Facebook.com/PhiladelphiaCondos
BHHS Fox & Roach Realtors

A Renovation Mortgage allows home buyers to finance renovations as opposed to having to pay cash out of pocket for upgrading their recent purchase. If you’re looking for a condo that needs a lot of work after closing, this loan program can provide the funds for renovations and repairs for a primary residence or for investment properties by using the “after improved value” with a single loan at closing.

For more info on FHA 203K or Homestyle Renovation Loans, click the following links for a breakdown of each program’s details from Jason Griesser at Guaranteed Rate and Jeremy Durkin at Trident Mortgage.

This is rare! I haven’t seen these loans in YEARS.

If a rehab loan sounds right for you, please call me, send smoke signals…whatever works best for you.

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

Now that is the million dollar question!

Automobiles, clothes, and condos all need maintenance to look and perform their best. Assessments imposed on owners of given buildings are used to make capital improvements and are a necessary evil.  How might that affect value?

I think in the short term, an assessment can lower demand for a building. Who the hell wants to pay for some electric behind a wall or an elevator motor which they are never going to see? (Uh, no one.) Though assessments to fix up interior hallways, and maybe a lobby, are much easier to swallow.  In the long run, assessments can be the best thing to ever happen to a building as the costs of the capital improvements are overshadowed by the long-term value growth.

Look no farther than 2301 Cherry St. (River’s Edge) as an example of that argument. When the assessments were first implemented, the demand dropped because no new buyer wanted to pay for the needed improvements. But today…the money spent is bouncing the value of each unit MUCH higher than individual unit’s assessments. It’s not a hard equation to figure out.  And the new lobby at the Academy House? C’mon… you can’t tell me that the individual unit owner cost to do that lobby wasn’t worth it…The value added was huge….

So yes, assessments suck in the short term but are very beneficial in the long run in terms of value and demand.

(ps – YES, per the agreement of sale- any assessments that have been approved must be disclosed to a buyer.)

Mark Wade 
www.CenterCityCondos.com
www.Facebook.com/PhiladelphiaCondos
BHHS Fox & Roach Realtors
215.521.1523

The developer of the beautiful new construction condos, One Riverside at 25th and Locust, has decided to switch the focus of his next project from a hotel/apartment project to a 56-unit condominium high-rise. We have been saying for some time now that there is a shortage of condos in town and we think this will be a great addition to the market.  You can read about the switch here.

One Riverside Condominiums at 25th and Locust

The new condos will be designed by Philly architect Cecil Baker, who has also designed the Residences at The Western Union Building and the brand new ultra luxury condos at 500 Walnut Street – just to name a few.  The Design Review Board approved Dranoff’s new condo plan for Broad and Pine Street last week.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
530 Walnut St. #480
Philadelphia, PA 19106

Here is what I am told. Verify for yourself…

The owner occupancy ratio at 2101 Chestnut is 10% – 90% renters.

Waterfront Sq. is enacting a limitation on renters.

The Savoy at 1806 S. Rittenhouse has an assessment coming down the pike that is close to $28 a square foot. Needed, and in the long run, a good thing as values will climb!

Dockside at 717 S. Columbus Blvd. has been recently approved for conventional financing.

The Philadelphian at 2401 Pennsylvania Ave. is making progress on the installation of new exterior balcony rails throughout.

Many more buildings are going non-smoking. Here are a few:
Society Hill Towers, Center City One, Academy House, The Rittenhouse, The Hopkinson House, The Murano, The Dorchester. Look for that list to grow substantially.

Hopkinson House is nearing completion of it’s lobby work.

2601 (2601 Pennsylvania Ave.) is upgrading it’s steam systems.

Penn’s Landing Square (130 Spruce St.) is doing work to it’s underground garage.

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

1) Kitchens are going gray and white and are getting smaller than say 20 years ago, and are rarely the “eat-in” variety.

2) More attention is being paid to security. Wireless cameras and monitoring systems are being added and/or upgraded to most new construction condos in Philadelphia.

3) The new design focus is on room size and NOT room count. Most buyers today can do without the true blue 3 bedrooms. Most newer condos are now 2 beds & den. Finding a true 3 bedroom is huge…but rare.

4) The use of quartz over granite is the new trend. Also mixing counter tops is hot- Island counter top may be different than interior kitchen counter top.

5) Most new construction does not have closet space finished. Developers leave them blank for buyer to finish. And I find little difference in resale value if you use high-end closet brand vs. a reasonable knock-off brand. Just maximize your space.

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