Philadelphia Real Estate Blog

1) The Move-Up Buyer

Ten years ago, these younger Center City folks with growing families would have a child or two, and BOOM- they were destined for the ‘burbs. Not always the case any longer as Center City Condos become more “Kid Friendly” and popular with the younger family set. These buyers tend to already live in town, and simply move into larger quarters, while remaining inside the downtown area.

2) The Out -of -Towners

Becoming much more common than most current Center City owners are aware. These buyers are looking for an urban weekend place. Generally empty nester folks who have done the beach and the burbs, and are now excited about buying their second or third home in Center City. Space is usually not a huge issue for many of these buyers, but walk-ability ranks very high on their list of priorities.  I also find that many gravitate towards less than “full service” buildings as they look to avoid full service condo fees.  And usually (I am generalizing here) will swing more towards hip and groovy interiors.

Mark Wade
www.CenterCityCondos.com
Prudential Fox And Roach Realtors
530 Walnut St. #260 Phila., PA 19106

From Philly.com:  “An upscale W Hotel is scheduled to break ground next year on a half-acre site that was originally planned for a $420 million Waldorf-Astoria Hotel with luxury condominiums before the lending markets collapsed four years ago.

The new hotel would sit on what is now a surface parking lot at 1441 Chestnut St, just behind the Ritz-Carlton Hotel and its condo tower, according to a representative of Starwood Hotels and Resorts Worldwide Inc., which owns the W brand.” [Read More…]

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106

I get a lot of email from folks who used to live in town…here is what you may not know about Center City if you haven’t been to town in 20 years:

1. Spruce and Pine Streets are now one lane- the other lane is a bike lane.

2. There is a new tax called the “Center City District Tax”…kinda’ nominal, but adds street cleaners and supervisors on many of the residential streets.

3. Northern Liberties is RED HOT- You MUST see to believe (compared to the 1980’s).

4. Graduate Hospital is now apartments- The hospital closed.

5. We have a new “South Street Bridge” and it is fabulous.

6. Broad St Just South of City Hall is Hoppin’…with residential and tons of restaurants.

7. The Bellevue Stratford is now The Hyatt at the Bellevue- and is stunning.

8. Delaware Ave. is now Columbus Blvd- and nicely manicured.

9. The old Naval Home on Grays Ferry is now a Toll Brothers development.

10. Most Parking meters are gone- replaced by Kiosks- and the parking authority is still very well run- If our city was run as well, the streets would be lined in gold.

If you are looking to come back to check out the City, drop me an email at Mark@CenterCity.com…I would love to show you some of the great new Philadelphia Lofts and Condos available too!

Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila, PA 19106

Before you buy, Mark Wade of Berkshire Hathaway Home Services  Fox & Roach in Center City, who specializes in low- and mid-rise condos, recommends careful scrutiny of the condo association.

“The association can influence value,” Wade said. For instance, if it doesn’t monitor the owner-occupancy ratio – that is, if there are more than the acceptable number of renters vs. owner-occupiers,  it may make it difficult for a buyer to get financing.

Condos not approved for Fannie Mae, Freddie Mac, or Federal Housing Administration-backed financing are known as “nonwarrantable” and offer few options for buyers or those refinancing.

“This scenario ultimately lowers demand for a building, and reduces resale values as well,” Wade said. “A review of the condo budget, money on hand, and knowing what is included in the condo fees should be considered when buying a unit.”

Click to check out some other articles in which I have been quoted speaking about Philly Condos!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106

Click to read more…

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

Click Preview to View Online -Enjoy!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19103
215.521.1523  Mark@CenterCity.com

So we hear all the time about the glut of condos on the market. But that is not always true in specific segments of the Philadelphia condo market. For instance, if we look at four very popular existing condo buildings here in downtown Philadelphia we see that the opposite is the case.

According to TrendMLS, on September 20, 2011 there are only three (3) active condominiums for sale in the following buildings:

-The Dorchester at 226 W. Rittenhouse Square

–The Hopkinson House at 604 S. Washington Square

-Independence Place (Buildings I AND II) at 233 and 241 S. 6th St.

-The Wanamaker House at 2020 Walnut St.

So out of nearly 2000 possible available units, there are 3 units for sale. Go figure.

Mark Wade
www.CenterCityCondos.com
Mark@CenterCity.com
Berkshire Hathaway Home Services Fox and Roach Realtors

Philly Penthouse Condos: You call THAT a penthouse? Is that a true penthouse (left) or a Just a top floor condo (right)?

Almost any top floor condo in Center City Philadelphia will attempt to be passed off as a penthouse. But does a top floor condo always constitute penthouse living?

Often, penthouse condos will truly be a little home onto of a high rise building. Think
1901 Walnut St. (the Plaza), or the top floors of 250 S. 13th st. (The Lenox) or 1900 Rittenhouse
Square (1900).  These are true penthouse condos- with gracious outside space atop the building, and some really outstanding features- be it interior staircase (think bi-level) or say
a private elevator going directly to the top floor unit.

Too often, I see no redeeming value or quality to what are referred to as “Penthouse Condos” here in Center City. No excessive or heightened ceiling height, no over-sized windows, or even
any detailing that might somehow lend credence to the word penthouse- the unit simply happens to be on the top floor of the building.

True Penthouse condos tend to be large, with ornate detailing, or some other attribute that will separate the units look, feel and emotional impact from other units in the building. And they generally garner a higher dollar per square foot sale price.   However, a top floor unit may notalways warrant an inflated value if the unit possesses no true value or otherwise compensating factor.

Mark Wade
www.CenterCityCondos.com
267.237.3404

     I have been selling real estate in exclusively in downtown Philadelphia for twenty-three years. I have done some stupid things in my career, and I have witnessed many buyers and sellers making equally stupid moves.  I often see buyers and sellers either pinching a dime for a dollar, or just doing some absurd moves that are much more trouble than the expected payoff. And I am sure this is not limited to just Center City buyers…I have no doubt the scenarios play out in every real estate community:
Scenario 1:  Having the Last Word
Seller asks $499k for a condo
Buyer and Seller go back and forth, and after a few days, buyer say $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 douche bag 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
This property is a bank-owned sty 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 Aren’t you 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.
No one likes a whiner. Not even in this “slow, weak, and uncertain” market place.
     There are bargains to be had and deals to be made. Opportunity exists in all market conditions, and the current state of affairs in Center City- which has weathered the overall real estate storm fairly well- 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 Pa. might be helpful when finding the right piece of Center City real estate. And help
you negotiate the best possible, realistic terms.  Mark Wade CenterCityCondos.com

I welcome feedback!