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March 18, 2013

Non Warrantable Condo Financing – Options are Opening up!!

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 11:26 am
In the past 5 years or so, Fannie Mae has come up with rules that have made it nearly impossible to finance
various condos that they believe to be high risk. Though their rules have not changed, we are beginning to see some
lenders venture into the previously uncharted (difficult to finance) waters.
So should you be looking at a condo that Fannie Mae deems to be unwarrantable, here is a lender that may
now be able to help. This is huge- And a huge benefit to those buyers and sellers looking for options.
Here is my top secret source:
Tony Bomis
Residential Mortgage Banker
Susquehanna Bank- Mortgage Division
301 W. Lancaster Avenue
Wayne, PA 19087
Direct Cell (610)389-1590
Efax (610)628-6262
Tony.Bomis@susquehanna.net


 

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March 4, 2013

Is a Condo right for you?

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 10:58 am

Condominium; an apartment house, office building, or other multiple-unit complex which is individually owned, with an individual deed and right to sell the individual unit of that building. So many uses of the word “individual” but that’s not exactly the word most people would use to describe a condo. Yes, you have your individual unit, but it is in a shared building with shared amenities, such as pool, gym, and/or tennis court, and shared responsibility to show your neighbors the utmost respect.

Let’s back track for a minute. You stopped at the word “amenities” didn’t you? That’s right, when living in a condo amenities such as these are right in your “backyard”, so to speak. Some Philly condos even go as far as to providing you with town car or private bus service to and from your destinations! Not a bad deal for a small fee.

A fee is described as a charge or payment for professional service. That couldn’t hit the nail harder on the head. Along with all the amenities included in your “condo fee”, which is a monthly payment for access to all that a condo has to offer, you also receive the privilege of professional services such as lawn and exterior maintenance as well as indoor home repairs. There are so many wonderful things a condo has to offer.

Condos provide a sense of a safer environment for people living alone or looking after small children considering the extra eyes that are always around. Living in a condo is like working in an office, you have your own personal and private space, yet you aren’t alone, and you aren’t too far from a neighbor or friend.

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February 25, 2013

Philly Condo Buyers- Who Are They?

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 11:12 am

Of course I get tons and tons of folks emailing me looking to move into a condo in Center City…no surprise there. But you might be surprised by who is actually buying in town. Here are some common groups of buyers who I see buying condos in Center City.  Certainly others exist, but this is a generalization of what I see:

1) The Returnees – Grew up in Philly, moved elsewhere, and now returning. Being close to friends and family is often the draw.
2) The Empty Nesters- Shedding themselves of 75,000 pounds of unused house. They can often be very happy happy buyers who are starting a new chapter in their lives. I enjoy working with and watching them get excited for a move into town.
3) The Weekend Warriors- They have done the shore, now they spend their weekends in town. Much more common than you think.
4) The Kids Who Have Parents Who Have $$ – Very common. Very.
5) The Transferee- Maybe came to town via a promotion- and wants to be close to work. Moving to town wasn’t on the radar. Doesn’t matter- he or she is here now.
6) The Growing Families- It used to be that young adults would get married , and get a dog, two kids, a station wagon, and BOOM- off to suburbia they went. No longer the case. They now often represent our move up buyers in Center City.
7) The Investors- Who knew that the city is the place to be, and that their investment will provide a handsome return year after year after year. Unless say Univ. of Penn moves to say the moon…a condo may easily be a magnet for a tenant.

8) The First Timers- The good ole reliable first time buyer. The backbone of the Center City condo market- always has been, probably always will be.

 

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January 29, 2013

Guest Post: Tips That Will Help You Get The Most Of Your Condo Rental

Filed under: Center City Real Estate,For Buyers,For Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:54 am

Follow these tips to make your Philadelphia condo truly feel – and look – like home.

1. Chances are, your condo isn’t as huge and spacious as you would like. Luckily, you can easily make your space look and feel larger than it is by keeping clutter away, creatively organizing and strategically placing mirrors around the apartment.

2. Sometimes, life just gets in the way of a lease. Don’t be scared into staying in an condo you no longer want because of the apparent lease penalty. You can smartly break your lease without spending all of your savings. Know your rights and don’t hesitate to negotiate with your landlord.

3. There’s no such thing as the perfect landlord and some are downright awful. That doesn’t mean you should have to deal with a leaky faucet or pest problem by yourself. Try a few different communication techniques until you find one that gets you the response you need.

4. Few condo dwellers are lucky enough to have a washer and dryer in their home. Minimize trips to the laundromat by using a bath sheet instead of a bath towel. This is especially helpful if you often use two towels after a shower – one for your body and one for your hair.

5. Living alone is great, but it’s not the safest option. Amp up your at-home security by keeping it under wraps that you live solo. You don’t have to lie, but don’t advertise that you don’t have a roommate or live-in boyfriend.

6. If July and August is brutal where you live, you’re probably used to holing up inside with the air conditioning on full blast for eight weeks during the summer. This is a huge expense, though. Cut electricity and costs by using the AC’s other settings, like the fan and the timer.

7. Think you smell a rat? Deal with it! Pushing the problem off until you can’t mentally handle the rodent isn’t going to get rid of it and the problem will only get worse.

8. When you can, fix your own run-of-the-mill apartment problems. If you really want your landlord to be there when you need him, don’t bug him if a light bulb blows or the toilet clogs.

9. When you have the heat on, set your ceiling fans so they turn clockwise, which will help warm the house and cut your heating costs.

10. If things go truly wrong between you and your landlord, you can turn to online dispute resolution.

Annabelle Smyth

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January 22, 2013

Guest Post: Renovating Condo Units

Filed under: For Buyers,For Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:36 am

Renovating a Philadelphia condo unit brings with it challenges that homeowners simply don’t face. Unit owners must comply with condo rules and regulations, consider how noise affects neighbors and work within the building’s larger electrical or plumbing systems. Careful planning before renovations helps prevent problems with the condo association and staff.

Unlike a house, when you purchase a condo you only own what lies within the unit’s walls. You cannot renovate public areas, other people’s units or the building’s utility infrastructure. This is necessary, in part, to ensure the building maintains its overall feel and appearance.

Check Everything

Well before you commit to any condo renovations, read over the condo association’s condo docs to find out what types of renovations are permitted. Different condo docs have different restrictions. You’ll probably need to submit a plan of renovation, in writing, to the condo association.

Generally, most condo agreements allow you to paint, install new appliances, replace lighting and plumbing fixtures and replace flooring. More complex renovations such as rerouting plumbing or electrical wiring and knocking down walls require approval by the condo association.

Renovations requiring work in adjourning units are least likely to be approved, as this inconveniences other residents. Extensive plumbing and electric work may fall into this category.

Working with Contractors

Renovating a condo often means working several stories up, rather than on the ground. This complicates materials delivery, heavy equipment transport, waste removal and even contractor parking.

Ask your condo association if they can recommend contractors with experience in condo renovations. Contractors need experience working in the tighter confines of a condo unit, and keeping noise to a minimum for the sake of your neighbors.

Renovations will go smoother if you coordinate with condo staff. Doormen and other staff need to know when contractors will be on-site, when they will be moving heavy items and your renovation schedule. Early planning and frequent updates help prevent miscommunications and hard feelings. If your renovations require access to the building’s plumbing or electricity, arrange for access well ahead of time.

Considering the Neighbors

When renovating a house, contractors usually work late into the evening, so the job will inconvenience you as little as possible. In a condo, you have to consider how renovation noise and dust affect your neighbors.

Most condo associations have strict noise regulations and limit the hours during which contractors can work. These are reasonable restrictions; your neighbors share walls, ceilings and floors with you, and don’t want to be disturbed late into the evening.

Let neighbors know your renovation plans well in advance so they don’t get blindsided by unexpected noise. Be polite and understanding–after all, you’re inconveniencing them, not the other way around. When renovations are done, express your thanks to neighbors for their patience.

Byline: Michelle is an aspiring writer with a passion for blogging. She enjoys writing about a vast variety of topics and loves that blogging gives her the opportunity to publicly voice her thoughts and share advice with an unlimited audience.

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January 17, 2013

Guest Post: Five Essential Steps to take Before Moving to a New Country

Filed under: For Buyers,For Sellers,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:53 pm

Whether you have been offered a job in a new country or are simply looking for a change of scenery in your life, moving to a new country can be a very exciting experience. Still, before you make such a drastic change, there are five major steps that you should make sure that you take in order to ensure as smooth a transition into your new life as possible.

Do plenty of research.

Depending on the specific country you will be moving to, the culture there may be very different than what you are used to here in Center City Philadelphia and may take some adjusting. By researching the culture, norms, and languages of the country ahead of time, you can avoid culture shock upon your arrival.

Learn the language.

If you are moving somewhere that has a different official language than what you are used to speaking, you may want to invest in some language classes or language-learning software. After all, the last thing you will want is to be unable to communicate with others upon your arrival in the new country.

Research immigration laws and requirements.

If you plan on living in the country long term, then you will likely need to establish residency and citizenship. Countries vary regarding how long you have to do this and what specific steps you need to take, so be sure to research this ahead of time and bring the necessary documentation and paperwork with you to make this happen.

Decide where you will live.

Consider hiring a real estate group to assist you with locating a home, apartment, condo, or other property to live at once you move there. For example, you may wish to consider the LWP Property Group, which is a reputable real estate company that can assist you in finding the perfect new place to call home. Keep in mind that living quarters can vary greatly from country to country, especially in terms of their average square footage and the amenities offered.

Plan a moving budget.

Moving to a new country can be quite expensive, which is why you should set a budget and do your best to stick to it. This is especially true if you do not have a business or company that will be paying for your move. Price different moving companies and related services to find the best deals in order to save money.

By following the above steps, you can ensure a successful move to a new country. Good luck!

About the Author: Madyson Grant enjoys spending time with her family and blogging about her experiences in her new home. Feel free to find out more!

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January 10, 2013

Guest Post: Feng Shui Secrets for a Tranquil Condo

Filed under: For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 10:48 am

Certain homes or Philadelphia Condos seem to exude a feeling of tranquility and wellbeing, and the root of this overall sense of harmony has a lot more to it than the pretty slipcovers or antique armoire.

Western designers, interior decorators and architects are increasingly turning to an ancient Chinese study of natural elements called Feng Shui to create serene and comfortable environments. Spaces which have been arranged according to the basic tenets of Feng Shui are believed to be very auspicious, bestowing upon their inhabitants health, wealth and good fortune.

Feng Shui strives for balance between yin and yang, and between the natural elements of fire, water, earth, metal and water. There are practical steps which can help to achieve a balanced, calm living space which will allow the mind and body to find its own inner balance and peace.

De-Clutter

Get rid of clutter – an unrestricted path from the front door and throughout the house is first and foremost in creating positive energy. Dispose of clothes, knickknacks, and possessions which are no longer meaningful or essential.

The Bedroom

To create a Feng Shui ambiance in the bedroom, dedicate the bedroom solely for relaxation, sleep and love – that means keeping electronics to a minimum and no treadmill or office desk. Situate the bed (preferably one that is slightly elevated) against a solid wall away from the door to promote relaxation, and adding symmetric bedside tables add a sense of balance. To achieve Feng Shui in the home on a budget, a rent to own store is an option to consider if replacing or adding furniture in any room.

Furniture

Arrangement and placement of furniture is key to energy flow. If your living room furniture is oversized, blocking passageways, tattered and torn, or mismatched, then it’s time to rearrange, move out, fix up, and beautify! Start by walking into the room in question, and look around, what’s the first thing you see when you walk in? Can each chair/couch be accessed easily? You want your furniture to be accessible, make it so no shins will be knocked on that coffee table, that the room it inviting and organized, and that every piece of furniture is compatible with Feng Shui principles.

Details

Lots of fresh air, natural light, natural materials and accents such as bamboo, chimes are also recommended. Adding a strategically placed mirror in the bedroom and elsewhere in the house can multiply the calming effect of a meaningful ornament or a beautiful window view. But there are basic rules for mirror placement; the mirror is to never be broken, never to be placed adjacent from one another, and never placed in front of a window or door.

Colors

Color is an important component of Feng Shui, think about balancing the color wheel – not too hot and fiery and not too cool. As a rule of thumb, try red as an accent color in the bedroom, but definitely not on a full wall, yellow for a family room and kitchen, blues and blacks for work spaces and greens in the bathrooms.

Melisa Cammack

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December 27, 2012

A hint of Old City Insight….

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 10:16 am

5 Things I know about Old City Philadelphia…

I lived in the neighborhood for 18 years- and I know of what I speak…

1) Old City is very “So-Ho” in nature- lots of people walking on the street, shopping and simply strolling around. It is really kinda’ groovy

2) Old City has but about two dozen single family homes- and a few thousand condos

3) BridgeView Place, The Wireworks, and the The Castings Condos are exceedingly similar-all built by the same developer and all offer similarly priced and sized condos. If you are condo shopping and see one building- you should see all 3 of these buildings

4) There is a “sweet spot” in Old City in terms of where most folks will ask to live- Which is east of 4th street, and north of say Market Street

5) Old city has it’s own Special Service district- uniformed folks who sweep the street and provide tourists with directions and a sense of comfort. A special tax is included for many Old City condo purchases, but a small price to pay for piece of mind.

Mark Wade

www.CenterCityCondos.com

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December 25, 2012

Capital Contributions

Filed under: For Buyers,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 9:16 am

WTF? Two Months Capital Contribution Buyers Have To Pay… Define: Two Months of Condo Fees A Buyer Must Fork Over When Buying a Condo In the old days- say 20 years ago, a Capital Contribution was a very rare line item paid by a buyer to reimburse the seller for the the contribution he or she originally made to the condo association when they first bought into any given building. Today, this fee is nearly universal in Center City, but it not longer goes to the seller- It goes to the condominium association. I think this is a great idea… You see, the more your building sells, the more money that the condo association is getting to put into their bank account. No longer does the seller get this money. The money goes to the association, and helps build the funds that will one day be needed to say, replace the roof, or do some kind of ongoing upkeep, maintenance, or repairs. I think the strength of any given condo association, and their ability to maintain a building without the need for a Special Assessment, is a function of how much money they have to fix and keep up the building- without having to go to the owners and ask them to pay a special assessment to address upkeep. So yes…if you are going to buy a condo in Center City Philadelphia, plan on having to pay two months condo fees upfront (this is in addition to the month fees you have to pay every single month) to the condo association. This fee will be on your settlement sheet, and is due the day you go to settle on your condo. Everyone pays it….so don’t think you are being singled out. And the money is not going to line someone else’s pocket- You are basically paying the condo association in which you are now a member. So cough it up…. Mark Wade www.CenterCityCondos.com

 

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December 19, 2012

East of Broad St. Condo Growth Over the Years

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 9:09 am

 

The Way I see it…

How Neighborhoods in Center City came to be (East of Broad St)

In the 1960’s the city wanted to revitalize Society Hill. They did indeed with the addition
of Society Hill Towers, and the surrounding area. Many vacant homes were sold for $1 as
long as you promised to fix them up and make them livable.
As Society Hill become popular and pricey, folks started to take their money, their lives, and
the rehabbing skills to Queen Village (QV)….though Queen Village was never as vacant and run down as Society Hill had become. But none-the-less, to QV they went.
Then in the late 1990’s, it became apparent the QV was becoming pricey, and availability of
run-down started homes become scarce, and folks then began to see the value and beauty of
Bella Vista. Back in the day, you couldn’t find a Bella Vista home for over $500,000- that kind of money was reserved for (first) Society Hill, then Queen Village.
Finally, as Bella Vista began to be known as a destination, folks started to move west into
Hawthorne (west of 11th street, east of Broad). Now Hawthorne boasts some nice houses
and some fine Hawthorne lofts.
And that is the migration of folks east of Broad Street since the 1960’s – the way I see it.

Mark Wade
www.CenterCityCondos.com

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