Philadelphia Real Estate Blog

     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          Prudential Fox and Roach Realtors

After making the decision to move out of your condo and into a new home, you have a lot of work ahead of you. Moving into a new home can be a lot of work, but proper planning on your part can help you to ease the amount of time and effort needed to relocate. Consider following these tips as you prepare to move.

Review Your Lease

As a first step, read your lease and take note of how much notice you need to provide to your landlord before you vacate the premises. Also, pay attention to the special move-out rules. For example, some leases may require the property to be professionally cleaned before you turn in the keys.

Consider Cleaning and Repairs

In many cases, a rental agreement states that a landlord can withhold your security deposit for any damages made to the property, so consider patching up holes, replacing burnt out lights, cleaning out the oven and other steps as needed. These efforts can take time, so you may consider getting started on some of them immediately after you provide your landlord with written notice of your intent to vacate.

Start Packing

Some people will wait until the last minute to start packing with the belief that they need everything in their place to live comfortably. In many condos, however, items like photo albums, DVDs, books, seasonal clothing and more can be packed up weeks ahead of time. Consider temporarily renting a storage unit, for example, self storage Philadelphia PA, to keep items safe and out of your way as you prepare to move in the coming weeks.

Look For Movers

One of the best steps that you can take to ease the stress associated with moving is to hire a moving company. A reputable moving company can easily relocate your boxes, furnishings and other items quickly and safely on moving day. This provides you with more time to clean your old home and start settling into your new home.

Transfer Services

Approximately one to two weeks before your moving day, contact your water company, utilities service providers, phone service and cable company to notify them of your plans to relocate. You may be able to cancel service in your existing home and schedule new service in your new home with a single call if moving inside the same city.

Contact the Post Office

You should also contact the post office with details about your relocation. You can fill out a change of address form at the post office that includes a mail forwarding service. While you want to call your car loan company, credit card companies and others who send you regular statements and provide them with your new address, you also want to ensure that mail that is sent to the wrong address is forwarded to your new home.

Because there are so many things to do to prepare for a move, it is wise to establish a schedule of to-do items now. You can work through the items on schedule, and this can drastically reduce your stress level during this busy time in your life.

Melisa Cammack

Author Bio

Melisa Cammack has been freelance writing for several years, she loves spending time with her three sons and her husband, as well as preparing for their unborn baby to arrive in mid-March.
Melisa is currently promoting Extra Space Storage – Brighton location, and wishes everyone a safe and efficient moving day.

Having lived in many many Center City Condos over the years, here is what I believe to be the case in terms of costs to heat and cool a condo-

Generally, you have someone living above you, below you, and on perhaps both sides of you, so your exposure to the elements is limited. It is not like you are living in a McMansion on the side of a hill in Ardmore. You follow me?

And heat has a tendency to emanate into your condo- you will probably be surprised how little heat you actually use. The fact that the majority of condos in town are one-level, your AC bills tend to be on the low side as well- It is not like you are trying to cool three floors. I live in a 1450 sq ft. condo in a newly constructed building here in town. My average electric bill is about $100 a month. I pay no gas, no water- both covered by the condo fees. When I lived in a 2200 sq ft converted loft, my bills were about twice that- but lower than I could have ever paid in a single family home somewhere…

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

Buying A New Construction Condo? Get Freebies while negotiating… Many developers do not like to drop their asking price a great deal as this may set a benchmark for any buyers behind you looking to buy into that building. So developers often will want to keep the sale price as high as possible in order to delude other buyers into thinking that selling prices are falling close to the asking price. Not uncommon. But what can you get out of a developer in order to keep the charade alive? Here are some common things that I see being thrown into a deal: A free parking spot Say 6 months free condo fees Free storage area Free custom interior upgrades A seller assist ( in terms of inflating the price, and giving you $$ back) Now certainly a developer may consider the value of the freebies into his bottom line… so these aren’t really 100% free….but you may find that the closer you get to a developers asking price, the more freebies you are going to acquire in the transaction. Mark Wade www.CenterCityCondos.com

One Vs. Two Bedroom Philly Condos

 A lot of folks I have met over the past 23 years have the notion that buying a two bedroom condo is a better investment than a one bedroom condo, and I don’t think that is necessarily true. Sure, if you are looking to buy a beach house, I can see where that equation would be wholly true- as a beach house is where you will magically attract guests for weekend get-togethers.  However, in Center City, I don’t think the same is true. I think it best to judge the value or investment value of a condo based upon comparable sales, interior condition, market conditions, and the reputation of the building or segment in which you are considering a condominium purchase. Spending more money when you don’t have to is kinda’ counter productive. If a one bedroom fits your needs, then buy a one bedroom condo. I have yet to see in the past 23 years a two bedroom resell better than a one bedroom condo- If all other qualities of the purchase are the same. There is a huge one bedroom condo market for buyers in Center City. And buying into a lesser building and getting a two bedroom may not be to your advantage. Buy what you need, and maybe best not to overspend in order to fulfill the myth that a two bedroom is going to somehow be a better investment- I don’t think it is better. Nor do I think it worse- again, all within the context of the building and the market segment in which you purchase.

Mark Wade www.CenterCityCondos.com

The kitchen is the room in your Rittenhouse Square Condo where families typically gather to begin their day. It’s the first room that family members visit when they return home as well. With so many comings and goings, it’s easy for the busy room to become a catchall for clutter. Items totally unrelated to cooking and eating, such as books, bills, backpacks and bags, often find their home here. A kitchen remodel or addition offers you the opportunity to plan ahead for all the activities that take place in your kitchen, with storage solutions that will make the utilitarian room as stylish as it is functional.

Because kitchen cabinets typically take up to 30 percent of a kitchen remodeling budget, you’ll want to ensure that the cabinets not only look  great but provide the storage solutions that your kitchen needs to keep clutter at bay. Pull-down shelves, slide-out towel bars and pull-out waste bins help keep frequently used items accessible. Look for cabinets with hardware that enhances functionality too, such as self-closing slides on drawers.

Consider including a zone in the kitchen’s layout for non-food-related activities.  Once you’ve designated specific areas for non-cooking activities, you can help keep the related materials organized with containers, baskets and trays. Deep trays are a kitchen organizer’s best friend. Trays not only allow you to keep an assortment of related items together but are easy to transport to and from a cabinet as well, letting you whisk clutter
out of sight quickly and easily. Trays are great for managing the dreaded “junk drawer” too.

Store the items that you use the most, such as large utensils and knives, on the counter in attractive containers. There’s no reason why storage solutions can’t add visual appeal to the overall look of your kitchen while make the heart of your home more functional too.

Author Bio
Jennie owns and manages several self storage units in Fontana CA. She recommends using Extra Space Storage in Las Vegas to her friends and family in the Las Vegas region. Away from work, Jennie enjoys spending time with her three young boys and her beloved dog Rex.

This video provides several maintenance steps to help keep your refrigerator running at peak efficiency. Refrigerator maintenance is undoubtedly one of the most overlooked tasks in the home.

You depend on it 24×7. It is expected to provide cold drinks and refrigerated food upon demand. You want it quiet and efficient. While mainly maintenance free, your refrigerator does demand a little maintenance at least twice a year.

Don’t forget to check seals for leakage and repair when necessary. It’s possible you may need an appliance specialist to find the correct parts and install properly.

Do you have pets in your low rise Philly condo? Maybe you should be inspecting your refrigerator more frequently.  Hair and debris buildup under your refrigerator is very common and makes your refrigerator work much harder than it should. It is also a fire hazard when allowed to buildup to an excess.  Vacuuming the coils is the safe and prudent thing to do and should be on your list of kitchen maintenance tasks.  The benefits are saving energy thereby saving dollars, and keeping your family safe.

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

When people think of Philadelphia, they think of the Liberty Bell and Independence Hall. But tall buildings don’t often come to mind, probably because a certain city a few miles north has the skyscraper title sewn up. But Philadelphia, particularly Center City, is giving the Big Apple a run for its money.

City Hall used to be the one true skyscraper in Philadelphia; in fact, it was the tallest building in the world from 1901 to 1908. But over the last 25 years, many other buildings have been erected in Center City that not only tower over City Hall, but also give Philadelphia its breathtaking skyline.

Current Center City Giants
Philadelphia’s structures remained low-rise because for years the city’s leaders had a “gentleman’s agreement” not to build any structure higher than the stature of William Penn that sits on top of City Hall. This agreement was severed in 1987, and now several structures share the sky with City Hall, including:

One Liberty Place: This 61-story, 945-foot skyscraper was the first to break City Hall’s record as the tallest building in town. Today, it’s home to some of the largest law firms in Philadelphia and the biggest financial services companies in the world, including AIG, Merrill Lynch and Cigna.

Two Liberty Place: This 58-story, 848-foot skyscraper complements the commercial focus of its sister building with a condominium complex, a shopping mall and a 14-story hotel that’s home to the kind of wedding reception Harrisburg residents love to throw.

Comcast Center: As you might imagine, Comcast is the biggest tenant in this 58-story, 974-foot skyscraper, which now holds the title as Philadelphia’s tallest building. But other corporations like Citizens Bank of Pennsylvania lease space, and numerous shops and restaurants cater to tenants and passersby alike.

New Kids on the Block
Maybe you think Philadelphia would be happy just with these impressive buildings, but why stop at a few skyscrapers when you can have many? Plans are underway to build skyscrapers all over the city, including two in Center City.

Originally slated for groundbreaking in 2008, construction on Mandeville Place was delayed until December 2011. Following completion, it will house 45 condominiums on 43 floors, plus an 8-story hotel that observers expect will host a buffet Harrisburg PA residents and visitors will enjoy.

The building at 1441 Chestnut was going to be a condo building until it was going to be a Waldorf, and now a W Hotel. Many hope that this new construction will open the doors to more skyscraper construction in the neighborhood.

If Philadelphia looks good to you, you can thank the Center City skyscrapers that make it such a beautiful and bustling place to live and visit.

Michelle Rebecca
Content Specialist
Blog: SocialweLove

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.

Remember the olden days when the Sunday paper would arrive and you would get our your red felt tipped marker, then circle the open houses you wanted to see?

That was so 1997….

Those days are all but gone- having been replaced by the advances in internet marketing for Philly condos. Additionally, more and more buildings around Center City are forbidding agents to hold Open Houses- ever.

It is said in Real Estate circles that open houses are NOT for sellers- they are for agents trying to pick up buyers. To a degree, I agree. More so with the fact that videos, virtual tours, podcasts, blogs, multiple photos, etc are easily found with a quick Google search. And most Realtors’ websites can give you a lot more than you can learn at an open house- think neighborhood stats, crime reports, etc. not to mention the gossip and dirt you can pick up on your neighbors house.

If someone is seriously in the market for a condo, they are going to view your listing if they are interested- Open House or not.

I usually find that Open Houses tend to cut down on the weekly traffic- the more people who see it at an open, the less weekly appointments one will find in terms of buyer traffic.

And of course, we are all aware that Open Houses usually beget nosey neighbors, passersby, and the like.

With overall traffic down on Open Houses over the past decade (in my experience)- how long before Open houses will go the way of print advertising for Real Estate?

Probably not long.

FYI-Center City Open Houses are usually ONE hour only- Get in, then get out. Suburban agents can spend 3-4 hours at one open house. How utterly boring. I think I’d rather drink bathwater than to sit in a house on a Sunday for four hours.

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