What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade. Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.
Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.
Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be.
My buyers generally want the quick overview…not the long serenade.
And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach…allowing them to give info as they please.
SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous.
I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers…that is my job.
Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.
DO THE MATH, YOU GOOF.
IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES-
An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
As a realtor in downtown Philadelphia, each spring I get a lot of visits to my website, www.CenterCityCondos.com by students and faculty looking for condos and lofts that have easy access to either Penn or Drexel Universities. It is quite common for those looking to move into the area for an extended period of time to buy a condo, as opposed to rent a place to live, and there are many options for such buyers.
Many of the University of Penn area condos are located either in the University City area (west of the Schuylkill River), or in the Fitler Square/Rittenhouse Square areas of Center City Philadelphia. For many of these buyers, location and security rank highest amongst the attributes of any given condo, and are deemed most valuable in such a living situation. There are many high rise condos which offer doorman services, and many of these buildings also offer on-site parking. Close proximity to 30th Street Station (rail service) and being in the center of town (which means you may NOT need a car) are also of importance to buyers looking to be close to Univ. of Penn.
Those coming into the Philadelphia condo market have three choices of living arrangements:
Each type/style of condo has it’s plusses and minuses, and each offer a unique way of life here in Center City Philadelphia.
If you plan on moving into Philadelphia, and are looking for a condo near Univ. Of Penn, give me a call at 215.521.1523, or drop me an email at Mark@CenterCity.com, and let’s chat about your options!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I would suggest that the most significant addition would be Toll Brothers development of Naval Square. A variety of condos and townhouse styled condominiums, set on approximately 8 acres, this gated community offers parking, a tax abatement, and a lot of green, open space- a rarity here in Center City Philadelphia. The Graduate Hospital area, defined by the boundaries of Broad to 26th Street, South St. to Washington Avenue, has also seen a wide influx of low rise/brownstone condo developments. Many unique opportunities exist for condo buying in the area, as many developers have built from the ground-up, on what had been vacant parcels strewn out around the 19146 zip code. Most buyers will find that the Graduate Hospital area does offer a lot for the money, and the proximity to Penn, 30th Street Station, and Rittenhouse Square are all advantages that the neighborhood offers.
Condominiums in the Fitler Square area of Center City Philadelphia range from the loft building (251 S. 24th, Locust Point), to high rise full-service buildings such as 2301 Cherry St. (River’s Edge) low rise converted brownstone style of living (2217-19 Delancey Street). Each building has its own style and offerings, and each different as night and day.
I find a lot of buyers ask for the Fitler Square area by name. Perhaps med students attending Penn, or many Rittenhouse Square area office workers, Fitler Square seems to suit a wide variety of tastes for condominium living. Here is one example of the types of condo living found in the Fitler Square Area:
Fitlers Walk, at 24th and Locust Streets, offers a wide variety of condo styles, underground parking, a tranquil courtyard setting. From small one-bedroom units to very large townhouse style units. Great proximity to Penn, 30th Street Station, and University City. The new Schuylkill River Trail is a wonderful addition to the neighborhood. To learn more about Fitler Square condos, give me a call, and let’s talk about the options that exist in the area!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
As you can imagine, I was ecstatic when I heard the news! The American Planning Association has named Philadelphia not once, but TWICE on their list of 2008’s Great Places in America!
Society Hill was named one of the top 10 Great neighborhoods! And why wouldn’t it? Revolutionary-era townhouses, wonderful expanses of greenery and a variety of high-rise and brownstone styled condominiums highlight this beautiful neighborhood. Society Hill Towers, the Hopkinson House, Independence Place, and Abbott Square are the major high rise buildings in this neighborhood. Quaint cobblestone streets and the historic feel of the area provide quite a draw for those looking to buy real estate in Center City.
Broad Street, also known as The Avenue of The Arts, was named in the top ten of America’s Greatest Streets! Condominiums such as the Symphony House and The Marine Club line this beautiful Street which is home to the traditional Mummers Parade every New Year’s Day. There are also many attractions including The Broad Street Theater and The Shops at The Bellevue that really bring this Street to life!
If you are interested in taking a look at some condos in Society Hill or along Broad Street or in any neighborhood here in Center City Philadelphia, please give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.Com.
A wonderful high rise located directly on Washington Square! A wide variety of sized units…from studios to a few large three bedroom units can be found in this Society Hill condo building. Rooftop pool, and underground on-site rental parking is available. Many of the condominiums in the building have balconies….either sun drenched south facing, or have a beautiful Washington Square View. A small convenience store is located on the first floor, along with laundry facilities in the basement, and a parking garage available for rent (when available). Hopkinson House was built in 1963 by renowned architect Oskar Stonorov of Stonorov and Haws and was built on the site of the First Presbyterian Church in the Society Hill section of Center City Philadelphia. All units at Hopkinson House are flats, and this Philadelphia condominium building houses studios, one and two bedroom units. The proper address is 604-36 S. Washington Square, and is located within the 19106 zip code. Known as a great value in Philly condos, the Hop House is wonderfully located directly on Washington Square. You can see more information by visiting my website, www.CenterCityCondos.com.
Mark Wade www.CenterCityCondos.com BHHS Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
On-Site Rental Parking Pet Friendly Building Doorman Building Indoor Pool
The Academy House! Located in the heart of Center City, this lovely 30+ story condominium building offers a wonderful assortment of unit sizes and styles…many with outside balconies! Rental parking in the lower level (valet!), 24 hour doorman, an indoor swimming pool and work out facilities are located on the premises. A great value in Center City (in our opinion!) Located on the eastern edge of the Rittenhouse Square area, and just a block off Broad Street! A popular alternative to those looking to buy a condominium on Rittenhouse Square.
If you are interested in taking a tour of the building, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!
And the asking price is just an asking price!
A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.
Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
