Philadelphia Real Estate Blog

I dream about this idea a lot. Where could Center City’s newest neighborhood come from? Where is that neighborhood that is not too far, but could offer a really groovy mix of luxury Center City condominiums and townhouses?

I think the most overlooked and potential new neighborhood for such a development is between Callowhill Street and Spring Garden Street.  It’s the area from 2nd Street to say 6th Street, between Old City and Northern Liberties.

Take a drive around that neighborhood, and what you will find is a mix of commercial spaces, a few warehouse buildings, and a lot of open surface parking lots. If this area were developed, it would bridge the gap between Old City and Northern Liberties, and Chinatown, for that matter. Certainly, the highest and best use of a half acre of land can’t be for a one-story, semi-retail, tin can type production facility, can it?

I say hell no! Someone should go in, buy up as many of those “tin can production facilities” as possible, and start building. He or she could capture the Old City spill over buyer, and certainly draw folks closer to the Center City area (for those considering Fishtown or Northern Liberties). With easy access to I-95 and the expressway, it might be a great idea. And God knows that if you want to jump over to the other side of town (Rittenhouse Square area), the quickest way is down Callowhill Street.

I think this area might be the perfect place for a few new, green Philadelphia condominium buildings to land. Start one of the buildings as a nonsmoking building. Certainly the wealth of higher-end Center City condominium and luxury loft living has dispersed over the years throughout downtown Philadelphia, so why not here?

If I were a big developer, I would forget the plans for waterfront condos, and start building in the area I will call…Mark Wade Land. Kidding….how about, New Village. Or Newville. Or the Green Lands?  If you get a minute, drive up to the area, and I think you’ll be amazed at the possibilities. Amazed that no one has yet gone in to grab some of this area as residential.

Philadelphia is certainly on the grow, and Center City condominium / loft developers are in no short supply. This fairly large strip of land dividing two growing residential neighborhoods (Old City and Northern Liberties) is potentially there for the taking. Now someone, please take it!

Have questions about buying or selling a Center City Condo?  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.  I’m happy to share my knowledge with you!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Philadelphia, PA  19106

There is something to be said about model homes. I love them. I want to buy everyone I see.  Brand spanking new model homes – versus – character laden, gorgeous, historic homes – which do I choose?!  The great thing about Philadelphia real estate is that there are fantastic properties at both ends of the spectrum.

While I’m a veteran home flipper (my brother and I have bought, rehabbed, and resold 140 + Philadelphia condominiums and townhomes) I have to admit I am intensely attracted to the pretty residential faces of model homes.

It really is an occupational hazard!  I want to move every week. This is in spite of the fact that the Philadelphia loft condo I currently share with my other half has been featured on HGTV.

We rehabbed our circa 1813 Old City condo (with three-car parking inside a really cool, private gated courtyard) from scratch. We chose every material and item in it ourselves. Okay, we grossly overspent. But we also won the 2005 Philadelphia Magazine’s Kitchen of the Year Contest.

But like a lot of you who love historic Philadelphia real estate, I also love model homes. I used to preach the mantra of “With a town that brought you Betsy Ross and Ben Franklin, historic homes sell – well!”  And although I do throw that line out to buyers from time to time, the truth is I’m a sucker for Philadelphia’s new construction model homes. 

Am I a hypocrite? Should I not utter what I covet?

When you see what’s available in terms of model homes, you can’t help seeing the benefits of owning one of these properties.

I am telling you, give me a new construction ranch house, with a driveway, garage, patio, and a ¼ acre yard, in Old City- And I am willing to bet that I would go directly into the intersection of Broad and Walnut Streets, and dance a bit…right there in the middle of the street.  Honest. 

Of course, that ranch house has to be “Model Home” gorgeous. You know, with all the latest designer furniture, wall coverings, hip features and new paint, etc.

It’s all about lifestyle. Getting into a house or Philadelphia condominium that doesn’t require any work so you can sit back and enjoy your new property is a big bonus. I know I would love that type of lifestyle with all my heart.  And never, ever, ever want to leave. That’s right, never.        

Until, of course, the next time I was out showing a buyer a new construction penthouse condominium with gorgeous outside patios. Slowly, but surely, as closet doors are being slid open, rooms explored for the first time, kitchens ogled and bathrooms admired, that feeling will come over me again.

I’ll be struck with the itch to own one of the amazing model homes available on the Philadelphia real estate market. And you’ll find me back in the intersection of Broad and Walnut Streets doing my own crazy version of the model home dance.

Whether you want to buy new construction or a historic beauty, I can help you get the best price and terms.  (I can even help you choose between the two.)  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.

Mark Wade
www.CenterCityCondos.com 
Prudential Fox and Roach REALTORS®
530 Walnut St., Phila., PA  19106

I always find it interesting when developers or REALTORS® advertise a spring 2007 delivery for Center City condos and the project has yet to break ground. I’m thinking, it’s summer 2007 and your project isn’t even started!

Or. how about those large signs in the ground announcing a new development that got axed nine months ago?  Look around town. You can see a few.

I don’t know why delivery dates for new construction Philadelphia condos are so wrong sometimes. But I do have my theories.

Perhaps these developers are unaware of what it takes to get Philadelphia condos approved and built. Maybe it’s a bit of wishful thinking on the part of the REALTOR®: will an early delivery date increase the traffic through their site?

More likely, it’s a bit of both. 

Any buyer looking at pre-construction projects should be told of the inherent delays in new construction. Buyers must be aware of the countless pieces of the puzzle that need to fit into place in order for a project to come together. And they must be told the truth – that often, developers have zero control over the puzzle pieces. (Think city and state permit requirements, for example.)  Learn more about neighborhoods in the Center City area.

I think it would be difficult in most cases to adequately predict, some nine months in advance, an exact settlement date for your new condo. To me, promising a delivery date that clearly isn’t within range is a mistake. REALTORS® and developers of new Philadelphia condos lose credibility when they do this.

I started thinking about all this remembering a mistake I made. (I know, I know. I of all people should know better!) When I was moving, I actually messed up my calculations on a new construction piece. I ended up in corporate housing for six months. (You can imagine what a pain that was. Two extra moves…)

If you’re considering Philadelphia condos in a new construction project, be wary of the advertised delivery date. Allow for some grace time with your lease. Don’t make completely firm plans with your moving company. You’ll avoid a lot of headaches brought on by unforeseen construction delays.

Stop trying to comprehend today’s complex real estate market all alone.  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.  Together, we’ll find your perfect Center City condo or sell your Philadelphia condo…and have fun doing it!

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

I get the shivers when I think of people investing in new Philadelphia condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling Center City condos, I know one thing for sure: there’s a big disparity between finished condo projects and the drawings that started them. 

Let’s take a couple of Philadelphia condo projects as an example.  Any two projects…line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light, the views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams. Other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum – buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we’re getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful.  Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP?  With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner!  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com. 

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

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