Philadelphia Real Estate Blog

…and floor height isn’t the only factor affecting values within the same buildings
 
Probably the most overlooked effect on value to high rise Rittenhouse Square condos is the view that any particular condominium building offers. And not all views are created equal. Let compare and contrast a few different scenarios. All are based on my opinion, as a fairly seasoned Center City realtor who specializes in condo sales-
 
1) It is possible for a posh Rittenhouse Square condo to nearly double in value if it has a full squre view (as opposed to say the identical unit with NO view of the square).

2) In some buildings, the highest values have been posted not only on the highest floors, but also on what we call “treetop” view. A very nice view of the treetops, say on the 5th floor of a Philadelphia highrise condo can be very appealling to a number of buyers

3) A condo on a high Floor does not always warrant a higher sales price. IS there a benefit to looking directly into a neighboring high rise condo building- from the 27th vs the 8th floor?

4) I personally have found few buyers to discriminate between an East vs West view. However, a number of condo values are greatly affected by a North Vs South view.

5) Not all views from the 16th floor of various buildings are the same. Think about ceiling height, and windows that run floor to ceiling. The building itself can manipulate either the view, or the feeling that the view offers, and this in turn will affect resale value and overall appeal.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Philadelphia has been graced with some wonderful, and some not so wonderful additions to their condominium inventory over the past five years. Some are selling quite well, and some- well, not so much.

I think that the popularity of a certain building has to do more with the buildings cache, or “je ne sais quoi” rather than the normal fluctuations that occur within a given real estate market at any given time.  By that I mean that some buildings are, and have sold well due to either the builder’s name, or hype that surrounds such buildings. The lack of such hype can be devastating. 

From ultra-contemporary to elegantly conservative, Philadelphians seem split on the style design of the condos they prefer.  We have seen some very high end Penthouse units sell in Old City lately, and the addition of the most modern building to hit town become erected at 13th and South Streets.

New construction is favored by many, due to Philadelphia’s tax abatement , and the stylish finishes found in many new high and mid rise Center City condo buildings. Even high-end condos can be found, bursting with amenities, in some low rise Brownstone conversions projects found scattered about town.

In a town that brought you Ben Franklin, and Betsy Ross, historic and pre-war condos do have their place. But for some, there is nothing like a new construction condo here in Center City Philadelphia.

Like New? Prefer Old? Let’s chat! 

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

One of the most distressing real estate topics we hear in the news is the foreclosure rate.  Realty Trac, the California based company that tracks foreclosure information, just released the news that foreclosures rose 81% in 2008.  But to put this in the proper perspective, one needs to consider two things:
 
The total percentage of homes in foreclosure is 1.84%.  An 81% increase appears dramatic, but the fact is that this overall percentage rate is relatively small.

 
 
The majority of foreclosures are in areas of the country where real estate values rose at unsustainable rates and/or land available for development caused excess new construction.  These include the coastal areas of California and Florida, as well as Arizona and Las Vegas, Nevada.  One of the primary reasons that there has been steep price declines in these areas is because of the number of foreclosed properties on the market. 
 
The eight-county Philadelphia region placed 77th of 100 metro areas nationwide in the number of foreclosure filings recorded in 2008, not too bad.

If you are looking to find a great deal here in Center City Philadelphia, 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

Many buyers who email me about Fitler Square condos in the 19103 zip code favor a quiet neighborhood, with easy access to the University of Pennsylvania, or I-676, or perhaps strolling distance to Rittenhouse Square. Though few condos exist in this part of downtown (Center City) Philadelphia, the attraction of being near the Schuylkill River and the recent addition of the jogging trail next to the river make the Fitler Square area a destination of choice for many Philly condo buyers.

Most notably, Locust Point condominiums has recently added condominium inventory to the neighborhood. 251 S. 24th St. is a boutique style loft condo building with parking, and a relatively small association. Additionally, one will find a smattering of low rise, Brownstone styled condos in the neighborhood– each offering a unique floor plan, layout, or character specific to the particular building. The introduction of some very high end Brownstone styled condos like 2025 Spruce St, and 251 S. 22nd have added a bit of cache to the appeal of this small, yet diverse collection of condominiums that make up (sometimes) rare offerings of Fitler Square.

The one interesting bit of info I can tell you about my experience selling, and sitting open houses in the Fitler Square area is that it seems EVERYONE who is looking for a condo here, is fairly set on finding something in the neighborhood. The #1 question out of their mouths is “What else is available here?”

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”. 

It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as:   – area, -vicinity, and –adjacent.  And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).

So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.

I am here to help you navigate the world of Philadelphia Real Estate. I can be reached at 267.237.3404 or at Mark@CenterCity.com.  Thank you!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Most buyers are unaware that buying a condo in Center City will not cost them much of anything. The way the system generally works is that the seller pays the realtors fees (the listing and the selling agent) and that buyers may contact a realtor, and not have to pay him or her for their services.

The possible exception to that rule may be a $275 administration fee. At least that is the case with myself, and Prudential Fox and Roach Realtors. My fees, as your realtor, are paid for by the seller. You can use me, my knowledge, insight, and I will not charge you for my services. And I don’t charge you the $275, nor do I benefit from that fee-it is a fee that my agency charges. I hate that fee. I think it is stupid.

I will shuttle you around from Center City condo building to condo building, and sometimes even spring for coffee at the local Wawa. I will put money in the parking meters, or park illegally on the street and risk being towed. I might even pick you up at your place of residence, and drop you off there as well when we are done with our tour. All for free!

Now that doesn’t mean that there are not costs associated with buying a condo-on the contrary, as there are closing costs when you buy a Philadelphia condominium. It is just that my services are not charged directly to you.
So, if you are in a “Ready, willing, and able” state of buying your new Philadelphia condo…let’s roll!

Looking to hop into a car, and start your Center City condo shopping? I am ready when you are! Just drop me a note, and let’s chat! And let’s go look at some condos, and have some of that good Wawa coffee in the middle of our tour!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

As I work with buyers, a task in which I enjoy very much, it has become evident over the past nineteen years that one tenet of seeing lofts and condos in Philadelphia holds true – You are going to see some undesirable pieces of Center City real estate before we finally hit upon the one that grabs your heart, your eye, and your pocketbook.

More often than not, I find that buyers reject 99.9% of the condos in Center City for one reason or another. No problem. That is the goal of house hunting. And believe me, there is good reason to reject many of the things that are on the market. Too big, too small, not enough closet space, too dark- you name it.  And for one reason or another, any given condo in Old City, Rittenhouse Square – wherever – is not going to be a good fit for what you have in mind.

The important thing here is that you and I learn of your likes and dislikes. That you adequately communicate what you are seeing, and how it does or doesn’t fit into your scheme of things. I don’t own any of the condos you are seeing, so if you aren’t interested – that’s ok.  Just be sure to let me know the strengths and weaknesses of everything we are seeing, so we just don’t work in circles, and continue to see condos in Society Hill that may be too cramped, if that is indeed how you are feeling.

We will eventually find you a new condo. I always do.  And if I can’t…well, then possibly your expectations are a bit lofty, or you are just not ready to buy. I am not going to give up on you….so get ready, and please be patient as we see some crap out there in the Philadelphia real estate landscape!  Call me at 215-521.1523 or send me an email at Mark@CenterCityCondos.com when you are ready to go! 

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106