Philadelphia Real Estate Blog

I found a very interesting little tid-bit in Readers Digest. For all you knuckleheads who have never picked out paint before, you should use view the following as gospel. I disagreed with one of their choices, so I deleted it.  (All colors are Benjamin Moore.)

Million Dollar Red (#2003-10): Good for dining rooms and family rooms. Just please use sparingly.

Potpourri Green (#2029-50): “Earthy and pale,” a neutral for kitchens and bathrooms.

Wood Grain Brown (#2109-30): Less red and more gray than Hershey’s Kiss brown, this is the color Mayhew used in her own dining room.

Gray Owl (#2137-60): Works in bedrooms or throughout the house.

Birds Egg (#2051-60): A blue with a “clean gray tint,” another all-purpose color for Mayhew.

Early Morning Mist (#1528): “Somewhere between gray and beige” is this versatile neutral “greige.”
 
–Source: Flip! For Decorating: A Page-by-Page, Piece-by-Piece, Room-by-Room Guide to Transforming Your Home by Elizabeth Mayhew (Ballantine, $24)
 
Want a few more decorating tips to make your Philadelphia condominium stand out? Drop me a note, and let’s chat!

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

…and floor height isn’t the only factor affecting values within the same buildings.

Probably the most overlooked effect on value to high rise condominium is the view that any particular piece of Philadelphia Real Estate has to offer. 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 realtor who specializes in condo sales I have learned a great deal about the effect on value that particular views may or may not have, and any given buyer’s perception of how that view might affect their desire to purchase.

 
1) It is possible for a posh condo to nearly double in value if it has a highly coveted view. Think Central Park.

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 high rise condo can be very appealing 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.
 
At times, the need for a good view can be bypassed if a condominium has great light. There are many Rittenhouse Square condos that offer tremendous natural light, be it north or south, east or west, that don’t necessarily have great visuals. I find a lot of buyers will fore-go a great view if the natural light is strong. Conversely, I find that a great view will not overcome the weakness of a dark condominium. I would suggest that natural light is a stronger motivator than a great view- at least in terms of resale ability.
So know that it has been my experience that view does indeed affect resale price and the time it may take to sell any given Philadelphia condominium. Though direct “park views” are the most desirable, there are compensating factors, and issues that can compensate for a lovely tree lined view of say, Washington Square. One needs to consider the window size, ceiling height, amount of natural light, and of course floor height. All factors should be considered when determining the resale ability of any given Philadelphia condo.

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

It is really simple. I show you a condo. Then I ask…is this too small? What do you think of the view? The closet space? The layout?

Then we visit the 2nd condo, and the questions are: What do you think of this building? How do you like the location? Is the kitchen big enough?

Then we go to the 3rd condo, and I ask: How do you feel about rental parking being around the corner, as opposed to on-site? Do you like the bathrooms? How adverse are you to paying higher condo fees (for things like doormen, and elevators)?

 
Finding you the right (say) Rittenhouse Square flat, or say Old City loft is a function of how well you can verbalize your “dream condo”, and me being able to interpret what you say, and match that to the current Center City Philadelphia inventory of condos.

It is not rocket science. However, I am a fairly quick study, and I know the Philadelphia real estate market better than most (if you don’t mind me being a big-brain)….

So give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com. Let’s play 20 questions, and let’s see if I can come up with your dream Philadelphia condo!

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

The new Federal Home Buyer Tax Credit provides $8000 to help qualified first-time home buyers get into the house of their dreams. Described as the opportunity of a lifetime, this program has drawn a lot of interest from the first-time buyers market, which seems to remain strong here in Center City Philadelphia. Coupled with very low interest rates, and a softening of home prices in the area, perhaps now might indeed be a good time to buy a home in Center City Philadelphia.

For more information, please visit: www.FederalHousingTaxCredit.com

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

Located in the Logan Circle area of Center City (roughly, the mid North West quadrant of town), sits a quiet almost unnoticed mid/high rise condo buildings, simply known as 2201 Cherry St.

Clad in a white stucco-esque exterior interrupted by a series of windows and small balconies, this 11 story, fourty unit condominium building was first occupied in early 1988. Interestingly enough, almost all units have parking. Penthouse units available as well.
    
With just four units per floor, the building retains a somewhat quiet boutique feeling. A large (1055 sq ft) and small one bedroom condo (a whopping 948 sq ft!), and large (1264 sq ft.) and small (1115 sq. ft) two bedroom condo per floor. All the two bedroom units have walk in closets, and small balconies. And of course, each unit has its own heating and air conditioning units, and deeded on-site parking. Extra storage is provided for choice condos at 2201 Cherry St. We give this building our first “5 Star” recommendation!
    
Located close to the new Schuylkill River Trail, and not far from the Trader Joes food store, the location has seen a great improvement in services, and “things to do”. 2201 provides easy access to I-76 and the Amtrack Train station at 30th Street, as well as Kelly Drive, and the high rise business district along Market Street.
    
I choose 2201 Cherry St. as an outstanding value in the Philadelphia condo market because:  Prices are fairly undervalued , The on-site deeded parking, and the general layout of the units, and proximity to 30th Street Station, and access to I-676.    Some of the corner two bedroom units allow for an open kitchen/dining/livingroom combo that is a descent size for the price- provided you remove the non-load bearing partition between the two rooms. Not a difficult task, in my opinion.

Great value, an improving location, an active and progressive minded condominium association that manges the buiding well, are all the reasons why I think 2201 Cherry St. is tough to beat in terms of value in the Philadelphia real estate condo market.

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

Neighbors thought Edward and Connie were nuts to abandon their idyllic suburban oasis, replete with ducks flying to and from the pond, for a 17′ wide row house in Center City in 1989. A row house without parking, or more than a small square slab of cement to call a back yard. And four stories from basement to top floor.  Edwards and Connie’s move signaled a shift in the residential paradigm. Their parents left the city after World War II, and come hell or high water, they weren’t coming back. But Gordon and Ellen think of themselves as far to cool and hip to spend their days in a five bedroom ranch house with a half acre of land, and a basement full of tools and half used accrutremones. Recall, they are the generation that said words like “groovy”, and “right on”. The idea of never owning a lawmower, nor a garage full of half used brooms and shovels -appeals to many an empty nester. No more yard work, no more owning more than one car, and no more having to repair the roof. The thought of new surroundings, in a new luxury condominium, with much less responsibility (and therefore more freedom) is again very appealling.

     
Baby boomers, becoming empty nesters provided the fuel needed for many new projects that have recently been added to Center City’s skyline. Buyers of many luxury condominiums her in downtown Philadelphia have made wonderful gains in the last twenty years, with respect to their real estate investments. That money is coming to town, without the burden of private schools for the kids, the kids, and often comes during prime earning years. It is their turn to treat themselves, and the developers of many condominium buildings are positioning themselves to take advantage of that market.

    
The perception that downtown Philadelphia has really come a long way over the past twenty years, from being cleaner, safer, and culturally more adept -are all reasons that contribute to the lure of the empty nester set. From friends who have also made the move, to museums, restaurants, shopping, and the bike trails up the Schuykill river, Philadelphia is shaping up to be a fine residential attraction, and empty nesters have taken notice. And to think that South Broad street is now the place to see and be seen. Who would have thought?

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

Not all fluctuations in value have a direct correlation to one event or one particular quality to a particular Philadelphia condominium. Rather, a Philadelphia condominium’s value, and the rate of change therein, is really a product of a host of factors.

Obvious factors are the showing ability and emotional impact that a particular condo unit does or does not possess: cleanliness, natural light, wall color, furniture, even the smell of a condo can add or subtract from the emotional beauty, and leads to a huge impact on a condo’s value. In my twenty years of selling real estate, I have never had a buyer tell me to find him the dirtiest, or the worst decorated condo available. Easily, as much a ten percent difference in value depending upon showing ability. And of course, the interior condition can also have a major impact on value. Beige bathtubs and appliances can crimp value fairly quickly in a lot of cases.  And of course, the physical characteristics of any given unit can help or hurt the unit’s value (think- huge closets, a tax abatement, high ceilings, etc). Styles, like appliances and carpeting, have a tendency to age, and that is usually accompanied by a slower rate of appreciation. Clearly, more recently rehabbed, say, Rittenhouse Square condos are going to retain their value better than a unit in a state of disrepair or decline in its finishes. Also, prohibitive condominium association rules and policies can deter many buyers from specific buildings. A host of factors can cause units to sit on the market longer than normal, and almost always guaranteeing a lessened resale value.

Location is also a huge factor in the rate of either appreciation or depreciation. Stronger locations in town have a tendency to be a bit more elastic- they are the first neighborhoods to see a drop in inventory with any influx of buyers to the market. That’s a good thing. Recall the principles of supply and demand. I would argue that a strong location is going to depreciate less -because IF in a weakened marketplace, the first condos to remain unsold are in the weaker locations. (The flip side is that you might be able to strike a significantly improved deal, should you be looking away from an “A” location.)

I am just brushing the surface here, but know that not all condos in town will appreciate or depreciate at the same rate. Or sell within the same given timeframe. The best tools you have to ensure your value remains intact is twofold:

1) Buy it at the right price in the first place and/or

2) Keep your unit looking like it just jumped off the pages of Town and Country Magazine.

Easier said than done, I am aware!

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

Old City Philadelphia, or Olde City Philadelphia….either way, the neighborhood once blighted with unattractive and massive warehouses, is now the place to be for many searching for a hip and groovy condos in Philly. Once referred to as the “Warehouse district”, Old City has become the hip urban neighborhood that is much in demand! Converted factories and lofts dominate the Old City condos set. Though few townhomes are located within the Old City, many buyers find the attraction to the variety of loft space a real draw. Old City Condos in the area are many and varied. From studios to larger rambling spaces, the historic fabric and eclectic visuals make Old City a popular buying destination for Philadelphia’s residential condo buyers. 108 Arch, The Moravian condominiums, York Square, BridgeView Place condos, Wireworks condos, and the National in Old City are some of the big name condo projects in the area. All of Old City falls within the 19106 zip code. Area boundaries for Old City Philly are:  Front St. to the east, 5th St. to the west, and Walnut St. to the south, and Wood St. to the north.

I personally have lived in Old City for the past 16 out of my 20 years here in downtown Philadelphia, and really enjoy the neighborhood. The charm, history, and area shopping proximity are just a few bonuses to my Old City condo!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
 
Listen to Mark describe condos in Old City in a podcast
Read a blog entry about Old City lofts in Philadelphia
See video of an Old City condo that aired on HGTV!

As a longtime Philadelphia Realtor, I see the value in a good appearance of your Center City Condominium, and a good first impression.

Nevermind that your kitchen has white appliances, and formica countertops. Those sins are forgiveable.  Most folks can even get past a seller’s vanilla bathroom and maybe even the lack of good natural light. But your ratty futon from your college days? Your clear lack of ownership in a sweeper, or a mop?  More than any home improvement, if you are looking to increase the value of your condo in Philly, get yourself some Mop N Glo, and get cleaning.

Most buyers are not interested in having your dirt and grime transfer with title. Unless of course, you are looking to attract really low offers.

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

…Vary Building by Building

 
Every condominium association has its own rule governing cats, dogs, giraffes, and other miscellaneous pets. The general rule of thumb is as follows:

1) Low Rise and/or Brownstone Style condominiums

Almost ALL of these small associations allow dogs and cats. I dunno’ about giraffes. Rarely are size, or breed restrictions in place. Such is the case at The Clinton Condominiums at 11th and Clinton Streets. No elevator, and limited common space generally mean more relaxed pet policies. However, there may be a nuisance clause inserted into the condo docs, should your pet be continually yappy, or be prone to bite others.

2) High Rise Condos

All Pre-War buildings on Rittenhouse Square allow dogs and cats. Breed restriction or weight limits may apply. It has been my experience that smaller high rise (and high-end) buildings with limited number of occupants do allow pets- Like 1900 Rittenhouse Square.  High rise condo buildings with large populations (Academy House)  generally will not allow dogs. The Philadelphian, at 2401 Pennsylvania Ave. goes as far as to prohibit dogs and cats. I understand not wanting some wreckless 19 year old kid with his mean dog in an elevator with my 94 year old grandmother.

Large condo associations looking to rethink their restrictive pet policies can implement size and breed restrictions to keep disruptions and the “fear factor” out of the common areas of any given association. This idea will probably gain in popularity as associations look for ways to attract, instead of repel potential buyers. In my 20 year real estate career here in Center City, the buying public is about 50 times more likely to purchase a condo with a relaxed pet policy, than in spite of one. Most buyers will give up their first choice of condo buildings, before they will give up their beloved dog or cat. I wouldn’t dream of giving away my dog to live in any specific building here in Center City. Would you?     

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