Philadelphia Real Estate Blog

By now, we have all heard hundreds of times that the Home Buyer Tax Credit has been extended and expanded by Congress. If you are a buyer who might be actively looking for a Philadelphia Condo, or even if you are sitting on the fence, here are some facts you should know:

1. Time is running out! In order to qualify for the tax credit, you must be under contract by April 30, 2010. You also need to complete a successful settlement no later than July 1. Which means you probably should not plan to settle ON July 1. Plan to settle a few days in advance. It would be such a shame to miss out on such an amazing deal because of a last minute postponement (none of us hope for them, but unfortunately sometimes, they do happen). 

2. If you are a first-time home buyer, which means you or your spouse have not owned a home within the last 3 years, you qualify for $8000. If you are a “long-term resident” and you are selling or vacating your primary residence that you have lived in for 5 consecutive years to purchase a new primary residence, you qualify for $6500.  A primary residence can include any single-family home, townhouse, condominium, or co-op.

3. If you settle before the April 15 tax deadline, you can even apply the credit to your 2009 tax return! Not a bad deal! If you miss it, you will of course apply it to your 2010 return. Still not bad!

4. The income limits have also been raised. The credit will now be available to single taxpayers with gross incomes up to $125,000 and joint filers who earn up to $225,000. You may even qualify for a reduced credit if you earn up to $145,000 or $245,000 for joint filers.

The clock is ticking on this once in a lifetime deal. If you have questions and are looking to buy here in Philadelphia, feel free to drop me an email at Mark@CenterCity.com or give me a call at 215.521.1523. 

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

With 182 individual condominium units, and 86 deeded parking spots, Center City One Condominiums have a great reputation for being a solid Philadelphia real estate buy.  A Great Value which could be improved!  A mix of studio, 1, and 2 bedroom units, Center City One condos offer either wonderful city views to the north, or south facing sun-drenched views.  These Washington Square West condos are located in the 19107 zip code, and all units at Center City One are flats- no loft condo units at 1326 Spruce exist. We find many Philly real estate buyers delighted with what they can buy for their money at Center City One. Although a stable building in terms of resale and location, the building could easily pull higher sale prices with minimal effort.

As a veteran Philadelphia real estate agent who specializes in Philadelphia condo sales, I hear a lot of feedback from buyers whom I shuttle around town in my car. Most buyers will comment on the lack of emotional appeal to the exterior of the building, followed by the worn hallways on every floor. And although the lobby and elevators are attractive, a somewhat unfavorable impression is made by prospective buyers, prior to even seeing the interior of any condo that may be for sale at 1326 Spruce St. I often counter with the fact that the building has a strong on- site management team, an active condo association, and of course liberal pet policies, parking, and proximity to Avenue of the Arts. My ability to lessen the lack of initial emotional appeal usually falls on deaf ears.

If I were the king of Center City One, the first thing I would do is to power wash the concrete exterior which has collected its fair share of city soot and dirt over the years. In addition, the wood balcony partitions on the outside of the building appear faded and a bit weathered. Step two would involve a special assessment to immediately refinish all common hallway areas. The carpet currently appears to be worn, and faded, is what I will hear from most potential buyers. The hallways dimly lit with brass fixtures from perhaps the 1980’s, and fingerprint-proof wallpaper that screams “dated” are going to figure prominently into the associations ability to update the building in order to raise the value of the existing units in this 30 story building.

The death knell of values in existing Philadelphia condominiums is a dated, worn cosmetic look. Center City One excels in location, views, amenities, closet space, balconies, and unit layout. I would suggest that if the association spends for interior and exterior cosmetic work, that values of the condos at 1326 Spruce St. would rise appreciably.

Since this post was written in 2010, Center City One has made some of the very upgrades I wrote about in this post. Please read our new, updated post about Center City One Condominiums here! 

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
215-521-1523

Like fanny packs, scrunchies, and “been there, done that”, the use of exposed brick in many Old City lofts is getting out of hand. Are buyers sooo over exposed brick that a decorating intervention needs to happen here? Though I personally like exposed brick, I like mine with a twist. I like mine painted.

I will never forget the time I walked into the 2nd floor condo at 131 Cuthbert St. and saw that the two owners had taken a pair of corner exposed brick columns, and painted them medium-darking gray. I thought I was going to have a stroke. It was so gorgeous. Really stunning! And everyone who came into the condo (we are talking EXPERIENCED Center City realtors, who have seen it all) was also really blown away by the simple addition of paint to exposed brick.

So think outside the box. Go big or go home. Just do it….. And other trite ad slogans. I encourage you to give your buyer something he or she isn’t going to see anywhere else.
Worse case scenario is you hate it, and end up painting it white (or pale powder blue). Oh, and painted exposed brick should never be done in a high gloss. EVER. I’m just sayin’.

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

Real estate and drama just seem to go hand in hand. Ugh. But drama can be a good thing if we are talking about the drama created when a Philly condo owner makes a dramatic improvement to the cosmetic or emotional appeal to their home. Here are a few of my favorite looks:

“When dramatic is Good”   

And in this photo below, I think the crisp and modern colors of the wallpaper add a striking definition to walls. Notice how the Philadelphia condominium owner did NOT put wallpaper on a perimeter wall- only an inside wall was enhanced.

If you’d like to go out and take a look at some dramatic Philadelphia lofts and condos, give me a call at 215.521.1523 and I’d be happy to show you a few more of my favorites!

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

Do you think we are new to this planet?

As a realtor in Center City Philadelphia, it really irks me to see some, perhaps dubious, claims made in the Real Estate section of the Sunday paper by various real estate developers. “We have been honored to receive”….”Voted best Priced”, or ” Nominated for Best this or that”. Perhaps some of the “award recipients” are under the assumption that those with the money to buy their products are all just a bunch of morons. Who the hell is giving out these awards? I have never heard of any of these groups.

From claims of prestige, awards, and even square footage calculations on some Center City condos, you may have to take that info with a grain of salt. Not always- but certainly sometimes. And when a developer/his or her sales staff tells you that their new construction building is 70% sold, you might want to check with me for accuracy on those claims.

Did I mention to you that I am now a member of the  JILLION dollar club? 🙂  Yeah right….

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

They’re baaaackkk! If the first 30+ days of 2010 are any indication of the activity we are going to see here in the Center City condo market, then I am one happy camper.

How do I know buyers are back? Simple- I look at how my website is trending with Google, and I see how many people are taking it one step further beyond just looking over my site, and actually email me for information or request a tour of some condos in Philly.

Here is what I think is happening:
Buyers have sat by the sidelines of the Philadelphia condo market for the past year. They have finally come to the conclusion that the sky is not falling, and the sun continues to rise every morning. They are getting on with their lives, and beginning to plan their future moves in terms of housing- but they are doing so with caution. The one thing I see is a clearing of the back inventory of existing condos that have been on the market for a while. Prices are getting better, and buyers are taking advantage.

Today’s Center City Condo buyers are not dumb-ass goofballs. They are not going to over pay. But they are willing to make offers on the properties that are competitively priced.

Smart sellers should take note of the increased activity, and of the buyers’ mindsets.

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

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”. As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make him an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick.

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pocket?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to building the building?

Interested in buying a new construction condominium here in Philly? Give me a call at 215.521.1523 and let’s chat.

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

Easy quick steps to buying a Center City Condo:
 
1) Find a Philly realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure he or she listens.

2) Get in realtors car. Shop for condos in Philly. Find one you like after X number of tours/weeks/whatever.

3) Revisit condo, bring in-laws, family, whomever. Ask lots of questions.

4) Have realtor draw up offer. Sign. Have realtor submit to listing agent to give to seller.

5) Negotiate…if successful, sign altered agreement of sale.

6) Have your realtor help you schedule home inspection. Get mortgage application taken.

7) Attend home inspection, send info to your mortgage company.

8) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!
 
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
 
Here is a quick way to start the process:
 
Call me. We will chat..no obligation, and no pressure. I am here to help you. 

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

Though I rarely sit at Sunday open houses here in Philadelphia, I do so sometimes with a slight effect from being out with my friends from the previous (Saturday) night.  I am tired, and sometimes sit in a chair for the entire duration of any given Open House. Thank goodness our Center City Sunday Open House shift only last an hour. I think I might go nuts otherwise.

But there are a few things that brighten my morning, like showing up five minutes early to my (say) Rittenhouse Square condo Open House, and see potential buyers waiting for me. Or be blessed with sellers who have turned on every light, adjusted the thermostat appropriately, and even perhaps lit a candle in order to bring some life into the condo. Nothing kills the “likeability” of your Old City condo like 98 degree heat….. inside the unit I am about to introduce to perspective buyers. And kitty puke on the kitchen floor…eh, no. Ditto for doggie doo piles on the patio. And for heaven sake…make the bed. Clean the bathtub, and pick your crap  up off the floor of the walk-in closet. NO POTENTIAL BUYER WANTS TO INHERIT YOUR LIFESTYLE, should your lifestyle be easily equated to that of say a 19 year old fraternity dude. Dude.

And buyers, you have a checklist of your own. Keep your dog at home, and don’t show up ten minutes AFTER my open house has ended, expecting a 25 minute tour. (Please, that is :)). And if you are just browsing, and saw the sign out front, give me some time with the “real” buyers who may have come specifically for this home.  Your presence is welcome. Your monopolization of my time…perhaps not so much.

Sellers and buyers need to put on a good show to be taken seriously. And buying a condo in Philadelphia is a serious consideration, and a thought for which one should prepare. Put your best foot forward, and happy buying and selling!

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

….A  match made in heaven!

Good closet space inside a Philadelphia condo is like a good wine. Coveted, hard to find, and treasured by all. With a high percentage of my buyers being of the “Empty Nesters” set, I find that their preference for good closet space can not be ignored. Downsizing from a larger home is traumatic enough in itself, without have the added turbulence of deciding what to keep, what to give away, and what to simply heap into a large pile, and burn.

There is one condo development here is town that many of my buyers find quizzical: The good sized two bedroom condo units do not have walk-in closets. Only the medium sized one bedroom condo units in the building have a walk-in closet. Odd, they say- and I can’t disagree.  Dockside in Philadelphia offers two healthy sized walk-in closets in their two bedroom condo units. I thought I was going to have a heart attack when I saw that generosity.

I do believe that the lack of closet space must be coming from some NYC consulting firms, used by local developers when putting up a new high rise condo building here in Center City. I know New Yorkers don’t seem to value kitchen size as much as Philadelphians, but could it be that they travel lighter as well, and don’t have as much stuff to store as we do? Who knows! But a bit more attention to good closet space by Philadelphia developers would be a huge help in their sales efforts here in Center City (in my humble opinion)!

I talk about a lot of stuff about Center City real estate.  Click onto my “podcasts” link on www.CenterCityCondos.com to hear me go “off” on everything that is Center City real estate!  

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