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March 20, 2008
Now that is a really good question. Is that two bedroom unit- be it a loft or not, really a two bedroom unit, or is more like a one bedroom with a den, or even just a large open space, where a bedroom could go “here” and another bedroom ”there”?
As a long time Philadelphia realtor with Prudential Fox and Roach Realtors, I have seen a fair number of condos in Center City that really aren’t what they are advertised to be. Odd that realtors can be creative, and crafty, eh? Now I am no saint, and I am well aware of the fact that I may have stretched the limits of reality when I exclaim that my new “two bedroom” loft is either this or that…..
It seems that the laws governing the traits that constitute a bedroom vary from state to state. I have heard many things from many realtors across the country. Sometimes I hear that in order to be a true bedroom, a room must have a closet. Or to be a bedroom, it must have a window. Or a window and a closet. I am really not sure what does and does not constitute a bedroom in a condo in Philadelphia, but I pretty much do know a bedroom when I see one. Here is what I believe: If it looks like a bedroom, and operates as a bedroom, then I think it is fair to call it a bedroom. Although I will usually make a notation somewhere that “legally, this center city condominium may be a one bedroom, but it does play like a two bedroom.”
For instance, I have sold a number of units along Spruce Street and Clinton Street in Washington Square West in which the second bedroom does not have a window, rather that room is open ended- and the “second bedroom” overlooks the living room in a loft like fashion. But it does have a door, and a closet, and I do find that a lot of buyers who are in the market for a 2 bedroom condo will find this arrangement acceptable. What I find objectionable, as do many of my buyers looking to purchase a condominium in Philadelphia is the open loft space that has NO defined bedrooms, but is advertised as a two bedroom unit. Perhaps the listing agent of that loft condo thinks that we are so clueless that we will somehow miss the fact that there are no bedrooms. It hasn’t happened to me yet, but there is always a first time for everything.
In most cases of Philadelphia loft bedroom count issues, the question is a fairly simple one: Does a loft bedroom, open ended and not completely closed off constitute a bedroom? I think that it does, and I think that most of my Center City condo buyers agree.
So when your interested in looking for a loft or condo here in Center City Philadelphia, with or without a "bedroom", give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com.
Mark Wade
www.CenterCityCondos.comPrudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
March 11, 2008
How? Easy. Drive your car off a cliff. With the proliferation of the car sharing companies here in Center City Philadelphia, you might want to ask yourself, seriously, do I really need to own a car? You might be surprised. Most parking lots around town now have designated spaces for these hourly rental cars.Let’s look at the general/average monthly cost of a new car here in town:
Parking $200
Insurance $300
Car payments $400
Tickets, gas, etc. $100
Cost of being carless: Priceless!
With nearly $1000 a month in saving, you have now transformed your Philadelphia condo shopping possibilities from a one bedroom to a two bedroom. Or maybe you have gone from an existing somewhat “used” condo to a new bright shiny, never before lived in, say, Rittenhouse Square condo.
Being carless is something that is hard for most Center City condo buyers to imagine. Like freckles, or unmanageable hair, it is something that we possibly have lived with all of our lives. Imagine the freedom you can mentally experience without the burden of owning a car. I did it here in town for five years, and let me tell you- it was a joy!
So to all those Philadelphia loft or condo buyers who are struggling to find what they want, think about the possibility of shedding 2000 pounds of ugly fat. Drive your car off a cliff. Or sell it. Whatever. If you simply look into the easy and availability of the new car sharing programs here in town, you just might be pleasantly surprised at what you can now afford in the Center City condominium market!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
March 6, 2008
As a maven, devotee, fan, fanatic, aficionado, supporter, and all around nut-bag with all things “Center City Condos”, I believe I am aptly centered to give my opinion on the subject. Some human beings can cite sports scores and statistics of their favorite sports teams or players, and simply confound you with their knowledge. My sport happens to be Philadelphia condominiums. Go figure. Here is what I believe is happening in our market as of 1/1/08…..
The fall 2007 market, duplicating the fall market of 2006, literally sucked. Best described as a period of time that saw the influx of bad press, and potential bubbles, we saw buyers stand by the sidelines and basically wait things out. Not unexpected. We still had buyers coming into town who had sold their previous residences elsewhere, and we did see an average amount of transferees move into town. But the buyers who really didn’t need to buy? They stood waiting on the sidelines. Not out of the picture, but not in a ready willing and able position to pull the trigger on that new condo sale. I saw it not only in a lack of sales within the Philadelphia realtor community, but also in the new construction high rise sales staff who would often question me as to the market- I guess to make sure that they weren’t the only game in town that happened to be stagnant. Inventories around town have continued to increase, and sellers began to get a bit itchy. Itchy to individual sellers translates into a lowering of prices, or an increase of commissions. Itchy to big developers and new construction folks means increased incentives from free flat screen TV’s to free upgrades within the condo units.
They say all real estate is local. I agree. The subprime mortgage mess, and the foreclosures that seem to be swallowing towns like Detroit and Des Moines, hasn’t seemed to affect our market. However, the emotional impact does resonate. Buyers are a bit more cautious, and are just hanging out, without any real wind blowing their sales needs at this time. Ditto for sellers. We are not seeing a lot of new product (in terms of individual sellers) coming on the market.
As far as the new year is concerned, I see a lot of room for optimism. What doesn’t happen in the latter part of the year, happens in the new year. It appears that the Philadelphia condominium market will duplicate its behavior of 2007- A strong first nine months, then dead.
Those buyers who have been waiting by the sidelines will jump into the market. They now realize that perhaps the “sky isn’t falling” as earlier predicted, and they buy and sell. Happened the same way in 2006. And I can tell already by the number of people who are visiting my site , the length of time they stay on the site, and number of return visitors, and the number of those who ask for additional information, or say they are now ready to shop for their new Philadelphia condo.
Mark Wade
www.CenterCityCondos.comPrudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
March 4, 2008
Congratulations! And welcome to our fair city! First thing I would do if I were you-Get your locks changed. You have no idea of how many people have had access to your Philadelphia loft or condominium unit prior to your purchase. From the past owners best friend, to the home inspector, to that odd Philadelphia realtor, or odd plumber for that matter. You have no idea. So change your locks.Make sure that you have called PECO, and if you have gas service, that you have called the gas company. And good luck with the gas company. Also, the cable company, and the phone company are calls you will want to make soon after purchasing your Center City condominium. You don’t need to call the water company, regardless if you buy a Philadelphia condo, or a townhouse, as the title company will make that adjustment at the settlement table. Certainly, you will want to make sure your mail gets forwarded to your new (say) Rittenhouse Square condo, or your Old City loft, whatever.
More often than not, the closet space inside the new piece of Philadelphia real estate you just purchased is not up to snuff. I would call Lowe’s or Home Depot, or wherever, and have them re-do the insides of your closets. It seems like a fairly minimal cost, and you honestly will be able to double the usable space inside the closets of your new place. And certainly a good investment for resale, as a lot of Center City lofts lack such organization inside the closets.
Oh, and make sure you read through the local, mostly free publications like the Philadelphia Weekly, or something similar to stay on top of events, social networks, and general goings-on’s here in town. There is ALWAYS something going on….from glass blowing demonstrations, to fun little dog park get togethers.
It is hard to be without something to do here in Philadelphia, and once you have made arrangements for your locks and utilities, it is time to get out there and enjoy everything the Center City condominium life has to offer – Now go live your life, and have a blast doing so!!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 27, 2008
I am often asked to consult with my buyers when it comes to new construction purchases. From coordinating the “kitchen cabinet color with the granite and tile backsplash”, to helping choose stains for hardwood flooring, and matching wall color, I am often adding my two cents. I think I have a pretty good eye for what is hip and in vogue in terms of the Philadelphia condo buyer.
One thing I find interesting, is the overwhelming substitution buyers are making in favor of hardwood flooring in their bathrooms and kitchens, in lieu of traditional tile flooring. The diminished role that tile flooring plays in the design of many Rittenhouse Square condos, is evened out by the increased use of tile on bathroom walls. Not just surrounding the tub or shower stall, but we are seeing it’s increased use on bathroom walls, and of course, kitchen backsplash areas (the space between the upper and lower cabinet).
Another trend I like, is the increased use of textures, and natural materials on surfaces throughout the home, like a kitchen island area, or again, as a substitute for the traditional tile backsplash. A number of "green" items have made a popular entrance into the Philadelphia market, most noticeably at the Winne Building, with the help of Greenable Philadelphia. Hip, and green, some of these products are a perfect fit for a new Old City loft, or Society Hill condo.
Think about stepping out of the box when planning your next Philadelphia condominium. Mix your textures, in otherwise uncommon areas of your new home, and you might find yourself living the life many of us just dream of. Your condo should be representative of your individual taste and style, and go ahead….live a little!
Mark Wade
www.CenterCityCondos.comPrudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 25, 2008
I came across this great article the other day. Tom Acitelli of The New York Observer had this to say about the new trend of New Yorkers relocating to Philadelphia:
"Since 2001, 8,334 New Yorkers have moved to Philadelphia and stayed. Most—3,957—moved from Brooklyn. After Brooklyn, most émigrés hailed from Queens (2,160); and the Bronx, Manhattan and Staten Island, respectively.
What makes Philly so attractive? The Rocky statue atop the art museum steps? That’s been moved. No: It likely comes down to real estate.
Although exact numbers are difficult to find, Philadelphia home prices, generally, are absurdly low compared to almost any area in New York."
The rest of Tom’s article can be read here.
As a realtor for 19 years here in Center City Philadelphia as well as an owner of an Old City Condominium, I’d have to say that I agree with these New Yorkers that Philadelphia is a great place to live! So, when you are ready to head down the turnpike and look for a great loft or condo here in Center City Philadelphia, give me a call 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., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 14, 2008
I live in a low rise Old City condominium building, and really enjoy the lifestyle. I have all the modern conveniences one could reasonably expect in a three year old restoration of an old warehouse building.
But I can’t figure out how to program my thermostat. I have been living with this computer like device on my living room wall for a number of years now, and I still don’t have a clue how it works. It is supposed to save me money. For the life of me, I can’t figure out how it works. Ditto for the TV and the DVD player. I know how to turn it on, and I know how to record a program on my On-Demand feature. But heaven help me on the days that the remotes are sitting on the couch, and the dog inadvertently steps on the buttons on the remote. Then I am totally screwed. I don’t know how that thing operates….for crying out loud…there are a total of four remotes, and I don’t have a clue, the time, or any inclination to become familiar with all that crap. I have better things to do. Like sit on my can and watch Seinfeld reruns.
Am I the only one? Is it possible that I am the biggest moron in this town? Some things are just too complicated for their own good. And I know I am not the only one who doesn’t know how to program their thermostat. In my opinion, some things are better left idiot-proof. Like the old thermostats, that you simply turn either left or right to control. And don’t let me chew your ear off about the TV remotes either.
If you are shopping for components for your new Philadelphia condo, don’t get in over your head. Keep it simple. You never know when a moron like me is going to be your next buyer, and just might be scared off by your hi-tech know-how. I like my condos user-friendly and simple. Like me.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 7, 2008
Of course each condominium association here in Center City sets their own condo fees. These fees are contingent upon a number of items, generally encompassing the amount of services provided- doorman, elevator, parking garage, roof deck, utilities, etc. I am often asked if any given Center City condo building/association can lower their fees. And the answer is a resounding maybe. Here is what I would do if I were sitting on your condo board, and wanted to see if fees could be lowered:
1) I would shop my master insurance policy for the entire building, to four (4) or more new insurers. Check your liability amount, your deductible, and see if you are overpaying for your current policy
2) Shop around for a new management company for your Center City condo building. For instance, is your current management company charging for move-ins and move-outs, and NOT giving that money to the association? Are they charging you for services you really don’t need? I would think about getting some competitive bids, as a lower management fee is going to lower your condo fees. Also, it is not uncommon to see low-rise four to six unit buildings do the management internally, and not hire an outside contractor to manage the building
3) Make sure that there is a two month capital contribution to each new buyer on every sale for every unit in your building. This fee is equivalent to two (2) month condo fees, and that goes straight into your “condo pot”. VERY common on about half the Philadelphia condo buildings I have come across in the past number of years. If your association isn’t collecting this fee, perhaps they should be.
4) Change hallway light bulbs to the new “spiral fluorescent” bulbs- they can save a lot of dough through a year’s time.
5) Implement a special assessment to change all toilets to 1.6 gallon per flush models. Not a popular idea, but a good one none the less
6) Implement a special assessment to have individually water meters installed in each unit, instead of your current “one meter” system. You may save a few dollars per year if you pay water outside of condo fees (if you are not a water hog, that is…though that idea probably will go over like a lead balloon at your next condo meeting
So there you have it. Yes, you can probably lower your condo fees, and probably make some enemies in the condo association at the same time, as most of these ideas are going to be “shot down” by the masses at any given condo association meeting. Leave me a comment and let me know how everything works out. Good luck with that….
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 5, 2008
In my opinion, with respect to a high-rise Center City condo, the answer to the question is an obvious one: The higher the floor, the better the view, and generally the higher the price. On a clear day you can see forever. You can even see, with binoculars, the high rises in Atlantic City. Heck, from Liberty Two (50 S. 16th St.) you can even see the Nuclear power plant in Limerick. Although the upper floors do command higher prices, there is a segment of the Philadelphia condo buyer who enjoys, and actually prefers a tree top view, somewhere around the fourth or fifth floors. Provided of course, the view is actually of trees and treetops, and not rooftops of neighboring buildings.
In a low-rise Center City condo building, my opinion is that the value of the floor height is usually determined by the presence or absence of an elevator. If you have an elevator, top floors are preferred. However, know that in MANY cases, the higher the floor (in a low-rise condo) will mean a lower ceiling height. The first floor generally has the highest ceiling height in almost all low rise condos in Philadelphia. But there is some opposition to being on the first floor by some Center City condo buyers. The perception is safety, or the lack thereof. That perception can be balanced….as there are many $2,000,000 townhouses here in town that of course have a lot of living space on the first floor. It is kinda’ a “part and parcel” issue. It is how the city is built. If you live in a low-rise say, Fitler Square condo, I would suggest to you that resale wise, the second floor is generally going to be most desirable. Especially second floor front. Think about it. There are many reasons why a 2nd floor front unit is going to be the most desirable in the building…given that all other issues are equal within that building.
I would love to hear feedback on my points. Leave a comment or drop me an email sometime. Mark@CenterCity.com Tell me what you think!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
January 22, 2008
I have been around the Philadelphia real estate market for a long time. Since 1989 to be exact. I have heard, and seen all kinds of things. And I either cringe or laugh when I hear some of the absolute bull that comes out of the mouths of some of my contemporaries.I was once told by a peer that he had the ability to either make or break a certain sale. He had the power to “make” his buyers buy what he suggested. To which I replied, “Really?”…. In all my 19 years experience I have never been able to exercise such mind control. Perhaps it was his toupee that gave him such exceptional abilities. I have never been able to get a buyer to buy something they didn’t want.
Oh, and don’t ever believe a Philadelphia realtor when they send you a mailer that states “I have buyers waiting to buy your property”. What a load of crap. Perhaps these buyers will just buy anything, sight unseen? Or perhaps it is the magic of the toupee again doing the impossible.
And how many realtors claim they are #1??
“# 1 realtor in Philadelphia”
“#1 in Listings and sales”
“#1 in Volume”
“#1 in transactions closed”
How about: # 1 in Sales this side of the planet Pluto? Or, # 1 in the Universe? Or, # 1 in the galaxy. Please. Again, I believe it is all crap. ONE realtor is # 1 in our town, has been for a long time, and I will take a billboard out on I-95 to let you know when that changes.
I personally never claim to be much of anything, except I do boast a bit about being an expert here in the Center City condominium market (selling approx. 140-160 condos per year here in town). Though I once tried to get my company to print up my new business cards that said “Member – Jillion Dollar Club”. I thought it would be pretty funny. I guess they didn’t see it that way. Perhaps being a Jillion dollar seller is just more “out there” than being the # 1 realtor in the Galaxy….
And just in case – I am neither the # 1 realtor in the galaxy, nor am I am member of the Jillion dollar club. So if you are looking for a realtor who knows a bit about Center City Philadelphia but isn’t #1 of anything, then give me a call at 215.521.1523 or send me and email at Mark@CenterCity.com. You may just get a prize for being my jillionth client….just kidding!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: buy philly loft, Center City condo, condos in Philadelphia, old city lofts, philadelphia realtor
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