Philadelphia Real Estate Blog

Built in 1929, the Drake stands as a magnificent addition to the Philadelphia skyline.

Here’s what you don’t know:

• It IS a condo building. Back in the 1970’s, they converted to condos with a less than enthusiastic welcome.
• Per public records, only five (5) units are privately held – the other 300 units are owned by one entity and are used as RENTALS.
• The penthouse units start on the 24th floor.
• Through most of the 1990’s- all penthouse units were vacant shells.
• Some penthouses housed gardens and the top penthouse had its own pool.
• The building is faced with small details of ships, mermaids, and other sea paraphernalia.

My first apartment was in the Drake in the late 1980’s when Duran Duran was on MTV and telephones had cords.

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

Northern Liberties has become a great residential neighborhood with a mix of professionals, families, and empty-nesters, all while maintaining its original artistic vibe.  With a great neighborhood association (NLNA) there is always something exciting going on in the area.

From family events at the Community & Rec Centers, to the seasonal farmer’s market and music festival at Liberty Lands Park, to the great variety of restaurants and bars in the neighborhood, Northern Liberties has it all. Here are just a few groovy spots:

Cantina Dos Segundos – 931 N. 2nd St. – Great for everything from brunch to happy hour to midnight margaritas…and all the delicious Mexican cuisine with a twist you can eat in between!

Yards Brewery – New location at 500 Spring Garden St. – 20 brews on tap plus a full menu…the brewery is still under construction but tours will begin soon. Bonus: They’ve got a Super Bowl bet going with Harpoon Brewery in Boston…Go Eagles!

North Bowl – 909 N. 2nd St. – Bowling, pool tables, arcade, bars, food – something for everyone. The NLNA is hosting a Winter Fest here on Feb. 11…

Edgar Allen Poe House – 532 N. 7th St. – Open Friday through Sunday – Free, self-guided tours – Great for history/literature buffs.

One Shot Coffee – 217 W. George St. – Great coffee and ambiance! House-made pastries, Good breakfast sandwiches –  Make sure you try the french toast!

There are plenty more restaurants, bars, and shopping options – too many to name here.  With a plethora of new construction, we can only expect this thriving neighborhood to continue to grow.  Click here to learn about condos available for sale in Northern Liberties.

1.) Right or wrong, some buyers will reject a Philadelphia Condo with high condo fees. However…

2.) Most buyers will look at their total monthly cost in determining their financial reach in terms of a purchase.

3.) Educating a buyer about the purpose of condo fees often tempers a buyer’s aversion to higher fees – most buyers simply do not grasp the concept of condo fees and how they are determined.

4.) It is not uncommon for there to be an additional condo fee for a parking spot and sometimes that number can be super duper high (often as high as neighboring rental garages).

5.) Condo fees are not tax deductible.

6.) Condo fees in Co-op buildings include the taxes.

7.) Almost every buyer will pay approx. 2 months worth of condo fees into the kitty (aka- reserve fund) at time of closing. This goes to the association, not the seller.

8.) An additional burden of condo fees is called the special assessment. No owner likes them, but everyone benefits from them in the long run.

9.) All condo fees are based on the square footage of that particular building. All. Period. Stop asking me that question. 🙂

10.) Super duper low condo fees are NOT a good thing. Usually means your building is running on fumes with no emergency reserves.

11.) A reflection of a building’s health is how much money it has in its reserves (which can stave off future assessments).

12.) Newer buildings tend to have less money in their reserves as the life expectancy of some of the larger common elements/ticket items (roof, windows, elevators, etc) have little or deferred maintenance.

Mark Wade
www.CenterCityCondos.com
BHHS | Fox & Roach Realtors
530 Walnut St. #480 | Phila. PA 19106
Mark@CenterCity.com | 215.521.1523

The developer of the beautiful new construction condos, One Riverside at 25th and Locust, has decided to switch the focus of his next project from a hotel/apartment project to a 56-unit condominium high-rise. We have been saying for some time now that there is a shortage of condos in town and we think this will be a great addition to the market.  You can read about the switch here.

One Riverside Condominiums at 25th and Locust

The new condos will be designed by Philly architect Cecil Baker, who has also designed the Residences at The Western Union Building and the brand new ultra luxury condos at 500 Walnut Street – just to name a few.  The Design Review Board approved Dranoff’s new condo plan for Broad and Pine Street last week.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
530 Walnut St. #480
Philadelphia, PA 19106

Here is what I am told. Verify for yourself…

The owner occupancy ratio at 2101 Chestnut is 10% – 90% renters.

Waterfront Sq. is enacting a limitation on renters.

The Savoy at 1806 S. Rittenhouse has an assessment coming down the pike that is close to $28 a square foot. Needed, and in the long run, a good thing as values will climb!

Dockside at 717 S. Columbus Blvd. has been recently approved for conventional financing.

The Philadelphian at 2401 Pennsylvania Ave. is making progress on the installation of new exterior balcony rails throughout.

Many more buildings are going non-smoking. Here are a few:
Society Hill Towers, Center City One, Academy House, The Rittenhouse, The Hopkinson House, The Murano, The Dorchester. Look for that list to grow substantially.

Hopkinson House is nearing completion of it’s lobby work.

2601 (2601 Pennsylvania Ave.) is upgrading it’s steam systems.

Penn’s Landing Square (130 Spruce St.) is doing work to it’s underground garage.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

1) The Philadelphian at 2401 Pennsylvania Ave. is the largest condo building in the state of PA. Over 700 units. Very cool mid-century feel to the place.

2) Buyers AND Sellers often nit-pick themselves right out of a deal. They focus on minute details and the other party gets fatigued and the deal falls apart.  Most deals fall apart over the SMALLEST details and usually based upon emotion and not $$.

3) Buyers usually don’t buy the bricks and mortar. They buy feelings and emotions. (See #2 above).

4) I encourage buyers to bring family members on a tour of condos. But not friends. Family members support and encourage. Friends are the ultimate deal killer who bad mouth EVERY condo we see- almost always.

5) I do not believe that expiring tax abatements on any given condo building equates to lower future values. I have watched many buildings with expired abatements and I haven’t seen a correlation.

6) Like automobiles, popular condo units (when first offered/built) have a tendency to remain popular units throughout their life span. Like all the “01” units at The Murano or the “G” units at Society Hill Towers.

7) Condo fees are like a person’s age. They go up nominally almost every year. It is a fact of life…it just is.

8) Waterfront Sq. at 901 N. Penn just got their Energy Star Rating- To earn the ENERGY STAR, the apartments in a new multifamily building must be built to meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. An apartment unit that has earned the ENERGY STAR label has undergone a rigorous process of third-party testing and verification to ensure it delivers better quality, comfort, and value.

9) When I settle on a property, that buyer or seller is out of my life for the foreseeable future. This often is a letdown as I have grown to know my clients and I won’t get to continue to interact with them.

10) Sloppy offers usually garner sloppy responses. If you want your offer to be presented in the best light, then dot your i’s and cross your t’s. And that often means getting a pre-qual from the lender that the LISTING AGENT knows best. This can easily remove doubt as to your qualification for a mortgage.

11) No, you can’t bring your dog on our tour of condos. I love dogs. I love my dog too, but you won’t see her on our tour. Leave your dog at home. Seriously.

12) Every home inspector says you need a pan under your washer/dryer. If there is not one there now, then you most likely aren’t getting one. This is the #1 thing on any inspection report that I cannot successfully negotiate for you. (If there is not drain, then a pan will do you no good and very few buildings have drains under their W/D units).

13) Mortgage companies torture everyone equally. You will not be able to circumvent this fact EVEN if you are super-duper rich or if you have an existing account with your lender. Trust me. I know.

14) More and more high rise buildings are not renewing their FHA approvals. Not sure why- but the Reef building at Waterfront Sq. just did so.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523

Alan J. Heavens, Philly.com’s Real estate writer says, “The city of Philadelphia is officially a sellers’ real estate market, as a continued shortage of inventory has pushed up prices for properties listed for sale.”

Economist Kevin Gillen, senior research fellow at Drexel University’s Lindy Institute for Urban Innovation, said the second quarter of 2016, which ended June 30, saw median prices 13 percent higher than April-through-June 2015.

…Gillen isn’t exactly sure why homeowners aren’t rushing to list their houses, but Mark Wade, an agent with Berkshire Hathaway Home Services Fox & Roach Realtors, cites several factors.

Mostly, it is “because many buyers in town over the last few decades have been empty nesters who believe they have made their final move and don’t need to downsize or adjust their living quarters to match their future needs,” Wade said.

The “flip side of rising house prices is decreased housing affordability,” Gillen said.

“Prices are now rising faster than household incomes, which implies that home buyers must now sacrifice a greater portion of their wealth to buy a home than they would otherwise, or else must defer the purchase of a home altogether,” he said.

Click here to read the full article on Philly.com.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523

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?