Philadelphia Real Estate Blog

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

Some buyers favor space. Others location. Some buyers want only the BEST city views! 
 
All home buyers priorities are like snowflakes- no two are ever the same.
 
 Are you strickly looking for a highrise, or a brownstone styled condo?  
 
Do you desire a gorgous, modern new construction piece that shows like a dream?  
            
 How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can put the pieces of the puzzle together to find you your perfect new home!
 
Call me…let’s chat about your priorities in a Center City condominium!

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

….Is your sales pitch is way over the top?

I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be. My buyers generally want the quick overview…not the long serenade. And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach….allowing them to give info as they please. SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous. I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers….that is my job. Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.

DO THE MATH, YOU GOOF.

IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES- An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.

So lighten up. Give my buyers the ability to keep some things private. We will both appreciate such courtesy, and will hopefully see you again!

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

Where Is The Condo Glut I Keep Hearing About??
——————————————————————–
According to TrendMLS, on January 1, 2010 in Center City Philadelphia, between the price range of $400,000 to $600,000 in the Center City neighborhoods of: Rittenhouse, Fitler, Grad Hospital, Bella Vista, Queen Village, Society Hill AND Old City– In the two bed, two bath segment there are currently:
 
118 townhomes for sale and 91 condos for sale. So where is the condo glut??

Any big-brains out there want to riddle me that?!
 
The answer is that there is no condo glut in this- one of the hottest segments of the Center City Philadelphia housing market. This is a VERY wide segment (geographically) speaking, as well as a fairly generous price range. “So stick that in your pipe, and smoke it” to all those half-wits who piss and moan about the overbuilt Center City condo market. Ha 🙂
 
Feeling like you may not have all your facts straight about the Philadelphia condo market? Call me 215.521.1523…lets chat.

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

Philly condos offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523, and let’s discuss how parking may affect you!

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

…that no developer will offer, but you may request!

So you buy a new Philly condo, and the developer gives you options for carpeting, tile work in the bathroom, and selection of kitchen cabinets. However, here are my top five suggestions for things you might want to request. With a good offer, you may just be able to tweak your new condo with the right touches!

1) Back-splash in the kitchen. Almost never included in new construction. Be prepared, and bring a sample with you when doing up your offer.

2) The “edge finish” to your new granite. Most offer a simple “bull nose” finish. But how about an “Ogi” edge? Can really put a nice spin on your granite?

3) A tile or granite threshold into your bathrooms. A simple 4″ wide piece of granite where the carpeting or wood floors meet your tile bath could be nice.

4) A door sweep to your front door. This will help seal the gap between your units front door, and the hallway. Reduced intake of dust and possible pests.

5) Shelving in your laundry area. Never included, but always helpful for storing detergent, etc. Maybe even a cabinet would be nice here too.

Little tweaks here and there can really put a nice looking finish on many new condos in Philadelphia. And under the rule that you don’t get if you don’t ask…why not ask?

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

…I hear it is the next stimulus piece to come down the pike! 

Though the details are still being worked out, the Cash inefficient and old appliances program that kicks in late this fall will offer consumers cash to help buy new home appliances. You could get a rebate of $50 to $200 for buying a new, more energy-efficient appliance to replace one in your kitchen. The federal government has set aside $300 million for the program as part of the economic stimulus plan. Appliances including dishwashers, boilers, freezers, refrigerators, washing machines, dryers, furnaces, water heaters, and air-conditioning units may all be available for the program, and Pennsylvania has indeed applied for enrollment in the program! We may just see the last of the Avacado Green and Forest Brown appliances that adorn many old Center City Philadelphia condominiums.

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