One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”.
It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as: – area, -vicinity, and –adjacent. And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).
So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.
What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade. Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.
Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.
Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
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.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
As a realtor in downtown Philadelphia, each spring I get a lot of visits to my website, www.CenterCityCondos.com by students and faculty looking for condos and lofts that have easy access to either Penn or Drexel Universities. It is quite common for those looking to move into the area for an extended period of time to buy a condo, as opposed to rent a place to live, and there are many options for such buyers.
Many of the University of Penn area condos are located either in the University City area (west of the Schuylkill River), or in the Fitler Square/Rittenhouse Square areas of Center City Philadelphia. For many of these buyers, location and security rank highest amongst the attributes of any given condo, and are deemed most valuable in such a living situation. There are many high rise condos which offer doorman services, and many of these buildings also offer on-site parking. Close proximity to 30th Street Station (rail service) and being in the center of town (which means you may NOT need a car) are also of importance to buyers looking to be close to Univ. of Penn.
Those coming into the Philadelphia condo market have three choices of living arrangements:
Each type/style of condo has it’s plusses and minuses, and each offer a unique way of life here in Center City Philadelphia.
If you plan on moving into Philadelphia, and are looking for a condo near Univ. Of Penn, give me a call at 215.521.1523, or drop me an email at Mark@CenterCity.com, and let’s chat about your options!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
I am such a sucker for a Gorgeously Decorated condo!
Any condo developer with a large number of units to sell is going to have one unit on display, and decorate it to the Nth degree. Some Philly condo offerings do such a thing better than others. Having seen almost every condo Model Home in town, here are my three favorites (not in any particular order):
Gorgeously appointed with some of the most attractive finishes, the two bedroom model units at 717 S. Columbus Blvd. are breathtaking. Simple, and timeless, these model units are a very powerful sales tool. With huge walk-in closets, and a nice little patio, not to mention killer views, these units are stunning. All my customers say so!
The Penthouse model unit at 225 S. 15th St. (aka 1420 Locust St) is nothing short of spectacular. The model unit provides any prospective buyer with a sense of simultaneous excitement and inner peace. The finishes work in harmony to bring a very livable space to life. And if views of neighboring Center City skyscrapers is your thing, then look no further than the Aria. Nicely done.
Located at 1500 Chestnut St, the decorated penthouse units at the Ellingotn have caused me to reevaluate my living situation on more than one occasion. The power of the emotion pull that these model home have on mere mortals is stunning. A gorgeous set of model units for you to see.
If you are looking to be bowled over by a model unit in town, and can easily see yourself living such a glamorous life, give me a call at 215.521.1523, and let’s go see some lovely condos! But be forewarned, these units are very persuasive in their ability to pull at your purse strings!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Philadelphia is not, nor has it even been as BAD as Philadelphians claim that it is. According to Zagat, Philadelphians rank highest in the nation for generous tipping! As a waiter in my past life, I have always been one to tip well- though I am aware that I am a bit demanding also.
I came across this article about Philadelphia tippers and it turns out that over 5500 of Philadelphia’s restaurants reported that the average tip a Philadelphian leaves is around 19.6% compared to New York’s 19% and then LA’s 18.4%.
It turns out our City is filled with kind folks (not to mention fabulous restaurants with fabulous décor and service) after all! We have long been known for our many fine restaurants here in Center City Philadelphia, and perhaps there is a correlation between what we expect from our local restaurateurs, and what they expect from us.
Looking for a condo here in the Big City that is close by to your favorite restaurant? Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com and I’d love to go condo shopping and maybe even grab a bite to eat or a coffee (I’ll even leave the tip)!
With today’s high energy costs and the global warming situation, it may be a good idea to invest in some EnergyStar products for your Center City Condominium. Here are a few that I like myself:
The Miele W3035 Washing Machine. A stainless steel Washing Drum with a 24-hour delay start, interior light, and hydraulic suspension, yet delicate enough to wash your “dry-clean only’s” and environmentally friendly. No condo here in town should be without one of these babies!
The Viking Under-Counter Ultra Premium Dishwasher. The front of this dishwasher is custom-panel ready so that it can match any kitchen in Center City Philadelphia! It’s sound-absorbing, water-extracting, stainless steel and EnergyStar approved! And did I mention it is a Viking?!?!
Last but not least, every condominium owner here in town needs to change thir light bulbs to the new fancy flourescent spiral energy-saving bulbs TODAY! It is simple and these EnergyStar bulbs can save 75% on energy.
When you are ready to start looking for your own energy-efficient condo here in Philly, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
