Philadelphia Real Estate Blog

Yes, buyers come to me with a wish list a mile long. Shocking, eh? And if you already own a condo in Center City, don’t pretend like you bought the first thing you saw. You didn’t. I know, because I was probably your Philly realtor. 🙂 I always tell people that I can get them 9 out of 10 things on their wish list. If they want 10 out of 10, then they are going to have to rub a magic lamp. I just isn’t possible.

Anyway, here are the top 5 things buyers INITIALLY ask for when they call:

1) Parking

2) Walkable area at Center City restaurants, Cultural activities, etc.

3) A workable, open kitchen

4) Tons of closet space

5) Hardwood Floors

 
Though clearly this list varies from buyer to buyer, these are the most “asked for items” when I first get a call that someone is looking for a condo!

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

…and you thought being a realtor was all glamour.

I have been sitting Open Houses in Center City Philadelphia for twenty years now. If I add up all the hours I have spent alone in some strangers home, I could have taken a month off in the Bahamas, I am sure. But not all the sitting and waiting for some Philadelphia condo buyer has been in vain. Here are my top (bottom?) 5 Open House experiences that I have lived through:
 
1) Someone once died in the living room of my lovely Open House. I was in a Washington Square West Condo, and PA. Hospital was but 1/2 block away. Buyer Lived.

2) I once added a cat to someones home. The cat was lurking by the back door. I figured I let him out by mistake. I didn’t. This owner didn’t own a cat.

3) I once sat the wrong Open House. Couldn’t get the key to work. Sat on the front stoop for an hour. Was told a week later I was at the wrong address.

4) I once left an open house, and locked a potential buyer inside. She was knocking on the front door, from inside the house, as I attempted to leave. Good save on her part.

5) I once tracked grease from the sidewalk onto the new carpeting of a model open house I was once sitting.  I didn’t tell anyone. It still eats at me at this day.
 
I’m not perfect, but if you own a Center City Condo, I might just be perfect for you.

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

…how do you not understand that?

I have long contended that appraisals are not worth the money. Sure, they are a necessary ingredient into any mortgage or refinance situation, but just how real is an appraisal for any given Rittenhouse Square condo for example?

It has been my general experience that an appraisal is any given mortgage or Re-Fi situation is a question of “Meets”….does the appraised value meet or exceed the sale price. If yes, then great…deal goes through. If not, big problem. But I have seen COUNTLESS appraisals magically come back at exactly sale price. Now how does that happen?
    
Here is what happens: Appraiser finds out sale price, then finds comparable sales to meet that sale price.  It is the tail wagging the dog.

But my bigger complaint is that appraisals do not take into account (or for the most part, discount) interior condition. IF Mr. or Mrs. Appraiser is looking for comparable sales to either meet or exceed the value of the subject property, but he or she has not been inside the comparables, how can they account for the huge fluctuations in the sale prices of supposedly similar units? Does the emotional impact of a unit not count for anything?  And are they getting their insight/knowledge about the interior condition, or the emotional impact of a condo from 5 or 6 crappy photos of a Center City Condo added to the MLS by some realtor with a $20 camera??
    
I would love to hear some feedback on my assertion that appraisals are Bullshit. What do you have to say?

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

….for distressed properties, that is. Interesting note for Fall 2009.

There was a really nice 1500+ Sq ft. two bed/two and a half bath condo with parking at WaterFront Square that went on the market a 12 days ago.

The unit was being sold by a bank, and from what I hear, had 4 cash offers. Asking price was $389,000.  Clearly, this unit sold in no time. I even told a buyer that I easily could have sold that unit at least twice, providing no one else knew of this gem.

Whats my point? There are no lack of ready willing and able buyers in Center City Philadelphia. However, there is a lack of severely distressed inventory to satisfy the bottom-feeder buyers.

And I am casting no judgement on those buyers- more power to anyone who is smart enough to be prepared to make such a move. I wish I had more buyers like that! There are still 3 places in town that I think are similar in nature- two in Old City (which is rare) and one in Washington Sq. West. Bottom feeders- Call me. Lets chat.

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

…yeah well, they all do.

Container gardens are very popular with city dwellers- though rarely do I see a small private outside area and witness plants thriving. It is like a death sentence for any plant that gets purchased by anyone who resides within the confines of Center City. So here are my suggestions for those looking to buy garden plants that basically “thrive on neglect”
 
Tall Plants- Good Sun           Tall Plants-Shade
                          
Bamboo                                 Feather Reed Gras 
 
Small Flowers- Full Sun         Big Flowers-Shade
            
Moss Rose                              Salvia                      
 
 
So if killing plants is your “thing”, Try these goof-proof plants that can thrive on neglect,
and you may have one of the prettiest gardens in Center City Philadlephia!

Is gardening a priority for your move into Center City? Lets chat about how we can find you a place with some nearby “Greenery”.

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

…and their priorities

I certainly don’t want to stereotype any particular set of buyers, but it has been my experience that each set or group of buyers assign different values to amenities in Philadelphia lofts and condominiums. From first time buyers to empty nesters, each comes with their own set of wants, needs, and priorities. Here are what I believe to be common amongst the empty nester set:

-Very few stairs
-Very little maintenance
-Parking
-Pet friendly buildlings
-Closet space
-Walking Distance to shopping, dining, and cultural activities     
 
While such niceties as a high floor with great views, hardwood flooring in bedrooms, and exposed brick may be a plus, I see fewer empty nesters in Philly willing to pay for such features. Again, I apologize if I am pidgeon-holing any group of buyers, it has just been my experience that different groups of buyers gravitate towards different amenities – some weighted with a higher value than others, of course.

Lets discover your priorities in Philly Real Estate!

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

…ok, don’t answer that…and no, thats not a photo of me.
 
Top 5 things I can’t get Philadelphia Loft and Condo buyers to believe:

1) It is OK to paint exposed brick
2) Carpeting is OK in your bedroom
3) There is no difference in value between say the 33rd floor, and the 34th floor
4) A super clean older kitchen will sell just as well as a stainless steel, dirty kitchen
5) You will never recoup the costs of a new heater and new central air conditioning system
 
Don’t believe me? Well, get in line. Most don’t. But it is not like I am employed by the “Painted exposed brick” lobbists, or anything. I am just telling you what I know from my 20 years experience selling Philly real estate.

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

It is called a Busy-Body

Like an early form of caller ID, Ben Franklin invented this interestingly simple device called a busy-body. Attached to a 2nd floor exterior windows sill, this device allows you to stand inside your home, and see who is at your front door, without that guest or visitor know that he is being watched. So if someone is knocking at the front door of your Philadelphia Brownstone, perhaps selling sweepers, or magazine subscriptions, you may see who it is, and choose not to answer. All the while, the person knocking will have no idea that he or she has been seen. The set of 3 mirrors is angled so the image of your front door stoop is reflected directly into a window on the 2nd floor. Again, so you can see who it at your door, without having to answer your door. That Benjamin Franklin was one smart guy!

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

(An Over Priced Piece Of Crap)
 
Step right up, and get in line, because I see buyers shelling out good money for them all the time. Although, since they are not “my” buyers, I have no right to step in and tell them what I think. Well, that ain’t going to be the case if you happen to contact me, and we decide to go condo shopping. You are going to get full-on honesty.

Snarky, yes. Honest- you betcha.

I have to be bloody honest and truthful if I see you dangling over the edge of a cliff. Perhaps I am too much of a big-brain, or I have too many opinions. Or maybe I just know what the heck I am doing when it comes to Philly Real Estate, and don’t want to see you buy in a building that I believe is a poor investment.

Whatever the case, if you don’t like me, then fire me, or don’t return my phone calls. But I am going to be a loud mouth, and that is just my style.

Though I can’t control the overall Philadelphia loft and condo market, I can hopefully help you avoid some of the pitfalls that I see buyers fall into. That is my goal. To keep you as clean as possible!
Drop me a note if you want to chat sometime…

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

…than a low rise loft or brownstone styled condo 

It makes sense if you think about it. A high rise condo is generally going to have higher condo fees than a Brownstone styled or low rise condo development. All in all, the more services, the higher the condo fees.

An elevator is a factor which is going to raise your condo fees. Not only the electric to run the lift, but also the budgeted maintenance is a shared expense that must be accounted for. In addition, many highrise condos in Philly have doormen. I know of no doorman who will work for free. In addition to the payroll, you need to consider the payroll taxes and benefits offered to such employees. Lastly, many high rise condos in Center City have amenities like a parking garage, perhaps a pool, or exterior grounds that need to be maintained.

And on the whole, the larger the building (the taller), the more amenities, and hence larger condo fees.

YOU GO GET THE SERVICES YOU PAY FOR…but some buyers choose no, or few services for their Philadelphia condo. You desire to have a doorman, or the high rise style of living is going to determine your need to pay condo fees to maintain those common services to the building.

Not sure which style of Center City Condo building you might prefer? Call me…lets talk-no pressure.

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