Philadelphia Real Estate Blog

I have been selling real estate in exclusively in downtown Philadelphia for twenty-five years. I have done some stupid things in my career, and I have witnessed many buyers and sellers making equally stupid moves.  I often see buyers and sellers either pinching a dime for a dollar, or just doing some absurd moves that are much more trouble than the expected payoff. And I am sure this is not limited to just Center City buyers…I have no doubt the scenarios play out in every real estate community:

Scenario 1:  Having the Last Word
Seller asks $499k for a condo
Buyer and Seller go back and forth, and after a few days, buyer say $480,000 is my “Highest and Best” offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a douche bag and say that? You are pissing the buyer off, and it will probably  cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin’ $480k instead of having to have the last word. Don’t forget, buyers still have to perform a home inspection.

Scenario 2: Can’t See the Forest For the Trees
Seller asks $499k for a condo
This Philadelphia condo  is a bank-owned sty that should be selling for $800k if it weren’t so dirty, missing all the appliances, and listed with Susy Bag O’ Donuts out of Erie, Pa. (it happens…bank foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k…because after all, the market is slow, weak, and uncertain.  OK….you are an idiot. If you can’t recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k….then maybe you need to do a little more homework on prices and values here in Center City.

Scenario 3: Why Aren’t you Using a Magic Wand?
Sellers asks $499k for a condo
As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent “comps” suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can’t get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut.

No one likes a whiner. Not even in a “slow, weak, and uncertain” market place. There are bargains to be had and deals to be made. Opportunity exists in all market conditions, and the current state of affairs in Center City- which has weathered the overall real estate storm fairly well- should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town Pa. might be helpful when finding the right piece of Center City real estate. And help you negotiate the best possible, realistic terms. 

Mark Wade CenterCityCondos.com

I welcome feedback!

There may be a dozen reasons why your condo may not sell in this real estate market. Many are beyond a sellers control-but SO MANY displeasing features (in the eyes of a buyer) are a direct reflection back onto any given seller. I am sorry. But it’s true….

Here we go:

 1) Your condo doesn’t show like a model home. Remember, the emotional wallop is HUGE in the resale value of a condo. You do need to paint, regrout, recaulk, etc etc. And fix that closet door that is off its track. You follow me? No one wants to buy your issues… Many buyers are out to buy emotion and fall in love with their new purchase. Best to pretend your condo is going on a date, and present it with some style and showmanship. And get rid of the clutter. IF the buyer thinks you are outgrowing the space, they too just might think your condo lacks space or storage. I see it time and time again. So very true-day after day, year after year.

2) Your condo is overpriced. If everyone else in your zip code is down in value (from say 2007), there is a reasonable chance your Philadelphia condo value is down as well. It’s not like you can easily escape that fact. You can almost always overcome any other shortcoming to your condo if you price it right. Easy math on that one….

3) Your Realtor is perhaps doesn’t fully have his head in the game.  Not really full-time, not from the area, does no marketing, has no real influence on your market segment, and all-in-all, just waits for the phone to ring hoping a buyer will magically appear.   For instance- If you owned a $4,000,000,000 single family house to sell in Villanova, I would be the WORST candidate for you. So why are you hiring a friend of a friend from Chadds Ford to sell your Center City condo?

4) Your condo association has neglected to keep the building FHA approved, or at a minimum, Fannie Mae Warrant-able. Meaning your condo can shine like a star, and still not be able to sell because financing options for buyers are exceedingly limited. This can seriously deter many buyers from considering your condo for purchase.

5) Your building looks like hell because no one is stepping up to the plate and keeping the common areas in good visual repair. Buyers don’t even need to see the inside of many Center City condos around town because they have already made up their minds by walking through your lobby and the hallways. I can’t tell you HOW MANY times a buyer (after walking through the building and then stands at the door to your unit) says “I am not going to live here”. They don’t need to see the inside of your condo if they don’t get a good feel for the building. Common. Very common.

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services | Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106

Real estate trends are not unlike those in fashion, technology, and fad diets: there’s always an “it” characteristic that buyers and renters have to have, and those “it” descriptors go as quickly as they come. However, like the staple pieces in a wardrobe, there are some criteria that are always in demand. In Philadelphia real estate, everybody seems to want their condo to have a pool.

It’s easy to see why: pools are great for exercising, relaxing, and entertaining. If you’ve got a pool while living smack in the middle of, say, Rittenhouse Square, you’re living the life. Here of some of Philly’s favorite condos that offer pools.

Residences at the Ritz Carlton, Rittenhouse Square

Don’t be fooled by the fact that the Residences at the Ritz Carlton stand at the location of the old Meridian Tower — these condos are as modern as they come. The Ritz Carlton is one of Philadelphia’s most luxurious buildings, offering all the bells and whistles when it comes to amenities: valet parking, a gym, and, of course, a 60 feet pool, complemented by a hot tub. Just outside, residents can enjoy a gated garden in Girard Park as well as a public park area from which you can admire the 48-story-tall building’s distinct blue glass architecture.

The Murano, Logan Square

One of the most easily-identified buildings in Center City, The Murano Condominium building stands at 42 stories high and has condos to offer with up to three bedrooms. The swimming pool is located on the 6th floor and surrounded by both indoor and outdoor deck areas, making it ideal for relaxing. However, residents seem most impressed by the in-house gym, which is arguably one of the best in the city. Each unit offers a breathtaking view of the city, a unique floor plan, and a modern design.

Symphony House, Avenue of the Arts

Whether a buyer is looking for a one-bedroom condo or a huge penthouse, it’s an option at Symphony House. It’s been somewhat recently introduced to the Philadelphia skyline and makes a great addition for anyone who would enjoy living in the cultural hub of the city. Residents get to enjoy the on-site pool as well as other conveniences like a gym and a 24-hour concierge. Perhaps its most attractive feature, however, is the fact that many of the units are heavily customizable.

Academy House, Rittenhouse Square

Another Rittenhouse high-riser, Academy House condos are a smart buy. Conveniently, nearly all the unit’s utility costs are built-in to the condo fees. Many of the units are newly made over or in the process of being renovated, which adds to their value — though former residents will tell you that the resell record of these units is fantastic. With balconies, an on-site pool, an on-site gym, and rental parking, Academy House units are economical while meeting many buyers’ criteria.

If you’re perusing the retail market for a building with a pool, you won’t be hard-pressed to find one in Philadelphia. In fact, you’ll have to narrow down your search by deciding upon neighborhood, customizations, and other amenities.

Snarky, yes- But I truly am not a bitter Philadelphia Real Estate agent. Most would agree that I am kinda’ happy go lucky. Except when another agent pees on my leg and tries to tell me it is raining outside. Then I get kinda’ angry. I am not a fan of someone lying, or trying to twist the truth to my clients. And I have listened to my share of crappy real estate sale pitches over the past 24.5 years, but here are some of the more memorable:

1) “The cabinetry is A Wenge Dutch Maple laminate with a caramelized soapstone countertop”
To Which I respond: PUKE. Could you be more pretentious? Nobody gives a crap for all your namedropping. The kitchen is small, not real attractive (some would say ugly)…no matter how much fabulousness you try to heap on it.

2) “We are 60% sold”
To which I respond …perhaps you have trouble telling the truth- I know you are lying, and you should know that I am going to tell my customers. I am not on “your” side. I work for my clients.

3) “The Developer said we will not negotiate on the prices”
Tell me if that is the case in 6 months when your bank is putting pressure on you to hold an auction. Actually, in some rare cases, this is true. More often than not, it is BS. I recently got this song and dance from a high rise in 19103. The one that isn’t selling.

4) “I have a buyer for your condo!!”
I hate it when Realtors send these fake postcards to potential sellers….trying to induce them to sell/list with whoever is sending the mailer. More often than not, this just a sales pitch.

5) “This Philadelphia condo includes parking”
No it doesn’t. You have induced your seller to buy one year of rental parking down the street, but you want to advertise that your condo has parking- hoping it will draw more attention. That is like lying to your therapist, or saying on eharmony that you are 29 when you are 48. Do you think the world is full of idiots?- I mean, what is the point of lying here?

Looking for the straight scoop? Let me be your agent and I will sing like a canary!

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors

1) The Touraine (1520 Spruce) and the Drake Tower (1512) Spruce were converted to condos in the late 1980’s but never pieced out as such

2) 1401 Walnut St. (what I call the Banana Republic bldg) was turned into condos a few years back by (I believe done by) K. Hovnanian, but never sold off that way either

3) The Philadelphian at 2401 Pennsylvania Ave. is the largest single condo building in the state of Pennsylvania

4) Low Rise Condos in town are generally self-managed when bldg is comprised of 5 units or less

5) About 99% of Center City Condos include water/sewer in the condo fees. 100% of them include master insurance policy.

Mark Wade

CenterCityCondos.com

Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106

Brownstone styled condos are an option in Center City that I find are becoming more popular for many Philadelphia condo shoppers. Known for their low condo fees, and some really groovy features, low rise condos have shown to have good resale over time, and often show up in some of the strongest residential locations in Center City.

The condo associations tend to almost always favor pets, rules can be a bit more lax than a high rise, and many units have either decks, parking, fireplaces, or say an abundance of original detailing. Here are some of my favorite low rise/ Brownstone condo buildings in town- Due to either curb appeal, unit layout, value retention, or just an overwhelmingly serene locale:

1) Roberts Quay: 1035 Spruce – 18 units, a huge variety of layouts, and probably the most handsome building in 19107. Sits on the NE corner of 11th and Spruce.

2) 2100 Delancey: Again, huge curb appeal, an array of unit sizes and wrought with original detail. Many units have fireplaces, ornate windows, and of course a great location.

3) 251 S. 24th St: A very rare loft styled new Center City condo building in Filter Square that few have heard of/know of/have seen. Garage parking, huge windows, and sits in a quiet pocket of Filter Square. High end contemporary finishes throughout each unit.

4) The Clinton: Now here is a stunning building. Sits on the corner of 11th and Clinton St- serene as they come. Some units have parking, and many units have south facing windows- many completely shielded by huge trees. Modest condo fees and attractive pricing. 1023 Clinton St.

5) St. James Court: Hidden between 5th/6th Street, Locust and Walnut sits this enclave of “uppers and lowers”. Rental parking next door at Indep. Place. Great space, quiet location, handsome exteriors, outside space for every unit, and two story living rooms. A great track record of resales / value retention over the past dozen years.

Mark Wade

CenterCityCondos.com

The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.

Here are a few things that you may not have known are pretty standard in condo docs in  Center City:

In the state of PA., you have 5 days or 15 days to review your condo docs depending upon the type of Center City condo you are buying- used or new.