Philadelphia Real Estate Blog

Last week, I read an article on Philly.com that was inspiring to me as a Center City Philadelphia REALTOR!!  It still appears that despite the housing and mortgage crisis around the country, that Center City Condos are holding on strong!  Here is an exerpt from the article:

“”Housing prices have remained strong,” Levy said. “There’s no doubt there’s a cooling in the market, but there’s no evidence of a bubble bursting downtown.”

Levy noted that Philadelphia has the lowest mortgage foreclosure rate – 0.49 percent – among the 10 largest metropolitan areas, far below Atlanta’s 2.53 percent or Detroit’s 4.92 percent.

Levy said the survey showed that last year the average Center City condominium sold for $428,596, while the average sales price for a single-family home was $286,616. Center City condominiums increased in price about 6.4 percent over 2006, while single-family homes increased in price by 9 to 15 percent, depending on neighborhood.

The number of Center City condominium units that sold for more than $1 million went from 49 in 2006 to 115 last year.”

I love both living and working here in Center City Philadelphia and it looks like I am not alone!!  Leave a comment or send me an email at Mark@CenterCityCondos.com and let me know what you think of our City.

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

There are really three things you should consider when purchasing a Philly condo, in terms of it’s ventilation:

1) Is the fireplace vented? A lot of gas fireplaces are NOT vented to the outside in the state of PA. I have one in my house. I like it, and it certainly looses no heat via the flue. However, I do feel it is best to have a CO2 detector nearby, just in case. I rarely see the non-vented fireplaces as an issue to resale. Buyers generally don’t seem to either care, or realize the difference between a vented and non-vented gas fireplace.

2) Is the hood range vented? In most Philadelphia condos, it is not. How do you tell? Simply open the cabinet door above the microwave or hood range, and see if there is a pipe which leads up through the top of the cabinet. If you see no pipe..then the unit generally is not vented. If your unit is not vented, there are usually charcoal filters embedded into the hood range, or the microwave that will reduce the odors and smoke that arise from you burning dinner, or smelling your Old City loft up with odorous fish cooking. The range in my Philly condo is not vented, and it doesn’t bother me. And again, most Philadelphia condominium buyers are either not aware of the difference, of they don’t care.

3) Is you dryer vented to the outside? A lot of times, there is a white plastic box at the end of a six foot vent pipe. You know, the one that you are supposed to keep filled with water, which no one does, in order to reduce the amount of dryer lint/dust that will fill your condo? My condo has a vented dryer, because we insisted on buying a condo with a vented dryer. I lived in one condo that did not have a vented dryer, and I had a perpetually dusty apartment as a result. The only way to combat this issue is to investigate into ventless dryers that filter through some type of water.

It is more common than not, to have all three of the above items NOT vented to the outside of your Philadelphia condo…and none really make an impact on resale. Just a comfort issue for you, the potential buyer, whether or not all three are vented!  So, let me know what you think…..post a comment or drop me an email at Mark@CenterCityCondos.com and we’ll chat. 

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

Question: You sell your Philadelphia condo, go to move out your couch which has been sitting in the SAME position for seven years, and the hardwood floors under your couch have faded. Are you responsible for such a “defect” if no such mention was made in a seller’s disclosure?
Answer: What do I look like, a lawyer?

But this does pose a very interesting question. Just how much “on the hook” is a seller? I pose this question, because this exact scenario just happened to me. I moved a couch, and the floor under the couch was discolored. Could the buyer have been mad? Possibly. I guess my argument here would have been “Let The Buyer Beware”.
I certainly wasn’t trying to hide anything. And that big dumb couch weighed as much as a space ship, and sure as hell that thing hadn’t been moved in seven years. But I felt kinda’ bad that the buyer inherited a floor that was (in this spot, where the couch was) discolored.  I guess if the shoe were on the other foot, and the seller told me that he was unaware, I would have to take his word for such.

What’s my point??
My point is that even with a home inspection, and a seller’s disclosure, there may be a surprise or two at the settlement table.

My advice??
Bring a flashlight to the home inspection, and do some looking around yourself. Ask questions. Compile a list of questions to ask the seller, and email to me (your realtor). A more informed buyer leads to less potential surprises. And thought there is no such thing as perfection, (besides a Denny’s Grand Slam Breakfast at 2am on any given Saturday night), the onus is on you to protect yourself from as many surprises as you can!

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

There are a lot of issue that may create higher or lower condo fees in certain condo buildings. Here is a list of ten that you might not have thought of:
 
1) Heat is included in the condo fees. The building has one system, and the cost to run that system is split between all owners of units in that particular building.

2) Water and Sewer are NOT included in the fees. Very rare…but does occur. May account for the fact that one particular building appears to have lower condo fees.

3) A porter is on-staff. This is someone, besides the front door man, who caters to your needs. IE: Trash removal, keeping the place clean EVERY day, etc.

4) An outdated master insurance policy. If you buildings combined unit value is say $3m, and you are only insured for $1.5M…then your fees are going to be lower than they should.

5) The building is a comprised of a small number of condo units, and therefore doesn’t need/have an outside managment company. This will keep your fees lower than most others.

6) The on-site swimming pool, parking, and grounds do not automatically clean and take care of themselves. Shocking. Someone’s got to pay for the upkeep.

7) The building is old, and suffers from no comprehensive, long term maintenance program. Assessments and increased fees are implemented to cover such forgotten upkeep.

8) A lack of common area can keep fees low. A low rise condo building with 4 common hallway lightbulbs is one way to keep the fees low. Especially if no elevator exists.

9) A “Green” thinking Philadelphia condo association that implements low wattage florenscent light bulbs, and utilizes low flow faucetts and toilets can keep fees lower than others.

10) Finally, a good, smart condo board that anticipates, rather than reacts to maintenance items can keep fees low in the long run. An ounce of prevention…….
 
Looking to keep your condo fees in check? Drop me an email at Mark@CenterCityCondos.com to chat about more ways to keep your condo fees in line.

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

A backsplash in a kitchen is the area between the upper and lower cabinetry. Often times, we see a variety of backsplash materials, depending on how a home owner may choose to accent the design of a kitchen.

From granite, to tile, and from glass to mirrors, I have pretty much seen a wide variety of materials used to fill in the space between the upper and lower sets of cabinets in many o’ Philadelphia kitchens.  And I am often times asked to add my two cents into what might look good in this area. The options are numerous, but if you have stainless steel appliances, I would suggest you cover this area with a relatively inexpensive FORMICA (in stainless steel color). The stainless steel look that FORMICA offers is really amazing. You couldn’t tell the difference between this product, and real stainless steel.

SO WHY USE THIS PRODUCT?

It is not expensive, and it is fairly easy to have someone from Lowe’s or Home Depot install it for you.  But the thing I like best is the fact that unlike real stainless steel, FORMICA is not susceptible to fingerprints. And if you do happen to smudge the FORMICA backsplash, it wipes off very easily, and rarely streaks. Try saying the same about the front of your stainless steel refrigerator!

Is it stainless, or is it FORMICA? I dunno. No one else will know either.

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

If you are purchasing a new Center City condo, and you are fortunate enough to have a developer who will allow you to choose some finishes, here is what I suggest you upgrade for maximum impact.

1) A Viking Stove is a must.  I know you really aren’t ever going to use it, or read the manual to find out how the convection part of your stove works. You don’t have to. Just get one. It will envelop the condominium, and put a halo effect on the entire kitchen, if not your entire condominium. Think of the resale value. Stainless steel Viking stoves just don’t go out of style, nor do the visual style of such change yearly. It is a status piece, and every buyer knows it.

2) Panel the dishwasher. Have the developer/seller install a piece of matching panel cabinet piece over the dishwasher. It will make the kitchen appear to be larger. And it is not like someone is going to walk into your new condo and be impressed that you have a dishwasher. Everyone has one, so hide it….with the same wood façade used in the rest of the cabinetry.

3) I don’t think you necessarily need to grossly oversize your refrigerator. Just make sure the developer gets one that fits. We have all seen refrigerators stuck in spots that are twice the size needed for that refrigerator. Not only should it be the correct depth, but height is important as well. Make sure it fits…and fits well.

4) Wallpaper a bathroom. It is really amazing how almost all decorated condo models in town have bathrooms that have been papered. The look packs quite a punch, and is not a touch seen outside of units done by designers.

Not only will your new touches give you much use and enjoyment in your new Philadelphia condo, but your potential resale value will be greatly enhanced, as you add more “emotion” to your new Rittenhouse Square condo, or your Old City loft, perhaps.

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

I like them too. They are nice and dark, and have a nice tight grain embedded into the look, and there are small variations within each of the planks which gives the flooring an interesting appeal. However, you need to know that I have witnessed a LOT of Brazilian cherry floors that suffer from discoloration, when covered…for even short period of time.

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

Why do I have to show a condo in a well run condo building, to see trash strewn about the front sidewalks? Why do the elevator doors have graffiti scratched into the paint? And why are there light bulbs out in the common hallways?

Various Philadelphia condominium associations need to be aware of the visual impact that simple maintenance items have on potential buyers. And since one primary function of the association is to serve the owners of the building- not only in terms of use and enjoyment, but in terms of protecting that owners investment, it would seem that simple improvements would be a function of ongoing work in the building; that I would not need to blog about such deficiencies.

But I do. From the bicycle tire marks on the common hallway walls, to front doors which DO NOT shut and latch properly. THIS IS MANAGEMENT 101 here folks. A buyer’s impression of your Philadelphia loft or condo is, by many accounts formulated prior to the buyer stepping foot into your unit. Especially if that buyer has to endure a smelly elevator, a dark hallway, and the neighbors personal effects sitting outside their door.  Condo rules are there for a reason, and sometimes it is up to that particular Philadelphia condominium association to be the bad guy, and enforce those rules. The lasting effect is a much improved perception of the building by those buyers looking to potentially purchase within that building. And hopefully, a quicker resale and possibly a higher resale price.

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

Fine. No problem. Just please make sure that one of those agents is NOT me. I am just not interested. Now I don’t mean to be a snob here, or anything, it is just that I am not interested in spending time with you, getting to know your likes and dislikes and teaching you all I can in the time we spend together, in order for you to take that knowledge, and spend it with someone else. I get buyers who say, “Well, I am not going to work with just one Realtor“…and that is fine. I don’t think you are doing yourself any justice but working with many Realtors is your choice. Just please, leave me out of that mix.I tell buyers that they may work with any Realtor they choose, and if I am not doing my job, we don’t happen to click, or you are just plain sick of me, then PLEASE….go find another Realtor. It would be best if you did. I hope you and I don’t have to cross that bridge, but if the case does arise, I suggest you go find another Realtor. But not while you and I are in the process of searching for your new Philadelphia condominium. Working with a Realtor is like dating. You are free to choose whomever you’d like. But double dating is just crossing the line in the minds of many Realtors.

I hope I earn your trust and dedication through my hard work, my honesty, and my knowledge of all Philadelphia condominiums. And if I should let you down, or if you find someone who you like better than myself, then I would encourage you to “jump ship” to that other Realtor, but please….let me know if you plan on seeing two Realtors at the same time, and allow me to back out before anyone gets their feelings hurt.  

My goal is to focus on your wants and needs, and spending time with you in order to learn from you, and really spend the time setting appointments, picking up keys, etc. Nothing is worse than setting up appointments for a buyer who says “I saw this unit yesterday”, or “my other realtor say blah blah blah….”
Yeah, uh…no thanks. But if you are a buyer who may be ready to make somewhat of a “commitment” please give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com. 

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

Stop reading this blog, and go take a look at the inside of the closets in your Philadelphia condo. Or, if you are a renter, look at your existing closet space. Kinda’ cluttered, eh?  Closet organizing systems are relatively inexpensive, easy to install, and can be found at IKEA, Lowes, and Home Depot. You needn’t spend top dollar on these organizers.First…go to one of the stores mentioned above, and pick out a style, color, and any groovy add-ons…like drawers, hampers, valet hooks, etc. Get measurements of your existing closets, and go estimate the price to purchase. Next, go to my website, and click “Vendors“…and call either Mario or Dave. You might want to have them meet you at the store, haul them back to your Rittenhouse Square condo, or Old City loft, and have them assemble the shelving/organizing units. WHY organize your closets?      

Simple….first of all, your will probably double the actual usage of your closets. With “double hanging” your clothes (one high rod, one low rod), and adding shelves, etc. you will certainly get more usage out of the space your have on hand. And your closets will not only look better, but you will be better organized in order to find your things when you need them (aka- you are late for work). but most importantly, you will benefit greatly in terms of resale value. Buyer LOVE LOVE LOVE closet space. Especially closet space that is well organized, and looks efficient. If a buyer walks into your Center City condo, and it appears that your CRAP is strewn about, and that you are growing out of your space, then they will assume the worst, and guess that the closet space will not be enough for their needs as well. Give the gift of a good first impression. Organize your closet space, get rid of the crap you don’t need, use, or want, and allow that heavenly closet space to have an effect ( a positive one!) on the buyer who may be considering purchasing your Philadelphia condo or loft! For a fast $1000 investment, I am sure that you not only will get more $$ back in resale, but you also get the use and enjoyment of having a more organized life!

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