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February 25, 2008
I came across this great article the other day. Tom Acitelli of The New York Observer had this to say about the new trend of New Yorkers relocating to Philadelphia:
"Since 2001, 8,334 New Yorkers have moved to Philadelphia and stayed. Most—3,957—moved from Brooklyn. After Brooklyn, most émigrés hailed from Queens (2,160); and the Bronx, Manhattan and Staten Island, respectively.
What makes Philly so attractive? The Rocky statue atop the art museum steps? That’s been moved. No: It likely comes down to real estate.
Although exact numbers are difficult to find, Philadelphia home prices, generally, are absurdly low compared to almost any area in New York."
The rest of Tom’s article can be read here.
As a realtor for 19 years here in Center City Philadelphia as well as an owner of an Old City Condominium, I’d have to say that I agree with these New Yorkers that Philadelphia is a great place to live! So, when you are ready to head down the turnpike and look for a great loft or condo here in Center City Philadelphia, 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
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 14, 2008
I live in a low rise Old City condominium building, and really enjoy the lifestyle. I have all the modern conveniences one could reasonably expect in a three year old restoration of an old warehouse building.
But I can’t figure out how to program my thermostat. I have been living with this computer like device on my living room wall for a number of years now, and I still don’t have a clue how it works. It is supposed to save me money. For the life of me, I can’t figure out how it works. Ditto for the TV and the DVD player. I know how to turn it on, and I know how to record a program on my On-Demand feature. But heaven help me on the days that the remotes are sitting on the couch, and the dog inadvertently steps on the buttons on the remote. Then I am totally screwed. I don’t know how that thing operates….for crying out loud…there are a total of four remotes, and I don’t have a clue, the time, or any inclination to become familiar with all that crap. I have better things to do. Like sit on my can and watch Seinfeld reruns.
Am I the only one? Is it possible that I am the biggest moron in this town? Some things are just too complicated for their own good. And I know I am not the only one who doesn’t know how to program their thermostat. In my opinion, some things are better left idiot-proof. Like the old thermostats, that you simply turn either left or right to control. And don’t let me chew your ear off about the TV remotes either.
If you are shopping for components for your new Philadelphia condo, don’t get in over your head. Keep it simple. You never know when a moron like me is going to be your next buyer, and just might be scared off by your hi-tech know-how. I like my condos user-friendly and simple. Like me.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 7, 2008
Of course each condominium association here in Center City sets their own condo fees. These fees are contingent upon a number of items, generally encompassing the amount of services provided- doorman, elevator, parking garage, roof deck, utilities, etc. I am often asked if any given Center City condo building/association can lower their fees. And the answer is a resounding maybe. Here is what I would do if I were sitting on your condo board, and wanted to see if fees could be lowered:
1) I would shop my master insurance policy for the entire building, to four (4) or more new insurers. Check your liability amount, your deductible, and see if you are overpaying for your current policy
2) Shop around for a new management company for your Center City condo building. For instance, is your current management company charging for move-ins and move-outs, and NOT giving that money to the association? Are they charging you for services you really don’t need? I would think about getting some competitive bids, as a lower management fee is going to lower your condo fees. Also, it is not uncommon to see low-rise four to six unit buildings do the management internally, and not hire an outside contractor to manage the building
3) Make sure that there is a two month capital contribution to each new buyer on every sale for every unit in your building. This fee is equivalent to two (2) month condo fees, and that goes straight into your “condo pot”. VERY common on about half the Philadelphia condo buildings I have come across in the past number of years. If your association isn’t collecting this fee, perhaps they should be.
4) Change hallway light bulbs to the new “spiral fluorescent” bulbs- they can save a lot of dough through a year’s time.
5) Implement a special assessment to change all toilets to 1.6 gallon per flush models. Not a popular idea, but a good one none the less
6) Implement a special assessment to have individually water meters installed in each unit, instead of your current “one meter” system. You may save a few dollars per year if you pay water outside of condo fees (if you are not a water hog, that is…though that idea probably will go over like a lead balloon at your next condo meeting
So there you have it. Yes, you can probably lower your condo fees, and probably make some enemies in the condo association at the same time, as most of these ideas are going to be “shot down” by the masses at any given condo association meeting. Leave me a comment and let me know how everything works out. Good luck with that….
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
February 5, 2008
In my opinion, with respect to a high-rise Center City condo, the answer to the question is an obvious one: The higher the floor, the better the view, and generally the higher the price. On a clear day you can see forever. You can even see, with binoculars, the high rises in Atlantic City. Heck, from Liberty Two (50 S. 16th St.) you can even see the Nuclear power plant in Limerick. Although the upper floors do command higher prices, there is a segment of the Philadelphia condo buyer who enjoys, and actually prefers a tree top view, somewhere around the fourth or fifth floors. Provided of course, the view is actually of trees and treetops, and not rooftops of neighboring buildings.
In a low-rise Center City condo building, my opinion is that the value of the floor height is usually determined by the presence or absence of an elevator. If you have an elevator, top floors are preferred. However, know that in MANY cases, the higher the floor (in a low-rise condo) will mean a lower ceiling height. The first floor generally has the highest ceiling height in almost all low rise condos in Philadelphia. But there is some opposition to being on the first floor by some Center City condo buyers. The perception is safety, or the lack thereof. That perception can be balanced….as there are many $2,000,000 townhouses here in town that of course have a lot of living space on the first floor. It is kinda’ a “part and parcel” issue. It is how the city is built. If you live in a low-rise say, Fitler Square condo, I would suggest to you that resale wise, the second floor is generally going to be most desirable. Especially second floor front. Think about it. There are many reasons why a 2nd floor front unit is going to be the most desirable in the building…given that all other issues are equal within that building.
I would love to hear feedback on my points. Leave a comment or drop me an email sometime. Mark@CenterCity.com Tell me what you think!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, condominiums, condos, philadelphia, Philadelphia condo, Philadelphia condominiums, Philadelphia condos
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