Philadelphia Real Estate Blog

(November 2008)

This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!

And the asking price is just an asking price!

A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.

Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!

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

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction- there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

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):

1) Dockside Condominiums

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!

2) The Aria Condominiums

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.

3) The Ellington

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

Akin to a foreclosure, corporate owned, or “Relocation” homes and condos in Center City Philadelphia are often marked down in order to get them to sell fairly quickly.

I currently am aware of two such condos in town. In one instance, the condo sold in 2006 for $569,000 and is now asking $449,000.  And that is an ASKING price. The other condo will sell (my guess) for about $100,000 LESS than someone paid for it just a few years ago.

Both condos are fairly new- one is a two year old condo in Old City, and is nothing short of stunning. The other is in a large, full service doorman high rise condo that is just begging to be snatched by the right buyer.

Here is my view on how a “relo” comes to be: Sue buys a condo. Sue gets transferred out of state. Sue’s company (Say, IBM) hires a 3rd party to buy and or sell the condo on Sue’s behalf.  Here is the kicker: IBM  (or whoever) is NOT in the business of owning condos in Old City, or anywhere else for that matter. They have a tendency to list them for prices that are well below market value.

TWO CENTER CITY CONDO BUYERS ARE GOING TO STUMBLE UPON THESE CONDOS, AND PROBABLY STRIKE A REALLY GREAT DEAL.

If you are interested in learning more, give me a call at 215.521.1523. Let’s chat. And let’s go take a look at a few “relo” condos in Philly!

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

The anticipation of a new condo project can outweigh the reality of the finished product, as buyers really aren’t sure of how the finished project is going to sell, once completed. Or how the finishes are going to translate into the emotional draw, or the lack thereof, that the project is going to emit, once completed.  Developers have gotten good at building hype, and selling the sizzle that accompanies the excitement of buying a new construction condominium. But sometimes the sizzle can outweigh the reality of the product. An easily lead buyer can find themselves caught up in the excitement, and neglecting the details. Seeing a developer’s prior work, or building products can be a big help. Also, being extremely thorough can be a big help. Ask lots of questions. If the developer doesn’t have answers for you, then ask if you can reserve a unit at a particular price, until such questions are answered. Or finding a great realtor with experience in the field can be a big help.

Sizzle does indeed sell new condominiums. Any you don’t need to be ordering steak to discover that a reality check may be in order if you find yourself being lead by your emotions. Doing your homework, and asking questions is the key to avoid being stuck with a tough, rubbery cut of real estate.

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

Yahoo came out with a great real estate article this past week about how Philadelphia Condominium and Home prices have stayed steady!  Here is a quick excerpt:

“Philadelphia bashers like to note how the city doesn’t quite keep pace with its northeastern neighbors New York and Boston. When it comes to real estate, that may be a good thing. While prices in the Big Apple and Beantown soared during the bubble years from 2003 to 2006, the City of Brotherly Love charted slow and steady growth. Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow — well below the national average of almost 24 percent.”I personally advertise on Zillow, so I think they are a great informative site! You can also check out my listings at my site CenterCityCondos.com. As you can see Philadelphia seems to be a great place for a long-term investment so give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com if you are interested in making a Philadelphia Condominium your next home!

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

I love the little tricks that real estate agents sometimes attempt in order to try to “pull one over” on my buyers.

Guess What? They Ain’t fallin’ for it….because I am going to take the time to educate them about the little nuances of realtors here in town.

For instance, that listing where a realtor may have yanked a listing off the market for 2 days, then put it back on the market in order to make it  appear “new”? Not going to happen….the MLS now lists the TOTAL days-on-market and makes apparent just how long your listing has been sitting.

A personal favorite of mine-Realtors who list the properties as having parking, then at the bottom of the MLS sheet it says-seller will pay for one year paid parking in some garage somewhere.

DO YOU THINK I AM NEW TO THIS PLANET? I am not. Neither are my buyers. Nice try though…..

Oh, and the sneaky way you might submit your new condo to the MLS, and “forget” to add in the square footage? This simply tells my buyers that your condo may be overpriced for the size, and you just don’t want to admit it.

I work hard to be truthful and honest with my buyers, and I am going to reveal every trick in the book that realtors may attempt in order to get their listing some ill-deserved attention.

My buyers are not stupid, because I am not stupid. So there 🙂

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)!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
215.521.1523

Save Money, Save Energy!

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

Not necessarily the most expensive, but having twenty years experience in the Center City real estate sales, and asking other agents for their input, I have compiled a list of the top dream Penthouse condos in Center City Philadelphia…

1)   The Plaza on Rittenhouse Square – Boasting some of the most magnificent mansions in the sky. Each unique and filled with pre-war elements. Stunning. And a few are bigger than huge.

2)   Water Front Square- Some of these gems are over 4000 sq. ft, and have 2000 sq ft verandas overlooking the river. Floor to ceiling glass curtain walls don’t hurt the views either.

3)   The Drake Tower: Ok, I am cheating here. This is a rental building, although the building was converted to condos in the 1980’s. Rivaling some of the finest New York City Penthouses, these units at the Drake offer significantly detailed terraces.

If you are interested in taking a tour of a few penthouses around town, give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com. I’d love to show you around!

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