Philadelphia Real Estate Blog

Consider This Scenario:

You make an offer on a great Philadelphia condo. You are pre-approved, you are putting 20% down, your ducks are in a row, and you are presenting a clean offer. No goofy contingencies in sight. All normal and standard- mortgage, home contingency, etc. Then you ask the seller (who has already packed up, and moved to the other side of nowhere, perhaps), and you request that the seller power wash the stucco in the patio area. 

I would suggest that asking the seller to spend $175 is not necessarily a bad idea, but asking him to do something that is clearly a nuisance to him can really emotionally cripple your offer.  Remember, it is not only the sale price that determines a sellers Openness to your offer. Terms and conditions play a huge part. The easier you can make it on a seller, the bigger the impact of your offer may be.
 
Nuisance requests come in all forms. My suggestion is that you keep the offer as clean and easy on the seller as possible. Reduce your offer by $175 (shy of what would be your “highest and best offer”) and make it easy on the seller. Like you, he is probably worried, burdened, and has a million things on his mind. And you making a deal clean and easy may benefit you well beyond that $175.
 
Suck it up, and make it a clean deal. Your offer may be contingent upon it, especially if you are in a mulitple offer situation!
 
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

…and I claim that you have a problem telling the truth.

So there I was last night at some little gathering of well heeled city folk, many of whom are “In the Know”, along with a few hanger-on’ers, and me. And someone that knows who I am drops a BOMB- a certain new construction condo building in town is 44% sold. Oh how I love a good story. Especially when it appears to be true, and contrary to what the PR machines have been putting out. I understand the motive. Every new Philadelphia real estate condo building loves to put on a good show, and appear to be a success. I get it. But don’t you, Mr. Sales Staff for any given new condo building, feel any sense of remorse or regret when you convince a buyer to buy in your building, under false sales stat quotes? I certainly would.
    
Philly condo buyers should not believe everything they hear. Especially from developers sales staff who claim that their buildings have this much, or that percentage sold. The numbers are secretive, not displayed in the MLS, or in government records, and sometimes the numbers are bogus. And what recourse might you have? I would suggest very little. When you walk into any new construction condo building, without a buyers representative (aka- me) with you, you possibly are going to get one side of the story.
     
Many new condo developments have a policy and it reads- “Agents must accompany on buyers FIRST visit”….or,  they (that sales staff) will not allow me to come in with you visit #2, or anytime thereafter. I personally feel this policy is bullshit. If you visit a building, then meet me, I cannot be your agent for THAT building.
    
So wise up here folks. IF you want buyer representation…see me first. Then let’s go visit some Center City new construction high rise buildings. Because if that building is spewing BULLSHIT, I am going to tell you. And again, I am kinda’ “In the know”…..

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

1) Buyer buys a new car, or otherwise obligates him or herself financially, between signing of the agreement of sale, and closing.

2) Either party, while NOT attending settlement, sends documents back that have not been witnessed by a notary.

3) Either party, having to bring money to the table to complete the transaction, brings a personal check, and not a certified check.

4) Realtor forgets to either: Bring the escrow check, read the utility meters, neglects to do a walk-through, or doesn’t check to see all obligations on the agreement of sale have been fulfilled-like making sure appliances are still in the house at the time of settlement, etc.

5) Seller neglects to, or just doesn’t give a crap, and fails to complete items on a written punch list. I hate sellers like this. Usually deveoplers. Sleezy-bags.

Through hundreds of closings, Mark will do his best not to ruin the day you close on your favorite Fitler Square condo. Or any Philadelphia condo for that matter! 🙂

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

…see if you can avoid being a dumb ass! 

Here are the top 5 Mistakes potential buyers make when shopping for a new condo in Philly:
 
1) They don’t do their homework- And end up buying a condo with a fatal resale flaw… like a 6th floor walkup, or a 2000 sq ft studio.

2) They overpay without asking their realtor for detailed comparable info- huge mistake. Happens all the time.

3) They use a realtor who is a relative, or someone from way out of the area. Whatta’ you, new to this planet? Don’t do that.

4) They neglect to get their mortage costs AND interest rate in writing from their mortgage dude/dudette.

5) They get a friend or relative to do a home inspection for them. I reserve the right to laugh at anyone who does this.
 
Honestly, most Center City Condominium buyers are intelligent, and come prepared. But some don’t do their homework, and end up getting kinda’ screwed in the end. Please don’t let this happen to you! Call, and let’s chat about some of the common pitfalls of buying a condo.

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

Almost any Center City condominium, with a smattering of exposed brick, attempts to pass itself off as a loft. Often sought after as an expression of one’s own style, loft living has taken off in downtown Philadelphia. Lofts vary in look, layout, and location throughout downtown Philly. Some loft condos impress mightily, and others are cheap imitations of highly unique, urban treasures hidden in pockets of Old City, Bella Vista, and of course, The Loft District around 13th and Vine Streets.

The best example of a hard loft in Center City might be The Old Shoe Factory at 314 N. 12th St. From an unadorned cavernous lobby area, up to the eighth floor via a converted oversized warehouse lift, the units are characterized by hugely oversized windows, exposed brick, minimalist kitchens, and bedrooms that are open to the living area. Fantastic city views, high ceilings, and a few units with polished cement floors. Minimalistic at best, these condos truly tag at the definition of a live/work open space where room size is valued over room count.

A fair example of a soft loft might be BridgeView Place at 315 New St. in Old City. With the prerequisite high ceilings, and touches of exposed brick, these condos have been compartmentalized to include bedrooms, walled off kitchen areas, and walk-in closets. Some units at BridgeView do indeed have a loft bed perched above the living space, but those units are few and far between. The conversion to condominiums in the mid 1980’s at 315 New St. is a good example of a reasonable living space, with a bit of “lofty” flair.

A Center City Philadelphia loft can come in a variety of sizes, styles, and locations throughout downtown Philadelphia. Some more true to their “lofty roots” than others, loft living of all proportions is gaining popularity amongst the empty-nester set moving into town from the suburbs and elsewhere. Many of the available loft condos today didn’t exist in the early 1990’s when the very first empty nester/baby boomer began trickling into Center City. And judging from the success of many loft and loft-like sales throughout the area, buyers are finding individuality can be expressed through the (loft) style in which they choose to live.

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

Some is to be expected. Keeping you awake is beyond reasonable.

I know one new Philadelphia condo conversion project here in town where the occupants say you can hear your neighbors’ alarm clock go off and phone ring. I know other buildings that have exposed ceiling timbers, with no insulation, in which you can hear every footstep of your upstairs neighbor. I live in a converted warehouse condominium, and steps were taken to reduce the possibility of hearing my neighbor upstairs. And though I am aware when he is home, I am seldom bothered or annoyed. (Except when Tammy, his high-heel wearing friend comes over and does a clog dance of some kind- directly over my living room. 🙂 )

There certainly  has to be some degree of forgiveness when living in close proximity of other folks. Be it noise from above, below, or through an adjoining wall, you may become aware of the fact that you have neighbors. However if the racket from others is driving you crazy in (say) your Rittenhouse Square condo, I would suggest the following:

1) Make sure your common hallways are carpeted. Aside from quieting footsteps, carpeting will prevent the hallways from becoming an echo chamber.

2) Find a condo building in which the developer has “stacked” the bedroom. Having a bedroom above you is generally better than having a living room above you, especially in some of the converted loft/warehouse lofts in Old City.

3) Should your bedroom be adjacent to your neighbors living room (more common in newer construction), have a layer of soundproof sheet-rock added to that wall.

4) Make sure you have a high quality door sweep on the bottom of your front door to keep out hallway noise.

5) Make sure condo rules are enforced. Many condo docs state that 70% of each condo unit must be carpeted. Rarely enforced, but an option.

Concerned about living too close to others? Lets discuss more options!

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

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”.

As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pockets?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to build the building?
 
Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com if you might like some help in finding your new Center City condo!

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

Some buyers favor space. Others location. Some buyers want only the BEST city views
 
All home buyers priorities are like snowflakes- no two are ever the same.

Are you strickly looking for a highrise, or a brownstone styled condo? 

Do you desire a gorgous, modern new construction piece that shows like a dream?  

How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really
dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can
put the pieces of the puzzle together to find you your perfect new home!
 
Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com…let’s chat about your priorities in a Center City condominium!

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

Here is a solid breakdown of the information in the stimulus bill the President signed:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

If you have any questions or would like to discuss how you can apply this tax credit to your Center City Condo purchase, please feel free to call me 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

Thank you for visiting our website, filled with information on Philadelphia real estate, with an emphasis on Philadelphia condos and co-ops. 

    
 
If you are considering a move into a Philadelphia condo-be it a Rittenhouse Square condo or Old City loft, finding the right unit that can cater to your new urban lifestyle is of the utmost importance! From Society Hill condos to Fitler Square condos, as well as condos in the Art Museum area or Washington Square West condos, CenterCityCondos.com covers it all! From a Philadelphia loft condo in the Queen Village neighborhood of downtown Philadelphia, to a Luxury Penthouse condo in Bella Vista….many condos can be found right here! Looking for  green condos, or that warehouse loft condominium? How about one of the many doorman condos with full on-site staff similar to a condo hotel? Philadelphia has a variety of real estate option in the condominium and co-op areas of ownership. Philadelphia has grown considerably in the past five years, and many new condos have given many Center City condo buyers a variety of options that didn’t exist in the downtown Philadelphia area a decade ago.

Our familiarity with almost every Philadelphia condo, condominium, and loft here in Center City, will hopefully help your Philadelphia condo search much easier!  Our Center City Real Estate team will do our best to help you with all of your Philadelphia Condo Real Estate needs! Be sure to check out our Philadelphia condo blog, as well as our Podcasts, in which we discuss a variety of topics dealing with condos in Philadelphia!

All the information you may need to know about Philadelphia condos can be found here on our site. We have agents that live in a variety of Center City neighborhoods…Kathy lives in Queen Village, Randy in Rittenhouse Square, Patrick enjoys his real estate in the Bella Vista section of town, Matt in the Art Museum area, John Eric in the Fishtown / Northern Liberties section, Jared lives in Society Hill, and finally, Mark and Jim live in the Old City section of downtown Philly.

We are happy you are here. Enjoy our site, and let us know if we can help you search for some Philadelphia condos! Our office at 530 Walnut St. in Society Hill is easily accessible, and you can email us 24 hours a day with questions and/or comments about the Philadelphia real estate market!

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