Philadelphia Real Estate Blog

1) For every month you lived in your new Center City pad, and made a mortgage payment, you were able  to deduct the interest on the loan.  Try that with a rental payment. And be sure to let the IRS know of your plan here, as I am sure it will go over well with them.

2) You were able to paint the living room that hideous red your wife/husband/other wanted, and didn’t have to worry about NOT getting your security deposit back

3) If you had a fixed rate mortgage, you were able to plan on stable month payments, without the threat of yearly increases in rent, which most landlords do as a matter of habit, as opposed to doing so based on market conditions

4) You didn’t have to worry that your landlord was going to kick you to the curb after your lease expiration period, in order to turn the apartment into condos

5) You had the “quiet use and enjoyment” of the home to do as you please. The piece of mind that only comes from home ownership. 

6) And you now have the pride of owning your own  garden rake, a lawnmower, and perhaps washer and dryer.

Buying a piece of real estate in Philadelphia isn’t always about financial appreciation. Sometimes, the added value is the piece of mind you have knowing that you have a roof over your head that belongs to you. And your bank.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
PREA Top 100 Award- 2005, 2006, 2007

Based upon what my buyers have been showing me for years, I would suggest that there are about ten Characteristics that can limit top dollar resale amounts for condominiums in Center City Philadelphia (not in any specific order) :

1 ) Units in buildings with low owner occupancy ratios
2 ) Tri-Level unit condos with corkscrew styled staircases

3 ) Units on the 2nd floor just above the dumpster area (in high rise condos)
4 ) Units directly over noisy bar

5 ) Units with a significant amount of living space in the basement
6 ) Units without direct light into living room area
7 ) Units located on the first floor

8 ) Units with disproportionately high condo fees
9 ) Units that are fifth floor walk-ups
10 ) Units in an “alley” that has pubs on either ends

Not to say that such units are not sellable, it is just that in many cases, units with some of the above characteristics are often times discounted below the sale prices of units without such conditions. If you can find a Philadelphia condo with one or more of the above attributes, you may find that you will get a bit more square feet for the money!

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

Tell Me about your Center City Condo…..

Do you own a Center City Condo? I would love to feature your condo on my blog, as an example of what potential buyers can expect to find when they begin shopping for a condo in Philadelphia.

Your condo may or may not be for sale, and that’s OK.

Give me a brief description of your condo, what you like MOST about your unit, some interesting facts or local landmarks in your neighborhood that you favor, and be sure to send me some photos!

I would love to feature your unit for the 7000+ visitors that visit www.CenterCityCondos.com each month!

Thanks!

Mark Wade
http://blog.centercitycondos.com
Prudential Fox and Roach Realtors

…where I will be living, when I hit the PA Lottery

On the corner of Fabulous and Unbelievable, is a new piece of Center City real estate which arguably will be the ‘Belle of the Ball” amongst Philadelphia’s luxurious condo  buildings.  Known as 1706, this new 31 story tower at 17th and Rittenhouse Streets houses one unit per floor…with a jaw dropping two story penthouse unit. A majority of the units are flats- one story units with two balconies each, and have 4300 square feet  with ten foot ceilings and eight foot windows. From renderings I have seen, this is the kind of building one might see in Miami, Chicago, or New York City. The type of building that may have, say ten years ago, quietly passed on allowing itself to be planted in good old Philly.

When other Center City condominium buildings boast of amenities such as pool, sauna, and conference areas, it seems to me that a many of them are simply paying lip service to such goodies.  1706 Rittenhouse appears to be putting some serious effort into the common area freebies. It doesn’t appear that they will turn a maid’s closet into a room with no windows, a treadmill or two, and a Stair-master knock off.  From what I can gather, this building will not be selling itself short in terms of location, view, amenities, quality of finishes, and overall desirability.

Developed by Scannapieco Corp., and ParkWay Corp., 1706 is targeting a market that appreciates, and will pay for quality. I have always said two things about Philadelphia condo buyers- they will spend for quality when they see it (and can sniff out faux quality like an English fox hound). And secondly, that there are more people in Philadelphia with money, than there are condominiums in Philadelphia to serve the needs of those buyers. I think 1706 is going to be a huge success, and rightfully so. It seems to be taking on that segment of the market that has been somewhat neglected in the past.

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

Bella Vista Lofts is a nine story condominium building located on the corner of 11th Street and Washington Avenue. I visited the other day, intruigued by the Pods they have built onto of the building, which they refer to as Villas. My curiosity was not only satisfied, but I was really amazed at what I saw. The lobby was done in a hip modern style, the units themselves clearly were priced well, and the Villas were unlike any other Penthouse condos in Philadelphia. I was impressed, to say the least. All units in the building offer indoor parking, and get this- for an extra $10,000 or so, you can purchase a lift, and turn your parking spot into Two car parking!

That was a really nifty idea, as many Center City condo buyers have more than one car, and the cost to garage both cars was easy, assessible, and not too expensive. What a great idea! The ceiling height in the garage allowed for such a novel approach. In fact, the ceiling height throughout the buiding was nothing short of phenomenal.

The dollar per square foot asking price on the two bedroom units was around $277 per square foot…and this includes parking! Again, I was very impressed with not only the finishes, but the hip, kinda’ modern and urban feel of these Philadelphia condos! With polished cement floor, and oversized windows, fantastic ceiling height, and the level of finishes throughout make the units very appealling. And it appears that the developer didn’t scrimp on the finishes either. The kitchens and baths were not only modern, but unlike the run-of-the-mill contractor grade stuff that we see in similar price ranges.

With a front doorman, extra wide hallways, and again, fantastic ceiling height and oversized unit windows, it was hard NOT to get excited about what I was seeing. The Penthouse units were a great mix of the Hard/Soft loft as the space was open, generous, and even the closets were of good size. The Villa Units (which I like calling POD units) were really amazing. If you are in the $1M plus price range, and you are looking for a different style of luxury Penthouse condo living here in Center City, then you are going to want to make sure you at least see these units, as there really is no substitutability anywhere around town for these homes. Two and a half story living, with three (count ’em…three!) outside spaces- each one bigger than the next! And the finish level was admirable! The Lofts at Bella Vista are now going to be #1 on my showing adgenda to new buyers whom I introduce to the Philadelphia condominium market.

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

I just learned that one change that might affect buyers, is the fact that your mortgage company MAY INDEED pull a credit report on you, a few days before closing.  In addition to looking up your credit when they process your application, they are also pulling credit prior to closing to make sure nothing has substantially changed with your financial position, or you have not gone out and purchased a new car, a boat, applied for a slew of new credit cards, etc.

In almost every transaction involving a Philadelphia condo, there are TWO months “Capital Contribution” due and payable by the buyer at time of settlement. Basically, you have to pay the condo association an amount equal to two months of condo fees (all buyers do). This is just a neat little way for your condo association to stockpile dough. This is not you paying two months up front…this is money that is more like a one-time bill. Not really a bad thing, as everyone who buys into the building must contribute. More of a surprise to most Philly condo buyers than anything else.

And as a courtesy to realtors like myself, who don’t get out often (out of the city, that is…) please pick a title company who will do your title work at one of the realtors offices. At a bare minimum, it should happen in the same city, if not the same county, as the transaction. I truly am not interested in going to Erie, PA to close on a house because your mother’s neighbor’s cousin has a title company in that fine town.  I will bust my hump for you. But I ain’t going to Erie.  Please settle in town. I get the shakes when I have to go to the suburbs. It just isn’t a pretty sight. Thanks.

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

I have been around the Philadelphia real estate market for a long time. Since 1989 to be exact. I have heard, and seen all kinds of things. And I either cringe or laugh when I hear some of the absolute bull that comes out of the mouths of some of my contemporaries.I was once told by a peer that he had the ability to either make or break a certain sale. He had the power to “make” his buyers buy what he suggested. To which I replied, “Really?”…. In all my 19 years experience I have never been able to exercise such mind control. Perhaps it was his toupee that gave him such exceptional abilities. I have never been able to get a buyer to buy something they didn’t want.

Oh, and don’t ever believe a Philadelphia realtor when they send you a mailer that states “I have buyers waiting to buy your property”. What a load of crap. Perhaps these buyers will just buy anything, sight unseen? Or perhaps it is the magic of the toupee again doing the impossible.

And how many realtors claim they are #1??

“# 1 realtor in Philadelphia”

“#1 in Listings and sales”

“#1 in Volume”

“#1 in transactions closed”

How about: # 1 in Sales this side of the planet Pluto? Or, # 1 in the Universe? Or, # 1 in the galaxy. Please.  Again, I believe it is all crap.  ONE realtor is # 1 in our town, has been for a long time, and I will take a billboard out on I-95 to let you know when that changes.

I personally never claim to be much of anything, except I do boast a bit about being an expert here in the Center City condominium market (selling approx. 140-160 condos per year here in town).  Though I once tried to get my company to print up my new business cards that said “Member – Jillion Dollar Club”. I thought it would be pretty funny. I guess they didn’t see it that way.  Perhaps being a Jillion dollar seller is just more “out there” than being the # 1 realtor in the Galaxy….

And just in case – I am neither the # 1 realtor in the galaxy, nor am I am member of the Jillion dollar club.  So if you are looking for a realtor who knows a bit about Center City Philadelphia but isn’t #1 of anything, then give me a call at 215.521.1523 or send me and email at Mark@CenterCity.com.  You may just get a prize for being my jillionth client….just kidding!  

Mark Wade

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