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November 25, 2013
1) You see that the condo is vacant, and the front desk tells you they moved
over a year ago.
2) You Google the sellers, and You see that they own multiple properties,
and all of them are for sale.
3) You search the history (in the MLS) of that listing, and see the seller is on
their third listing agent.
4) You walk into the condo, it is vacant, the appliances are gone, and it looks
like the seller left in the middle of the night.
5) You read some unique language in the MLS listing about “seller makes no
warranties”, or “ corporate addendum must accompany…” usually means
corporate owned- aka REO.
These are all possible signs that the condo is ripe for an insulting offer.
Good Luck!
Mark Wade
CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
Tags: Center City condo, Center City Real Estate, condos in Philadelphia
November 18, 2013
Brownstone styled condos are an option in Center City that I find are becoming more popular for many Philadelphia condo shoppers. Known for their low condo fees, and some really groovy features, low rise condos have shown to have good resale over time, and often show up in some of the strongest residential locations in Center City.
The condo associations tend to almost always favor pets, rules can be a bit more lax than a high rise, and many units have either decks, parking, fireplaces, or say an abundance of original detailing. Here are some of my favorite low rise/ Brownstone condo buildings in town- Due to either curb appeal, unit layout, value retention, or just an overwhelmingly serene locale:
1) Roberts Quay: 1035 Spruce – 18 units, a huge variety of layouts, and probably the most handsome building in 19107. Sits on the NE corner of 11th and Spruce.
2) 2100 Delancey: Again, huge curb appeal, an array of unit sizes and wrought with original detail. Many units have fireplaces, ornate windows, and of course a great location.
3) 251 S. 24th St: A very rare loft styled new Center City condo building in Filter Square that few have heard of/know of/have seen. Garage parking, huge windows, and sits in a quiet pocket of Filter Square. High end contemporary finishes throughout each unit.
4) The Clinton: Now here is a stunning building. Sits on the corner of 11th and Clinton St- serene as they come. Some units have parking, and many units have south facing windows- many completely shielded by huge trees. Modest condo fees and attractive pricing. 1023 Clinton St.
5) St. James Court: Hidden between 5th/6th Street, Locust and Walnut sits this enclave of “uppers and lowers”. Rental parking next door at Indep. Place. Great space, quiet location, handsome exteriors, outside space for every unit, and two story living rooms. A great track record of resales / value retention over the past dozen years.
Mark Wade
CenterCityCondos.com
Tags: Center City condo, Center City Real Estate, condos in Philadelphia
November 4, 2013
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| Listen, I get it. The visual appeal and the emotional punch that rides on the back of a gorgeous Center City condo can be overwhelmingly attractive. But many buyers are sometimes disheartened when they buy a condo, then go back for the final walk through on the day of settlement and the initial emotional attraction has left the condo along with the owners belongings.
I think it is important to keep a few things in mind:
1) You can easily add the emotion whallop back into the Philadelphia condo. Think a groovy paint color scheme and curtains. If you don’t have the vision to do this yourself, visit to Houzz.com
2) Think about having a new coat of polyurathane put down on your hardwood floors. Usually, this can be done for about $2-$3 per square foot. The presentation of your new floors will generally have a HALO effect over the entire unit. This should be done the day you settle, and at least 48 hours prior to you moving belongings into the condo. Huge visual plus here…
3) A Super duper thorough cleaning can really bring a lifeless condo back to life. Including window cleaning, tile and grout cleaning and carpet cleaning. Stanley Steamer does tile cleaning as well as carpet, and the impact is huge. Like having new tile installed- at a fraction of the cost.
4) And if you are thinking of a few new furniture pieces but don’t have a huge bankroll to deck out the entire condo, try PhillyBusyBee.com where they sell somewhat used model furniture that may have been used in a past life to stage a property- so kinda’ used, but not really.
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Tags: Center City condo, Center City Real Estate, condos in Philadelphia
October 28, 2013
Here are a few things that you may not have known are pretty standard in condo docs in Center City:
1) Almost all associations charge 2 months capital contribution- means you pay 2 months condo fees to the association- not the owner, but the association- Helps build the kitty.
2) You better check the pet policy- A few years back a young woman bought a Philadelphia condo at Locust Point, then had to sell because she ignored the pet policy- her dog was too big. And she of course wasn’t parting with the dog, so she parted with the condo. 3) Rental Restrictions- Becoming more and more common in condo docs and their rules and regs- which can be a huge value-preserving tool for the association.
4) Future Assessments- Will tell you if any assessments have been approved for the future. Not “discussing assessments” but real approved assessments. There is a difference.
5) The Budget- This is a biggie. You may want to see how much $$ is on hand for future improvements- should correspond to building size and age. New buildings have little reserve- and often, they don’t need them- there is no differed maintenance beyond cosmetic often.
In the state of PA., you have 5 days or 15 days to review your condo docs depending upon the type of Center City condo you are buying- used or new.
Tags: Center City condo, Center City Real Estate, condominiums, condos in Philadelphia
October 21, 2013
1) Your condo isn’t available for financing. Falls outside the perimeters on what mortgage companies will loan. This is a problem for non-condo specific agents sometimes. Could be a HUGE waste of time to find a buyer, only to find out no one will lend on it after you’ve had it under contract, and off the market for 2 months.
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2) If your Realtor sells you a Philadelphia condo, and he is not happy with the commish $$ being paid, he may ask you (you being a buyer) to help compensate him. Total BS if you ask me. Once saw a co-op agent do this- I thought he was moron for asking his buyer to do such a thing.
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3) YOU choose your mortgage, title, and your home inspector. Sure, I kinda’ push people to the vendors I trust- but in the end, it is your call. No Realtor should ever dictate which providers you MUST use during the deal.
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4) Your condo could actually sell for a lot more if you did some minimal work- like decluttering, cleaning, shopping at say Ikea for some groovy wall art, hiding your family photos, and spending about $1000 to get your condo ready for the market. Basic home selling 101 stuff -which is easy to do. And I can and will help. Call me if you want me to see and make suggestions.
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5) Open Houses aren’t really to sell your condo- they are for the Realtor to pick up new buyers. Almost always.
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6) They may cut the commissions on the sale of your condo IF you buy another home from them.
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7) Print advertising probably won’t sell your Center City condo- But a video, professional photography, and good social marketing may go a lot farther these days.
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8) The condo is inside a building with a really sh*tty reputation- and those units have a very difficult time selling. Or, the condo you want to buy has been on the market in excess of 1243 days. That might suck for you….
Ask, Ask, Ask!
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9) The Tax Abatement is set to expire at the end of the year, which may (or may not) heavily impact your monthly costs.
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10) Huge Upcoming Assessments are just around the corner- This one is hard to quantify- A good condo Realtor in town should know by the history of the building….NOT always, but should have an inkling or insight.
Tags: Center City condo, condos in Philadelphia, real estate philadelphia condos
September 16, 2013
Trulia, Zillow, etc… Really?
Perhaps you could just
Rub A Magic Lamp
to determine Center City Condo Values….
I think the methods used by many Online sites to show specific area condo values is just horse crap. You would have to be kinda’ simple to believe that the emotional punch of a condo is not going to seriously affect it’s value. Selling factors such as price, days-on-market and demand can be heavily influenced by a condos Showing Ability, Floor Height, and View. I know of no on-line real estate site that can take these factors into account …therefore possibly throwing off estimates of value for a Center City condo. And you can’t logically argue that value is “generalized within a given zip code”. That would be folly.Because if that were the case, then “1830” and The DORCHESTER values would be more in line with one another. Throw the emotional punch or lack thereof into the mix and you have an exceedingly wide chasm of values and trying to generalize those values might prove daunting.
And another example of how miscalcuations can also be achieved……
Over the past 3-5 years,many local publications have declared that the Center City zip code of 19102 has blossomed in terms of value growth. Really? I would suggest that the additions of The Ritz Carlton, the Aria, The Ellington, and The Grande have artificially bloated their calculations of area values, average sale price, number of sales, etc moreso than true appreciation could ever have mustered.
Tags: Center City condo, Center City Real Estate, condos in Philadelphia, Philadelphia condo
September 4, 2013
There is no such thing as a Sure Thing. No surprise there. But time and time again I see Philadelphia condos where the seller has spent money in order to hopefully improve the resale value of their condo. In most instances, condo owners upgrade for their own Use and Enjoyment- but some do improve with the goal being a higher resale value. Here are common upgrading mistakes I see in the Center City Condo marketplace:
1) Wall to Wall Carpeting in a Living room.
2) Installing a Huge soaking tub/ Jacuzzi like monstrosity
3) Replacing closet doors with Mirrored closet doors
4) Adding a Roof Deck
5) Adding Hi-Hats and / or track lighting
Now certainly there are exceptions to every rule, and in some instances, these additions can add value. But from my experience- the value added is nominal. And in some cases- can actually detract from value. Really depends upon the unit. If you have some of these features in your condo, I would NOT suggest you remove them. But spending money to add them to your existing condo may not provide you with the expected return.
Instead,
I suggest you throw some money into what buyers seem to always remember:
1) Rework your Closets- You can buy off the shelves at Home Depot or Lowes. I call it the faux California Closet looks. And they can add tremendous value to your condo. Never underestimate the power of good closets in Center City condo value. One of the first things condo buyers do is they check out the closet space.
2) Repainting- Want some Kick-A** ideas? Visit www.Houzz.com for some fab fab fab visuals. Remember, focus on two main colors and highlight with decor pieces as the third. You needn’t paint every wall in a room one color.
3) Recaulk and Regrout Your Bathroom- This is huge, and doesn’t cost a lot. Email me and I can send you references to
make your bathroom look 1000% better- and can be done in a day. Don’t underestimate this upgrade, please.
4) Replace all the knobs and pulls in your kitchen and bathroom. And try Pottery Barn or Restoration Hardware. This is a huge and inexpensive way to really put “icing on the cake” in two of the most important rooms in your home. And if you want to take it a step further- after you do the above 4 Upgrades- think about replacing interior door knobs. Again, a small visual cue that can really set the tone and feel of you condo.
Want my input? Call me, and I will come over and do a quick assessment of your place…No biggie. I have been on HGTV for the decorating I did in my own home, and I won Philly Mag’s Kitchen of the Year contest back in 2005.
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So I’m thinkin’……I am kinda’ groovy, you see 🙂
Tags: Center City condo, Center City Real Estate, condos in Philadelphia, Philadelphia condominiums
August 19, 2013
Between 1995 and 2005, my brother and I flipped over WELL over 100 condos in town
Here are a few secrets that I discovered:
1) You can screw up any decision, but the one thing you can’t do is overpay at the start. If you do, then the whole venture is doomed. You have to let value be a top guiding priority.
2) Don’t Get over your head.
Cosmetic flips are much much much easier than those needing a full scale rehab. BUY UGLY!
3) Make sure the Philadelphia condo is in a building that is solid, and is fanne mae warrantable. If you cant sell it on the back end, then your efforts will be for naught.
4) I cant stress ENOUGH about the importance of visual appeal. You MUST make your finished product stand out in terms of emotional impact. Finishes purely off the shelf from Home Depot aren’t going to cut it. Hire an interior decorator to decide paint colors, finishes, and even the how the unit will be staged- Please!
Tags: Center City Real Estate, condos in Philadelphia, Philadelphia condo
July 22, 2013
Brownstone styled condos are an option in Center City that I find are becoming more popular for many condo shoppers. Known for their low condo fees, and some really groovy features, low rise condos have shown to have good resale over time, and often show up in some of the strongest residential locations in Center City.
The condo associations tend to almost always favor pets, rules can be a bit more lax than a high rise, and many units have either decks, parking, fireplaces, or say an abundance of original detailing. Here are some of my favorite low rise/ Brownstone condo buildings in town- Due to either curb appeal, unit layout, value retention, or just an overwhlemingly serene locale:
1) Roberts Quay: 1035 Spruce – 18 units, a huge variety of layouts, and probably the most handsome building in 19107. Sits on the NE corner of 11th and Spruce. (see above and you can see what I mean).
2) 2100 Delancey: Again, huge curb appeal, an array of unit sizes and wrought with original detail. Many units have fireplaces, ornate windows, and of course a great location.
3) 251 S. 24th St: A very rare loft styled new condo building in Fitler Square that few have heard of/know of/have seen. Garage parking, huge windows, and sits in a quiet pocket of Fitler Square. High end contemporary finishes throughout each unit.
4) The Clinton: Now here is a stunning building. Sits on the corner of 11th and Clinton St- serene as they come. Some units have parking, and many units have south facing windows- many completely shielded by huge trees. Modest condo fees and attractive pricing. 1023 Clinton St.
5) St. James Court: Hidden between 5th/6th Street, Locust and Walnut sits this enclave of “uppers and lowers”. Rental parking next door at Indep Place. Great space, quiet location, handsome exteriors, outside space for every unit, and two story living rooms. A great track record of resales / value retention over the past dozen years.
Tags: Center City condo, condos in Philadelphia, Philadelphia condominiums, Saint James Court, Saint James Place
July 15, 2013
You can check out anytime you like… but can you ever leave (sell) that condo ?
What is the Achilles heel to resale and value? Key fatal flaws in a condo may prove difficult to resell a condo.
I asked around the Real Estate Community, and here is what most Realtors believe to be a tough sell:
1) A very expensive unit in a low rise building without an elevator – On a high floor. Meaning $1M for a 5th floor walk up. Though some of the best deals in town can be found on the 3rd floors of many blgds.
2) A Three story tall cheap metal spiral staircase that screams “death” ? Yeah, that isn’t easy to overcome.
One flight of spirals in town is a great space saver. Three flights can be visually daunting.
3) Condo fees over over $1 per sq ft per month without a doorman, parking, pool, or even a gym. An inverse relationship can exist between condo fees and resale value. Add the burden of non- fanne mae warrant-ability, and you have on tough sale on your hands.
4) Buildings that just look like sh*t- from the exterior, to the lobby, elevators, and hallways. Where ongoing maintenance is clearly not a priortiy.
NOW….there is one possible upside to buying a condo in a building that may possess some of the above characteristics – And that would be price. An exceedingly well priced condo can be forgiven for its many attached sins.
Tags: Center City condo, Center City Real Estate, condos in Philadelphia, philadelphia
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