Philadelphia Real Estate Blog

Real estate and drama just seem to go hand in hand. Ugh. But drama can be a good thing if we are talking about the drama created when a Philly condo owner makes a dramatic improvement to the cosmetic or emotional appeal to their home. Here are a few of my favorite looks:

“When dramatic is Good”   

And in this photo below, I think the crisp and modern colors of the wallpaper add a striking definition to walls. Notice how the Philadelphia condominium owner did NOT put wallpaper on a perimeter wall- only an inside wall was enhanced.

If you’d like to go out and take a look at some dramatic Philadelphia lofts and condos, give me a call at 215.521.1523 and I’d be happy to show you a few more of my favorites!

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

Do you think we are new to this planet?

As a realtor in Center City Philadelphia, it really irks me to see some, perhaps dubious, claims made in the Real Estate section of the Sunday paper by various real estate developers. “We have been honored to receive”….”Voted best Priced”, or ” Nominated for Best this or that”. Perhaps some of the “award recipients” are under the assumption that those with the money to buy their products are all just a bunch of morons. Who the hell is giving out these awards? I have never heard of any of these groups.

From claims of prestige, awards, and even square footage calculations on some Center City condos, you may have to take that info with a grain of salt. Not always- but certainly sometimes. And when a developer/his or her sales staff tells you that their new construction building is 70% sold, you might want to check with me for accuracy on those claims.

Did I mention to you that I am now a member of the  JILLION dollar club? 🙂  Yeah right….

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

They’re baaaackkk! If the first 30+ days of 2010 are any indication of the activity we are going to see here in the Center City condo market, then I am one happy camper.

How do I know buyers are back? Simple- I look at how my website is trending with Google, and I see how many people are taking it one step further beyond just looking over my site, and actually email me for information or request a tour of some condos in Philly.

Here is what I think is happening:
Buyers have sat by the sidelines of the Philadelphia condo market for the past year. They have finally come to the conclusion that the sky is not falling, and the sun continues to rise every morning. They are getting on with their lives, and beginning to plan their future moves in terms of housing- but they are doing so with caution. The one thing I see is a clearing of the back inventory of existing condos that have been on the market for a while. Prices are getting better, and buyers are taking advantage.

Today’s Center City Condo buyers are not dumb-ass goofballs. They are not going to over pay. But they are willing to make offers on the properties that are competitively priced.

Smart sellers should take note of the increased activity, and of the buyers’ mindsets.

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

I don’t give a crap- I live in a condo and don’t own a snow shovel…

And I don’t need to stock up on milk and bread with the impending onslaught of a winter storm. I live in Center City, and the little corner grocery stores are always open in any  blizzard, as are almost all the restaurants. And who needs to shovel out the cars- there are plenty of taxis that will do my driving for me.
 
If you live in one of our fine suburbs- be it Gladmore, Havernova, or Bala Who-Knows-Where, and are getting tired of having to deal with the weather,or perhaps you own one of those lawnmowing things that I understand are used to cut grass (I have only heard of such contraptions)-Then isn’t it time you simplified and let someone else do the unpleasant tasks in life?
 
Yeah, I am a Center City Condo snob. I know it, and am kinda’ proud of it. Riding on a train to work, or driving on the Schuylkill isn’t something that is a part of my life….and the business of owning more than one car?! Uh, no thank you.
 
Want some bragging rights too? Then drop me a note, and lets chat. Lets get you into town, and into a more simple life. Membership into the “I am a Center City Snob” club is free 🙂

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 him 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 pocket?

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 building the building?

Interested in buying a new construction condominium here in Philly? Give me a call at 215.521.1523 and let’s chat.

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

Easy quick steps to buying a Center City Condo:
 
1) Find a Philly realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure he or she listens.

2) Get in realtors car. Shop for condos in Philly. Find one you like after X number of tours/weeks/whatever.

3) Revisit condo, bring in-laws, family, whomever. Ask lots of questions.

4) Have realtor draw up offer. Sign. Have realtor submit to listing agent to give to seller.

5) Negotiate…if successful, sign altered agreement of sale.

6) Have your realtor help you schedule home inspection. Get mortgage application taken.

7) Attend home inspection, send info to your mortgage company.

8) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!
 
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
 
Here is a quick way to start the process:
 
Call me. We will chat..no obligation, and no pressure. I am here to help you. 

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

Though I rarely sit at Sunday open houses here in Philadelphia, I do so sometimes with a slight effect from being out with my friends from the previous (Saturday) night.  I am tired, and sometimes sit in a chair for the entire duration of any given Open House. Thank goodness our Center City Sunday Open House shift only last an hour. I think I might go nuts otherwise.

But there are a few things that brighten my morning, like showing up five minutes early to my (say) Rittenhouse Square condo Open House, and see potential buyers waiting for me. Or be blessed with sellers who have turned on every light, adjusted the thermostat appropriately, and even perhaps lit a candle in order to bring some life into the condo. Nothing kills the “likeability” of your Old City condo like 98 degree heat….. inside the unit I am about to introduce to perspective buyers. And kitty puke on the kitchen floor…eh, no. Ditto for doggie doo piles on the patio. And for heaven sake…make the bed. Clean the bathtub, and pick your crap  up off the floor of the walk-in closet. NO POTENTIAL BUYER WANTS TO INHERIT YOUR LIFESTYLE, should your lifestyle be easily equated to that of say a 19 year old fraternity dude. Dude.

And buyers, you have a checklist of your own. Keep your dog at home, and don’t show up ten minutes AFTER my open house has ended, expecting a 25 minute tour. (Please, that is :)). And if you are just browsing, and saw the sign out front, give me some time with the “real” buyers who may have come specifically for this home.  Your presence is welcome. Your monopolization of my time…perhaps not so much.

Sellers and buyers need to put on a good show to be taken seriously. And buying a condo in Philadelphia is a serious consideration, and a thought for which one should prepare. Put your best foot forward, and happy buying and selling!

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

….A  match made in heaven!

Good closet space inside a Philadelphia condo is like a good wine. Coveted, hard to find, and treasured by all. With a high percentage of my buyers being of the “Empty Nesters” set, I find that their preference for good closet space can not be ignored. Downsizing from a larger home is traumatic enough in itself, without have the added turbulence of deciding what to keep, what to give away, and what to simply heap into a large pile, and burn.

There is one condo development here is town that many of my buyers find quizzical: The good sized two bedroom condo units do not have walk-in closets. Only the medium sized one bedroom condo units in the building have a walk-in closet. Odd, they say- and I can’t disagree.  Dockside in Philadelphia offers two healthy sized walk-in closets in their two bedroom condo units. I thought I was going to have a heart attack when I saw that generosity.

I do believe that the lack of closet space must be coming from some NYC consulting firms, used by local developers when putting up a new high rise condo building here in Center City. I know New Yorkers don’t seem to value kitchen size as much as Philadelphians, but could it be that they travel lighter as well, and don’t have as much stuff to store as we do? Who knows! But a bit more attention to good closet space by Philadelphia developers would be a huge help in their sales efforts here in Center City (in my humble opinion)!

I talk about a lot of stuff about Center City real estate.  Click onto my “podcasts” link on www.CenterCityCondos.com to hear me go “off” on everything that is Center City real estate!  

 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…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

….Is your sales pitch is way over the top?

I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be. My buyers generally want the quick overview…not the long serenade. And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach….allowing them to give info as they please. SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous. I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers….that is my job. Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.

DO THE MATH, YOU GOOF.

IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES- An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.

So lighten up. Give my buyers the ability to keep some things private. We will both appreciate such courtesy, and will hopefully see you again!

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