Philadelphia Real Estate Blog

Easy quick steps to buying a Center City Condo

 
1.) Find a Philadelphia realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure they are listed.

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 at 215.521.1523 or email me at Mark@CenterCity.com. 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

Many varieties to choose from…

   
           
When considering the purchase of a Center City condo, I think buyers should first ask themselves what style of condo are they considering?

A high rise? Maybe a loft, or a Brownstone style?

There are  a whole slew of different condominium buildings here in Center City, and each comes with its own unique characteristics.

Are you willing to pay the higher condo fees charged for doormen buildings?

Or is the idea of a Philadelphia condominium with oversized windows, exposed brick, and high ceilings your idea of the perfect urban pad?

Keep in mind that the larger buildings with elevators, parking, and doormen do have significantly higher condo fees than the Brownstone styled condos without such amenities. There is sure to be a condo in Philly that suits your needs. It just sometimes takes a deeper look than what is on the surface to find that perfect condo!

With my 19 years of helping people find their perfect Center City Condo, I hope to be of service to you, should you be looking to put down some roots in our town!

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

Seen rising above the Barnes and Noble bookstore on the north side of “The Square” is the new premier Rittenhouse Square condominium project, 10 Rittenhouse.

ARC Wheeler, the developer of 10 Rittenhouse in Center City, is saving the historical façade of the old Rittenhouse Club, and the new five-story structure will have three mega-condos. In a nod to preservation, the building will incorporate three landmark structures while adding a new 33-story red-brick and limestone tower behind them.

Ten Rittenhouse Square is a $300 million luxury condo tower under development in Center City Philadelphia whose residential tower will have street frontage on the 1800 block of Walnut Street, South 18th Street and the 1800 block of Sansom Street. According to the website, 10 Rittenhouse will feature:

• One Bedrooms from $714,000 – $856,000
• Two Bedrooms from $1,300,000 – $3,400,000
• Three Bedrooms from $1,900,000 – $4,500,000

In addition there will be six 10,000-square-foot penthouses priced near the $12,000,000 mark.
Needless to say, 10 Rittenhouse will be the paragon of luxury high rise living here in Philadelphia. With Miele and Sub-Zero kitchen appliances and marble baths with BainUltra tubs. Ceiling heights from 8.5′ to 12.5′ accompany window walls, spacious private balconies, terraces and Juliet  windows (in some homes). Building amenities include a garage, concierge service, a restaurant, a pool, spa and fitness center and a shared roof garden.

Barneys Co-op – a part of the high-end New York City department store Barneys will occupy the  first two floors, totaling 10,000 square feet. The Center City’s hip-ometer has officially begun registering some activity.

Barney’s AND living at 10 Rittenhouse?! That is a dream made in heaven.

Interested in living the dream? Contact Mark Wade at Prudential Fox and Roach realtors and lets investigate the possibilities!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
267.237.3404 (That is my cell phone. And this is the first and only time you will see my personal cell phone number listed on a blog entry. THAT is how serious I am about loving this project.)

Very simply put, a point is equal to one percent of the mortgage amount of your loan for your Philadelphia condo or flat- be it a Rittenhouse Square condominium, or a Society Hill loft. Points are not mandatory, in most cases, and are offered by a bank in return for a lowering of your interest rate.

Let’s say you buy a $550,000 condo in Philadelphia. You are going put 5% down, so your mortgage amount is $500,000. Here is how points work:

You pay 1 point (payable to the lender), which costs you $5,000 and your interest rate is 6%
You pay 2 points, which will cost you $10,000, and your interest rate is 5.75%

Now, if you monthly mortgage payment is going to drop (say) $100 a month BECAUSE you paid a point, it will take you 50 months to recoup that $5000 investment in that one point.

You save $100 a month, and paid $5000 for that honor. Hence 50 months to recoup.

So it begs the question, are you SURE you are going to live in this Rittenhouse Square condo for over four years? Because if you are not sure how long you are going to stay put, it may not be in your best interest to pay that point. I have been a realtor in Philadelphia for almost twenty years now, and I sell a lot of condos in Center City. I don’t see a lot of folks staying put for more than four years. They get a dog, a family, a lawnmower, a promotion, a transfer, and they are off to bigger and better pastures. Empty nesters would be the exception to this general rule.

So there you have it…..for more information, check out my website www.CenterCityCondos.com and click the Vendor Menu button for mortgage solicitors who can explain more about financing a wide variety of condos in Philadelphia.

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