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

Or perhaps I should ask, what is the assessed value, in the eyes of the City? Do these differ from a valuation or BPO (Broker’s Price Opinion)? How would a buyer know how to sort out the difference, or do these numbers really even matter?

(Your New Condo as Seen by You!)

When you buy your Philly condo, and place a mortgage upon the property, the bank is going to send out an appraiser to assess the value of the Rittenhouse Square condo, or the Old City loft you have just put “under agreement”.  I have always believed that an appraisal is a yes or no question….can an appraised value meet the sales price? If you answer is yes (which it does 99.9% of the time, then the property is appraised at sale price. I don’t think any bank expects more of an in-depth analysis of the value, beyond the “does it meet sale price?” value. An appraisal is a not really, in my opinion, a valuation. A valuation is a determination of value. What will the property sell for on the open market? After all, the true measure of a properties worth, is defined by what someone is willing to pay for it.

(Your New Condo as Seen by Your Appraiser!)

Assessed value, a number the city pulls out of a hat, is used to determine your property taxes. I actually don’t know if the city uses the old hat method of calculating tax bills, but the incongruence I see in the tax rates on real property certainly do lend some credibility to the idea.  I try to coach buyers on the variations in all the values that different parties can attach to the same property. The truth is, the property is worth what you are willing to pay for it, depending upon your knowledge, your realtor’s expertise, and market conditions, just to name a few factors.

(Your New Condo as Seen by Your Tax Assessor!)

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