Philadelphia Real Estate Blog

Here are some things you are going to want to know…

• The Philadelphia Inquirer’s Sunday edition is available on Saturday

• Buy a “Smart Card” from the Philadelphia Parking Authority- that way you won’t have to ask strangers on the street for change for your parking meter

• Rittenhouse Square, Washington Square West, Fitler Square, and Society Hill (to name a few) are neighborhoods located in Center City. Center City encompasses a number of neighborhoods

• We don’t say pop…we say soda

• It is known as Queen Village, not Queens Village, though there may be may queens that live there.

• It is not Olde City…it is Old City

• Ben Franklin was never president of the United States

• NYC is an hour and eleven minutes by train

• We don’t eat Grinders or Subs…we eat Hoagies. Don’t ask me why

• Scrapple is something to be avoided at all costs (breakfast menu item)

• Acme is not just a place where the Wile E. Coyote buys things to “get”the Road Runner….it is a grocery store that is popular in the area 

Want the inside scoop on Philadelphia? Give me a call, and let’s laugh at some of the oddities our fine city presents to those looking to relocate to Philly!

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

Located on the corner of Washington Avenue and 11th Street in the Bella Vista section of Center City Philadelphia, The Lofts at Bella Vista are a wonderful addition to this thriving neighborhood! Just two blocks from the Italian Market, BV Lofts offer a wide range of condominium sizes, shapes, and designs. Impressive penthouse units, and MIND BLOWING Villa units, which sit atop this historic building, are a real Must-See for those entering the Philadelphia condo market!

Indoor garage parking, high ceilings, and modern common areas make this building very attractive and desirable for all price ranges for many Philly condo buyers. High end modern and attractive finishes like polished concrete floors, along with a tax abatement, 24 hour front door person, and wonderful city views all add up to a strong mix which should pique the interest of a wide variety of Center City condominium buyers!

Interested in taking a look at these groovy condos? Give me a call at 215.521.1523 or drop me and email at Mark@CenterCity.com.

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

Parking in Center City Philadelphia is a treasured commodity. Since most single family homes in the downtown Philly area were built prior to Henry Ford cranking out his Model T’s, it is fair to assume that less than half the single family homes have parking- ditto for a number of existing condos in Philadelphia. And a good number of high rise condos in Philly just offer rental parking. With the advent of a number of new high rise condo projects in Center City, the number of parking spaces has ballooned in the past few years. Yippee!!

I remember back in 1990 when a lot on 3rd Street in Society Hill moved some lot lines and created ONE new parking spot, in an existing (say) twenty car lot. The spot went up for auction, and sold for $60,000. I also recall someone buying a neighboring home, as it had two car parking. They rented the house out, and kept the parking for their 200 year old Society Hill townhouse which was just around the corner. 

You can purchase a spot at the Parkominium in Old City for around $30,000- perhaps a bit more or less, depending on which spot you choose. You can buy a second parking spot at the Bella Vista lofts, via a LIFT, for $10,000 (your 2nd car sits on a lift, above your first car’s parking spot). Generally, in new construction condos in Philadelphia, a parking spot can be purchased anywhere from $30,000-$70,000 depending on the exclusivity of the building, and just how “preferred’ the parking spot is, within the parking structure.

I read that a parking spot in NYC (on West 17th Street) recently sold for $225,000 –that of course, being on the high end. My guess is that IF you could add a parking spot to say 1830 Rittenhouse Square (an impressive pre-war Center City condo building that currently has no parking), you could fetch up to about $125,000 for that spot. There would be a lot of “if’s” attached, and that is just a made up scenario, but I would guess that $125,000 would be about the max someone might pay for such an amenity.

Looking for that perfect condo, with a side of parking?

Give me a call at 215-521-1523 or drop me an email at Mark@CenterCity.com and let’s see if we can’t find just what you are looking for ~ in a condo, and in a parking space!

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

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

Often in the Philadelphia condo market, we see a unit advertised as a “Penthouse”. But what is a Penthouse? Is it simply a condominium that happens to be on the top floor of any give Philadelphia condominium building? It would seem that many sellers and developers seem to think so. And often times, that unit doesn’t even have to be on the TOP floor….many buildings here in town describe a penthouse as any unit on the top, say three floors.

My friend Roseann has a listing that she describes as a penthouse. And in my mind, it is. It is a top floor unit at the Lenox, and what is really neat about it is that it is set back from the rest of the building (from the facade) and has a wrap-around terrace. It is unlike any other units in the building, and is really neat. It evokes the my feelings of a true penthouse.

Some penthouses here in the Philadelphia condominium market are unmistakenly Penthouses. Others could be called imposters. I am not here to judge…you be the judge. I just wish that less sellers and developers would restain from calling a top floor unit in a four story walk-up a “Penthouse”. Is it really?

I would have to say that there would need to be distinquishing charactorstics that set a Penthouse apart from the other units in the building. Either say on THE top floor, or possibly have outside space that other units don’t, or maybe the entire top floor is “keyed off” from other floors in the building. Or perhaps the physical charactoristics of the interior set it apart from the other units.

Both Britannica Online and Merriam-Webster define penthouse as “a structure or dwelling built on the roof of a building.” So….if the unit is NOT on the top floor, is not set back from the facade, doesn’t have outside space, or isn’t visually different from units on say, the 3rd floor of any given Philadelphia condominium building, it is really a penthouse??

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

Though I sometimes sit at my 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 GROWS UP WANTING TO INHERIT YOUR LIFESTYLE, should your lifestyle be easily equated to that of say a 19 year old fraternity dude. Dude.

And buyers, this blog entry is aimed at you too. 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.

So my conclusion is that 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

25th and Locust Streets-Entrance to the Schuylkill River Trail

Fairmont Park has a really neat addition which incorporates a link between Center City, and up Kelly Drive.  A jogging/biking/walking/roller blade trail which begins where Locust Street ends (at 25th Street) and runs past Philadelphia’s Fairmount WaterWorks along the Tidal section of the Schuylkill River, which they call Schuylkill Banks, up Kelly Drive, up to East Falls, and perhaps even beyond. From there I don’t know that section too well. But what a neat attraction for those who live in the area. Instead of jogging down the sidewalks of town, having to dodge traffic at every intersection, you now have the River trail that will allow you to see really neat stuff…like trees, grass, and people on bicycles. Cool.

I am amazed every time I drive past and see the throngs of folks out exercising, and making great use of this trail. A wonderful way to get city dwellers out into the park, and a great way to make our fair city a more useful, enjoyable, and healthy one!

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

Here are some helpful hints on what to do/what to expect on your “big” day:

1) Make sure that the funds you have are either in the form of a certified check, or your funds have been wired into the title company’s account. No one is going to take your “3rd party, postdated, out-of-state” check. No one. AND…bring your ID.

2) Plan on some type of delay. Either your mortgage company is not going to have the paperwork ready, or the interest rate you were quoted may be incorrect, or perhaps THEIR wire (your loan amount) has yet to be received by the closing (title) company. It may seem shocking that the people who practically beg for your business are so disorganized. But they usually are. Perhaps this would be a good time to resume sticking  needles in a voodoo doll that resembles the seller. Kidding…do that on your own time.

5) While waiting for someone to do something that they previously forgot to do, why not take the time to call the gas and electric company that you will need to use. Usually can be done over the phone.

6) Now might also be a good time to gather info: How do I get my name programmed into the front intercom of the building (if applicable), what is the Mgmt. company’s contact number, and who is the contact? How will I receive my monthly condo dues bill?

7) What should you do with all the paperwork given to you on your day of settlement?
KEEP THEM HANDY. Do not lose. You will need to refer to this paperwork again, I guarantee you. Especially at tax time.

8)  If you realtor did a good job for you, then brag about them to your friends and family in the future. See that others you care about, get the same good treatment. If your realtor was as valuable as say a bag of nails, then you will know who not to call in the future. If I was your realtor, and I could easily be compared to a bag of nails, then perhaps a good swift “thump” up the side of my head would be appropriate.

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

My FAVORITE city: Philadelphia!  This is where I live, eat, sleep, work, and play.  I love this City!  And it looks like we are finally getting the recognition we deserve from folks all around.  Even National Geographic has published an article called Next Great City: Philly, Really.  Here is a brief excerpt for the article:

"For years, I’ve been hearing great things about this city of 1.4 million on the Delaware and Schuylkill Rivers. Newspaper articles speak of innovative development projects. Friends return from visits amazed that the nightlife is actually lively. "It’s no longer D.C. on a bad hair day," as one jokes.

Philadelphia, I discover, comprises 152 distinct neighborhoods, ranging from working-class South Philly to yuppified Manayunk to ivied University City to up-and-coming Northern Liberties and Fishtown. But it is the Center City, the heart of downtown, that’s energizing the rebirth. Trendy restaurants and condominiums abound. A soon-to-be-completed Cesar Pelli skyscraper, the Cira Centre, just across the Schuylkill River, forms a daring twist in the cityscape. The striking Kimmel Center, with its digital-age design, is the new home of the Philadelphia Orchestra."

Click here to continue reading the article.  Then leave me a comment or drop me an email at Mark@CenterCityCondos.com and let me know what you think….Is Philadelphia the next great City?

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