Philadelphia Real Estate Blog

Now that is a really good question. Is that two bedroom unit- be it a loft or not, really a two bedroom unit, or is more like a one bedroom with a den, or even just a large open space, where a bedroom could go “here” and another bedroom ”there”?

As a long time Philadelphia realtor with Prudential Fox and Roach Realtors, I have seen a fair number of condos in Center City that really aren’t what they are advertised to be. Odd that realtors can be creative, and crafty, eh? Now I am no saint, and I am well aware of the fact that I may have stretched the limits of reality when I exclaim that my new “two bedroom” loft is either this or that…..

It seems that the laws governing the traits that constitute a bedroom vary from state to state. I have heard many things from many realtors across the country. Sometimes I hear that in order to be a true bedroom, a room must have a closet. Or to be a bedroom, it must have a window. Or a window and a closet. I am really not sure what does and does not constitute a bedroom in a condo in Philadelphia, but I pretty much do know a bedroom when I see one. Here is what I believe: If it looks like a bedroom, and operates as a bedroom, then I think it is fair to call it a bedroom. Although I will usually make a notation somewhere that “legally, this center city condominium may be a one bedroom, but it does play like a two bedroom.”

For instance, I have sold a number of units along Spruce Street and Clinton Street in Washington Square West in which the second bedroom does not have a window, rather that room is open ended- and the “second bedroom” overlooks the living room in a loft like fashion.  But it does have a door, and a closet, and I do find that a lot of buyers who are in the market for a 2 bedroom condo will find this arrangement acceptable. What I find objectionable, as do many of my buyers looking to purchase a condominium in Philadelphia is the open loft space that has NO defined bedrooms, but is advertised as a two bedroom unit.  Perhaps the listing agent of that loft condo thinks that we are so clueless that we will somehow miss the fact that there are no bedrooms. It hasn’t happened to me yet, but there is always a first time for everything.
In most cases of Philadelphia loft bedroom count issues, the question is a fairly simple one: Does a loft bedroom, open ended and not completely closed off constitute a bedroom? I think that it does, and I think that most of my Center City condo buyers agree.

So when your interested in looking for a loft or condo here in Center City Philadelphia, with or without a "bedroom", give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com.

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

How?  Easy.  Drive your car off a cliff. With the proliferation of the car sharing companies here in Center City  Philadelphia, you might want to ask yourself, seriously, do I really need to own a car? You might be surprised. Most parking lots around town now have designated spaces for these hourly rental cars.Let’s look at the general/average monthly cost of a new car here in town:

Parking $200

Insurance $300

Car payments $400

Tickets, gas, etc. $100

Cost of being carless: Priceless!

With nearly $1000 a month in saving, you have now transformed your Philadelphia condo shopping possibilities from a one bedroom to a two bedroom.  Or maybe you have gone from an existing somewhat “used” condo to a new bright shiny, never before lived in, say, Rittenhouse Square condo.

Being carless is something that is hard for most Center City condo buyers to imagine. Like freckles, or unmanageable hair, it is something that we possibly have lived with all of our lives. Imagine the freedom you can mentally experience without the burden of owning a car. I did it here in town for five years, and let me tell you- it was a joy!

So to all those Philadelphia loft or condo buyers who are struggling to find what they want, think about the possibility of shedding 2000 pounds of ugly fat. Drive your car off a cliff. Or sell it. Whatever. If you simply look into the easy and availability of the new car sharing programs here in town, you just might be pleasantly surprised at what you can now afford in the Center City condominium market!

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

As a maven, devotee, fan, fanatic, aficionado, supporter, and all around nut-bag with all things “Center City Condos”, I believe I am aptly centered to give my opinion on the subject. Some human beings can cite sports scores and statistics of their favorite sports teams or players, and simply confound you with their knowledge. My sport happens to be Philadelphia condominiums. Go figure. Here is what I believe is happening in our market as of 1/1/08…..

Those buyers who have been waiting by the sidelines will jump into the market. They now realize that perhaps the “sky isn’t falling” as earlier predicted, and they buy and sell. Happened the same way in 2006. And I can tell already by the number of people who are visiting my site, the length of time they stay on the site, and number of return visitors, and the number of those who ask for additional information, or say they are now ready to shop for their new Philadelphia condo.

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

More often than not, the closet space inside the new piece of Philadelphia real estate you just purchased is not up to snuff. I would call Lowe’s or Home Depot, or wherever, and have them re-do the insides of your closets. It seems like a fairly minimal cost, and you honestly will be able to double the usable space inside the closets of your new place. And certainly a good investment for resale, as a lot of Center City lofts lack such organization inside the closets.

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

I am often asked to consult with my buyers when it comes to new construction purchases. From coordinating the “kitchen cabinet color with the granite and tile backsplash”, to helping choose stains for hardwood flooring, and matching wall color, I am often adding my two cents.  I think I have a pretty good eye for what is hip and in vogue in terms of the Philadelphia condo buyer.

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

I came across this great article the other day.  Tom Acitelli of The New York Observer had this to say about the new trend of New Yorkers relocating to Philadelphia:

"Since 2001, 8,334 New Yorkers have moved to Philadelphia and stayed. Most—3,957—moved from Brooklyn. After Brooklyn, most émigrés hailed from Queens (2,160); and the Bronx, Manhattan and Staten Island, respectively.

What makes Philly so attractive? The Rocky statue atop the art museum steps? That’s been moved. No: It likely comes down to real estate.

Although exact numbers are difficult to find, Philadelphia home prices, generally, are absurdly low compared to almost any area in New York." 

The rest of Tom’s article can be read here.

As a realtor for 19 years here in Center City Philadelphia as well as an owner of an Old City Condominium, I’d have to say that I agree with these New Yorkers that Philadelphia is a great place to live! So, when you are ready to head down the turnpike and look for a great loft or condo here in Center City Philadelphia, give me a call at 215.521.1523 or drop me an email at Mark@CenterCityCondos.com.

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

I live in a low rise Old City condominium building, and really enjoy the lifestyle.  I have all the modern conveniences one could reasonably expect in a three year old restoration of an old warehouse building.

But I can’t figure out how to program my thermostat. I have been living with this computer like device on my living room wall for a number of years now, and I still don’t have a clue how it works. It is supposed to save me money. For the life of me, I can’t figure out how it works.  Ditto for the TV and the DVD player.  I know how to turn it on, and I know how to record a program on my On-Demand feature.  But heaven help me on the days that the remotes are sitting on the couch, and the dog inadvertently steps on the buttons on the remote. Then I am totally screwed. I don’t know how that thing operates….for crying out loud…there are a total of four remotes, and I don’t have a clue, the time, or any inclination to become familiar with all that crap. I have better things to do. Like sit on my can and watch Seinfeld reruns.

Am I the only one? Is it possible that I am the biggest moron in this town? Some things are just too complicated for their own good. And I know I am not the only one who doesn’t know how to program their thermostat.  In my opinion, some things are better left idiot-proof.  Like the old thermostats, that you simply turn either left or right to control. And don’t let me chew your ear off about the TV remotes either.

If you are shopping for components for your new Philadelphia condo, don’t get in over your head. Keep it simple. You never know when a moron like me is going to be your next buyer, and just might be scared off by your hi-tech know-how. I like my condos user-friendly and simple. Like me.

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

Of course each condominium association here in Center City sets their own condo fees. These fees are contingent upon a number of items, generally encompassing the amount of services provided- doorman, elevator, parking garage, roof deck, utilities, etc. I am often asked if any given Center City condo building/association can lower their fees. And the answer is a resounding maybe. Here is what I would do if I were sitting on your condo board, and wanted to see if fees could be lowered:

So there you have it. Yes, you can probably lower your condo fees, and probably make some enemies in the condo association at the same time, as most of these ideas are going to be “shot down” by the masses at any given condo association meeting. Leave me a comment and let me know how everything works out.  Good luck with that….

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

In my opinion, with respect to a high-rise Center City condo, the answer to the question is an obvious one:  The higher the floor, the better the view, and generally the higher the price. On a clear day you can see forever. You can even see, with binoculars, the high rises in Atlantic City.  Heck, from Liberty Two (50 S. 16th St.) you can even see the Nuclear power plant in Limerick. Although the upper floors do command higher prices, there is a segment of the Philadelphia condo buyer who enjoys, and actually prefers a tree top view, somewhere around the fourth or fifth floors. Provided of course, the view is actually of trees and treetops, and not rooftops of neighboring buildings.

In a low-rise Center City condo building, my opinion is that the value of the floor height is usually determined by the presence or absence of an elevator.  If you have an elevator, top floors are preferred.  However, know that in MANY cases, the higher the floor (in a low-rise condo) will mean a lower ceiling height.  The first floor generally has the highest ceiling height in almost all low rise condos in Philadelphia. But there is some opposition to being on the first floor by some Center City condo buyers.  The perception is safety, or the lack thereof. That perception can be balanced….as there are many $2,000,000 townhouses here in town that of course have a lot of living space on the first floor. It is kinda’ a “part and parcel” issue. It is how the city is built. If you live in a low-rise say, Fitler Square condo, I would suggest to you that resale wise, the second floor is generally going to be most desirable. Especially second floor front. Think about it. There are many reasons why a 2nd floor front unit is going to be the most desirable in the building…given that all other issues are equal within that building.

I would love to hear feedback on my points.  Leave a comment or drop me an email sometime.  Mark@CenterCity.com  Tell me what you think!

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

Having watched buyers and sellers in all kinds of real estate markets here in Philadelphia – both a buyer’s market, and a seller’s market, I would like to cough up my two cents on what I see is happening now in the Philadelphia condo market as we start the new year (2008).

Let’s begin with the obvious. Buyers believe that sellers are nuts, and sellers believe that buyers are just plain crazy. And realtors are lunatics. I can see that. Buyers will react to what they believe to be a weakened market in a number of ways. Not only will they tend to “low ball”, but their behavior as far as location and condition are altered as well.

1) Low-ball offers become the norm: No big surprise here. The days of multiple offers on the same property have passed. Not only are there fewer buyers in the market, but the motivation levels of those buyers are not as prevalent.  We just don’t see that wide-eyed frenzy of “Gotta’ have it”. Buyers will often question how long a property has been on the market, and bid accordingly. Sellers should be less offended and less surprised by such behavior.

2) Condition Rule: Buyers become much greedier in their desire for something that shows well, and is in move-in condition. Why should they settle for something that needs work, when possibly they can now move up into something newer that shows really well for what they believe to be the same price? Rittenhouse Square condos, say, that do not feature a strong showing ability may be looked over. There is more product on the market, and a lot more substitutability, so those units that are a bit worn, are going to have to be priced really well to garner an offer.

3) Location becomes more important: I witnessed this firsthand back in the early 1990’s. In a perceptually weakened market, the “lesser” locations will be the first to drop off as far as prices and traffic are concerned. A buyer’s desire to “pioneer” an area will lessen as he or she may believe such a tactic is more risky in a less “demand saturated” market.

Condos in Philadelphia may be perceptually “off”, as far as sales and demand is concerned. Sellers need to be aware of this new view that buyers hold, and act accordingly. Waiting for the multiple offer situation to come knocking on their door might be best invoked by rubbing a lamp. However, what doesn’t require one to “rub a lamp” is the notion that a Philadelphia condo that shows well, and is priced well, will still sell well. Take that to the bank.www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106 

Mark Wade