Philadelphia Real Estate Blog

1.) Right or wrong, some buyers will reject a Philadelphia Condo with high condo fees. However…

2.) Most buyers will look at their total monthly cost in determining their financial reach in terms of a purchase.

3.) Educating a buyer about the purpose of condo fees often tempers a buyer’s aversion to higher fees – most buyers simply do not grasp the concept of condo fees and how they are determined.

4.) It is not uncommon for there to be an additional condo fee for a parking spot and sometimes that number can be super duper high (often as high as neighboring rental garages).

5.) Condo fees are not tax deductible.

6.) Condo fees in Co-op buildings include the taxes.

7.) Almost every buyer will pay approx. 2 months worth of condo fees into the kitty (aka- reserve fund) at time of closing. This goes to the association, not the seller.

8.) An additional burden of condo fees is called the special assessment. No owner likes them, but everyone benefits from them in the long run.

9.) All condo fees are based on the square footage of that particular building. All. Period. Stop asking me that question. 🙂

10.) Super duper low condo fees are NOT a good thing. Usually means your building is running on fumes with no emergency reserves.

11.) A reflection of a building’s health is how much money it has in its reserves (which can stave off future assessments).

12.) Newer buildings tend to have less money in their reserves as the life expectancy of some of the larger common elements/ticket items (roof, windows, elevators, etc) have little or deferred maintenance.

Mark Wade
www.CenterCityCondos.com
BHHS | Fox & Roach Realtors
530 Walnut St. #480 | Phila. PA 19106
Mark@CenterCity.com | 215.521.1523

AKA- Things you don’t see often:

1) A kinda’ grand interior staircase. Meaning a bi-level condo in a high rise. Often evokes “ooh’s and aah’s” out of buyer.

2) Doorbells for each unit…next to each condo’s front door. Like Independence Place. A neat touch buyers seem to like.

3) Painted Exposed brick. Especially when done in a soft gray, or light blue- A textured, colored wall can be a nice surprise.

4) Elevators that open directly into a specific condo unit. Always seems to elicit a gasp.

5) Outside space with outside shower near a lounging/sunbathing area- always a bonus.

Center City does offer a wide variety of surprises in the condo segment. Looking for your perfect, say, Fitler Square Condo?

Call me at 215.521.1523…Lets Talk!

Mark Wade
www.CenterCityCondos.com
BHHS Fox and Roach REALTORS®
530 Walnut St., Suite 480 Philadelphia, PA 19106