Philadelphia Real Estate Blog

There are a lot of issue that may create higher or lower condo fees in certain condo buildings. Here is a list of ten that you might not have thought of:
 
1) Heat is included in the condo fees. The building has one system, and the cost to run that system is split between all owners of units in that particular building.

2) Water and Sewer are NOT included in the fees. Very rare…but does occur. May account for the fact that one particular building appears to have lower condo fees.

3) A porter is on-staff. This is someone, besides the front door man, who caters to your needs. IE: Trash removal, keeping the place clean EVERY day, etc.

4) An outdated master insurance policy. If you buildings combined unit value is say $3m, and you are only insured for $1.5M…then your fees are going to be lower than they should.

5) The building is a comprised of a small number of condo units, and therefore doesn’t need/have an outside managment company. This will keep your fees lower than most others.

6) The on-site swimming pool, parking, and grounds do not automatically clean and take care of themselves. Shocking. Someone’s got to pay for the upkeep.

7) The building is old, and suffers from no comprehensive, long term maintenance program. Assessments and increased fees are implemented to cover such forgotten upkeep.

8) A lack of common area can keep fees low. A low rise condo building with 4 common hallway lightbulbs is one way to keep the fees low. Especially if no elevator exists.

9) A “Green” thinking Philadelphia condo association that implements low wattage florenscent light bulbs, and utilizes low flow faucetts and toilets can keep fees lower than others.

10) Finally, a good, smart condo board that anticipates, rather than reacts to maintenance items can keep fees low in the long run. An ounce of prevention…….
 
Looking to keep your condo fees in check? Drop me an email at Mark@CenterCityCondos.com to chat about more ways to keep your condo fees in line.

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

A backsplash in a kitchen is the area between the upper and lower cabinetry. Often times, we see a variety of backsplash materials, depending on how a home owner may choose to accent the design of a kitchen.

From granite, to tile, and from glass to mirrors, I have pretty much seen a wide variety of materials used to fill in the space between the upper and lower sets of cabinets in many o’ Philadelphia kitchens.  And I am often times asked to add my two cents into what might look good in this area. The options are numerous, but if you have stainless steel appliances, I would suggest you cover this area with a relatively inexpensive FORMICA (in stainless steel color). The stainless steel look that FORMICA offers is really amazing. You couldn’t tell the difference between this product, and real stainless steel.

SO WHY USE THIS PRODUCT?

It is not expensive, and it is fairly easy to have someone from Lowe’s or Home Depot install it for you.  But the thing I like best is the fact that unlike real stainless steel, FORMICA is not susceptible to fingerprints. And if you do happen to smudge the FORMICA backsplash, it wipes off very easily, and rarely streaks. Try saying the same about the front of your stainless steel refrigerator!

Is it stainless, or is it FORMICA? I dunno. No one else will know either.

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

Congrats…you are in a minority! A good minority to be in, as parking, regardless of cost, has proven to be a great amenity for resale. But a lot (TONS) of realtors are WRONG when they advertise “Deeded parking”. Or they tell their buyers that the parking is “deeded” when indeed that is not the case. Parking can be described in the condo docs, and on one’s deed as “assigned” or as a LCE (limited common element) with the full right of use and enjoyment to unit # whatever.

Which is preferred? Some Philadelphia Realtors incorrectly assume that deeded parking with a Philly condo is preferred. I would argue otherwise. You see, with deeded parking, although you can sell your condominium off to whomever, you have to hope whomever also wants your parking space.  If the potential buyer of your Rittenhouse Square Condo doesn’t want your deeded parking space you are left with the headache of deciding whether to reject their offer because it will leave you with a parking space that will do you no good when you move into your Old City Loft.  Not to mention you’ll be stuck paying taxes on that space you won’t be using because you not only pay taxes on your condo, but you have a separate tax bill for that “other” deed…the one for your parking space.

An assigned condo parking spot has no separate tax bill, as the condo and the parking are on one deed. Really, in my eyes, whichever way the parking is set up by the declarant (the condo developer in most cases), will not affect the value of your condo. The value is in having parking in the first place. But please be aware when you hear the words “Deeded parking”…as your parking space may not be deeded at all. If I had my choice….I would choose NOT to have deeded parking, rather assigned parking to my unit, whose rights of ownership transfer to whomever buys my Philadelphia condo.

Please feel free to leave a comment on this post.  I’d love to hear your thoughts! 

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

If you are purchasing a new Center City condo, and you are fortunate enough to have a developer who will allow you to choose some finishes, here is what I suggest you upgrade for maximum impact.

1) A Viking Stove is a must.  I know you really aren’t ever going to use it, or read the manual to find out how the convection part of your stove works. You don’t have to. Just get one. It will envelop the condominium, and put a halo effect on the entire kitchen, if not your entire condominium. Think of the resale value. Stainless steel Viking stoves just don’t go out of style, nor do the visual style of such change yearly. It is a status piece, and every buyer knows it.

2) Panel the dishwasher. Have the developer/seller install a piece of matching panel cabinet piece over the dishwasher. It will make the kitchen appear to be larger. And it is not like someone is going to walk into your new condo and be impressed that you have a dishwasher. Everyone has one, so hide it….with the same wood façade used in the rest of the cabinetry.

3) I don’t think you necessarily need to grossly oversize your refrigerator. Just make sure the developer gets one that fits. We have all seen refrigerators stuck in spots that are twice the size needed for that refrigerator. Not only should it be the correct depth, but height is important as well. Make sure it fits…and fits well.

4) Wallpaper a bathroom. It is really amazing how almost all decorated condo models in town have bathrooms that have been papered. The look packs quite a punch, and is not a touch seen outside of units done by designers.

Not only will your new touches give you much use and enjoyment in your new Philadelphia condo, but your potential resale value will be greatly enhanced, as you add more “emotion” to your new Rittenhouse Square condo, or your Old City loft, perhaps.

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

I like them too. They are nice and dark, and have a nice tight grain embedded into the look, and there are small variations within each of the planks which gives the flooring an interesting appeal. However, you need to know that I have witnessed a LOT of Brazilian cherry floors that suffer from discoloration, when covered…for even short period of time.

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

Why do I have to show a condo in a well run condo building, to see trash strewn about the front sidewalks? Why do the elevator doors have graffiti scratched into the paint? And why are there light bulbs out in the common hallways?

Various Philadelphia condominium associations need to be aware of the visual impact that simple maintenance items have on potential buyers. And since one primary function of the association is to serve the owners of the building- not only in terms of use and enjoyment, but in terms of protecting that owners investment, it would seem that simple improvements would be a function of ongoing work in the building; that I would not need to blog about such deficiencies.

But I do. From the bicycle tire marks on the common hallway walls, to front doors which DO NOT shut and latch properly. THIS IS MANAGEMENT 101 here folks. A buyer’s impression of your Philadelphia loft or condo is, by many accounts formulated prior to the buyer stepping foot into your unit. Especially if that buyer has to endure a smelly elevator, a dark hallway, and the neighbors personal effects sitting outside their door.  Condo rules are there for a reason, and sometimes it is up to that particular Philadelphia condominium association to be the bad guy, and enforce those rules. The lasting effect is a much improved perception of the building by those buyers looking to potentially purchase within that building. And hopefully, a quicker resale and possibly a higher resale price.

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

Fine. No problem. Just please make sure that one of those agents is NOT me. I am just not interested. Now I don’t mean to be a snob here, or anything, it is just that I am not interested in spending time with you, getting to know your likes and dislikes and teaching you all I can in the time we spend together, in order for you to take that knowledge, and spend it with someone else. I get buyers who say, “Well, I am not going to work with just one Realtor“…and that is fine. I don’t think you are doing yourself any justice but working with many Realtors is your choice. Just please, leave me out of that mix.I tell buyers that they may work with any Realtor they choose, and if I am not doing my job, we don’t happen to click, or you are just plain sick of me, then PLEASE….go find another Realtor. It would be best if you did. I hope you and I don’t have to cross that bridge, but if the case does arise, I suggest you go find another Realtor. But not while you and I are in the process of searching for your new Philadelphia condominium. Working with a Realtor is like dating. You are free to choose whomever you’d like. But double dating is just crossing the line in the minds of many Realtors.

I hope I earn your trust and dedication through my hard work, my honesty, and my knowledge of all Philadelphia condominiums. And if I should let you down, or if you find someone who you like better than myself, then I would encourage you to “jump ship” to that other Realtor, but please….let me know if you plan on seeing two Realtors at the same time, and allow me to back out before anyone gets their feelings hurt.  

My goal is to focus on your wants and needs, and spending time with you in order to learn from you, and really spend the time setting appointments, picking up keys, etc. Nothing is worse than setting up appointments for a buyer who says “I saw this unit yesterday”, or “my other realtor say blah blah blah….”
Yeah, uh…no thanks. But if you are a buyer who may be ready to make somewhat of a “commitment” please 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

Stop reading this blog, and go take a look at the inside of the closets in your Philadelphia condo. Or, if you are a renter, look at your existing closet space. Kinda’ cluttered, eh?  Closet organizing systems are relatively inexpensive, easy to install, and can be found at IKEA, Lowes, and Home Depot. You needn’t spend top dollar on these organizers.First…go to one of the stores mentioned above, and pick out a style, color, and any groovy add-ons…like drawers, hampers, valet hooks, etc. Get measurements of your existing closets, and go estimate the price to purchase. Next, go to my website, and click “Vendors“…and call either Mario or Dave. You might want to have them meet you at the store, haul them back to your Rittenhouse Square condo, or Old City loft, and have them assemble the shelving/organizing units. WHY organize your closets?      

Simple….first of all, your will probably double the actual usage of your closets. With “double hanging” your clothes (one high rod, one low rod), and adding shelves, etc. you will certainly get more usage out of the space your have on hand. And your closets will not only look better, but you will be better organized in order to find your things when you need them (aka- you are late for work). but most importantly, you will benefit greatly in terms of resale value. Buyer LOVE LOVE LOVE closet space. Especially closet space that is well organized, and looks efficient. If a buyer walks into your Center City condo, and it appears that your CRAP is strewn about, and that you are growing out of your space, then they will assume the worst, and guess that the closet space will not be enough for their needs as well. Give the gift of a good first impression. Organize your closet space, get rid of the crap you don’t need, use, or want, and allow that heavenly closet space to have an effect ( a positive one!) on the buyer who may be considering purchasing your Philadelphia condo or loft! For a fast $1000 investment, I am sure that you not only will get more $$ back in resale, but you also get the use and enjoyment of having a more organized life!

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

One of the big decisions you will make when moving in or out of your Center City Condominium is whether or not to keep your current furniture or purchase new.  Sometimes the furniture that looks fabulous in your Rittenhouse Square Condo, just doesn’t quite fit in well with the style of your Old City loft.  So, what are you going to do with the furniture you won’t be using any longer?  And where are you going to shop for replacements?  This wonderful organization here in town, “Uhuru Furniture & Collectibles” at 1220 Spruce St. can be an excellent resource!

They are a nonprofit, used, furniture store in Center City Philadelphia and they have relationships with a number of condominiums, property managers, and apartment complexes in and around Philadelphia. They pick up donations…FAST and FREE and all donations are tax deductible!  The folks at Uhuru pride themselves on being a highly professional, committed, personable, tenacious, and punctual team of staff & volunteers whom you and your customers will come to appreciate greatly. They are also flexible in order to meet your particular needs.

Uhuru Furniture is raising funds for the African People’s Education and Defense Fund, Inc. (APEDF) a non-profit organization. When you donate to or purchase from them, you are supporting their efforts while benefiting at the same time!  So whether your interested in donating or purchasing something to jazz up your place….check them out!! Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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