Philadelphia Real Estate Blog

Like haircuts and our waist size, things have a tendency to change over time. Here are some notable changes I have seen to the Center City condo market over the past 25 years-

1) The Disbursement of Wealth – In the mid 1980’s, if you had a million dollars to buy a condo, you landed on Rittenhouse Sq. And probably in 1820 or 1830 Rittenhouse. Today- your imagination and money can take you to far away exotic places like- Old City, Bella Vista, and the Loft District. Large high-end condos have spread around town to almost all neighborhoods.

2) The introduction of “High End Low-Rise/Brownstone” styled condos- The defeat of many a high-end brownstones over the years was the lack of an elevator. Anyone looking to buy high end in a brownstone probably isn’t going to be fond of stairs. From 1030-2 Spruce (Knightsbridge Condos) to the lovely 1904 Spruce and 2138 Lombard, the high-end market is finding its way into groovy Brownstone and soft loft conversions- with elevators.

3) No trend in Co-op growth- No new ones since before the mid-1980’s. They fly well in NYC never really caught on here in town in terms of their growth in numbers. 1901 Walnut is the premier co-op building in town…a lovely pre-war on the north side of the square. Very handsome building…and I fail to see how the fact that it is a co-op has diminished its value.

4) Lower Than Expected Conversion Projects- Yes…we saw the Grande, The Ellington, The Phoenix and a smattering of other re-used office buildings. But with the inventory and locational advantages some of these older places have- I am surprised we haven’t seen more conversions. I would look for more conversion projects in the next wave of building.

5) Zeroing in on Condos Near Jefferson and U of Penn- The growth of small and large size condominium buildings around Jefferson Medical for example has proven to be one of the easiest, sure-fire ways for many condos to find buyers. Like shootin’ fish in a barrel. Ditto for U of Penn area.  Builders are filling a market need, and there are some smart buys in both areas. Huge growth segment.

I love that line. Could you imagine someone throwing that at you to try to overcome or capitalize on a possible downside to a home?

I remember back in the early 1990’s, a listing agent told “Suzy” the REALTOR and Suzy’s buyer that “this” home was historically certified. As the deal progressed, the buyers could find no substantiating evidence to support such a claim. The listing agent, when cornered, uttered, “No dear, I said historically certifiable”.

But that leads to a valid question, especially here in the historic city of Philadelphia. Does the reputation, or historic significance, of a home play into the value of the home… be it a Philadelphia condominium, loft, or townhouse? And conversely, does a less than desirable reputation of a certain home have the ability to suppress the resale value of that home?

I say yes to both.

Pretend a major double murder-suicide kind of something went down in a home, especially in the not too distant past. Such an event might make a buyer hesitate to become interested in a home, which could draw out the length of time a home sits on the market, and make that home riper for a lower sales price.

On the other hand, the fact that Ben Franklin used to make booty calls to your home is no occasion to memorialize such an event with a plaque on the front of your home.

Having, say, “Hail Columbia” composed in your living room might make for an interesting compliment to your resale value. I know of more than one example of premiums being paid for Philadelphia condominiums and town homes where significant history was made at that particular address.

In a town that brought you the likes of Thomas Paine, Dolly Madison, and Betsey Ross, history does sell and has a tendency to sell well; assuming, of course, that such history can be documented and is more than a wild rumor. Less concrete claims, like ghosts and “George Washington once left his wooden teeth in this house” are less likely to garner price adjustment to a historic Philadelphia home.

Interested in buying or selling your own historic (or non-historic) Philadelphia condo? Give me a call today at 215-521-1523 or drop me an email at mark@centercity.com. (Ghost and wooden teeth not guaranteed.)

Certain homes or Philadelphia Condos seem to exude a feeling of tranquility and wellbeing, and the root of this overall sense of harmony has a lot more to it than the pretty slipcovers or antique armoire.

Western designers, interior decorators and architects are increasingly turning to an ancient Chinese study of natural elements called Feng Shui to create serene and comfortable environments. Spaces which have been arranged according to the basic tenets of Feng Shui are believed to be very auspicious, bestowing upon their inhabitants health, wealth and good fortune.

Feng Shui strives for balance between yin and yang, and between the natural elements of fire, water, earth, metal and water. There are practical steps which can help to achieve a balanced, calm living space which will allow the mind and body to find its own inner balance and peace.

De-Clutter

Get rid of clutter – an unrestricted path from the front door and throughout the house is first and foremost in creating positive energy. Dispose of clothes, knickknacks, and possessions which are no longer meaningful or essential.

The Bedroom

To create a Feng Shui ambiance in the bedroom, dedicate the bedroom solely for relaxation, sleep and love – that means keeping electronics to a minimum and no treadmill or office desk. Situate the bed (preferably one that is slightly elevated) against a solid wall away from the door to promote relaxation, and adding symmetric bedside tables add a sense of balance. To achieve Feng Shui in the home on a budget, a rent to own store is an option to consider if replacing or adding furniture in any room.

Furniture

Arrangement and placement of furniture is key to energy flow. If your living room furniture is oversized, blocking passageways, tattered and torn, or mismatched, then it’s time to rearrange, move out, fix up, and beautify! Start by walking into the room in question, and look around, what’s the first thing you see when you walk in? Can each chair/couch be accessed easily? You want your furniture to be accessible, make it so no shins will be knocked on that coffee table, that the room it inviting and organized, and that every piece of furniture is compatible with Feng Shui principles.

Details

Lots of fresh air, natural light, natural materials and accents such as bamboo, chimes are also recommended. Adding a strategically placed mirror in the bedroom and elsewhere in the house can multiply the calming effect of a meaningful ornament or a beautiful window view. But there are basic rules for mirror placement; the mirror is to never be broken, never to be placed adjacent from one another, and never placed in front of a window or door.

Colors

Color is an important component of Feng Shui, think about balancing the color wheel – not too hot and fiery and not too cool. As a rule of thumb, try red as an accent color in the bedroom, but definitely not on a full wall, yellow for a family room and kitchen, blues and blacks for work spaces and greens in the bathrooms.

Melisa Cammack

After making the decision to move out of your condo and into a new home, you have a lot of work ahead of you. Moving into a new home can be a lot of work, but proper planning on your part can help you to ease the amount of time and effort needed to relocate. Consider following these tips as you prepare to move.

Review Your Lease

As a first step, read your lease and take note of how much notice you need to provide to your landlord before you vacate the premises. Also, pay attention to the special move-out rules. For example, some leases may require the property to be professionally cleaned before you turn in the keys.

Consider Cleaning and Repairs

In many cases, a rental agreement states that a landlord can withhold your security deposit for any damages made to the property, so consider patching up holes, replacing burnt out lights, cleaning out the oven and other steps as needed. These efforts can take time, so you may consider getting started on some of them immediately after you provide your landlord with written notice of your intent to vacate.

Start Packing

Some people will wait until the last minute to start packing with the belief that they need everything in their place to live comfortably. In many condos, however, items like photo albums, DVDs, books, seasonal clothing and more can be packed up weeks ahead of time. Consider temporarily renting a storage unit, for example, self storage Philadelphia PA, to keep items safe and out of your way as you prepare to move in the coming weeks.

Look For Movers

One of the best steps that you can take to ease the stress associated with moving is to hire a moving company. A reputable moving company can easily relocate your boxes, furnishings and other items quickly and safely on moving day. This provides you with more time to clean your old home and start settling into your new home.

Transfer Services

Approximately one to two weeks before your moving day, contact your water company, utilities service providers, phone service and cable company to notify them of your plans to relocate. You may be able to cancel service in your existing home and schedule new service in your new home with a single call if moving inside the same city.

Contact the Post Office

You should also contact the post office with details about your relocation. You can fill out a change of address form at the post office that includes a mail forwarding service. While you want to call your car loan company, credit card companies and others who send you regular statements and provide them with your new address, you also want to ensure that mail that is sent to the wrong address is forwarded to your new home.

Because there are so many things to do to prepare for a move, it is wise to establish a schedule of to-do items now. You can work through the items on schedule, and this can drastically reduce your stress level during this busy time in your life.

Melisa Cammack

Author Bio

Melisa Cammack has been freelance writing for several years, she loves spending time with her three sons and her husband, as well as preparing for their unborn baby to arrive in mid-March.
Melisa is currently promoting Extra Space Storage – Brighton location, and wishes everyone a safe and efficient moving day.

Remember the olden days when the Sunday paper would arrive and you would get our your red felt tipped marker, then circle the open houses you wanted to see?

That was so 1997….

Those days are all but gone- having been replaced by the advances in internet marketing for Philly condos. Additionally, more and more buildings around Center City are forbidding agents to hold Open Houses- ever.

It is said in Real Estate circles that open houses are NOT for sellers- they are for agents trying to pick up buyers. To a degree, I agree. More so with the fact that videos, virtual tours, podcasts, blogs, multiple photos, etc are easily found with a quick Google search. And most Realtors’ websites can give you a lot more than you can learn at an open house- think neighborhood stats, crime reports, etc. not to mention the gossip and dirt you can pick up on your neighbors house.

If someone is seriously in the market for a condo, they are going to view your listing if they are interested- Open House or not.

I usually find that Open Houses tend to cut down on the weekly traffic- the more people who see it at an open, the less weekly appointments one will find in terms of buyer traffic.

And of course, we are all aware that Open Houses usually beget nosey neighbors, passersby, and the like.

With overall traffic down on Open Houses over the past decade (in my experience)- how long before Open houses will go the way of print advertising for Real Estate?

Probably not long.

FYI-Center City Open Houses are usually ONE hour only- Get in, then get out. Suburban agents can spend 3-4 hours at one open house. How utterly boring. I think I’d rather drink bathwater than to sit in a house on a Sunday for four hours.

Mark Wade
Prudential Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106

Check it  out…

Residential Sales in 19146, 19147, 19107, 19106, 19102, 19103, & 19130 – Jan 1-July 15, 2012

Thanks to all for sending me their friends and family looking to buy and sell in town. Much Appreciated!

The Biggest Cheerleader for Condo Living in Center City,
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox Roach Realtors
530 Walnut St. #260 Phila., PA 19106

If you found a Philadelphia condo, and made an offer and the seller signed the offer on say, January 1st, here is a rough time line of what to expect:

By January 5th – Have mortgage application taken.
By January 15th – Set up and have Home Inspection.
By January 16th – 2nd deposit due.
Sometime mid to late January- You get condo docs and have 5 days to review.
Throughout January and February- Be tortured by your mortgage company.
Through January and February- I order title insurance, city certificates, etc etc.
One week prior to settlement- You order a homeowners’ insurance policy  for your unit.
One day prior to settlement- We do our final Walk-Through
Day of Settlement- Take This day off work. Please. Settlement will take an hour or two.
Post Settlement- Sing and dance in the middle of the street, and drink to celebrate your accomplishment!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach
530 Walnut St. #260 Phila., PA 19106

I get a lot of email from folks who used to live in town…here is what you may not know about Center City if you haven’t been to town in 20 years:

1. Spruce and Pine Streets are now one lane- the other lane is a bike lane.

2. There is a new tax called the “Center City District Tax”…kinda’ nominal, but adds street cleaners and supervisors on many of the residential streets.

3. Northern Liberties is RED HOT- You MUST see to believe (compared to the 1980’s).

4. Graduate Hospital is now apartments- The hospital closed.

5. We have a new “South Street Bridge” and it is fabulous.

6. Broad St Just South of City Hall is Hoppin’…with residential and tons of restaurants.

7. The Bellevue Stratford is now The Hyatt at the Bellevue- and is stunning.

8. Delaware Ave. is now Columbus Blvd- and nicely manicured.

9. The old Naval Home on Grays Ferry is now a Toll Brothers development.

10. Most Parking meters are gone- replaced by Kiosks- and the parking authority is still very well run- If our city was run as well, the streets would be lined in gold.

If you are looking to come back to check out the City, drop me an email at Mark@CenterCity.com…I would love to show you some of the great new Philadelphia Lofts and Condos available too!

Mark Wade
www.CenterCityCondos.com
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila, PA 19106

Click to read more…

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106