Philadelphia Real Estate Blog

Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade.  Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.

Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.

Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.

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

As the Graduate Hospital area continues to grow and develop, one of the improvements a buyer might find is the addition of certain condominium developments in the area.

I would suggest that the most significant addition would be Toll Brothers development of Naval Square. A variety of condos and townhouse styled condominiums, set on approximately 8 acres, this gated community offers parking, a tax abatement, and a lot of green, open space- a rarity here in Center City Philadelphia. The Graduate Hospital area, defined by the boundaries of Broad to 26th Street, South St. to Washington Avenue, has also seen a wide influx of low rise/brownstone condo developments. Many unique opportunities exist for condo buying in the area, as many developers have built from the ground-up, on what had been vacant parcels strewn out around the 19146 zip code. Most buyers will find that the Graduate Hospital area does offer a lot for the money, and the proximity to Penn, 30th Street Station, and Rittenhouse Square are all advantages that the neighborhood offers.

                                       
Naval Square

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

Condominiums in the Fitler Square area of Center City Philadelphia range from the loft building (251 S. 24th,  Locust Point), to high rise full-service buildings such as 2301 Cherry St. (River’s Edge) low rise converted brownstone style of living (2217-19 Delancey Street). Each building has its own style and offerings, and each different as night and day.

I find a lot of buyers ask for the Fitler Square area by name. Perhaps med students attending Penn, or many Rittenhouse Square area office workers, Fitler Square seems to suit a wide variety of tastes for condominium living. Here is one example of the types of condo living found in the Fitler Square Area:

Fitlers Walk, at 24th and Locust Streets, offers a wide variety of condo styles, underground parking, a tranquil courtyard setting. From small one-bedroom units to very large townhouse style units. Great proximity to Penn, 30th Street Station, and University City. The new Schuylkill River Trail is a wonderful addition to the neighborhood. To learn more about Fitler Square condos,  give me a call, and let’s talk about the options that exist in the area!

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

As you can imagine, I was ecstatic when I heard the news! The American Planning Association has named Philadelphia not once, but TWICE on their list of 2008’s Great Places in America!

Society Hill was named one of the top 10 Great neighborhoods! And why wouldn’t it? Revolutionary-era townhouses, wonderful expanses of greenery and a variety of high-rise and brownstone styled condominiums highlight this beautiful neighborhood. Society Hill Towers, the Hopkinson House, Independence Place, and Abbott Square are the major high rise buildings in this neighborhood. Quaint cobblestone streets and the historic feel of the area provide quite a draw for those looking to buy real estate in Center City.

Broad Street, also known as The Avenue of The Arts, was named in the top ten of America’s Greatest Streets! Condominiums such as the Symphony House and The Marine Club line this beautiful Street which is home to the traditional Mummers Parade every New Year’s Day. There are also many attractions including The Broad Street Theater and The Shops at The Bellevue that really bring this Street to life!

If you are interested in taking a look at some condos in Society Hill or along Broad Street or in any neighborhood here in Center City Philadelphia, please give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.Com.

Mark Wade
www.CenterCityCondos.com

The Hopkinson House

A wonderful high rise located directly on Washington Square! A wide variety of sized units…from studios to a few large three bedroom units can be found in this Society Hill condo building. Rooftop pool, and underground on-site rental parking is available. Many of the condominiums in the building have balconies….either sun drenched south facing, or have a beautiful Washington Square View. A small convenience store is located on the first floor, along with laundry facilities in the basement, and a parking garage available for rent (when available). Hopkinson House was built in 1963 by renowned architect Oskar Stonorov of Stonorov and Haws and was built on the site of the First Presbyterian Church in the Society Hill section of Center City Philadelphia. All units at Hopkinson House are flats, and this Philadelphia condominium building houses studios, one and two bedroom units. The proper address is 604-36 S. Washington Square, and is located within the 19106 zip code. Known as a great value in Philly condos, the Hop House is wonderfully located directly on Washington Square. You can see more information by visiting my website, www.CenterCityCondos.com.

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

On-Site Rental Parking  Pet Friendly Building  Doorman Building    Indoor Pool

The Academy House! Located in the heart of Center City, this lovely 30+ story condominium building offers a wonderful assortment of unit sizes and styles…many with outside balconies! Rental parking in the lower level (valet!), 24 hour doorman, an indoor swimming pool and work out facilities are located on the premises. A great value in Center City (in our opinion!) Located on the eastern edge of the Rittenhouse Square area, and just a block off Broad Street! A popular alternative to those looking to buy a condominium on Rittenhouse Square.

If you are interested in taking a tour of the building, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com!

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

(November 2008)

This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!

And the asking price is just an asking price!

A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.

Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!

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

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction- there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

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

Akin to a foreclosure, corporate owned, or “Relocation” homes and condos in Center City Philadelphia are often marked down in order to get them to sell fairly quickly.

I currently am aware of two such condos in town. In one instance, the condo sold in 2006 for $569,000 and is now asking $449,000.  And that is an ASKING price. The other condo will sell (my guess) for about $100,000 LESS than someone paid for it just a few years ago.

Both condos are fairly new- one is a two year old condo in Old City, and is nothing short of stunning. The other is in a large, full service doorman high rise condo that is just begging to be snatched by the right buyer.

Here is my view on how a “relo” comes to be: Sue buys a condo. Sue gets transferred out of state. Sue’s company (Say, IBM) hires a 3rd party to buy and or sell the condo on Sue’s behalf.  Here is the kicker: IBM  (or whoever) is NOT in the business of owning condos in Old City, or anywhere else for that matter. They have a tendency to list them for prices that are well below market value.

TWO CENTER CITY CONDO BUYERS ARE GOING TO STUMBLE UPON THESE CONDOS, AND PROBABLY STRIKE A REALLY GREAT DEAL.

If you are interested in learning more, give me a call at 215.521.1523. Let’s chat. And let’s go take a look at a few “relo” condos in Philly!

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

The anticipation of a new condo project can outweigh the reality of the finished product, as buyers really aren’t sure of how the finished project is going to sell, once completed. Or how the finishes are going to translate into the emotional draw, or the lack thereof, that the project is going to emit, once completed.  Developers have gotten good at building hype, and selling the sizzle that accompanies the excitement of buying a new construction condominium. But sometimes the sizzle can outweigh the reality of the product. An easily lead buyer can find themselves caught up in the excitement, and neglecting the details. Seeing a developer’s prior work, or building products can be a big help. Also, being extremely thorough can be a big help. Ask lots of questions. If the developer doesn’t have answers for you, then ask if you can reserve a unit at a particular price, until such questions are answered. Or finding a great realtor with experience in the field can be a big help.

Sizzle does indeed sell new condominiums. Any you don’t need to be ordering steak to discover that a reality check may be in order if you find yourself being lead by your emotions. Doing your homework, and asking questions is the key to avoid being stuck with a tough, rubbery cut of real estate.

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