Philadelphia Real Estate Blog

I have submitted an offer on a Center City Condo (on behalf of my buyers) only to have the offer repeatedly sent back to me by the lawyer for the seller.

 
Here is my take:
-Who cares if the Agreement of Sale paperwork has crossed out changes, has been through the fax machine twice, and the signatures aren’t witnessed?
-And do I really give a crap that the initial to the changes aren’t dated?  Not really.
-Perhaps this lawyer needs something to do, because he is really grinding fine on the details that do not make or break this deal, or prevent our agreement from being legally binding.
 
Here is that Lawyers Take:
-Stupid Realtor can’t take the time to dot his i’s and cross his t’s. What an idiot. I’ll show him how a contract should
be correctly executed.
-This is what I learned in law school, and why should I be soft on this contract, and not possibly protect my clients interest?
 
What is fair, and what is reality? Probably somewhere in the middle. Point is, ya’ gotta’ roll with the punches. And yes, even I need to brush up on dotting my i’s and crossing my t’s. Perhaps, in the long run, the longer road taken is the shortest possible road.

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

…are Personal Property in the State of Pennsylvania!

I am often asked if all the appliances are included in real estate transactions here in Center City Philadelphia.  The answer is no.  A stove is considered to be “attached” and will always transfer with title (unless excluded and agreed upon by both buyer and seller).  A built-in microwave? Attached and included. A microwave sitting on a counter top? Not included.

Washer/Dryers and Refrigerators in this state are like socks and coffee cups- personal property that is not included in the agreement of sale UNLESS specifically specified. Even though these days few sellers want to lug such dinosaurs to their new Philly condo, unless you specify that they are included in your Academy House condo (for instance)- THEY ARE NOT.

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

With 54 units priced from $149,900 (which includes parking!) and 17 floorplans, the Rufo Organization has put together a sure fire winner with this new condo conversion (from an old school house) on the corner of 12th and Fitzwater. Stainless and Granite kitchens with tumbled marble backsplash, original wood flooring on main level of units, along with high ceilings, and a quality of finishes not foundin many $500,000 condos, the building is sure to be one popular option in the Center City condo market.

Hawthorne Lofts boast a common roof deck, large oversized on-site gym, parking, tax abatment, low condo fees, and a very strong visual interior and exterior look. All located between Bainbridge and Fitzwater Streets.

Open house every Sunday from 11-4pm. Stop by and see what $149,900 will buy ($129,900 if you don’t want the parking space!)

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

Some Center City real estate looks good on paper, but not always in person.

And no, this is not a new listing of mine. And yes, that is a swinging couch.

Looking for a Philadelphia realtor who will “Call them as he sees them?” Give me a call, and let’s see all that Center City has to offer…

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

Here is my advice…

So you found the perfect condo, and you have had your home inspection. Now is the time to decide what you are going to ask the seller for some help in getting some repairs done. You are free to ask the seller for whatever you want. Go ahead…ask away.  However, it may not be in your best interest to “Grind Fine”….

    
For instance, lets say the heater doesn’t work. Of course you are going to ask that the seller address this issue. Repair? Replace? Each case is going to be different. But should you ask the seller to perhaps Spackle nail holes in the wall here pictures were placed? Or how about asking the seller to scrub the grout lines on the bathroom floor? These may sound silly, but I have seen buyers ask for such minor fixes. I suggest to buyers that they focus on the bigger picture. Look at defects and shortcomings that may affect your perception of the value of the given condo you have “under agreement”.
    
If you buy a used car, you can expect the carpet to be less than BRAND NEW, and perhaps the trunk needs a new $12 floor liner. Maybe the windshield wipers need to be replaced. Oh, and that scratch on the front bumper? Included free of charge! 🙂  Would you ask a seller to repair these minor issues? Probably not.  A little forgiveness can go a long way when it comes to Philadelphia real estate. Target the big ticket items, and let the bump and scratch issues go. A lot of these minor cosmetic items fall under what I call “Home Ownership 101” issues….and generally speaking, a seller will not respond favorably to your mini requests for compensation. So set your expectations for your new Philly condo realistically, and good luck!

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

Which units are the most valuable? Which will be in demand?

On April 29th at 7pm the action starts! Thirty-Six Phoenix condos will hit the auction block. We are excited and look forward to playing a major role in the auction of the condos at 1600 Arch St. in Center City Philadelphia.
 
PLEASE KNOW THAT if you are looking for buyer representation from our group of experienced Center City Condo agents, you MUST visit the property with us on your first visit!  We successfully represented over 10% of the buyers at last year’s Murano Condominium Auction! No other realtor even came close!
 
With prior sales experience at the Phoenix condos, we believe we can help you with your potential purchase. Please know that values in the Phoenix are NOT solely contingent upon the size of the unit- MANY OTHER FACTORS WILL PLAY INTO THE VALUE OF THE CONDOS BEING AUCTIONED!
 
For instance, floor height, interior condition, and view HEAVILY influence the value of the units at the Phoenix, in our opinion. Do you know which are the most desirable units in the Phoenix? We believe we do….and whether you “GO IT ALONE”, or have us represent you-Your Costs Are The Same to Purchase At The Auction-We do not add costs to you…we only add experience and knowledge of the building!
 
Our sources tell us that most of the units being auctioned are one bedroom units, though a few two bedroom condos will be available at the auction. No studios are being sold at auction prices. Some questions you may want to ask yourself-Is parking included in the sale? What about the additional storage spaces? Should you pay for parking at the Phoenix, or simply rent a spot on-site?
 
Give Mark Wade from www.CenterCityCondos.com  a call at 267.237.3404 and lets chat about your specific wants and needs, and then lets go visit the Phoenix to see if you can be a part of the excitement!

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

..an area of interest to many buyers!

Bound by South St. to Washington Ave., 11th to Broad St., The Hawthorne area of town has seen a real growth in the past five years. Located to the west of the established Bella Vista neighborhood, Hawthorne has a lot of benefits that many Center City buyers find attractive:

1) A good proximity to the heart of Center City,
2) Super low taxes on condos and townhomes in the area,
3) An abundance of easy parking,
4) Some hip groovy styles of Philadelphia real estate (thanks in large part to Tony Rufo & his building in the area),
5) Great pricing in light of similar neighborhoods.

If you might be looking for alternatives to the growing Center City area of Philadelphia, give me a call, and lets go explore The Hawthorne area of town!

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

1) Is transfer tax split between buyer and seller?
Yes….and that fact is embedded into the agreement of sale. You pay 2% of the sale price, and so does the seller.
 
2) Can I move my stuff in prior to settlement?
Uh, no. The day you give the seller your money, it is all yours. Until then, you may not occupy or make alterations to your new Philly condo!
 
3) Why do I have to pay 2 months condo fees to the association?
It is called a capital contribution. Helps pad the condo association against future assessments. Almost all condos has everyone pay this when buying.
 
4) Do I get my 2 months capital contribution back when I sell?
Uh, no, shut up.
 
5) Why do I need to buy title insurance?
Because certain debt transfers with title. You buy, you may inherit someone else’s debt. Title insurance gives you a clean, debt-free title. (Abridged answer!)
 
You will certainly have more questions when purchasing a new Rittenhouse Square condo, or say Old City loft. Trust me. 🙂 And that is why I am here.

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

Does an 800 sq. ft. Philadelphia Condominium become more valuable if you start adding walls?

Here is what I believe to be correct:

1) You will lose value if you turn a two bedroom condo into a one bedroom condo by removing walls. Improving the size of the living room does not add value. At all.

2) Any huge one bedroom unit that can visually and logically be turned into a two bedroom condo- should be.

3) A cheap 2 bed VS a cool 1 bed? Depending on sooo many factors- primarily square footage, location, prestige of building, interior condition, etc, etc. A 2 bedroom gets you divided rooms- but can that top (say) a stronger building in a stronger location inside a 1 bedroom unit?

4) Whether the walls completely seal off a bedroom, or bedrooms are cordoned off by half-walls, in most instances will not affect value of any given unit.

5) I think that if we were talking a Beach House, then yes….go for the 2 bed. With the plethora of hotels in town, perhaps the value of more “rooms” in a Philly loft is diminished a bit.
 
Agree, disagree? Lets hear it….
 
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106