Philadelphia Real Estate Blog

Not all fluctuations in value have a direct correlation to one event or one particular quality to a particular Philadelphia condominium. Rather, a Philadelphia condominium’s value, and the rate of change therein, is really a product of a host of factors.

Obvious factors are the showing ability and emotional impact that a particular condo unit does or does not possess: cleanliness, natural light, wall color, furniture, even the smell of a condo can add or subtract from the emotional beauty, and leads to a huge impact on a condo’s value. In my twenty years of selling real estate, I have never had a buyer tell me to find him the dirtiest, or the worst decorated condo available. Easily, as much a ten percent difference in value depending upon showing ability. And of course, the interior condition can also have a major impact on value. Beige bathtubs and appliances can crimp value fairly quickly in a lot of cases.  And of course, the physical characteristics of any given unit can help or hurt the unit’s value (think- huge closets, a tax abatement, high ceilings, etc). Styles, like appliances and carpeting, have a tendency to age, and that is usually accompanied by a slower rate of appreciation. Clearly, more recently rehabbed, say, Rittenhouse Square condos are going to retain their value better than a unit in a state of disrepair or decline in its finishes. Also, prohibitive condominium association rules and policies can deter many buyers from specific buildings. A host of factors can cause units to sit on the market longer than normal, and almost always guaranteeing a lessened resale value.

Location is also a huge factor in the rate of either appreciation or depreciation. Stronger locations in town have a tendency to be a bit more elastic- they are the first neighborhoods to see a drop in inventory with any influx of buyers to the market. That’s a good thing. Recall the principles of supply and demand. I would argue that a strong location is going to depreciate less -because IF in a weakened marketplace, the first condos to remain unsold are in the weaker locations. (The flip side is that you might be able to strike a significantly improved deal, should you be looking away from an “A” location.)

I am just brushing the surface here, but know that not all condos in town will appreciate or depreciate at the same rate. Or sell within the same given timeframe. The best tools you have to ensure your value remains intact is twofold:

1) Buy it at the right price in the first place and/or

2) Keep your unit looking like it just jumped off the pages of Town and Country Magazine.

Easier said than done, I am aware!

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

…Vary Building by Building

 
Every condominium association has its own rule governing cats, dogs, giraffes, and other miscellaneous pets. The general rule of thumb is as follows:

1) Low Rise and/or Brownstone Style condominiums

Almost ALL of these small associations allow dogs and cats. I dunno’ about giraffes. Rarely are size, or breed restrictions in place. Such is the case at The Clinton Condominiums at 11th and Clinton Streets. No elevator, and limited common space generally mean more relaxed pet policies. However, there may be a nuisance clause inserted into the condo docs, should your pet be continually yappy, or be prone to bite others.

2) High Rise Condos

All Pre-War buildings on Rittenhouse Square allow dogs and cats. Breed restriction or weight limits may apply. It has been my experience that smaller high rise (and high-end) buildings with limited number of occupants do allow pets- Like 1900 Rittenhouse Square.  High rise condo buildings with large populations (Academy House)  generally will not allow dogs. The Philadelphian, at 2401 Pennsylvania Ave. goes as far as to prohibit dogs and cats. I understand not wanting some wreckless 19 year old kid with his mean dog in an elevator with my 94 year old grandmother.

Large condo associations looking to rethink their restrictive pet policies can implement size and breed restrictions to keep disruptions and the “fear factor” out of the common areas of any given association. This idea will probably gain in popularity as associations look for ways to attract, instead of repel potential buyers. In my 20 year real estate career here in Center City, the buying public is about 50 times more likely to purchase a condo with a relaxed pet policy, than in spite of one. Most buyers will give up their first choice of condo buildings, before they will give up their beloved dog or cat. I wouldn’t dream of giving away my dog to live in any specific building here in Center City. Would you?     

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

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”.

As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pockets?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to build the building?
 
Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com if you might like some help in finding your new Center City condo!

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

Some buyers favor space. Others location. Some buyers want only the BEST city views
 
All home buyers priorities are like snowflakes- no two are ever the same.

Are you strickly looking for a highrise, or a brownstone styled condo? 

Do you desire a gorgous, modern new construction piece that shows like a dream?  

How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really
dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can
put the pieces of the puzzle together to find you your perfect new home!
 
Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com…let’s chat about your priorities in a Center City condominium!

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

Here is a solid breakdown of the information in the stimulus bill the President signed:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

If you have any questions or would like to discuss how you can apply this tax credit to your Center City Condo purchase, please feel free to call me 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

Thank you for visiting our website, filled with information on Philadelphia real estate, with an emphasis on Philadelphia condos and co-ops. 

    
 
If you are considering a move into a Philadelphia condo-be it a Rittenhouse Square condo or Old City loft, finding the right unit that can cater to your new urban lifestyle is of the utmost importance! From Society Hill condos to Fitler Square condos, as well as condos in the Art Museum area or Washington Square West condos, CenterCityCondos.com covers it all! From a Philadelphia loft condo in the Queen Village neighborhood of downtown Philadelphia, to a Luxury Penthouse condo in Bella Vista….many condos can be found right here! Looking for  green condos, or that warehouse loft condominium? How about one of the many doorman condos with full on-site staff similar to a condo hotel? Philadelphia has a variety of real estate option in the condominium and co-op areas of ownership. Philadelphia has grown considerably in the past five years, and many new condos have given many Center City condo buyers a variety of options that didn’t exist in the downtown Philadelphia area a decade ago.

Our familiarity with almost every Philadelphia condo, condominium, and loft here in Center City, will hopefully help your Philadelphia condo search much easier!  Our Center City Real Estate team will do our best to help you with all of your Philadelphia Condo Real Estate needs! Be sure to check out our Philadelphia condo blog, as well as our Podcasts, in which we discuss a variety of topics dealing with condos in Philadelphia!

All the information you may need to know about Philadelphia condos can be found here on our site. We have agents that live in a variety of Center City neighborhoods…Kathy lives in Queen Village, Randy in Rittenhouse Square, Patrick enjoys his real estate in the Bella Vista section of town, Matt in the Art Museum area, John Eric in the Fishtown / Northern Liberties section, Jared lives in Society Hill, and finally, Mark and Jim live in the Old City section of downtown Philly.

We are happy you are here. Enjoy our site, and let us know if we can help you search for some Philadelphia condos! Our office at 530 Walnut St. in Society Hill is easily accessible, and you can email us 24 hours a day with questions and/or comments about the Philadelphia real estate market!

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

Sometime yes. 

Sometimes no.

 
In a town that brought you the likes of Betsy Ross, and Ben Franklin, Philadelphia history sells. And every buyer asks if there are hardwood floors underneath the carpeting. Guaranteed. Historic charm, and hardwood flooring seem to go hand in hand. I am guessin’ George Washington didn’t have shag carpeting in his living room.

However, there is a place for carpeting. And that would be the master bedroom. I have dark chocolate brown low pile carpeting throughout my entire master suite, and I believe it is not only appropriate, but also an enhancement to the enjoyment of the “quieter” area of my Center City Condo.

A limited amount of quality, good looking carpet in a bedroom, or a guest bedroom will enhance that particular space. But carpeting needs to be used sparingly in order to garner a positive response from a buyer.

I have seen carpeting in kitchens and bathrooms. Talk about a death sentence. Who the hell would want that? Ditto for carpeting in living rooms, dining rooms, and family rooms. At least that seems to be the case for most Philadephia real estate buyers.

Carpeting will indeed kill your resale value if not modern, clean, and modest in terms of appearance and use. Most new Philly condos (new construction high rises) have finally begun to follow this trend, and I think the positive emotion such usage evokes is money well spent.

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

A true variety of sizes, shapes and views make 2401 Pennsylvania Avenue a wonderful choice for condo buyers.

I have always been a big fan of the Philadelphian, located in the Art Museum area of Center City Philadelphia. One of the, if not THE largest condominium association here in Pennsylvania, “2401” has an indoor pool, and outdoor pool, limited garage parking, a supermarket, a restaurant, and a variety of shops located all under one roof! Many units have oversized balconies, with fantastic city or Museum views. The Philadelphian recently replaced all windows, and hvac systems! Stunning penthouse units, and according to www.2401.com, the building has a variety of clubs and social functions throughout the year. Penthouse units have dazzling ceiling height, and top-notch views!

Considering a move into Center City High Rise like this one? Give me a call, and let’s check out the value and size of some of the Philadelphian’s condos!

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

Philly condominiums offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit.

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s discuss how parking may affect you!

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

Parking? $40,000

A one bedroom condo in hip Old City Philadelphia? $300,000.

Good closet space wherever you live here in Center City Philadelphia? Priceless.

Good closet space inside a Philadelphia condo is like a good wine. Coveted, hard to find, and treasured by all. With a high percentage of my buyers being of the “Empty Nesters” set, I find that their preference for good closet space can not be ignored. Downsizing from a larger home is traumatic enough in itself, without have the added turbulence of deciding what to keep, what to give away, and what to simply heap into a large pile, and burn.

There is one condo development here is town that many of my buyers find quizzical: The good sized two bedroom condo units do not have walk-in closets. Only the medium sized one bedroom condo units in the building have a walk-in closet. Odd, they say- and I can’t disagree.  Dockside in Philadelphia offers two healthy sized walk-in closets in their two bedroom condo units. I thought I was going to have a heart attack when I saw that act of generosity.

I do believe that the lack of closet space must be coming from some NYC consulting firms, used by local developers when putting up a new high rise condo building here in Center City. I know New Yorkers don’t seem to value kitchen size as much as Philadelphians, but could it be that they travel lighter as well, and don’t have as much stuff to store as we do? Who knows! But a bit more attention to good closet space by Philadelphia developers would be a huge help in their sales efforts here in Center City (in my humble opinion)!

I talk about a lot of stuff about Center City real estate.  Click onto my “podcasts” link on www.CenterCityCondos.com to hear me go “off” on everything that is Center City real estate!

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