Philadelphia Real Estate Blog

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

Yahoo came out with a great real estate article this past week about how Philadelphia Condominium and Home prices have stayed steady!  Here is a quick excerpt:

“Philadelphia bashers like to note how the city doesn’t quite keep pace with its northeastern neighbors New York and Boston. When it comes to real estate, that may be a good thing. While prices in the Big Apple and Beantown soared during the bubble years from 2003 to 2006, the City of Brotherly Love charted slow and steady growth. Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow — well below the national average of almost 24 percent.”I personally advertise on Zillow, so I think they are a great informative site! You can also check out my listings at my site CenterCityCondos.com. As you can see Philadelphia seems to be a great place for a long-term investment so give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com if you are interested in making a Philadelphia Condominium your next home!

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

I love the little tricks that real estate agents sometimes attempt in order to try to “pull one over” on my buyers.

Guess What? They Ain’t fallin’ for it….because I am going to take the time to educate them about the little nuances of realtors here in town.

For instance, that listing where a realtor may have yanked a listing off the market for 2 days, then put it back on the market in order to make it  appear “new”? Not going to happen….the MLS now lists the TOTAL days-on-market and makes apparent just how long your listing has been sitting.

A personal favorite of mine-Realtors who list the properties as having parking, then at the bottom of the MLS sheet it says-seller will pay for one year paid parking in some garage somewhere.

DO YOU THINK I AM NEW TO THIS PLANET? I am not. Neither are my buyers. Nice try though…..

Oh, and the sneaky way you might submit your new condo to the MLS, and “forget” to add in the square footage? This simply tells my buyers that your condo may be overpriced for the size, and you just don’t want to admit it.

I work hard to be truthful and honest with my buyers, and I am going to reveal every trick in the book that realtors may attempt in order to get their listing some ill-deserved attention.

My buyers are not stupid, because I am not stupid. So there 🙂

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

Philadelphia is not, nor has it even been as BAD as Philadelphians claim that it is. According to Zagat, Philadelphians rank highest in the nation for generous tipping! As a waiter in my past life, I have always been one to tip well- though I am aware that I am a bit demanding also.

I came across this article about Philadelphia tippers and it turns out that over 5500 of Philadelphia’s restaurants reported that the average tip a Philadelphian leaves is around 19.6% compared to New York’s 19% and then LA’s 18.4%.

It turns out our City is filled with kind folks (not to mention fabulous restaurants with fabulous décor and service) after all! We have long been known for our many fine restaurants here in Center City Philadelphia, and perhaps there is a correlation between what we expect from our local restaurateurs, and what they expect from us.

Looking for a condo here in the Big City that is close by to your favorite restaurant? Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com and I’d love to go condo shopping and maybe even grab a bite to eat or a coffee (I’ll even leave the tip)!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
215.521.1523

With the recent headlines about our economy and the current state of the mortgage industry, not to mention Wall Street, it is nice to talk about the opportunity some folks can still have to purchase their first home with the $7500 Fist Time Home Buyer Tax Credit.

I recently came across this easy to understand and well-thought out article written by a Mortgage Planner from Washington that explains a bit about the First Time Home Buyer Tax Credit.  People are taking advantage of this tax credit from coast to coast.

If you are a first time home buyer looking for, say a Rittenhouse Square condo, or an Old City Loft, give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com and I’d love to show you around and help you take advantage of this great opportunity!

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

Like classmates you went to high school with, some Center City Condos are loud, and some are very quiet, and rarely get any attention. They slip under the radar without being noticed. Here are our top 5 favorite condos in Philly that you may not have noticed:

The Palladium Condominiums: Located at 2138 Lombard St., this quiet six unit building has garage parking, and all units have outside space. Great Location, great units! A very nice location in the Fitler Square area with easy access to Penn and the major highways.

2217-19 Delancey Street Condos: Another six unit building on a gorgeous block. These condos in Philly sell fairly quickly, and vary is sizes and styles. Nice finishes as well. A quiet street, this lowrise condo building is perfect for many looking to live in a Brownstone styled low rise condo.

The Drake Tower: That’s right, I said the Drake. These are condos, but the building is rented out as a whole. Only about a dozen units are owned by individuals.

251 S. 24th St Condos: A very rare loft building hidden in plain sight in Fitler Square. All have garage parking, and the units are smashing! Very cool…

716-18 S. 11th St. Condominiums: Built by Tony Rufo, these tax abated units have a lot of exposed brick, a huge common roof deck, tax abatement and garage parking! Some unusual spaces in each unit- all double width!

Looking for the perfect fit in your next piece of Philadelphia real estate? Give me a call, and let’s see what we can sniff out!

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

It is a rare day when I meet someone who doesn’t care about how much condo fees are for any given (say) Rittenhouse Square condo. Like saving money at the gas pump, or hitting a sale at Barney’s Co-Op, it is just something that concerns those looking to buy Philadelphia real estate.

Here are my top 4 solutions for cutting your condo fees:

1) Make sure ALL toilets in your association are 1.6 gallon, low flow toilets. Water usage, which is generally included in condo fees is a variable which can easily be controlled through proper usage. Go to your next condo meeting and bring this issue up. All new construction necessitates a 1.6 gallon flush toilet, so why not implement the rule for existing condos as well?

2) If you live in a mid rise condominium building here in Philly, and have a doorman, but are teetering on the edge of needing versus not needing a doorman, why not look into www.virtualdoorman.com (TM)? You could save a bundle, while not compromising the security of your building! I love this product, and excited to see a Philadelphia condo association implement such a savings.

3) Shop your master insurance policy around. Look at your deductible, your total coverage, and get quotes from 3 or 4 other carriers. You might be surprised at the potential savings. I find many condo associations are improperly insured.

4) Low rise condo associations that are under (say) 10 units-fire your management company, and manage in-house.  You may find that you do not need to hire a management company to do the little things that are needed of a small association. (careful here…)

If you are looking for a new condo here in town drop me an email at Mark@CenterCity.com or give me a call at 215.521.1523.

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

Here are some things you are going to want to know…

• The Philadelphia Inquirer’s Sunday edition is available on Saturday

• Buy a “Smart Card” from the Philadelphia Parking Authority- that way you won’t have to ask strangers on the street for change for your parking meter

• Rittenhouse Square, Washington Square West, Fitler Square, and Society Hill (to name a few) are neighborhoods located in Center City. Center City encompasses a number of neighborhoods

• We don’t say pop…we say soda

• It is known as Queen Village, not Queens Village, though there may be may queens that live there.

• It is not Olde City…it is Old City

• Ben Franklin was never president of the United States

• NYC is an hour and eleven minutes by train

• We don’t eat Grinders or Subs…we eat Hoagies. Don’t ask me why

• Scrapple is something to be avoided at all costs (breakfast menu item)

• Acme is not just a place where the Wile E. Coyote buys things to “get”the Road Runner….it is a grocery store that is popular in the area 

Want the inside scoop on Philadelphia? Give me a call, and let’s laugh at some of the oddities our fine city presents to those looking to relocate to Philly!

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

Located on the corner of Washington Avenue and 11th Street in the Bella Vista section of Center City Philadelphia, The Lofts at Bella Vista are a wonderful addition to this thriving neighborhood! Just two blocks from the Italian Market, BV Lofts offer a wide range of condominium sizes, shapes, and designs. Impressive penthouse units, and MIND BLOWING Villa units, which sit atop this historic building, are a real Must-See for those entering the Philadelphia condo market!

Indoor garage parking, high ceilings, and modern common areas make this building very attractive and desirable for all price ranges for many Philly condo buyers. High end modern and attractive finishes like polished concrete floors, along with a tax abatement, 24 hour front door person, and wonderful city views all add up to a strong mix which should pique the interest of a wide variety of Center City condominium buyers!

Interested in taking a look at these groovy condos? Give me a call at 215.521.1523 or drop me and email at Mark@CenterCity.com.

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

Parking in Center City Philadelphia is a treasured commodity. Since most single family homes in the downtown Philly area were built prior to Henry Ford cranking out his Model T’s, it is fair to assume that less than half the single family homes have parking- ditto for a number of existing condos in Philadelphia. And a good number of high rise condos in Philly just offer rental parking. With the advent of a number of new high rise condo projects in Center City, the number of parking spaces has ballooned in the past few years. Yippee!!

I remember back in 1990 when a lot on 3rd Street in Society Hill moved some lot lines and created ONE new parking spot, in an existing (say) twenty car lot. The spot went up for auction, and sold for $60,000. I also recall someone buying a neighboring home, as it had two car parking. They rented the house out, and kept the parking for their 200 year old Society Hill townhouse which was just around the corner. 

You can purchase a spot at the Parkominium in Old City for around $30,000- perhaps a bit more or less, depending on which spot you choose. You can buy a second parking spot at the Bella Vista lofts, via a LIFT, for $10,000 (your 2nd car sits on a lift, above your first car’s parking spot). Generally, in new construction condos in Philadelphia, a parking spot can be purchased anywhere from $30,000-$70,000 depending on the exclusivity of the building, and just how “preferred’ the parking spot is, within the parking structure.

I read that a parking spot in NYC (on West 17th Street) recently sold for $225,000 –that of course, being on the high end. My guess is that IF you could add a parking spot to say 1830 Rittenhouse Square (an impressive pre-war Center City condo building that currently has no parking), you could fetch up to about $125,000 for that spot. There would be a lot of “if’s” attached, and that is just a made up scenario, but I would guess that $125,000 would be about the max someone might pay for such an amenity.

Looking for that perfect condo, with a side of parking?

Give me a call at 215-521-1523 or drop me an email at Mark@CenterCity.com and let’s see if we can’t find just what you are looking for ~ in a condo, and in a parking space!

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