Philadelphia Real Estate Blog

Wouldn’t it be a good idea of the architects of many of the Center City condo projects here in town, consulted an experienced Philadelphia condominium specialist, when laying out the floor plans for their new Center City condo project?

I have seen some screwy ideas that have been implemented in the Philly condo market, and many of buyers are like….”what the hell?? ”   For example, one prominent building, which I think quite highly of, has the exact kitchen in the studio, as they do the jumbo penthouse units. This kitchen is ample for the penthouse, but takes up about 55% of the living area of the studio. 

 
Way to think things out, Columbo.  Studio units target 22 year olds (on the whole). I don’t know a 22 year old that owns more than two pans, a cookie sheet, and a measuring cup. So this huge kitchen detracts from the value of this particular Center City condo unit. 

Next up is a personal favorite, the popular $700,000 two bedroom Philly skyscraper unit (roughly 1250 sq ft) with no closet space. If my buyers can afford the unit, they are not interested in stuffing their Prada in an armoire.  It appears that if I compare/contrast the various floor plans of many new Philadelphia condos, I find an excessive amount of square footage used for hallways.

 Hallway space can easily be converted to walk-in closet space, with minor adjustments to floor plan, or “flow” of the unit. My buyers will tell you to shove the hallway, and give them a good walk-in closet or two!    

The point of this post is to always remember to give the buyers what they want. And who would know better about what specific buyers want, than an experienced realtor?

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

…where I will be living, when I hit the PA Lottery

On the corner of Fabulous and Unbelievable, is a new piece of Center City real estate which arguably will be the ‘Belle of the Ball” amongst Philadelphia’s luxurious condo  buildings.  Known as 1706, this new 31 story tower at 17th and Rittenhouse Streets houses one unit per floor…with a jaw dropping two story penthouse unit. A majority of the units are flats- one story units with two balconies each, and have 4300 square feet  with ten foot ceilings and eight foot windows. From renderings I have seen, this is the kind of building one might see in Miami, Chicago, or New York City. The type of building that may have, say ten years ago, quietly passed on allowing itself to be planted in good old Philly.

When other Center City condominium buildings boast of amenities such as pool, sauna, and conference areas, it seems to me that a many of them are simply paying lip service to such goodies.  1706 Rittenhouse appears to be putting some serious effort into the common area freebies. It doesn’t appear that they will turn a maid’s closet into a room with no windows, a treadmill or two, and a Stair-master knock off.  From what I can gather, this building will not be selling itself short in terms of location, view, amenities, quality of finishes, and overall desirability.

Developed by Scannapieco Corp., and ParkWay Corp., 1706 is targeting a market that appreciates, and will pay for quality. I have always said two things about Philadelphia condo buyers- they will spend for quality when they see it (and can sniff out faux quality like an English fox hound). And secondly, that there are more people in Philadelphia with money, than there are condominiums in Philadelphia to serve the needs of those buyers. I think 1706 is going to be a huge success, and rightfully so. It seems to be taking on that segment of the market that has been somewhat neglected in the past.

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

As a longtime realtor in Center City, I am often confronted with conflicting information given to me by other realtors, information on fact sheet or various sources of information on the internet.

One of the most common variables I come across is the difference is square footage calculations or claims. And I think it is important to ask yourself where this information is coming from – the seller, the seller’s appraiser, your appraiser, the realtor, city hall, the developer, your own measurements, or perhaps the man on the moon?

Since you might come up with nine different calculations of square footage, I would suggest that the best source would be from your own measurements. And know that variables do come into play here:
Is the square footage advertised for say a Rittenhouse Square condominium including staircases? Closets?
Does it include the deck or the patio of any given Old City loft?

Do the measurements go from “outside of drywall to outside of drywall”, or is the calculation coming from exterior wall to exterior wall of your Philadelphia condo?

You can always go to online to check city records. That information is usually garnered from the architectures renderings when the project was developed/converted into condos in Philadelphia.
Looking to get a good measure of the Center City real estate market? Give Mark Wade a call for all your real estate needs!

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

So it is settlement day (aka-the day I told you to take off from work) and we are meeting at your new groovy Old City loft, or Rittenhouse Square condominium to do our final walk-through.  I have found condos in Philadelphia left in a variety of stages of transition, from total hell-holes, to gorgeously clean condos with a bottle of Champagne in the refrigerator, and everything in between.

Per the terms of the agreement of sale, the condo should be left in broom-swept clean condition, normal wear and tear accepted. Now, how do we interpret that? I usually tell buyers not to expect that the home has been professionally cleaned, rather just “broom-swept clean, free of debris”. There should be no college fraternity house communal sofa left in the guest bedroom, nor should the seller’s old computer boxes and broken bicycle be left in the storage bin in the basement.

If you notice that the stove hasn’t been cleaned, or the shower stall full of grime, well…uh, know that there is no extra charge for these. The grime transfers with title :). Don’t expect the world from any given seller, just some honesty and good faith. And to all you sellers out there in internet land…no one needs your crap or your garbage. Take it with you….and if you want to donate furniture…call Uhuru at 12th and Spruce Street, who will take donations. And your future buyer is not interested in a closet full of wire clothes hangers either.

So a little forgiveness can go a long way to a happy, smooth day. Don’t expect to be able to eat off the kitchen floor, but garbage and other old belongings need not be present either.

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

I have been around the Philadelphia real estate market for a long time. Since 1989 to be exact. I have heard, and seen all kinds of things. And I either cringe or laugh when I hear some of the absolute bull that comes out of the mouths of some of my contemporaries.I was once told by a peer that he had the ability to either make or break a certain sale. He had the power to “make” his buyers buy what he suggested. To which I replied, “Really?”…. In all my 19 years experience I have never been able to exercise such mind control. Perhaps it was his toupee that gave him such exceptional abilities. I have never been able to get a buyer to buy something they didn’t want.

Oh, and don’t ever believe a Philadelphia realtor when they send you a mailer that states “I have buyers waiting to buy your property”. What a load of crap. Perhaps these buyers will just buy anything, sight unseen? Or perhaps it is the magic of the toupee again doing the impossible.

And how many realtors claim they are #1??

“# 1 realtor in Philadelphia”

“#1 in Listings and sales”

“#1 in Volume”

“#1 in transactions closed”

How about: # 1 in Sales this side of the planet Pluto? Or, # 1 in the Universe? Or, # 1 in the galaxy. Please.  Again, I believe it is all crap.  ONE realtor is # 1 in our town, has been for a long time, and I will take a billboard out on I-95 to let you know when that changes.

I personally never claim to be much of anything, except I do boast a bit about being an expert here in the Center City condominium market (selling approx. 140-160 condos per year here in town).  Though I once tried to get my company to print up my new business cards that said “Member – Jillion Dollar Club”. I thought it would be pretty funny. I guess they didn’t see it that way.  Perhaps being a Jillion dollar seller is just more “out there” than being the # 1 realtor in the Galaxy….

And just in case – I am neither the # 1 realtor in the galaxy, nor am I am member of the Jillion dollar club.  So if you are looking for a realtor who knows a bit about Center City Philadelphia but isn’t #1 of anything, then give me a call at 215.521.1523 or send me and email at Mark@CenterCity.com.  You may just get a prize for being my jillionth client….just kidding!  

Mark Wade

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

There are contractors, and there are designers. And there is you. Let’s say you are neither.

But let’s say the “DIY” bug has hit you, because you read a book, and now you think you are both.

Well…uh, good luck with that.

Some home improvements are similar to how certain guys dance at weddings….just all wrong. And you know it the minute they hit the dance floor. Truly cringe worthy and laughable. But true to form, they have no idea how goofy they look out there trying their best to impress the ladies. But everyone else does!

Is This How You Roll?

You know what I mean here…..The cheap brass bathroom  sink faucet, paired with brushed nickel shower fixtures.  Or one of my true favorites, dark green wall to wall carpeting in a room with burnt orange colored walls.  Or the moderately acceptable DIY improvements coupled with the living room couch that was discarded at the curb by a neighbor, that magically found its way into your life.

There is overwhelming validity to carpenters, contractors, and designers work. And if you are (say) an accountant, perhaps you should allow the professionals to do what they do best. I sure as heck am not going to allow my plumber to work on my taxes. Would you? You should never underestimate the emotional impact your Philadelphia condominium exudes….or the lack thereof.

What you may not see, may be readily apparent to others. Like the lovely limo pictured above. Sure, it’s a limo. And it is a Honda. Put the two together, and you have one extraordinary piece of crap. There is always a side of an issue that others see, that you perhaps don’t. And having been a Philadelphia realtor for nineteen years now, I have seen “The dark side” of DIY home improvements, and they are not all pretty.  The emotional strength of your Center City Condo is going to equate directly to its marketability, and the eventual sale price.

So they next time you think you are some fancy-pants, limo-riding hipster, perhaps you should seek the advice of the professionals. Because like the “clueless wonder” on the wedding reception dance floor, not everyone is going to be impressed with your skills, regardless of how many “Do It Yourself” books you buy at the local hardware store.

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