Philadelphia Real Estate Blog

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

Easy quick steps to buying a Center City Condo

 
1.) Find a Philadelphia realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure they are listed.

2.) Get in realtors car. Shop for condos in Philly. Find one you like after X number of tours/weeks/whatever.

3.) Revisit condo, bring in-laws, family, whomever. Ask lots of questions.

4.) Have realtor draw up offer. Sign. Have realtor submit to listing agent to give to seller.

5.) Negotiate…if successful, sign altered agreement of sale.

6.) Have your realtor help you schedule home inspection. Get mortgage application taken.

7.) Attend home inspection, send info to your mortgage company.

8.) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!

 
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
 
Here is a quick way to start the process:
 
Call me at 215.521.1523 or email me at Mark@CenterCity.com. We will chat..no obligation, and no pressure.

I am here to help you.

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

Many varieties to choose from…

   
           
When considering the purchase of a Center City condo, I think buyers should first ask themselves what style of condo are they considering?

A high rise? Maybe a loft, or a Brownstone style?

There are  a whole slew of different condominium buildings here in Center City, and each comes with its own unique characteristics.

Are you willing to pay the higher condo fees charged for doormen buildings?

Or is the idea of a Philadelphia condominium with oversized windows, exposed brick, and high ceilings your idea of the perfect urban pad?

Keep in mind that the larger buildings with elevators, parking, and doormen do have significantly higher condo fees than the Brownstone styled condos without such amenities. There is sure to be a condo in Philly that suits your needs. It just sometimes takes a deeper look than what is on the surface to find that perfect condo!

With my 19 years of helping people find their perfect Center City Condo, I hope to be of service to you, should you be looking to put down some roots in our town!

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

Many buyers who email me about Fitler Square condos in the 19103 zip code favor a quiet neighborhood, with easy access to the University of Pennsylvania, or I-676, or perhaps strolling distance to Rittenhouse Square. Though few condos exist in this part of downtown (Center City) Philadelphia, the attraction of being near the Schuylkill River and the recent addition of the jogging trail next to the river make the Fitler Square area a destination of choice for many Philly condo buyers.

Most notably, Locust Point condominiums has recently added condominium inventory to the neighborhood. 251 S. 24th St. is a boutique style loft condo building with parking, and a relatively small association. Additionally, one will find a smattering of low rise, Brownstone styled condos in the neighborhood– each offering a unique floor plan, layout, or character specific to the particular building. The introduction of some very high end Brownstone styled condos like 2025 Spruce St, and 251 S. 22nd have added a bit of cache to the appeal of this small, yet diverse collection of condominiums that make up (sometimes) rare offerings of Fitler Square.

The one interesting bit of info I can tell you about my experience selling, and sitting open houses in the Fitler Square area is that it seems EVERYONE who is looking for a condo here, is fairly set on finding something in the neighborhood. The #1 question out of their mouths is “What else is available here?”

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

One thing buyers should be aware of when considering purchasing a Rittenhouse Square condo is whether or not they want to pay to actually live ON Rittenhouse Square. There is a huge difference between living on the Square, or living in the “Rittenhouse Square area”. 

It should surprise no one that realtors can sometimes stretch the boundaries of specific neighborhood by adding suffixes such as:   – area, -vicinity, and –adjacent.  And realtors aren’t the only ones guilty of such name dropping. Heck, for years here in town “Society Hill Furniture” was just off of Broad and Bainbridge Streets. Go figure. And there are even striking price differences between having a “Square View” and not being able to see Rittenhouse Square from your windows (for those high rises directly on the square).

So there are many interpretations of what constitutes a Rittenhouse Square Condo. It is my opinion that Center City “changes” block by block, with respect to housing/condo values, and what is most important is that you are buying or selling for what is appropriate for your little corner of “Rittenhouse Square”.

I am here to help you navigate the world of Philadelphia Real Estate. I can be reached at 267.237.3404 or at Mark@CenterCity.com.  Thank you!

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