Philadelphia Real Estate Blog

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

Let’s start by defining your needs. Do you have any pets? That is a great question to start with! Many condo buildings here in Center City Philadelphia have differing pet policies. Some allow dogs, buy have weight limits. Some have limits on the type/breed of dog they allow. Though I have never heard of a weight limit on cats, I am pretty sure most buildings would not allow you to bring a Tiger or a Lion with you :).

Also- when you say you MUST HAVE parking- will on-site rental parking suffice? This little loop hole will certainly increase the number of available condos. May buyers get stuck (not making a judgment call here) on requiring a deeded or assigned parking spot with their unit, when they may not be familiar with the options they have for on-site, or even rental parking within say 50 feet of their front door. Knowing your options can really open up many possibilities in the Philadelphia condo market.

Finally, when buyers say they must have a three bedroom condo, I often ask if a two bedroom and den styled unit will be ample space. There are very few true three bedroom condos available here in town, and those that are available seem to really command a staggering sale price.

So let’s start by defining your true needs. You might find there are options and alternatives to what you believe you truly need and what you might find acceptable! I’m here to help buyers define their needs when searching for their next condo here in downtown Philadelphia! 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

As the Graduate Hospital area continues to grow and develop, one of the improvements a buyer might find is the addition of certain condominium developments in the area.

I would suggest that the most significant addition would be Toll Brothers development of Naval Square. A variety of condos and townhouse styled condominiums, set on approximately 8 acres, this gated community offers parking, a tax abatement, and a lot of green, open space- a rarity here in Center City Philadelphia. The Graduate Hospital area, defined by the boundaries of Broad to 26th Street, South St. to Washington Avenue, has also seen a wide influx of low rise/brownstone condo developments. Many unique opportunities exist for condo buying in the area, as many developers have built from the ground-up, on what had been vacant parcels strewn out around the 19146 zip code. Most buyers will find that the Graduate Hospital area does offer a lot for the money, and the proximity to Penn, 30th Street Station, and Rittenhouse Square are all advantages that the neighborhood offers.

                                       
Naval Square

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

Condominiums in the Fitler Square area of Center City Philadelphia range from the loft building (251 S. 24th,  Locust Point), to high rise full-service buildings such as 2301 Cherry St. (River’s Edge) low rise converted brownstone style of living (2217-19 Delancey Street). Each building has its own style and offerings, and each different as night and day.

I find a lot of buyers ask for the Fitler Square area by name. Perhaps med students attending Penn, or many Rittenhouse Square area office workers, Fitler Square seems to suit a wide variety of tastes for condominium living. Here is one example of the types of condo living found in the Fitler Square Area:

Fitlers Walk, at 24th and Locust Streets, offers a wide variety of condo styles, underground parking, a tranquil courtyard setting. From small one-bedroom units to very large townhouse style units. Great proximity to Penn, 30th Street Station, and University City. The new Schuylkill River Trail is a wonderful addition to the neighborhood. To learn more about Fitler Square condos,  give me a call, and let’s talk about the options that exist in the area!

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

The Hopkinson House

A wonderful high rise located directly on Washington Square! A wide variety of sized units…from studios to a few large three bedroom units can be found in this Society Hill condo building. Rooftop pool, and underground on-site rental parking is available. Many of the condominiums in the building have balconies….either sun drenched south facing, or have a beautiful Washington Square View. A small convenience store is located on the first floor, along with laundry facilities in the basement, and a parking garage available for rent (when available). Hopkinson House was built in 1963 by renowned architect Oskar Stonorov of Stonorov and Haws and was built on the site of the First Presbyterian Church in the Society Hill section of Center City Philadelphia. All units at Hopkinson House are flats, and this Philadelphia condominium building houses studios, one and two bedroom units. The proper address is 604-36 S. Washington Square, and is located within the 19106 zip code. Known as a great value in Philly condos, the Hop House is wonderfully located directly on Washington Square. You can see more information by visiting my website, www.CenterCityCondos.com.

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

On-Site Rental Parking  Pet Friendly Building  Doorman Building    Indoor Pool

The Academy House! Located in the heart of Center City, this lovely 30+ story condominium building offers a wonderful assortment of unit sizes and styles…many with outside balconies! Rental parking in the lower level (valet!), 24 hour doorman, an indoor swimming pool and work out facilities are located on the premises. A great value in Center City (in our opinion!) Located on the eastern edge of the Rittenhouse Square area, and just a block off Broad Street! A popular alternative to those looking to buy a condominium on Rittenhouse Square.

If you are interested in taking a tour of the building, give me a call 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

(November 2008)

This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!

And the asking price is just an asking price!

A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.

Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!

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

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction- there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

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