Philadelphia Real Estate Blog

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

1) For every month you lived in your new Center City pad, and made a mortgage payment, you were able  to deduct the interest on the loan.  Try that with a rental payment. And be sure to let the IRS know of your plan here, as I am sure it will go over well with them.

2) You were able to paint the living room that hideous red your wife/husband/other wanted, and didn’t have to worry about NOT getting your security deposit back

3) If you had a fixed rate mortgage, you were able to plan on stable month payments, without the threat of yearly increases in rent, which most landlords do as a matter of habit, as opposed to doing so based on market conditions

4) You didn’t have to worry that your landlord was going to kick you to the curb after your lease expiration period, in order to turn the apartment into condos

5) You had the “quiet use and enjoyment” of the home to do as you please. The piece of mind that only comes from home ownership. 

6) And you now have the pride of owning your own  garden rake, a lawnmower, and perhaps washer and dryer.

Buying a piece of real estate in Philadelphia isn’t always about financial appreciation. Sometimes, the added value is the piece of mind you have knowing that you have a roof over your head that belongs to you. And your bank.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
PREA Top 100 Award- 2005, 2006, 2007

Based upon what my buyers have been showing me for years, I would suggest that there are about ten Characteristics that can limit top dollar resale amounts for condominiums in Center City Philadelphia (not in any specific order) :

1 ) Units in buildings with low owner occupancy ratios
2 ) Tri-Level unit condos with corkscrew styled staircases

3 ) Units on the 2nd floor just above the dumpster area (in high rise condos)
4 ) Units directly over noisy bar

5 ) Units with a significant amount of living space in the basement
6 ) Units without direct light into living room area
7 ) Units located on the first floor

8 ) Units with disproportionately high condo fees
9 ) Units that are fifth floor walk-ups
10 ) Units in an “alley” that has pubs on either ends

Not to say that such units are not sellable, it is just that in many cases, units with some of the above characteristics are often times discounted below the sale prices of units without such conditions. If you can find a Philadelphia condo with one or more of the above attributes, you may find that you will get a bit more square feet for the money!

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

Tell Me about your Center City Condo…..

Do you own a Center City Condo? I would love to feature your condo on my blog, as an example of what potential buyers can expect to find when they begin shopping for a condo in Philadelphia.

Your condo may or may not be for sale, and that’s OK.

Give me a brief description of your condo, what you like MOST about your unit, some interesting facts or local landmarks in your neighborhood that you favor, and be sure to send me some photos!

I would love to feature your unit for the 7000+ visitors that visit www.CenterCityCondos.com each month!

Thanks!

Mark Wade
http://blog.centercitycondos.com
Prudential Fox and Roach Realtors