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
There are loft-like Philadelphia Condos, and there are LOFTS. And although the word is thrown around like a ragdoll being mauled by a dog, not all lofts are created equal.
I break them down into two segments-Hard Lofts and Soft Lofts. It is fairly easy to recognize the difference, and I will make the distinction as easy as possible.
A hard loft is generally a converted warehouse space. Huge huge windows, rough finishes, and an open bedroom that overlooks the living area. Often times with cement floors, these hard loft condos lack the refined qualities that many buyers are looking for here in town, like designer kitchens and baths. They are truly open spaces that have been converted to living space.
Here are two examples of hard lofts:
Conversely, the soft loft, is more prevalent here in town, and what most realtors describe when they say “loft” in one of their ads. And it is what most buyers are really looking for (I find). They generally hold some elements of neat unique space, with high ceilings, exposed brick, and some degree of hip-ness.
Here are two examples of soft lofts:
The luxury is built into soft lofts, but they do retain elements of hip, cool kind of urban living.
If you are looking for either a hard or soft loft, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s go see what Philly has to offer!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade. Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.
Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.
Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Every spring, my phone starts ringing off the hook with a lot of Jefferson Med students- potential buyers who have figured out that buying a condo in the area is a wise investment, as opposed to a long term rental.
Specializing in the sale of downtown Philadelphia condos over the past twenty years has enabled me to have a fair amount of insight into what these buyers are looking for in terms of location, amenities, and value they seek in a potential area condominium. Many of these buyers have become my favorite type of buyers, as parents are heavily involved in the search process- and I love parental involvement! Many incoming “Jeff” students are aided, financially, by their parents, and therefore have a fair degree of parental input.
I think the main ingredient that parents deem essential to any Philadelphia condo purchase is safety. Coming from (perhaps) an area outside the city, they are often unfamiliar with the neighborhoods, and emphasize the safety of their sons and/or daughters as paramount in their condo search. As many Jefferson Medical Students work odd hours, any may have to go to or from work at all hours of the day and night, this concern is universal for many parents.
Finding the right mix of emotional “wow” for the offspring who will be occupying any given condo, and ‘value/security” is a challenge I relish. And more times than not, a compromise between the parental purse strings and the occupying offspring is in order to make a deal. And if that compromise happens to include stainless steel appliances, a groovy color scheme, and perhaps a large walk-in shower stall, then touché! Homerun!
Mark Wade www.CenterCityCondos.com Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
