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August 2007

August 7, 2007

New Construction Condominium Projects…Do you really know what you are buying?

Filed under: Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 5:42 pm

I get the shivers when I think of people investing in new Philadelphia condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling Center City condos, I know one thing for sure: there’s a big disparity between finished condo projects and the drawings that started them. 

Let’s take a couple of Philadelphia condo projects as an example.  Any two projects…line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light, the views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams. Other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum – buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we’re getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful.  Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP?  With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner!  Give me a call today at 215-521-1523 or drop me an email at

Mark Wade
Prudential Fox and Roach Realtors
530 Walnut St. Phila.,Pa. 19106

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August 6, 2007

Center City Condo Sales – 97% Sold OUT!

Filed under: Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 4:41 pm
Really? 97%? Are you sure? Huh…your last ad said your Philadelphia condos were 70% sold. About six months ago, you were professing 80% sold out!
Is that that new math we have been hearing so much about lately?
One of my favorites was a claim that a certain project (Center City condos here in downtown Philadelphia) was 80% sold out back in early 2006. Here in mid-2007, the project is now about 44% sold out. Ouch.
(Actually, this case confounds me…I love that particular Philadelphia real estate project, and think it is an incredible buy….)
So how many Philadelphia condos and lofts – in any given new project – are really sold? And how many to investors? And of those investor-bought units, how many will be back on the market within a month of the new owners moving in? (The same new owners, mind you, who were forced to stampede the sales office because they were under the impression that the Center City condos were going like hotcakes.)
The fact is, it’s hard to know if the sold stats on Philadelphia condos are true or not. You may have to wait up to a year-and-a-half after the building does its initial “sell out/settlements” before you can find out. That’s when you can actually look up the sales of Philadelphia condos and lofts at city hall and see what percentage of the building is sold out.
Your best bet is to know the market. Keep an eye on Philadelphia condos and other projects and monitor their sales stats. Do some homework. Ask around. If you’re interested in a certain piece of Philadelphia real estate, do whatever it takes to get some realistic sales stats.
A little upfront work, folks, can save you a lot of money.
Want help with your homework from a professional who cares, and knows his way around the Philadelphia condo market? Give me a call today at 215-521-1523 or drop me an email at I’m glad to help!
Mark Wade
Prudential Fox and Roach Realtors
530 Walnut St. Phila., Pa. 19106

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