Philadelphia Real Estate Blog

These have got to be the top 3 questions asked of me…

Is real estate in Philadelphia heading up or down?  Will the inventory be soaked up in a reasonable amount of time, and will the number of REALTORS® in Center City decline as a result?  Good Questions!

To begin with, please know that I often echo a sentiment that is heard of when talking about homes in Center City, and that is "All real estate is local.” I agree.  We are not St. Louis; we do not have the housing inventory levels that, say, Cleveland has; and we are not beset with a high number of bank foreclosures. In my opinion, this is partially a result of demographics. 

Those ”hippies” from the 1960’s are now empty-nesters.  They are following the trend… which is a move back to the urban areas in order to either downsize or simplify their lives. They no longer have the need for the five bedroom rancher with a three car garage and a huge driveway.

So, baby boomers that are becoming empty-nesters are certainly making the Philadelphia real estate market anything but stagnant. They may have purchased that five bedroom rancher in the mid-1970’s or 1980’s, and it is now worth up to ten times what they paid for it.  A move into Philadelphia, into a Center City condominium building, say, on Rittenhouse Square, isn’t much of a stretch for these buyers.  And when the upper tier market is good, all remaining portions of the market remain good for Center City condos, lofts, townhouses, etc.

Moreover, real estate in Philadelphia (as opposed to say NYC, LA, or San Fran) can be viewed as a race between the ”Tortoise and the Hare” – where Philadelphia homes are clearly the tortoise.  In Philadelphia, we never saw that meteoric rise in values. Sure, Center City homes and Center City condominiums have been appreciating for about a dozen years now (consistently, and at more than a molasses like pace), but not like some of our big city counterparts.

Slow and steady have won the race for Philadelphia real estate owners, and I suspect that our tortoise like pace will continue for quite some time.    And of course, yes, the Philadelphia REALTOR® ranks will decline if the market declines. There seems to be a positive correlation between the health of the market, and the number of REALTORS®. But I am sure that is true in all markets.

No matter what’s happening in the Philadelphia real estate market, whether you’re looking to buy or sell a Center City condo, loft or Center City home, I can help you get the best price and terms for your Center City property.  Just drop me an email at mark@centercitycondos.com or call me at 215-521-1523.     

I started selling Philadelphia condominiums nineteen years ago. Back when you had to be out of your mind to buy a Center City loft or condo. And… even more demented to sell the stuff. But I knew no better and carved out a specialty of selling bank foreclosed Center City condos.

I quickly learned that the most rewarding kind of buyer is one that needs my help. They either need my expertise or simply my hand to hold. I was never really interested in selling commercial real estate. It seemed that everyone in the game of Philadelphia real estate in that arena were a bunch of big brains, who clearly knew more than I did… regardless if they actually did or did not.

I have found over the years that a first time Philadelphia condominium buyer is almost always a pleasure to deal with. Their need to seek advice, and do their homework, and feel comfortable with their real estate decision is a process to which I can contribute, and feel good that I’ve helped another person.

Self-congratulatory? Possibly…but I do like when I can help.

And it has never been about the size of the transaction. That has never been a motivating guide for how I choose the buyers I actually end up working with. Having a buyer who wants to spend a lot of money on a Center City condominium or loft is great, but certainly not a guiding force when I meet a new buyer.

And I love out-of-towners. I love to show them all the Philadelphia condos I can… help them make a decision… then see them a few years later. I don’t ever recall one of them disliking our town!  And that is a good feeling. Though the quality of life here in Center City has little to do with me, it just kinda’ solidifies my testimony that, say, 19106 is a very nice ZIP Code in which to reside. Or, that the Hopkinson House is a great building.

So, thank you to every buyer and seller I have dealt with here in town. I appreciate your business, and I hope to see you again one day, walking down the street, smiling. I know I am.

Are you ready to work with an agent who knows how to give you the edge over other Center City condo buyers and sellers?  Call me today at 215-521-1523 or drop me an email at mark@centercitycondos.com.

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

I sometimes chuckle when I speak to, say, a mainline real estate agent who might happen to wander into town to show a Philadelphia Center City condo or loft listing of mine.  I chuckle because the first thing they ask is if there is parking on premises. Perhaps they are new to urban living. See! There I go again!!

My boss at Prudential Fox and Roach REALTORS® told me years ago that I was a real estate snob. I was aghast.  Certainly not I, I exclaimed!  Then it hit me. I’ve been known to tease those who own more than two cars, have more than three bedrooms, and drive more than four miles to go to the local grocery store.

I often believe my superior knowledge of the best streets to use to get to Rittenhouse Square condominiums somehow legitimizes my coolness. I know when to avoid Spruce Street, and when not to try to make my way around 13th and Pine Streets. Heck, I even go for days without seeing my car (at least when I parked it in a garage over near Fitler Square).  I have no time for massive amounts of traffic (urban Philadelphia surprisingly has little traffic as compared to say the Mainline area in the suburbs), and would never be caught dead on the Schuylkill expressway.

Though at times, I must admit that I am a bit envious of our suburban friends.

That couch in their living room…the one that is the size of my Lexus?!  I would love such a lounge destination. That thing you pull your car into…attached to their homes… the area that also holds the rakes, snow blowers, and the trashcans? I would love one of those!

There are very few Philadelphia condominiums with such a “roofed” luxury. And don’t even get me started about the size of the shopping carts they get to use when they go grocery shopping. They are huge! And did you know they sell lawn chairs and rent videos at their grocery stores out on the outskirts of life? They do! Not in my Philadelphia REALTOR® life. My grocery hand basket never holds enough, and I am sure there is not a lawn chair for sale within 15 miles of where I am sitting.