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December 30, 2008

Your Philadelphia condo search

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:21 am

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

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December 23, 2008

Center City Lofts – Just how Lofty do you want your condo to be?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:41 pm

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

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December 18, 2008

Philadelphia Real Estate Statistics

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:52 pm

October 2008

For zip codes 19102, 19103, 19106, 19107

(Lombard to Vine Streets, Front to 26th Streets- approximately)

Monthly Statistics for the Date Range Selected

Date

Units Listed

Listed Volume

Listed Average

Pended

Units Sold

Sold Volume

Sold Average

Average DOM

Oct 2008

106

101,287,452

955,542

23

32

21,276,800

664,900

128

 

 

 

 

 

 

 

 

 

Totals:

106

101,287,452

955,542

23

32

21,276,800

664,900

128

 

 

 

 

 

 

 

 

 

 

Pricing Details of Sold Units for the Date Range Selected

Minimum Prices

Maximum Prices

Average Prices

Original List Price : $179,900

Original List Price: $3,800,000

Original List Price: $718,943

Sold Price : $150,000

Sold Price: $3,800,000

Sold Price: $664,900

 

 

 

© Copyright 2008 TREND MLS – Information Deemed Reliable but Not Guaranteed. Printed 11/1/2008 1:45:53 PM

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

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December 16, 2008

Philadelphia Condos on Spruce Street & Pine Street

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 5:05 pm

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

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December 9, 2008

New Construction Philly Condo Sales Offices Repel Buyers

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 7:34 pm

…Is your sales pitch way over the top?

I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be.

My buyers generally want the quick overview…not the long serenade.

And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach…allowing them to give info as they please.

SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous.

I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers…that is my job.

Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.

DO THE MATH, YOU GOOF.

IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES-

An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.

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

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December 4, 2008

Condos near University of Penn

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:22 am

As a realtor in downtown Philadelphia, each spring I get a lot of visits to my website, www.CenterCityCondos.com by students and faculty looking for condos and lofts that have easy access to either Penn or Drexel Universities.  It is quite common for those looking to move into the area for an extended period of time to buy a condo, as opposed to rent a place to live, and there are many options for such buyers.

Many of the University of Penn area condos are located either in the University City area (west of the Schuylkill River), or in the Fitler Square/Rittenhouse Square areas of Center City Philadelphia. For many of these buyers, location and security rank highest amongst the attributes of any given condo, and are deemed most valuable in such a living situation. There are many high rise condos which offer doorman services, and many of these buildings also offer on-site parking. Close proximity to 30th Street Station (rail service) and being in the center of town (which means you may NOT need a car) are also of importance to buyers looking to be close to Univ. of Penn.

Those coming into the Philadelphia condo market have three choices of living arrangements:

High Rise condos

Mid Rise condos

Low Rise/Loft/Brownstone styled condos

Each type/style of condo has it’s plusses and minuses, and each offer a unique way of life here in Center City Philadelphia.

If you plan on moving into Philadelphia, and are looking for a condo near Univ. Of Penn,  give me a call at 215.521.1523, or drop me an email at Mark@CenterCity.com, and let’s chat about your options!

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

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December 2, 2008

Condos in Graduate Hospital Area~19146

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 4:18 pm

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

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530 Walnut Street, Suite 260
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
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