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July 29, 2010

The First to Flinch, loses

Filed under: General Real Estate,Of Interest to Buyers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 1:07 pm

I am at a standoff between a buyer and a seller on a particular condo in Center City.

This is routine. What makes this an interesting case is that after 5 days of initial offer presentation, the seller is at (say) $815k, after some price reductions, and negotiating…and the buyer is stuck at $810k, after a few counter offers.

So who is going to budge?

If I pester the other agent to hammer his or her buyer to take my seller’s offer of $815k…does that not show a sign of weakness?  I think it does. It is a game of chicken at this point, and the first party to flinch, or show weakness in the negotiating process by being too impatient, may well indeed be the loser and may have to cave to make up the $5,000 difference in this case.
 
I am advising my seller to sit tight, and put on their best poker face.
 
We will see….stay tuned.
 
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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July 27, 2010

Five best selling new construction condo buildings in Center City

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:19 pm

1) Locust Point

2) 815 Arch St

3) Naval Square

4) York Square

5) The National at Old City

Based upon the fact that these buildings are sold out, (or in the case of Naval Square which continues to add new buildings as demand dictates), I would suggest that these five Philly condo buildings have fared the best in Center City since the onslaught of new construction in Philadelphia started taking shape. There are also a handful of buildings that have just a few remaining units left- Ayer, Symphony House, and Western Union Building to name a few. And of course, there are buildings here in Center City in which a small fraction of sales have happened, even after a four to five year marketing period. We won’t mention those pieces here.

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

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July 23, 2010

Top 3 Snarky answers to the question: Do I have to pay condo fees?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 9:01 am

1) Why no…the elevator runs on magic pixie dust…it doesn’t need electricity to operate.

2) Of course not…the doorman here works for free.

3) Not in this building….the hallways, windows, and lobby magically clean themselves.

 …it is a miracle of course, but that is how things happen at this Philadelphia Condominium.
 
If there are common elements (the definition of a condo) then they have to be maintained by the members of the condo association. If your condo makes up say 2% of the building, then you are responsible for 2% of the cost to run the building. Plain and simple! 🙂

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

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July 16, 2010

Times Have Changed

Filed under: Center City Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:45 pm

Giant Soaking Tubs, Formal Dining Rooms, and Bidets…All left Center City a while ago.

Real Estate advertising in the late 1980’s in Center City went like this:
Secure condo with wall to wall plush sculptured carpeting,  Corian counter-tops, and mirrored closet doors north of Society Hill.  Whirlpool bath soaking tub (Maroon color), bidet, and formal dining room.  Just FABULOUS!  Asking $199,000
 
Today’s Center City Condo Real Estate Ads read:
Stainless and Granite kitchen, tumbled marble back-splash, Walk-in Shower, Open Liv/Din room combo- Fab Loft style in Old City With Exposed brick, Sub-Zero and Viking appliances- $599,000
000_2176

 
Personally, I don’t remember the “good ol’ days” in many Philadelphia condominiums. A whole lot of them were builder grade crap. Buyers are certainly expecting more these days in terms of interior improvements, and sometimes the best applicable adage is that of Condition, Condition, Condition.

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

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July 12, 2010

Auction Results from CU 257

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 8:55 pm

The third auction in the Center City condo segment of the market to occur. I would deem it a success. Here is what I understand folks paid.

 
Here is the breakdown of the prices.  These prices are the winning bid prices and do not include the 10%  auction premium on each winning bid.
 
1.  $615,000 Unit 601E
2.  $600,000 Unit 601W
3.  $470,000 Unit 401W
4.  $495,000 501E
5.  $485,000 501W
6.  $455,000 301E
7.  $455,000 401E
8.  $445,000 201E
9.  $435,000 301W
 
And if you think this is the last Center City Condo auction that is going to take place, I would suggest you are wrong! Keep your eyes open for more future auctions! Call or email me if you want me to comment on these prices!  215.521.1523
  
Mark Wade

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

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July 9, 2010

Geez, that Condominium Building Sucks something Awful

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:57 pm

So here’s the scoop – The developer took a run down apartment building, added Granite and Stainless, and refinished the cabs of the elevators, and said “See…New Philly Condos“!

Well…. what about the heating, electric, plumbing, roof, exterior brick, heating systems, central air, exhaust stacks, risers, fire alarms and suppression systems,not to mention the exterior pointing, caulking, window frames, elevator structure and mechanical, and the cockroach problem?
 
Not all rehabs are created equal. Some really suck. Are you going to be the dope who gets fooled by a pretty face? I hope not. Some condo buildings have an inferior set of systems- be it mechanical, financial, or just unchecked age.
 
Look before you leap. Ask me questions about any Philadelphia Condo.  Ask me if I would live in that building you have your eye on. I promise to not hold back.

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

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July 2, 2010

Well Aren’t You a Big-Brain?!

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 10:15 am

Real estate is a funny business. Seems everyone knows more than I do about buying and selling.


 
I must confess, I know little about this world we live in…… but Real Estate, especially Philly Real Estate? I know Real Estate.

Today I met a buyer who clearly knew more than I did on everything from the agreement of sale, to the bidding process, to the cause of a water stain in the basement. He professed to know the age of the roof, the correct value of the condo in today’s market, and even was schooled in the area of kitchen cabinetry. Or at least in his brain he was. Sure as there are clouds in the sky, I could add nothing of value to his amazing grasp on the Center City condo market. It was clear my 21  years of selling a huge chunk of the Center City condo market amounted to a hill of beans. I wish him luck in his hunt for a condo. I have no interest in talking with him again.
 
I certainly don’t want to come off as some asshole, but my strength is my knowledge of the Center City condo market. If you don’t need my help, then call someone else. I would rather spend my time with someone who wants to learn, and make an intelligent decision in the Philadelphia real estate market.

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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