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November 30, 2010

The Philadelphia Parking Authority

Filed under: Center City Real Estate,For Buyers,For Sellers,Of Interest to Buyers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 11:53 am

Whether you live or work here in Center City Philadelphia, you know all about The Parking Authority! Here is a short video about how to easily avoid them.

So from avoiding “No Parking” zones in front of the driveway of any given Center City Home, to making sure you do not exceed twenty minutes in the “loading zone” in front of that Philly Condo Building, you can greatly cut your chances of getting a ticket, or even worse, getting towed.

Watch your time in meter spots. The meter folks are only doing their jobs, so be nice to them. Always look out for temporary regulations and read the signs to make sure parking on any given street isn’t cut off after a certain time of day. For example, you can only park on the 600 block of Walnut Street until 3:30PM so they can clear the road for rush hour traffic, which does everyone a lot of good.  They will tow you if you are blocking the traffic!

Some streets offer free 2 hour parking, but if you don’t live in a Philly Loft or Home in that neighborhood (with a sticker on your window to prove it), you will be ticketed if you exceed the 2 hour limit OR if you try to sneak back to the same block later in the day. Your license plate number is in the system, so they have no idea if you left and came back. You get 2 hours free on each block each day if you are an out-of-towner! There are tons of lots in Center City if you need to stay longer.

Lastly, don’t park in a Handicap Spot if you don’t have a Handicap plate. It WILL cost you! Follow this simple advice, so you don’t end up featured on the next episode of Parking Wars!

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

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November 22, 2010

Donating Used Appliances and Fixtures in Center City Philadelphia

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate,Real Estate: Condominiums,Uncategorized — Center City Philadelphia Real Estate Agent @ 2:07 pm

If you are doing work around your Philadelphia home, why not donate your Used items to Impact Services of Philadelphia?

old oak kitchen  wide angle faucet-10b-765484

Here is why you should:

1) They will take used appliances, faucets, cabinetry, doors, sinks- even furniture -THEY TAKE THEM AWAY FOR FREE!

2) You are helping the community, as the donations you make will be sold quite inexpensively to those in need

3) You get a tax deduction

4) Did I mention that they will come into your Philadelphia condo or home and remove said fixtures?

So let’s review. You save money from not having to dispose of a variety of items, free removal, tax deduction, and you are helping the city.

A few rules:

-All appliances must be in good working order, and a maximum of 10 years old

-All other fixtures must be in good working order/good condition

-They do not take mattresses

You can call Impact Services at 215.423.3613 Monday-Friday 8am-4:30pm. Their schedule is done on Mondays for the week. So schedule your pick up accordingly. And know that the staff is always very friendly!

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

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November 16, 2010

IF YOU LOVE IT….THEN BUY IT

Filed under: Center City Real Estate,For Buyers,General Real Estate,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 3:00 pm

I have been selling real estate in Philly for 22 years. I like to say I have “Seen It All”.

In this market, it is sometimes hard to believe it when a condo you LOVE comes on the market, and quickly sells out from under you. You know, you prepare for a 2nd visit, you get your ducks in a row, and the day prior to your 2nd visit – the property sells.
  
Yes, even in Mid-November 2010, properties do sell – if they show well, and are priced fairly. It happened to me twice this month…I lost two deals by either being out-bid, or by not getting my buyers to act fast enough to make an offer on a Philly Condo they loved. If you love a property, believe me – I am going to tell the listing agent, and signal that IF he or she gets an offer, please call and let me know. Most Philly Realtors, who work in the best interest of their sellers, will call.

SOME (PERHAPS) SHADY REALTORS JUST IGNORE THE REQUEST AND CLOSE THE FIRST DEAL…POSSIBLY THEIR OWN.

The point is….if you love, love, love it….then buy, buy, buy it. Quickly. The market waits for no one….

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

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November 12, 2010

Spooky Shadow Inventory in Philadelphia Real Estate

Filed under: Center City Real Estate,For Buyers,For Sellers,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 3:00 pm

There are clearly a number of condos for sale in Philadelphia. Duh. But what about the unmentioned “Shadow Inventory” that might be creeping up on us all? Shadow inventory, in my mind, are the condos that are part of some non-performing new developments here in town. There are a number of buildings with a hefty amount of inventory that has been sitting for quite a while, and is not selling. And the bulk of it is high rise condominiums – in generally what most buyers term as “B” locations.

IF A BUILDING HAS NOT BEEN ABLE TO SELL 70% OF ITS UNITS IN SAY 3 YEARS- THE PRICES ON THOSE AVAILABLE UNITS AREN’T GOING TO RISE ANYTIME SOON.

Prices  have a tendency to come down in such situations. Sometimes a new buyer will come in and buy the inventory in bulk, sometimes a condo auction will reset the pricing structure, and sometimes the buildings become glorified rental buildings- which simply postpones the inevitable price restructuring in the building (Delay and Pray).

Will Center City’s Shadow Inventory Come back to Haunt the Pricing Structure for Condos in this Segment? Will Philadelphia Condo Buildings that are viewed as substitutes for this shadow inventory suffer as well?

Stay Tuned..I’ll tell you what I think.

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

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November 8, 2010

Center City Real Estate Fun Facts

Filed under: Center City Real Estate,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 1:04 pm

Lifted from an article I read on Philly.com and CenterCityPhila.org:

– A little less than half the working people who live in Center City have jobs there. One-quarter commute out to the suburbs. Most of the rest work elsewhere in Philadelphia – except around wealthy Rittenhouse Square, where nearly one-fifth of the population works in New York or some other “Out of Area” location.

– Around one in three Center City workers walk to their job. Almost as many “reverse commute” by car. About a quarter take Septa or Patco. 6% work at home; 5% bike.

– Philadelphia “is weathering the recession much better than other places,” at least partly because we didn’t inflate so much:

Philadelphia ranks with energy-rich Dallas and Denver as places where home prices are off less than 10% since the market peaked three years ago.

Know any fun facts about living in Center City Philadelphia you want to share/comment on? Let me know!

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

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November 2, 2010

One Click Below Will Tell You If A Condo Building is FHA Approved

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:37 pm

                   

….Yeah, that Link would be in the middle of this article. I think having a building FHA approved is a huge help to buyers who are eyeing your building/thinking about a purchase. It makes a Philly condo building open to more options in terms of buyers financing a purchase within the building. All Good.    

In the old days, FHA could approve the buildings on the spot with a quick check of some facts about the composition of the building and the condo association. No longer. A full FHA approval process must be put in place in order for an FHA loan to be used to purchase inside a particular condo building.  Here is the Link- Just add the zip code of the building in question and a list of FHA approved buildings in that Zip Code will magically appear:

https://entp.hud.gov/idapp/html/condo1.cfm

Wanna’ know more about FHA purchases here in Center City Philly?  Drop me an email… mark@centercity.com  or call me… 267.237.3404.

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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