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August 28, 2012

Deception By “Comps”

Filed under: For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:58 am

Don’t believe everything you read, or every comparable you see.  NOT all Philadelphia condo space is created equal, and not all two bedrooms in the same building are of the same value.  Duh.

There are soooo many factors that infuence value-

HOW DO YOU THEN CORRECTLY COMPARE APPLES TO APPLES?

Here are some Tips:

1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.

2) Find a map of the building, and see which units face “The Park”, and which overlook the
DUMPSTERS – Positioning within a condo building plays a role in value!

3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?”
Cuz if it did, it is going to distort the comps.

4) Floor height value- may or may not play a part in comps/ comp value. Newer condos are GREATLY based upon floor height.

5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking). And know that “Fact Sheets” and MLS sheets are like Resumes- full of bullsh** and dog doo. Never take that info for granted- you must confirm!

6) AND THE BIGGEST factor to warp comps – Interior condition. Hugely huge in comp valuation.

Here is a good example of “Not All Space Being Created Equally”…Equally sized two bed units at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.

So clearly comps can be deceiving – if you don’t know…ask me. Please.

Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., PA 19106

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August 8, 2012

Center City Condos You’ve Never Heard Of….

Filed under: For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:49 pm

The Old Piano Factory – Located on the corner of 2nd and Queen Streets in Queen Village. Super groovy soft loft living with garage parking. Fabulous building.

2009 Spruce St. – Double Wide Brownstone that is the epitome of luxury low rise Philly condo living. Killer location.

Kahn Park Place– Perennial fav…parking, some of the best roof decks in town, and central locale. You’ve driven past 1119 Pine a million times, if you have done so once.

700 S. 10th St – Remember Tom Hanks’ condo in the movie “Philadelphia”? Stunning views, big windows, parking!

The Palladian– 2138 Lombard St. One of the first low rise luxury conversions in town. Rarely available, parking.

Mark Wade
Berkshire Hathaway Home Services Fox and Roach Realtors
www.CenterCityCondos.com
530 Walnut St. #260 Phila., 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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