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April 21, 2014

Rittenhouse Condo Comparable Data

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 2:54 pm

park

Let’s Look Closely At The Current

 Rittenhouse Condo Market

 

# Condos For Sale in 19103 Under $300,000 = 13

# Condos For Sale in 19103 From $300k-$500k = 21

# Condos For Sale in 19103 From $600k + = 62

# Condos For Sale in 19103  That Include Parking (all price ranges) = 31

# Condos For Sale in 19103 Having 3 bedrooms = 13

# Condos For Sale in 19103 Currently Pending = 48

# Settled Condos in 19103 since 1/1/14 = 51

# Condos For Sale in 19103 That Are ON The Square = 25

 

 

*Information per TrendMLS as of 3/25/14

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April 14, 2014

Playing The A-Hole Card In A Real Estate Transaction

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 8:03 am

It can make you a big winner or a big loser…
    When big money is flying around here and there, the door opens for many folks to get bitten by the A-Hole bug. Which make sense…emotions are running high, deadlines need to be met, etc. etc., and I have seen some folks get seriously burned by playing their cards at the wrong time in the wrong place.
    I think you need to look seriously at a few circumstances that may surround your transaction to know the power or leverage you have to throw your weight around. To begin with, the first thing you should look at is
“substitute-ability” of the Philadelphia condo.  If you are fishing in a big pond of buyers or sellers, then of course you can bounce from one to the other without much risk to your goal of buying or selling a condo.  Want to buy a condo at Locust Point in the spring? Watch your P’s and Q’s and zip your lip.  Ditto for say a two bedroom at the Hopkinson House. If you are buying, you need to put your best foot forward and tie it up with a pretty red ribbon because demand almost always outweighs supply in those instances. Playing hardball as a buyer in these circumstances probably isn’t going to play in your favor. Owner’s can feel free to play any cards they pretty much like under those circumstances.
Two Quick Examples:

I sold a Center City condo in early 2010 to a buyer who had a real F You attitude to me, the seller, and the man on the moon for that matter.  I have a lot respect for this buyer, and I like him. But I knew early on that if he didn’t get his way, he was going to walk. He may have been trying to save a dime for the sake of a dollar, as this was an exceptional deal, but his hardball play worked for him. I represented the buyer in this case, so I gave him all the ammo I could find. With a little homework, I could easily deduce that a lowball offer was warranted (thank you google) then was accepted by the seller.     Winning.

On the other hand, back in the early 1990’s, I had a seller who was a real pr*ck, and his hardball tactics seriously misfired. He got his price, but wanted to keep his prized
Westinghouse Washer and Dryer…that were like 12 years old. Buyers told him to keep his used basement appliances, and walked. Seller sold the property six months later, for $40,000 less. The proverbial $40k washer/dryer, if you will.

Are you going to be a big winner, or perhaps a big loser? I dunno. But if you are going to play the A*hole card, you better be willing to stick to your guns when the heat rises. I just hope I can give you solid, if not a hint conservative information so you can make your own decision. And if you are being a butt-head, be my guest.. Then we’ll see how the deal is going to go down 🙂

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April 8, 2014

What I And Most Other Agents Are Seeing And Saying Spring 2014

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 8:22 am
   I hear a lot of talk about the up’s and down’s of today’s Center City condo market. And what most Realtors are witnessing is multiple offers, properties selling at or above asking price and a decreased “days on market” statistic.
   For the majority of the Center City condo market, there are more buyers than available inventory and the shift in that relationship will give rise to actions that we see more of today than we would have even six months ago- such as multiple offer bidding. I just encountered three offers on the same condo in one day and that condo had sat idle for almost two months.
   Also becoming common are full asking price offers or even over asking price offers. I think it makes sense (many buyers see the time as being right to snag a condo out of the clutches of others and are therefore willing to put their best foot forward). I am now telling my buyers that IF they see a condo they want- do not hesitate to go in quick and strong.
Because nothing is more painful than a bidding war. Good for sellers, not so much for buyers.
   Lastly, Realtors I speak with also confirm that they are seeing a decrease in the “days on market” calculations. Many Center City condos are selling within days, even hours after being listed for sale. I know of one unit at the Philadelphian that was listed in the MLS in the AM, and under agreement about 4 hours later. Not common, but certainly not unheard of.
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