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April 27, 2015

Spring 2015 Condo Market Is In Full Swing!

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 2:12 pm
Our listing inventory is impressive, if I may say:
Our recent sales :
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
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April 20, 2015

I Just bought a condo… And I agreed to what??

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 2:13 pm
Here Are 5 clauses that are usually inserted into your Center City condo mortgage papers that you may not have known about…
1) Acceleration Clause
2)  Defeasance Clause
3) Prepayment Clause
4) Due On Sale Clause
5) Compliance Clause
All these clauses are standard-whether you are buying at The Hopkinson House, or say the Academy House….in most residential mortgages. What is the bottom line here? In my opinion…pay your mortgage and no one gets hurt….Similar to any other obligation, but in the case of a mortgage lender, they will provide clauses and provisions that are generally immutable and do go to the heart of protecting their own interests.
Your best defense? Ask. Then ask again.  And get a Real Estate Lawyer if you are signing something you don’t understand….
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April 14, 2015

Ten Pitfalls to Avoid when buying a Center City Condominium…

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 9:12 am
                      
Being a veteran Center City Realtor (26 years), I often see buyers making some repeated mistakes.
At least in my opinion, I use the word mistakes.
 Here are some common pitfalls:
1)  Paying Points on a short term hold
Many buyers know they will only own their condo for 3 to 5 years. Paying Points may not be advantageous-  Talk to your lender. Do your homework here.
2) Saying “No” to a “Betterments and Improvements” rider on your home  owners policy. This covers items like floor, appliances, cabinetry, doorknobs, etc etc. Might be worth considering.
3) Glossing Over Building Issues – You are given 5 days to read your condo docs. If you don’t want to do so, then hire a lawyer. A Real Estate Lawyer.
4)  Using a Mortgage Lender because you have a Savings Account at that bank, and have had for 23 years. That doesn’t mean crap, in my experience. Nada. Nil. Zip.
5) Using a relative to be your Realtor, Mortgage person, or otherwise to play a huge role in your buying process. These arrangements can go up in flames quickly. Not always…but…
6)  Not Vetting Your Realtor – “When in Rome” is pretty good advice.. Interview him/her  to decide if you two make a good team. Ask your realtor what they know about, say The Ayer condominiums on Washington Sq.
7)  Over-buying: Do you really need a three bedroom and den unit? Or will a two bedroom and den suffice? Same story with one vs two bedroom units- If you don’t need the space, why pay for the space?
8) Not Reading Your Sales Contract – 99% of the questions you may have about a transaction here in PA can be answered by reading your Agreement of Sale (The Contract). Read It. I beg you.
9) Expecting Perfection: Yes, the seller is going to vacate your new condo in a  dirty and  somewhat used condition, with holes in the walls where their art once  hung. IF that is the biggest bump in the road during our journey, then we should all go sing and dance in the middle of the street with joy and glee 🙂  Nothing in life is perfect so a hint of forgiveness along the road can be helpful.
10)  Relying on the Square Foot calculations on Condo Flyer. Or even relying on info provided by some sources. Best to do your own measuring/ fact checking.
  Just Ask Me.
 Let’s find the answers together to help you make the best decisions possible.
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April 6, 2015

NOT ALL UPGRADES PAY OFF

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 10:49 am
The goal should be your own Use and Enjoyment 
with a side of Value Retention
download
There is no such thing as a Sure Thing..no surprise there.  In most instances, condo owners upgrade for their own Use and Enjoyment- but some do improve with the goal of a higher resale value. Here are some common upgrading mistakes that I see in the Center City Condo marketplace:
1) Wall to Wall Carpeting in a Living room.
2) Installing a Huge soaking tub/ Jacuzzi like monstrosity
3) Replacing closet doors with Mirrored closet doors
4) Adding a Roof Deck (very subjective on this one)
5) Adding Hi-Hats and / or track lighting
Now certainly there are exceptions to every rule, and in some instances, these additions can add value. But from my experience- the value added is nominal. And in some cases- can actually detract from value. Really depends upon the unit. If you have some of these features in your condo, I would NOT suggest you remove them. But spending money to add them to your existing condo may not provide you with the expected return. Instead, I suggest you throw some money into what buyers seem to always remember:
1) Rework your Closets-  You can buy off the shelves at Home Depot or Lowe’s. I call it the faux California Closet look. Never underestimate the power of good closets in Center City condo value. One of the first things condo buyers do is they check out the closet space- like the walk ins at Waterfront Square Condos.
2) Repainting- Want some Kick-A** ideas? Visit www.Houzz.com for some fab fab fab visuals. Remember, focus on two main colors and highlight with decor pieces as the third. You needn’t paint every wall in a room one color.
3) Recaulk and Regrout Your Bathroom- This is huge, and doesn’t cost a lot. Email me and I can send you references  to
make your bathroom look 1000% better- and can be done in a day. Don’t underestimate this upgrade, please.
4) Replace all the knobs and pulls in your kitchen and bathroom. And try Pottery Barn or Restoration Hardware. This is a huge and inexpensive way to really put “icing on the cake” in two of the most important rooms in your home. And if you want to take it a step further- after you do the above 4 Upgrades- think about replacing interior door knobs. Again , a small visual cue that can really set the tone and feel of you condo.
Want my input? Call me, and I will come over and do a quick assessment of your place…No biggie.  I have been on HGTV for the decorating I did in my own home, and I won Philly Mag’s Kitchen of the Year contest back in 2005. Not to be a big brain or anything…
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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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