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May 18, 2015

I Don’t Have a Crystal Ball

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 12:01 pm

The Philadelphia condominium market is something I enjoy analyzing, thinking about, etc., I am always amazed at how many times buyers and sellers ask me to give them solid concrete information about what is going to happen in the future.

crystalball

     Often a buyer’s query comes in the form of: “Will this home be worth more in five years than the one across town we just saw?” or “Should I lock my interest rate today because interest rates are going to rise next week?”

     Sellers are a bit more forward thinking as I find their mental dilemma encompassing thoughts of: “If I hold this property, and rent it out, what kind of rents can I get in the year, say, 2027?”

     Now I admit that when I bought my first Center City condominium at BridgeView Place , I drove my real estate agent nuts. I mean crazy. I still kinda’ duck my head when I pass her by on the street. And I am sure I tortured her with silly questions she could not have possibly answered.

     Although, you know, her crystal ball must have been fully operational way back when as she had no problem spittin’ out future numbers like they were being read off a bingo card. And I bought everything that came out of her mouth. Today that condo is worth exactly 4 times what it was worth back in 1991. (Bridgeview Place Unit #521).

     Now why didn’t I ask her to pick some lottery numbers for me?

     I might not have a crystal ball, but I do have the knowledge to help you purchase or sell your Center City condo or Philadelphia condominium for the best price and terms. Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com. We’ll have fun!

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May 11, 2015

15 Buildings- 15 Updates

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 2:30 pm
The Hopkinson House at 604 S. Washington Sq.
Doing their annual Habitat for Humanity clean out as well as providing a truck on-site to shred documents for owners. Also the apron work around the front entrance appears to be completed.
WaterFront Square at 901 N. Penn St.
New front entrance (really nice looking water feature) is almost complete as is the new redesigned dog park. New manager for Reef Building as well as new front door staff.
444 N. 4th St.
This lofty styled condo building between Spring Garden and Callowhill has 4 recent pending sales as well as another 12 settlements and has brought new life to the loft building. Recent developer upgrades to each unit would most likely be the culprit behind the great sales of late.
The Philadelphian at 2401 Pennsylvania Ave.
 Terrace upgrades are in the works!  The owners have chosen clear glass panels and there will not be a special assessment to pay for this project.  The work is expected to begin in early summer of this year. Just terrific!
The “NEW” National Condos (?) 
Who knows what to call the condos on the east side of N. 2nd (between Elfreth’s Alley and Arch). I am told by a fairly reliable source that the parcel was purchased by the developer of WaterFront Sq. No idea what is to become of this. 10 years ago it was to be high end loft condos. That never happened….
One Riverside Condos at 210 S. 25th St
 I hear the condos are flying off the shelves. There is very little competition for this segment in terms of location and pricing for new buildings- anywhere in Center City. One Riverside is a fantastic location in 19103 zip and views are going to be some of the best in town.
Sales are going very well…37 sold and 2 under deposit out of 55. Now can offer tours of the building and show individual residences with the 10′ ceilings, 8′ doors, trim and cabinets installed. Projected delivery in the fall so buyers can now protect their interest rate till their settlement…and that fee paid by seller.
The Murano-at 2101 Market St.
With just 3 units still on the market (developer owned)- I would expect to see values jump in the short run as almost all similar buildings see a jump in resale value after the developer is gone. Don’t ask why. I think I am a big brain and I can’t explain this phenomenon. Also- The first floor commercial space has a new tenant- some kind of financial/banking tenant which adds some liveliness to the ground level entrance which is nice.
The Dorchester at 226 W. Rittenhouse Sq
 Work continues on the heating/cooling risers as well as progress on the repairs to the garage under the building. Upgrades to the bike room look to be completed shortly – Most major projects now completed or nearly completed.
The Rittenhouse Hotel at 210 W. Rittenhouse Sq.
 Sales of the raw space on the 19th floor (two settled and one still available)
are encouraging as are recent sale prices in the building. I have always thought the building was a bit undervalued  but prices here are escalating as they should. Top notch in my book. This would be my destination if my other half said we could move. We can’t.
Rivers Edge Condos at 2301 Cherry St.
All common windows and inside apartment windows(bedrooms) have been replaced at the condos expense. They’re still replacing the sliding patio doors but have completed quite a few and are done at the owners request and expense. The outside front entrance is about to have new pavers and plantings. Also they are working on water damage from the courtyard level. Assessments continue through 2018…then look for a HUGE spike in resale values.
Academy House Condominiums at 1420 Locust St.
Front entrance/lobby has been torn out and a new lobby is in the works. Replacing the overabundance of green marble that had existed since the 1980’s. Sales in the building are hot as only “one bedroom” condos are available in the entire building of over 500 units. And of the one beds for sale (seven total)- FIVE are under contract and only two left for sale. Huge.
Ten Rittenhouse Condos at 130 S. 18th St.
A larger unit just sold at over $1000 a sq ft. No surprise- building is stunning and there really is no inventory in town. Oh, and that unit didn’t even face the square. The gold standard for this segment.
Low Rise/Brownstone Styled Condos in 19107
Aka- Near Jefferson Hospital. Always hot in the spring market and this year is no exception. Currently there are 22 such units “UNDER CONTRACT” and awaiting settlement. Prices have escalated and inventory shrinking. The surprise in this segment is the “DOM” clock (days-on-market) is much shorter in 2015 than I have seen in the past.
The Ritz Carlton at 1414 S. Penn Sq.
Without a doubt, the hottest selling building in town. And deservedly so.
With the completion of Dillworth Plaza, the views facing north are really stunning and worth seeing if you have yet to view. Also pretty nice resale values for previously owned units… appreciating nicely!
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530 Walnut Street, Suite 260
Philadelphia, PA 19106
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Fax: 215.627.3142
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