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June 29, 2015

Venting Issues in Your Philadelphia Condo

Filed under: For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 2:09 pm

There are really three things you should consider when purchasing a Philly condo, in terms of it’s ventilation:

1) Is the fireplace vented? A lot of gas fireplaces are NOT vented to the outside in the state of PA. I have one in my house. I like it, and it certainly looses no heat via the flue. However, I do feel it is best to have a CO2 detector nearby, just in case. I rarely see the non-vented fireplaces as an issue to resale. Buyers generally don’t seem to either care, or realize the difference between a vented and non-vented gas fireplace.

2) Is the hood range vented? In most Philadelphia condos, it is not. How do you tell? Simply open the cabinet door above the microwave or hood range, and see if there is a pipe which leads up through the top of the cabinet. If you see no pipe..then the unit generally is not vented. If your unit is not vented, there are usually charcoal filters embedded into the hood range, or the microwave that will reduce the odors and smoke that arise from you burning dinner, or smelling your Old City loft up with odorous fish cooking. The range in my Philly condo is not vented, and it doesn’t bother me. And again, most Philadelphia condominium buyers are either not aware of the difference, of they don’t care.

3) Is you dryer vented to the outside? A lot of times, there is a white plastic box at the end of a six foot vent pipe. You know, the one that you are supposed to keep filled with water, which no one does, in order to reduce the amount of dryer lint/dust that will fill your condo? My condo has a vented dryer, because we insisted on buying a condo with a vented dryer. I lived in one condo that did not have a vented dryer, and I had a perpetually dusty apartment as a result. The only way to combat this issue is to investigate into ventless dryers that filter through some type of water.

It is more common than not, to have all three of the above items NOT vented to the outside of your Philadelphia condo…and none really make an impact on resale. Just a comfort issue for you, the potential buyer, whether or not all three are vented!  So, let me know what you think…..post a comment or drop me an email at Mark@CenterCityCondos.com and we’ll chat.

Mark Wade
www.CenterCityCondos.com

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June 22, 2015

Do You Really Know What You Are Buying When You Buy A New Philly Condo From Plans?

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:36 pm

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling condos at place like The Murano, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.

plans photo

 

Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com

 

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June 16, 2015

A very cool shot of 4 Center City condo buildings

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 2:31 pm
In the foreground on the left is 1706 Rittenhouse Sq.
In the foreground on the right is 250 S. 17th St.
The red building in the center is 250 S. 18th St.
Background on the right is the Barclay at 237 S. 18th St.
(taken from the 12th floor of the old medical arts tower- looking west down the 17xx block of Rittenhouse)
And here is some good food for thought…
If Location, location, location is the sole driving force of value then how can these four condo buildings each have distinct demand as well as pricing?
Certainly a building’s reputation and cache have something to do with pricing….

 

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June 8, 2015

Do Expiring Tax Abatements Equate To Lower Resale Values In the Center City Condo Arena?

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 2:36 pm
 There are a number of buildings in town whose tax abatements have run their course and an even bigger pile whose abatements expire over the next few years. The net effect on resale values and demand comes into question for many buyers. Here is my opinion:
     Center City CondoBuildings such as The Phoenix at 1600 Arch St. and Dockside at 717 S. Columbus Blvd. have expired abatements. Buildings like York Square, WaterFront Sq (in the Peninsula and Regatta towers),
many Naval Square units-as well as many other buildings erected here in town in the mid-2000’s are soon to expire. I have heard (though I certainly am usually not one to speak on behalf of city hall) that the tax rate for condos will be 1.34% of assessed value when abatements expire.
   If we look at the sales data from buildings whose abatement has expired over time, the net effect of an expired tax abatement is almost nil when looking at resale prices, demand and values. I have not seen any instance of value dropped solely based upon the expiration of a tax abatement.   Why, you ask? Here is what I gather from my many condo buyers in town:
   Lee Iococca adopted a theory he called “The Equality Of Sacrifice” – which I interpret to mean that as long as everyone is in the same boat (of an unabated tax bill) – then any fears of inequity are diminished.  And I believe that to be true. FULL ten-year tax abatement offers are few and far between in town these days
…. Except for maybe the last three units at WaterFront Square in the Reef building and a smattering of smaller new construction projects here and there.
   I think that buyers generally do not expect to see a “game changing”  benefit from the balance of any tax abatement. The entire market is rapidly aging in the expiration of the abatements and therefore I believe that any partial abatement period is kinda’ icing on the cake. It certainly can sweeten a deal for many, but I don’t think this is the end all, be all determining factor if a buyer buys “this unit or that”. But again, it certainly does not hurt to inherit the balance of an abatement 🙂
   Center City is more attractive than any abatement. We’re growing in size and popularity and the expiration of abatements and almost certainly isn’t going to keep anyone out of  town or out of any specific building in town.

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June 2, 2015

The 5 most frequently asked Questions by Center City Condo Buyers

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 1:21 pm

1) Is transfer tax split between buyer and seller?
Yes….and that fact is embedded into the agreement of sale. You pay 2% of the sale price, and so does the seller.

2) Can I move my stuff in prior to settlement?
Uh, no. The day you give the seller your money, it is all yours. Until then, you may not occupy or make alterations to your new Philly condo!

3) Why do I have to pay 2 months condo fees to the association?
It is called a capital contribution. Helps pad the condo association against future assessments. Almost all condos has everyone pay this when buying.

4) Do I get my 2 months capital contribution back when I sell?
Uh, no, shut up.

5) Why do I need to buy title insurance?
Because certain debt transfers with title. You buy, you may inherit someone else’s debt. Title insurance gives you a clean, debt-free title. (Abridged answer!)

You will certainly have more questions when purchasing a new Rittenhouse Square condo, or say Old City loft. Trust me. :-) And that is why I am here.

Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services 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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