There is no doubt that technology has changed the real estate industry…the days of looking for your next home in a newspaper are long gone. Buyers can find everything they need from pictures to floorplans to videos online. Redfin conducted a survey in May and found that 33% of people that bought a home in the last year, made an offer without first seeing the property in person. That is up from 19% the year before.
But a Virtual Reality tour of a listing is like hosting a 24/7 open house…without having to entertain the looky-loos. Even without the headset, these VR tours are cutting edge. You can check out a sample – one of Allan Domb’s listings – created by Matterport by clicking here. Stay tuned for more…
Graduate Hospital has been a really hot growth area for new construction townhouses and condo developments! Just south of Rittenhouse Square, you will find this hotbed of new construction here in Center City. The City’s tax abatement program has really helped this area grow. Easy access to the Square, restaurants, and shopping make the Graduate Hospital area a real attraction to buyers. The new Bloc 23 project and 2400 South condo projects are the latest additions to the area.
A 15-unit project, Ravello Philly, is set for the 14xx block of Clymer Street…a small block nestled between Broad and 15th, Fitzwater and Catharine. According to Curbed Philly, “The development will include five three-unit buildings with dark brick facades in front and aluminum paneling in the back. In total, there will be 10 three-bedroom, bi-level units clocking in at about 1,800 square feet. There will be another five one-bedroom units about half that size. Each unit will have outdoor space, too.” [Read More Here…]
Replacing the overabundance of green marble that had existed since the 1980’s was a smart move by the Academy House Condo Association. The new front entrance/lobby looks great…see for yourself!
The Academy House condo association has also replaced interior unit windows (huge upgrade) several years ago, and in 2013 they revamped the interior hallways- which look really good. These condos have great track record of reselling- always have and probably always will. A very smart purchase. Condo fees include almost all utilities. A very central residential location, rental parking in the lower levels, and a 24-hour doorman. A fair number of units have outside balconies. Academy House is a non-smoking building. Values here are not heavily contingent upon floor height, as many units have great views.
If you are interested in taking a look at condos at The Academy House, give me a call at 215-521-1523 or email Mark@CenterCity.com.
A Renovation Mortgage allows home buyers to finance renovations as opposed to having to pay cash out of pocket for upgrading their recent purchase. If you’re looking for a condo that needs a lot of work after closing, this loan program can provide the funds for renovations and repairs for a primary residence or for investment properties by using the “after improved value” with a single loan at closing.
Automobiles, clothes, and condos all need maintenance to look and perform their best. Assessments imposed on owners of given buildings are used to make capital improvements and are a necessary evil. How might that affect value?
I think in the short term, an assessment can lower demand for a building. Who the hell wants to pay for some electric behind a wall or an elevator motor which they are never going to see? (Uh, no one.) Though assessments to fix up interior hallways, and maybe a lobby, are much easier to swallow. In the long run, assessments can be the best thing to ever happen to a building as the costs of the capital improvements are overshadowed by the long-term value growth.
Look no farther than 2301 Cherry St. (River’s Edge) as an example of that argument. When the assessments were first implemented, the demand dropped because no new buyer wanted to pay for the needed improvements. But today…the money spent is bouncing the value of each unit MUCH higher than individual unit’s assessments. It’s not a hard equation to figure out. And the new lobby at the Academy House? C’mon… you can’t tell me that the individual unit owner cost to do that lobby wasn’t worth it…The value added was huge….
So yes, assessments suck in the short term but are very beneficial in the long run in terms of value and demand.
(ps – YES, per the agreement of sale- any assessments that have been approved must be disclosed to a buyer.)
The developer of the beautiful new construction condos, One Riverside at 25th and Locust, has decided to switch the focus of his next project from a hotel/apartment project to a 56-unit condominium high-rise. We have been saying for some time now that there is a shortage of condos in town and we think this will be a great addition to the market. You can read about the switch here.
Note Regarding Pet Policies in Pet Restricted Condo Buildings:
The Fair Housing Act allows residents of almost every type of property (apartments and condos) to have an emotional support dog or a specially trained service dog if you get the proper medical documentation from your doctor, despite restrictive Pet Policies.
SO….If you see “No Pets” allowed on www.CenterCityCondos.com under any particular building- please know that there are exceptions to the rule!
We remain in a sellers’ market where demand outweighs supply. Some segments around $1m have little inventory and nearly 90% of the “grey” inventory left over from the boom of 2006-2008 has sold.
Interior condition tends to be the driving force of value and can compete with the “location x 3” aspect in terms of value retention. Overall, sale prices average around 97% of asking price and the “days on market” clock is not long by Philadelphia standards.
Empty-Nesters and first-time buyers are our primary buyers and both want “move-in condition” and will pay accordingly. If a Philly condo shows well, it will sell well. Weekend warriors and part timers are buying one bedroom units for fun and many parents buy condos for their kids coming to Philly to attend school- you would be surprised how active that segment has become.
The best move for buyers is to learn the market and take your time. When and only when you are ready- strike like there is no tomorrow. Pounce.
For sellers, staging works. More than you think. This is not an area you want to scrimp. Buyers don’t buy bricks and mortar- they buy feelings and emotions. Dare to disagree with me on that one 🙂
That could have been more than 137 words.
I didn’t really count…
BHHS Fox & Roach Realtors
3) The new design focus is on room size and NOT room count. Most buyers today can do without the true blue 3 bedrooms. Most newer condos are now 2 beds & den. Finding a true 3 bedroom is huge…but rare.
4) The use of quartz over granite is the new trend. Also mixing counter tops is hot- Island counter top may be different than interior kitchen counter top.
5) Most new construction does not have closet space finished. Developers leave them blank for buyer to finish. And I find little difference in resale value if you use high-end closet brand vs. a reasonable knock-off brand. Just maximize your space.
BHHS Fox & Roach Realtors