Here are a number of factors that can sway the value of your condominium in any given month:
1) Time of year
The Center City condo market is HEAVILY weighted towards the spring. Selling a condo- especially a one bedroom condo may not pull nearly as much in any other time of year.
2) A spate of foreclosures or short sales in your building
Yeah, that always sucks- but a number of short sales or foreclosures can drop values fairly quickly within any given building. So can an auction.
3) A huge special assessment by the condo association
Though an assessment does (in time) help improve values, the onset of one might temporarily reduce demand for a particular building. ALL buildings have assessments from time to time and it’s unavoidable.
4) A large number of similar properties for sale in a building
Uncommon, but if several condos within any building hit the market, the value of your unit may be affected.
5) The state of the economy
If the market overall is depressed then the value of your condo will decrease.
6) Showing ability
Perhaps your condo used to “SHOW LIKE A GEM” but now you have three frat boys and a dog renting the place. Think that’s not going to affect value?!
You’d pretty much have to be from another planet to think that arrangement won’t affect a condo’s value. 🙂
This beautiful, gated, high-rise community located at 901 N. Penn Street in Northern Liberties includes a 24-hour concierge and convenient shuttle service. The 25-meter-lap indoor pool is an absolute dream come true with beautiful views of the bridge and river and the purchase of each unit includes one valet parking space. There is also a spa, sauna, and steam rooms, not to mention a fitness center and on-site yoga classes. Bike parking is also available. Call us to schedule a showing today!
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…
So, you have decided to load up the truck and move to ‘beverly, eh? Please know that before you go, you are probably going to get busted by your buyer’s home inspector for a number of issues. Here are the most common issues that I see sellers neglect when they sell their Philly condo:
1) Your air filter to your heating and air conditioning system needs replacing. It is old…super old…and has been restricting flow to your HVAC system, or it is improperly sized, or even non-existent. I see this ALL the time. Go to the Home Depot, and spend the $25 to remedy this….Now.
2) There is a missing TPRV on your hot water tank. This is another “under $25” fix. Again, go to Home Depot, and look in the plumbing section for a Temperature Pressure Relief Valve. Simply put, it is an “L” shaped thick metal pipe that measures about 1’ by 4’ and directs hot water down and away from anyone standing nearby, should the pressure relief valve open on its own.
3) There are double taps, and under/oversized breakers in your electrical panel box. I don’t really know what that means. I do know that it means you should call an electrician and have your electrical system looked over and remedied. Again, happens in a good percentage of the past 2000+ home inspections I have seen in my career.
4) Missing grout, or worn grout, and /or caulk in the shower and tub. Another $20 fix in most cases. This is preventive maintenance stuff here, and you will get called on it, if applicable.
5) Water stains on your ceiling. You need to fix the cause of the leak- and more often than not in Philadelphia condos, it is caused from a leaking bathroom above (should you NOT be living on the top floor, perhaps).
Now clearly, there is a possibility that none of these issues apply to you, but I would have to say that these are the most common issues cited by home inspectors in the 29 years I have been selling condos in Philadelphia.
So, when you are ready to add your condo “Just Listed” site, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com. We can talk about the possibility of some of these issues before the home inspection takes place, this way your potential buyer won’t nag you with the small stuff!
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.
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.)
Personally, I could give a cr*p about your blinds and shades. But if they matter to my buyers, then they matter to me – so listen up!
Lovely wood blinds at 1905 Green St. Unit 3
Buyers don’t buy bricks and mortar..they buy feelings and emotions. The Center City condo buyer is NOTORIOUS for being able to sniff out the lack of quality and they will indeed pay for quality. One of the first things that help elevate the emotional value of a condo is the window dressings. Shades, curtains, and blinds – the bling that either attacks or repels. Though I have never done business with the folks at Allure, I know a number of my clients have and they seem to understand the needs of many condo buyers here in town. And here’s their pitch:
Window blinds are a familiar window treatment to many and continue to be a go-to, staple window covering for horizontal and vertical options for several reasons. The adjustable nature of a blind’s thin slats to control light and privacy while the shade is lowered or traversed over the window makes it a versatile choice of covering. Tilting of the slats is essential to maintain views and for refracting light so that a room can receive the exact amount of desired exposure where and when it is needed. In today’s market, simple and hassle-free operating options exist that did not in past years which make blinds conveniently functional. Blinds have been known to be pesky in the past because of tangled cords and strings and frustratingly cumbersome due to trying to balance and even-out the things! Blinds in Philadelphia are now able to be constructed with sophisticated motorization systems with remote-controlled operation or integration with Smart Home systems. Manual options are more advanced as well, including cordless lifting mechanisms and advanced-engineered corded mechanisms for flawless operation. Blinds can be matched to enhance any décor – elegant to transitional to modern. The material options for blinds are aplenty with distressed and stained genuine hardwoods, affordable faux-woods, and sleek to rustic aluminum. Within the material options are a plethora of striking color and stain choices. An overall beautifully complete look can be achieved by adding a decorative valance, accented cloth tapes, and chic wand attachments to coordinate with a room’s interior style. Because the Philadelphia area hosts buildings with a wealth of diverse architecture, our designers can help you find a blind to perfectly suit any room.