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May 1, 2018

The Top Things I Really Dislike About Center City Real Estate

Filed under: For Buyers,For Sellers,General Real Estate,State of Marketplace — Center City Philadelphia Real Estate Agent @ 1:21 pm

I’ve been selling Philly Real Estate for 29 years… so yeah, I’m going to vent…especially when I come across the following:

1) When the MLS says the unit has parking, only to discover that it really doesn’t and the seller is giving “one-year free rental parking.”

2) Late Sunday afternoon appointments…in the rain.

3) “Fact” Sheets about condos that are anything but facts.

4) Poor common area maintenance in any given Philly condo building. Nothing kills value better than a building that is not kept up!

5) Buyers that have never stepped foot in Philadelphia, but know more about the Center City condo market than I do.

6) Being late for an appointment- be it a buyer, a seller, or another agent. I just don’t get it. And if I’m the late party, then it really doesn’t matter because hell just froze over.

7) Suburban agents who drag my butt to the suburbs to settle on a condo in Center City. No offense, but I’m not interested in a drive to Havermore…or wherever.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com | 215.521.1523

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April 10, 2018

The Schuylkill Banks Expansions

Filed under: Center City Real Estate,General Real Estate,State of Marketplace — Center City Philadelphia Real Estate Agent @ 3:07 pm

Anyone who has ever taken advantage of any of The Schuylkill River Trail knows what an amazing addition it has been in Philadelphia!  The Schuylkill Banks section located in Center City begins at the Fairmount Water Works (by the Art Museum) and has expanded to Christian Street (so far). The jogging/walking/biking trail includes an ADA accessible connector bridge, boardwalk, and dog park in the Fitler Square area…not to mention a ton of things to do from picnicking and yoga to fishing and kayaking.

The most recent expansion completed was from South to Christian Streets featuring access points at The CHOP Bridge and Schuylkill Banks Boardwalk at South Street. This extended the trail an additional 1400 feet past the Boardwalk into the Graduate Hospital neighborhood.

(Photo Courtesy of SchuylkillBanks.org)

 

There are plans in the pipeline to continue the trail from Christian Street to Grays Ferry Crescent by 2020 and to open an ADA accessible swing bridge that would provide a link from Grays Ferry Crescent to the west bank of the Schuylkill, eventually extending the trail to Bartram’s Garden.

Learn more about the trail and things to do by clicking here: Explore The Schuylkill Banks.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

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April 9, 2018

Renting vs. Buying

Filed under: For Buyers,General Real Estate,Of Interest to Buyers,State of Marketplace — Center City Philadelphia Real Estate Agent @ 10:07 am

Why rent a Philly condo when you can buy one?  Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down.  Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.

The main difference between renting and buying is who gets your check—a landlord or the bank.  Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:

Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.

Still not convinced?  Check out this calculator to see the personalized numbers for yourself: Buy vs Rent Calculator.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

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March 29, 2018

The Drake Tower at 1512 Spruce St.

Filed under: General Real Estate,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 1:29 pm

Built in 1929, the Drake stands as a magnificent addition to the Philadelphia skyline.

Here’s what you don’t know:

  • It IS a condo building. Back in the 1970’s, they converted to condos with a less than enthusiastic welcome.
  • Per public records, only five (5) units are privately held – the other 300 units are owned by one entity and are used as RENTALS.
  • The penthouse units start on the 24th floor.
  • Through most of the 1990’s- all penthouse units were vacant shells.
  • Some penthouses housed gardens and the top penthouse had its own pool.
  • The building is faced with small details of ships, mermaids, and other sea paraphernalia.

My first apartment was in the Drake in the late 1980’s when Duran Duran was on MTV and telephones had cords.

Mark Wade 
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

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February 27, 2018

Plans For The Laurel At 1911 Walnut Street

Filed under: For Buyers,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 5:21 pm

The plan is for 54 condos, along with long- and short-term rental units located in a 48-story high-rise with retail on the first floor.  With prices starting around $2.5M, the developer (Southern Land Company) is hoping for a groundbreaking in 2019.

According to Multi-Housing News, “residents will receive white-glove amenities that include valet parking, indoor lap pool and hot tub, five-star fitness center with luxury locker room, steam room and sauna, yoga and Peloton room. A club room and terrace overlooking Rittenhouse Square will offer bar and catering kitchen, conference room and dog spa.  Residents will also be afforded use of the luxury car service, as well as the rental suite for their out-of-town guests.”


Photo Source: Southern Land Company 

Designed by Solomon Cordwell Buenz, this project aims to be Philly’s tallest residential-only building.  Their plan is to open a sales office at 1845 Walnut in the spring.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

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January 29, 2018

The Lyndon at The Curtis – Post By Jaime Hyman

Filed under: Center City Real Estate,General Real Estate,State of Marketplace — Center City Philadelphia Real Estate Agent @ 5:54 pm

I am a sucker for new construction, but hey let’s face it, aren’t we all? There’s nothing quite like brand new hardwood floors and a beautiful fresh kitchen. However, what really gets me going is new construction WITH some of that sought-after Philadelphia historic charm. The two combined together create an unbeatable combo and uniqueness that defines this city.

Having an office in Society Hill I am exposed to this beauty constantly. Recently, I discovered some construction across the street from my office building which perked my ears right up. I quickly came to learn that Scully Company was taking on a project to create 63 luxury rental units in the historic Curtis Building at 6th and Walnut. I toured the building in the middle of construction and was immediately hooked.

*The Terrace for The Penthouse Collection

As their extremely knowledgeable and passionate leasing agent, Molly Shapcott, always says “they didn’t cut any corners here.” The finishes compare to a brand new condominium building, along with high ceilings, original window detail and state of the art amenities.

I left the tour thrilled and had to share the news. Within days, I had a client moving from New Zealand to sign a 9-month lease (yes, they accommodated that no problem!).  Shortly after, I had another client applying for the 3 bed + den, 3.5 bath duplex penthouse unit. Since then I have had another 2 bedroom client and another 2 bed + den duplex client.

Long story short, if you are looking for a new building with the best amount of historic charm, look no further than the Lyndon At The Curtis. Please let me know if you have interest in checking this amazing building out. I pretty much go on a weekly basis to check on the progress along with visit the friendly leasing staff! Feel free to come along with me next time I go. 🙂

Click here to learn more about the rental market in Center City Philadelphia.

Jaime Hyman
Berkshire Hathaway Home Services | Fox and Roach Realtors®
530 Walnut Street, Suite 480  |  Philadelphia, PA 19106
Email: Jaime@CenterCity.com  |  Cell: 610.613.1297
www.CenterCityHomes.com | www.CenterCityCondos.com

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January 16, 2018

The Philadelphia Loft District’s Rail Park – Phase One

Filed under: Center City Real Estate,General Real Estate,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 4:51 pm

Construction of Phase One of Philadelphia’s exciting new Rail Park is quickly progressing! This 1/4 mile section of the Park is a wonderful addition to the Loft District. Much like the addition of the Schuylkill River Trail, Philadelphians will no doubt make great use of this new outdoor space. It will be a great place for engaging programs featuring arts, education, culture, health, and wellness.  This is a wonderful way to get city dwellers out into green spaces!

Photo Courtesy of TheRailPark.org

Phase One will run from 11th and Callowhill to Broad and Noble Streets and will have gathering places, seating, swings, and amazing skyline views!  Learn more about The Loft District Neighborhood here.

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January 9, 2018

Philly Home Show This Weekend!

Filed under: Center City Real Estate,General Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 5:21 pm

The Philly Home Show will be at The Convention Center this weekend. This year there will be a City Studios feature showcasing three looks from area designers that will focus on making the most of small spaces in creative ways – could be useful for anyone living in, say, a Rittenhouse Square condo with a lovely view.

Closets by Design will have an interactive social media challenge where you can try to organize a closet in under 2 minutes. And for all the animal lovers out there, Providence Animal Center will be there to share some design ideas for your pets.

You can get tickets here: Philly Home Show Tickets.

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January 3, 2018

Please Be Aware of Wire Fraud Schemes in Real Estate

Filed under: For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 3:29 pm

Wire fraud has hit a number of buyers!

Realtors are getting new alerts every day warning us about the wire fraud that seems to be hitting the real estate industry pretty hard.

Here’s a tip – don’t wire me any *&#%$*# money!

Watch this video on how NOT to be a victim:

Wire Fraud Alert For Buyers From The National Association of Realtors.

If I still haven’t convinced you, check out these examples here: Couple Scammed Out of $91,000 in Real Estate Hoax, here: Scammers Stealing Down Payments and here: Cyber Swindle.

Lastly, please read this: BHHS Fox & Roach Realtors Anti-Fraud Disclosure.

Buying a new condo or home should be an exciting time.  Don’t let some @$$hole hacker ruin it for you!

Mark Wade
Mark@CenterCity.com
BHHS Fox & Roach Realtors
www.CenterCityCondos.com

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January 2, 2018

Do I Need Title Insurance for My Philly Condo?

Filed under: General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:56 pm

Absolutely! Check out this video from Trident Land Transfer for more info.

What is Title Insurance?

Here are a just a few scenarios you could encounter without the protection of title insurance:

– Forgery or fraud in connection with the execution of previously recorded documents
– Incorrect representation of marital status of grantors
– Undisclosed or missing heirs
– Wills that have not been properly probated
– Mistaken interpretation of wills and trusts
– Incorrect legal descriptions
– Unsatisfied mortgages, liens, or judgments not shown on the record
– Deeds executed under expired or false powers of attorney
– Confusion due to similar or identical names
– Unknown rights of ex-spouses or former owners
– Clerical errors in recording legal documents
– Incorrect filing of condominium declarations.

Some of these things may sound crazy. However, in my 29 years of selling Philadelphia Real Estate, I have come across more than a few of the above situations.

Email us if you have any questions about purchasing title insurance or any of the other steps involved in the home-buying process.

Happy New Year!

Mark Wade
Mark@CenterCity.com
BHHS | Fox & Roach Realtors
www.CenterCityCondos.com

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Philadelphia, PA 19106
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