Philadelphia Real Estate Blog

The Hopkinson House

A wonderful high rise located directly on Washington Square! A wide variety of sized units…from studios to a few large three bedroom units can be found in this Society Hill condo building. Rooftop pool, and underground on-site rental parking is available. Many of the condominiums in the building have balconies….either sun drenched south facing, or have a beautiful Washington Square View. A small convenience store is located on the first floor, along with laundry facilities in the basement, and a parking garage available for rent (when available). Hopkinson House was built in 1963 by renowned architect Oskar Stonorov of Stonorov and Haws and was built on the site of the First Presbyterian Church in the Society Hill section of Center City Philadelphia. All units at Hopkinson House are flats, and this Philadelphia condominium building houses studios, one and two bedroom units. The proper address is 604-36 S. Washington Square, and is located within the 19106 zip code. Known as a great value in Philly condos, the Hop House is wonderfully located directly on Washington Square. You can see more information by visiting my website, www.CenterCityCondos.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

On-Site Rental Parking  Pet Friendly Building  Doorman Building    Indoor Pool

The Academy House! Located in the heart of Center City, this lovely 30+ story condominium building offers a wonderful assortment of unit sizes and styles…many with outside balconies! Rental parking in the lower level (valet!), 24 hour doorman, an indoor swimming pool and work out facilities are located on the premises. A great value in Center City (in our opinion!) Located on the eastern edge of the Rittenhouse Square area, and just a block off Broad Street! A popular alternative to those looking to buy a condominium on Rittenhouse Square.

If you are interested in taking a tour of the building, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

(November 2008)

This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!

And the asking price is just an asking price!

A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.

Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction- there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I am such a sucker for a Gorgeously Decorated condo!

Any condo developer with a large number of units to sell is going to have one unit on display, and decorate it to the Nth degree. Some Philly condo offerings do such a thing better than others. Having seen almost every condo Model Home in town, here are my three favorites (not in any particular order):

1) Dockside Condominiums

Gorgeously appointed with some of the most attractive finishes, the two bedroom model units at 717 S. Columbus Blvd. are breathtaking. Simple, and timeless, these model units are a very powerful sales tool. With huge walk-in closets, and a nice little patio, not to mention killer views, these units are stunning. All my customers say so!

2) The Aria Condominiums

The Penthouse model unit at 225 S. 15th St. (aka 1420 Locust St) is nothing short of spectacular. The model unit provides any prospective buyer with a sense of simultaneous excitement and inner peace. The finishes work in harmony to bring a very livable space to life. And if views of neighboring Center City skyscrapers is your thing, then look no further than the Aria. Nicely done.

3) The Ellington

Located at 1500 Chestnut St, the decorated penthouse units at the Ellingotn have caused me to reevaluate my living situation on more than one occasion. The power of the emotion pull that these model home have on mere mortals is stunning. A gorgeous set of model units for you to see.

If you are looking to be bowled over by a model unit in town, and can easily see yourself living such a glamorous life, give me a call at 215.521.1523, and let’s go see some lovely condos! But be forewarned, these units are very persuasive in their ability to pull at your purse strings!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Akin to a foreclosure, corporate owned, or “Relocation” homes and condos in Center City Philadelphia are often marked down in order to get them to sell fairly quickly.

I currently am aware of two such condos in town. In one instance, the condo sold in 2006 for $569,000 and is now asking $449,000.  And that is an ASKING price. The other condo will sell (my guess) for about $100,000 LESS than someone paid for it just a few years ago.

Both condos are fairly new- one is a two year old condo in Old City, and is nothing short of stunning. The other is in a large, full service doorman high rise condo that is just begging to be snatched by the right buyer.

Here is my view on how a “relo” comes to be: Sue buys a condo. Sue gets transferred out of state. Sue’s company (Say, IBM) hires a 3rd party to buy and or sell the condo on Sue’s behalf.  Here is the kicker: IBM  (or whoever) is NOT in the business of owning condos in Old City, or anywhere else for that matter. They have a tendency to list them for prices that are well below market value.

TWO CENTER CITY CONDO BUYERS ARE GOING TO STUMBLE UPON THESE CONDOS, AND PROBABLY STRIKE A REALLY GREAT DEAL.

If you are interested in learning more, give me a call at 215.521.1523. Let’s chat. And let’s go take a look at a few “relo” condos in Philly!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St., Suite 260 Philadelphia, PA 19106

The anticipation of a new condo project can outweigh the reality of the finished product, as buyers really aren’t sure of how the finished project is going to sell, once completed. Or how the finishes are going to translate into the emotional draw, or the lack thereof, that the project is going to emit, once completed.  Developers have gotten good at building hype, and selling the sizzle that accompanies the excitement of buying a new construction condominium. But sometimes the sizzle can outweigh the reality of the product. An easily lead buyer can find themselves caught up in the excitement, and neglecting the details. Seeing a developer’s prior work, or building products can be a big help. Also, being extremely thorough can be a big help. Ask lots of questions. If the developer doesn’t have answers for you, then ask if you can reserve a unit at a particular price, until such questions are answered. Or finding a great realtor with experience in the field can be a big help.

Sizzle does indeed sell new condominiums. Any you don’t need to be ordering steak to discover that a reality check may be in order if you find yourself being lead by your emotions. Doing your homework, and asking questions is the key to avoid being stuck with a tough, rubbery cut of real estate.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I love the little tricks that real estate agents sometimes attempt in order to try to “pull one over” on my buyers.

Guess What? They Ain’t fallin’ for it….because I am going to take the time to educate them about the little nuances of realtors here in town.

For instance, that listing where a realtor may have yanked a listing off the market for 2 days, then put it back on the market in order to make it  appear “new”? Not going to happen….the MLS now lists the TOTAL days-on-market and makes apparent just how long your listing has been sitting.

A personal favorite of mine-Realtors who list the properties as having parking, then at the bottom of the MLS sheet it says-seller will pay for one year paid parking in some garage somewhere.

DO YOU THINK I AM NEW TO THIS PLANET? I am not. Neither are my buyers. Nice try though…..

Oh, and the sneaky way you might submit your new condo to the MLS, and “forget” to add in the square footage? This simply tells my buyers that your condo may be overpriced for the size, and you just don’t want to admit it.

I work hard to be truthful and honest with my buyers, and I am going to reveal every trick in the book that realtors may attempt in order to get their listing some ill-deserved attention.

My buyers are not stupid, because I am not stupid. So there

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

We have talked about this before and the topic keeps us happy here in Philadelphia, so here we are talking about it again. Amidst a year filled with housing turmoil, from foreclosures to listings that sit on the market for over 200 days with no end in sight despite ANOTHER price reduction, here in Center City Philadelphia, condominiums are still selling. Sure, the market here has softened, there is no doubt about it, but compared to our Suburbian friends around the country, our head is still holding above the water and with no intention of sinking.

I came across this great article from the Philadelphia Inquirer from the summer titled Center City Condos Thriving. Many of my colleagues are quoted throughout the article and at the bottom you can read some statistics from many buildings in which I’ve sold a condo or 2 (or many) myself, including The Winne Building, in which I currently have several lisings.

Before we know it, the 2009 Spring market will be in gear and things here in Center City Philadelphia will really start to pick up again. If you are interested in an appreciating long term investment, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com to set up an appointment and let’s go condo shopping (my favorite thing to do) together!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106