Philadelphia Real Estate Blog

Yahoo came out with a great real estate article this past week about how Philadelphia Condominium and Home prices have stayed steady!  Here is a quick excerpt:

“Philadelphia bashers like to note how the city doesn’t quite keep pace with its northeastern neighbors New York and Boston. When it comes to real estate, that may be a good thing. While prices in the Big Apple and Beantown soared during the bubble years from 2003 to 2006, the City of Brotherly Love charted slow and steady growth. Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow — well below the national average of almost 24 percent.”I personally advertise on Zillow, so I think they are a great informative site! You can also check out my listings at my site CenterCityCondos.com. As you can see Philadelphia seems to be a great place for a long-term investment so give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com if you are interested in making a Philadelphia Condominium your next home!

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

Need we say more?

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

It is a rare day when I meet someone who doesn’t care about how much condo fees are for any given (say) Rittenhouse Square condo. Like saving money at the gas pump, or hitting a sale at Barney’s Co-Op, it is just something that concerns those looking to buy Philadelphia real estate.

Here are my top 4 solutions for cutting your condo fees:

1) Make sure ALL toilets in your association are 1.6 gallon, low flow toilets. Water usage, which is generally included in condo fees is a variable which can easily be controlled through proper usage. Go to your next condo meeting and bring this issue up. All new construction necessitates a 1.6 gallon flush toilet, so why not implement the rule for existing condos as well?

2) If you live in a mid rise condominium building here in Philly, and have a doorman, but are teetering on the edge of needing versus not needing a doorman, why not look into www.virtualdoorman.com (TM)? You could save a bundle, while not compromising the security of your building! I love this product, and excited to see a Philadelphia condo association implement such a savings.

3) Shop your master insurance policy around. Look at your deductible, your total coverage, and get quotes from 3 or 4 other carriers. You might be surprised at the potential savings. I find many condo associations are improperly insured.

4) Low rise condo associations that are under (say) 10 units-fire your management company, and manage in-house.  You may find that you do not need to hire a management company to do the little things that are needed of a small association. (careful here…)

If you are looking for a new condo here in town drop me an email at Mark@CenterCity.com or give me a call at 215.521.1523.

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

Parking in Center City Philadelphia is a treasured commodity. Since most single family homes in the downtown Philly area were built prior to Henry Ford cranking out his Model T’s, it is fair to assume that less than half the single family homes have parking- ditto for a number of existing condos in Philadelphia. And a good number of high rise condos in Philly just offer rental parking. With the advent of a number of new high rise condo projects in Center City, the number of parking spaces has ballooned in the past few years. Yippee!!

I remember back in 1990 when a lot on 3rd Street in Society Hill moved some lot lines and created ONE new parking spot, in an existing (say) twenty car lot. The spot went up for auction, and sold for $60,000. I also recall someone buying a neighboring home, as it had two car parking. They rented the house out, and kept the parking for their 200 year old Society Hill townhouse which was just around the corner. 

You can purchase a spot at the Parkominium in Old City for around $30,000- perhaps a bit more or less, depending on which spot you choose. You can buy a second parking spot at the Bella Vista lofts, via a LIFT, for $10,000 (your 2nd car sits on a lift, above your first car’s parking spot). Generally, in new construction condos in Philadelphia, a parking spot can be purchased anywhere from $30,000-$70,000 depending on the exclusivity of the building, and just how “preferred’ the parking spot is, within the parking structure.

I read that a parking spot in NYC (on West 17th Street) recently sold for $225,000 –that of course, being on the high end. My guess is that IF you could add a parking spot to say 1830 Rittenhouse Square (an impressive pre-war Center City condo building that currently has no parking), you could fetch up to about $125,000 for that spot. There would be a lot of “if’s” attached, and that is just a made up scenario, but I would guess that $125,000 would be about the max someone might pay for such an amenity.

Looking for that perfect condo, with a side of parking?

Give me a call at 215-521-1523 or drop me an email at Mark@CenterCity.com and let’s see if we can’t find just what you are looking for ~ in a condo, and in a parking space!

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

1) For every month you lived in your new Center City pad, and made a mortgage payment, you were able  to deduct the interest on the loan.  Try that with a rental payment. And be sure to let the IRS know of your plan here, as I am sure it will go over well with them.

2) You were able to paint the living room that hideous red your wife/husband/other wanted, and didn’t have to worry about NOT getting your security deposit back

3) If you had a fixed rate mortgage, you were able to plan on stable month payments, without the threat of yearly increases in rent, which most landlords do as a matter of habit, as opposed to doing so based on market conditions

4) You didn’t have to worry that your landlord was going to kick you to the curb after your lease expiration period, in order to turn the apartment into condos

5) You had the “quiet use and enjoyment” of the home to do as you please. The piece of mind that only comes from home ownership. 

6) And you now have the pride of owning your own  garden rake, a lawnmower, and perhaps washer and dryer.

Buying a piece of real estate in Philadelphia isn’t always about financial appreciation. Sometimes, the added value is the piece of mind you have knowing that you have a roof over your head that belongs to you. And your bank.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
PREA Top 100 Award- 2005, 2006, 2007

Tell Me about your Center City Condo…..

Do you own a Center City Condo? I would love to feature your condo on my blog, as an example of what potential buyers can expect to find when they begin shopping for a condo in Philadelphia.

Your condo may or may not be for sale, and that’s OK.

Give me a brief description of your condo, what you like MOST about your unit, some interesting facts or local landmarks in your neighborhood that you favor, and be sure to send me some photos!

I would love to feature your unit for the 7000+ visitors that visit www.CenterCityCondos.com each month!

Thanks!

Mark Wade
http://blog.centercitycondos.com
Prudential Fox and Roach Realtors

Adding faux painted exposed brick to a living room can be easy, quick, inexpensive, and add quite a punch to any living area….especially a somewhat boring room where some wall texture gets immediately noticed. Wall texture adds depth, and can change how light “works” in any given room. And heaven knows that a lot of Philadelphia condos could use a tad more emotional punch!

I once bought a condo that had a 5’ by 7’ chunk taken out of an exposed brick wall. I simply filled empty chunk with cinder block, applied a thin wire lathe, then semi-wet mortar mix, and scarred it to make it appear to be exposed brick. I then painted the entire wall a really cool taupe color, and you could never tell that it was faux Painted brick…and it Looked Stunning!

I should have done the wall in a medium grey color. My friend once did that to his Old City condo, to a few exposed brick columns, and I thought I was going to die. It was gorgeous!

So the moral of this blog entry is…don’t worry if your Rittenhouse Square condominium, or any condo in Philadelphia lacks a bit of charm and historic detail. There is more than one way to skin a cat, and add detail is indeed possible as you go about improving your Center City loft or Society Hill condo. Have fun, and be creative!

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

Looking to scare away a few buyers for your next Philadelphia condominium sale? Why not try these decorating tips featured here?

And don’t worry for a second, if you have a vacant, or a cluttered condo in Philadelphia to sell. If you real goal is to simply list your condo, but not get an offer, than listen up! Nothing drives away a buyer like a poor showing ability. Could you imagine your realtor in Philadelphia showing you a condo like these in a prestigious Rittenhouse Square condominium building? Neither could I. And if you are considering selling your Old City loft, or Fitler Square condo, then you should consider making it show as well as it possibly can. Nothing says “run” like a poor showing ability.

Buying a condo in Philadelphia need not be a scary thing. Unless of course, you are looking for an ugly, say, Rittenhouse Square condominium that smell like dog pee, and is priced well. Either way, why not give Mark Wade a call at Prudential Fox and Roach Realtors in Society Hill? He can help you scare up a place of your own!

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