 |
|
|
|
January 9, 2017
Some buyers know it all. Good for them. For the rest of you…here is what you may not know:
1) Two bedroom units are a better investment than a one bedroom-
Unless you live at the beach and plan on having guests every weekend. Otherwise, I don’t see that argument holding much water.
2) That unit comes with deeded parking-
Not always. Usually a parking license that gives you the right to park, but you don’t have a separate tax bill.
3) Those are hard wood floors-
Or maybe they are laminate, or a composite, or a soft wood like pine. Though it may make no difference to anyone, many floors are called hardwood but actually are not.
4) I can rent my unit out anytime I choose-
Not unless the condo docs say otherwise. Read your docs.
5) A higher floor always means a higher value-
In older buildings, I think the guiding light of value is not floor height, rather interior condition. Though a high floor has never hurt value.
6) A friend told me to stay away from that building-
It is hard to turn a deaf ear to a friend. But sometimes doing your own homework and asking questions can be an equally good idea.
7) I will walk everywhere when I move into town-
That’s great. But few will walk from say Naval Sq. to The Ritz movies in Old City. Of course you will walk more. Walk everywhere? Doubt it…Get the Uber app on your cell phone and be done with it.
8) I need three full bedrooms-
Most buyers can do with two beds and a den. Think about that as the number of three bedroom condos under say $1m is exceedingly limited.
9) I am going to find a condo where I don’t have to pay condo fees-
Good luck with that. Elevators don’t run on magic fairy dust and doormen do not work for free. Fees are a reflection of what the building offers and how much it costs to operate.
10) I need to have gas cooking-
I sold a condo to a sous chef from Le Bec Fin back in the day. He bought a condo with an electric stove. He said it didn’t matter…rather a huge misconception with the part time home chefs. Sorry.
January 3, 2017
When normal everyday people board
the crazy train…
Listen- I get it. Buying a condo can easily cause BPS (big purchase syndrome). Normal everyday people can go a little nuts over small bumps in the road or small wrinkles that inevitably come down the pike when buying a home. And catching BPS crosses all lines- whether you are buying a small little one bedroom condo or a large penthouse. Happens to many buyers of all ages and sizes regardless of the price range or experience of the buyer.
I don’t judge people when they board the crazy train in a real estate transaction. Sh*t happens and BPS is more common than one might think. And it happens to me every time I buy or sell a condo. It just does.
So don’t feel bad if you call me out on some silly detail or freak out over a little bump in the road. I understand that buying a condo has much more to do with emotions and feelings than actually owning a condo in Center City.
Almost all of my favorite buyers go bat-sh*t crazy at least once during a deal. It is part and parcel. The true crazies here are the folks who can and do take everything in stride 🙂
December 5, 2016
The strength of any condo association in town is usually a reflection of how much money they have in the kitty and it is the responsibility of EVERY condo association to cut costs wherever waste is identified. There is a company in town who has been doing audits for some larger buildings around town and helping them assess their energy needs and areas for efficiency improvements.
No Capital outlay
Lower operating costs; now and in the future
Make long term energy efficient building improvements
Lower maintenance cost by replacing aging equipment
Improve resident and guest experience
Utility company Cash Incentives available in many states
Tony Lepre may be able to help your condo association save money:
January 11, 2016
- Lower your asking price.
- Hire a professional photographer if you didn’t do so initially
- Further de-clutter and try some fresh paint on specific walls if needed
- After say 180 days- Personally, I would hire a new listing agent.
Homes do indeed get stale as the “days on market” clock grows. Value has a tendency to decline as the “d-o-m” clock grows and all sellers should be pro-active in dropping their price as time goes on. If you are not allowing your Realtor to do open houses- change that ASAP. Open every other week at a minimum. Install a for sale sign if you have yet done so.
Spending $5,000 to go repairs, upgrades, staging, etc is so MUCH MORE IMPORTANT than dropping your price $10,000. It may not seem logical to you- but look at your home through the eyes of potential buyers. That $5,000 you spend is going to put your home in a whole new light-
A $10,000 price drop may not. This final rule of thumb does not apply if your home is already super duper gorgeous. If that is the case then your only option is to drop your asking price.
March 30, 2015
A few things to remember when doing work to your Center City condo:
1) You will have to present Insurance certs to the board for your contractors. Like at the Philadelphian Condos which has a strong management board. 2) Your contractors will generally have specific times when they may work- and hours are usually like from 9am-4pm Monday through Friday. Weekend work not allowed in most buildings.
3) Converting a two bedroom condo to a large one bedroom unit? Usually not a good idea in terms of resale value and future demand for your condo.
4) Light Cosmetic work (paint, wallpaper, re-sanding floors) will almost always get you the biggest return for your money. Especially when done with the supervising eye of a decorator.
5) Never carpet a living room. Never use high gloss paint outside a kitchen or bath. And when thinking of a color scheme- use 2 primary colors and one accent color. No more then 3 per room.
6) Stay away from: Black grout around the tile… Mirrored Closet doors…an avoid fluorescent lighting fixtures. No one looks good under fluorescents. Not even supermodels.
7) Consider putting $$ into your closet organizing system- this is going to give you a HUGE return in terms of “Use and Enjoyment” and is going to play quite well into resale value.
8) When remodeling a kitchen- you needn’t spend the big big bucks for a built-in refrigerator, but you should make your refrigerator appear to be built-in….this is an easy trick for any qualified contractor. A frig that looks out of place IS out of place…Like black shoes and a brown belt.
If you need some advice, call me.
I know the best, and the worst contractors in town.
Tags: Center City condo, center city condo for sale, center city condos, Center City Real Estate
January 5, 2015
The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.
And if you think the Center City Real Estate community doesn’t have its own clique- then you would be incorrect. Some Center City Condo listings get more traffic than others just due to their basic popularity, like the Academy House at 1420 Locust St. Being cooperative, flexible, playing by the rules, etc., all have their benefits. I have heard repeatedly that agents will avoid certain listings because they don’t want to work with this or that agent for the next two to three months of their lives. I get it. I am not saying I condone such behavior, but I do understand it. I too do not want to deal with someone who is not going to return my phone calls, has a reputation of being a pain to deal with, or maybe even known to be a hint evasive or is just someone who is known for not being able to help carry a deal to closing because they haven’t (say) been honest with their clients. Or just plain aloof.
And being “In with the In crowd” gives me access to properties that less popular agents can’t arrange. I am in the clique, you see  And I sell a lot of Philadelphia condos….so I may get a hint more wiggle room for weekend appointments, or last minute appointments. Or just get waltzed right past the doorman when I walk into a building.
Tags: Center City condo, center city philadelphia condominiums, condominiums
December 29, 2014
July 14, 2014
I am often asked by condo owners to offer tips on getting their condo to “Show Well”. Here are the 3 quick easy tips for maximizing the showing ability of your Philadelphia condominium:
1) Go to Ikea, and buy a floor to ceiling curtain and hang it from ceiling height, in front of your bathtub. This is not going to take the place of your shower curtain, it is simply going to add some dramatic effect to the bathroom. It is quick, cheap, and has a powerful punch in terms of the emotional appeal of your Center City condo.
2) Paint an accent wall. Preferably, one that is opposite the entryway to any given room. I like to see fireplace walls accented in somewhat neutral, yet enticing colors too. Like a chalky blue, or green. Painting an accent wall will give a hint of flavor to a room, without overpowering the room with massive color.
3) Replace the knobs on the doors and drawers in your kitchen and bathroom. And don’t buy the 99 cents knobs either. Go to Pottery Barn, or Restoration Hardware, and spend a few dollars. Believe me when I tell you, they will help even a somewhat tired kitchen look a bit refreshed.
That’s it. Three quick easy steps for maximizing the interior “curb appeal” to your Center City Condo!
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, philadelphia, philadelphia realtor
May 19, 2014
We Will Remember 2014 As The
Year Of No Inventory
In my opinion, the cause is easy to pinpoint.
We are just now coming to a time in the market where prices have begun to rise. However, they have not risen to a point where many sellers have a ton of equity into their Center City condos. As a result, they either choose not to sell or simply cannot sell because they do not have the equity to move into a new home. This creates a bottleneck of demand- buyers are buying but there is not enough product on the market to meet that demand.
We see this phenomenon once every 7 years or so when the market shifts from a buyers market to a sellers market.
Look for the situation to change next fall as more sellers gain the equity needed to move into a new home and list their current properties.
Although I don’t mean to be the “big brain”….
We do have a fairly sizable amount of the
Center City Condo inventory for our buyers….
Tags: Center City condo, philadelphia, philly condos
January 27, 2014
I am often asked by condo owners to offer tips on getting their condo to “Show Well”. Here are the 3 quick easy tips for maximizing the showing ability of your Philadelphia condominium:
1) Go to Ikea, and buy a floor to ceiling curtain and hang it from ceiling height, in front of your bathtub. This is not going to take the place of your shower curtain, it is simply going to add some dramatic effect to the bathroom. It is quick, cheap, and has a powerful punch in terms of the emotional appeal of your Center City condo.
2) Paint an accent wall. Preferably, one that is opposite the entryway to any given room. I like to see fireplace walls accented in somewhat neutral, yet enticing colors too. Like a chalky blue, or green. Painting an accent wall will give a hint of flavor to a room, without overpowering the room with massive color.
3) Replace the knobs on the doors and drawers in your kitchen and bathroom. And don’t buy the 99 cents knobs either. Go to Pottery Barn, or Restoration Hardware, and spend a few dollars. Believe me when I tell you, they will help even a somewhat tired kitchen look a bit refreshed.
That’s it. Three quick easy steps for maximizing the interior “curb appeal” to your Center City Condo!
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
Tags: Center City condo, Center City Real Estate, Philadelphia condominiums
« Previous Page — Next Page »
|
|
|
