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March 17, 2014

A building’s reputation shines brightly onto condo values

Filed under: Center City Real Estate,General Real Estate — Center City Philadelphia Real Estate Agent @ 2:40 pm
                           
Take location and amenities out of the valuation
equation and you are pretty much left with reputation
as the driving force of value for Center City Condos.
   Reputation is the elusive building quality that can garner some high end sale prices for certain buildings in Center City. Every building has a reputation which is built on a plethora of factors- some of which may not be visible to the naked eye. Factors such as: location, curb appeal, overall quality of fit & finish, upkeep and maintenance, and amenities/services that are offered. Some of the more subtle qualities of a good building reputation might be clues to the building’s finances, the size and composition of the condo units, monthly dues, friendliness of staff and management responsiveness.
The one factor that I notice buyers pay attention to is the friendliness of the staff. This is BEYOND HUGE. And such a simple factor that can easily be affected. If your doorman is anything but courteous and helpful- my buyers are going to pick that up pretty quickly and it will sour their impression of your building. York Square in Old City used to have a really pissy front desk staff and a fair number of my clients would comment on that attribute. And the comments from my buyers weren’t nice. First impressions are huge…we all know that.
The reality is that you cannot single out location as being the only driving force of value in a Center City Condo. Just look around town and try to compare building’s based on location alone- then try to determine the buildings value based solely on location. You would pretty much have to be a goof….you follow me?  Building reputation and the attributes associated with reputation can indeed dictate value and really be a driving force of those values.
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