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March 2, 2010

Center City One Condos at 1326 Spruce St.

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:00 pm

With 182 individual condominium units, and 86 deeded parking spots, Center City One Condominiums have a great reputation for being a solid Philadelphia real estate buy.  A Great Value which could be improved!  A mix of studio, 1, and 2 bedroom units, Center City One condos offer either wonderful city views to the north, or south facing sun-drenched views.  These Washington Square West condos are located in the 19107 zip code, and all units at Center City One are flats- no loft condo units at 1326 Spruce exist. We find many Philly real estate buyers delighted with what they can buy for their money at Center City One. Although a stable building in terms of resale and location, the building could easily pull higher sale prices with minimal effort.

As a veteran Philadelphia real estate agent who specializes in Philadelphia condo sales, I hear a lot of feedback from buyers whom I shuttle around town in my car. Most buyers will comment on the lack of emotional appeal to the exterior of the building, followed by the worn hallways on every floor. And although the lobby and elevators are attractive, a somewhat unfavorable impression is made by prospective buyers, prior to even seeing the interior of any condo that may be for sale at 1326 Spruce St. I often counter with the fact that the building has a strong on- site management team, an active condo association, and of course liberal pet policies, parking, and proximity to Avenue of the Arts. My ability to lessen the lack of initial emotional appeal usually falls on deaf ears.

If I were the king of Center City One, the first thing I would do is to power wash the concrete exterior which has collected its fair share of city soot and dirt over the years. In addition, the wood balcony partitions on the outside of the building appear faded and a bit weathered. Step two would involve a special assessment to immediately refinish all common hallway areas. The carpet currently appears to be worn, and faded, is what I will hear from most potential buyers. The hallways dimly lit with brass fixtures from perhaps the 1980’s, and fingerprint-proof wallpaper that screams “dated” are going to figure prominently into the associations ability to update the building in order to raise the value of the existing units in this 30 story building.

The death knell of values in existing Philadelphia condominiums is a dated, worn cosmetic look. Center City One excels in location, views, amenities, closet space, balconies, and unit layout. I would suggest that if the association spends for interior and exterior cosmetic work, that values of the condos at 1326 Spruce St. would rise appreciably.

Since this post was written in 2010, Center City One has made some of the very upgrades I wrote about in this post. Please read our new, updated post about Center City One Condominiums here

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
215-521-1523

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