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July 8, 2013

Crappy Center City Condo Buildings

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:30 pm

There are a lot of well managed, well run Philadelphia condo buildings here in town, and there are a lot of crappy, hard to resell, impossible to finance, and just all around disasters-  In terms of being an awful investment.

Here are some things that I suggest buyers keep in mind when determining the strength of a Center City condo purchase (unless of course, they outright just steal the condo in terms of a killer price-

1) Owner- Occupancy Ratios: The more owners in a building, generally the better for resale. Under 30% tenants is a fine number. 90% tenants ain’t so great.

2) Delinquincy Ratios on Condo Fees- Some buildings are filled with deadbeats. Sorry. If over 15% of owners are late on their monthly dues- building becomes non fanne mae warrantable, and financing the condos in the building is remarkably difficult. Leads to depressed values real quick.

3) Condo buildings with appallingly low monthly fees. That could mean the building is going to hell in a handbag. Buildings need to be maintained regularly.

4) Buildings that clearly are in need of an assessment- yet owners won’t approve deferred, much needed upkeep and repairs- either internal or exterior.

5) Overall Ugly Buildings. In an alley. Next to a dumpster. Puke on the sidewalks. And urine. Yeah, not a big fan.

You want me to name name’s? Call me. Let’s chat.

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