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July 15, 2013

Welcome to the Hotel California…

Filed under: Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:55 pm

You can check out anytime you like… but can you ever leave (sell) that condo ?

What is the Achilles heel to resale and value? Key fatal flaws in a condo may prove difficult to resell a condo.

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I asked around the Real Estate Community, and here is what most Realtors believe to be a tough sell:

1) A very expensive unit in a low rise building without an elevator – On a high floor.  Meaning $1M for a 5th floor walk up. Though some of the best deals in town can be found on the 3rd floors of many blgds.

2) A Three story tall cheap metal spiral staircase that screams “death” ?  Yeah, that isn’t easy to overcome.

One flight of spirals in town is a great space saver. Three flights can be visually daunting.

3) Condo fees over over $1 per sq ft per month without a doorman, parking, pool, or even a gym. An inverse relationship can exist between condo fees and resale value. Add the burden of non- fanne mae warrant-ability, and you have on tough sale on your hands.

4) Buildings that just look like sh*t- from the exterior, to the lobby, elevators, and hallways. Where ongoing maintenance is clearly not a priortiy.

NOW….there is one possible upside to buying a condo in a building that may possess some of the above characteristics – And that would be price. An exceedingly well priced condo can be forgiven for its many attached sins.

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