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November 6, 2017

Common Home Inspection Issues That I See in Philadelphia Lofts and Condos Every Week….

Filed under: For Sellers,General Real Estate,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 1:34 pm

So, you have decided to load up the truck and move to ‘beverly, eh? Please know that before you go, you are probably going to get busted by your buyer’s home inspector for a number of issues. Here are the most common issues that I see sellers neglect when they sell their Philly condo:

1)  Your air filter to your heating and air conditioning system needs replacing. It is old…super old…and has been restricting flow to your HVAC system, or it is improperly sized, or even non-existent. I see this ALL the time. Go to the Home Depot, and spend the $25 to remedy this….Now.

 


2) There is a missing TPRV on your hot water tank. This is another “under $25” fix. Again, go to Home Depot, and look in the plumbing section for a Temperature Pressure Relief Valve. Simply put, it is an “L” shaped thick metal pipe that measures about 1’ by 4’ and directs hot water down and away from anyone standing nearby, should the pressure relief valve open on its own.

 

       

 3) There are double taps, and under/oversized breakers in your electrical panel box. I don’t really know what that means. I do know that it means you should call an electrician and have your electrical system looked over and remedied. Again, happens in a good percentage of the past 2000+ home inspections I have seen in my career.

4) Missing grout, or worn grout, and /or caulk in the shower and tub. Another $20 fix in most cases. This is preventive maintenance stuff here, and you will get called on it, if applicable.


5) Water stains on your ceiling. You need to fix the cause of the leak- and more often than not in Philadelphia condos, it is caused from a leaking bathroom above (should you NOT be living on the top floor, perhaps).

Now clearly, there is a possibility that none of these issues apply to you, but I would have to say that these are the most common issues cited by home inspectors in the 29 years I have been selling condos in Philadelphia.

So, when you are ready to add your condo “Just Listed” site, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.  We can talk about the possibility of some of these issues before the home inspection takes place, this way your potential buyer won’t nag you with the small stuff!

Mark Wade
www.CenterCityCondos.com
BHHS Fox and Roach REALTORS®
530 Walnut St., Suite 480 Philadelphia, PA 19106

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March 9, 2015

Condo ONLY Sales And Inventory Data

Filed under: Center City Real Estate,General Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 8:54 am
(When I have nothing better to do, I like to run through all MLS data…)
2401
19102 – Broad to 16th Streets
Number Of Active Condos For Sale = 41
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 72
19103- Rittenhouse/Fitler/Logan Circle
Number Of Active Condos For Sale = 89
Number Of “Pending” Condos = 31
Number of Sold Condos in Past 12 Months = 244
19106- Old City/Society Hill
Number Of Active Condos For Sale = 103
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 160
19107 Washington Square West
Number Of Active Condos For Sale = 48
Number Of “Pending” Condos = 8
Number of Sold Condos in Past 12 Months = 97
19130 Art Museum Area
Number Of Active Condos For Sale = 82
Number Of “Pending” Condos = 30
Number of Sold Condos in Past 12 Months = 187
19146 Graduate Hospital Area
Number Of Active Condos For Sale = 40
Number Of “Pending” Condos = 10
Number of Sold Condos in Past 12 Months = 88
19147 Queen Village/Bella Vista
Number Of Active Condos For Sale = 67
Number Of “Pending” Condos = 19
Number of Sold Condos in Past 12 Months = 85
So just what the heck does this all mean?
Pretty simple equation- shrinking inventory coupled with growing buyer demand means that condos are selling for much closer to asking price than a year ago, they are selling faster, and there are fewer options.
AND…the spring market will “officially” be here in a week or two- When we hit our first 60 degree day, the buyers will come out in full force.
This scenario is playing out all over town- be it in the condo or the single
family segment.
Prices are going up. 
Period.
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December 1, 2014

Click the Link Below to See our Featured Listings!

Filed under: Center City Real Estate,For Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 9:35 am

ccc_logo_berkshire

Click here to see Center City Condos Featured Listings!

Mark Wade
Berkshire Hathaway Home Services | Fox & Roach Realtors®  
 530 Walnut St. Suite 260
Philadelphia, Pa. 19106
Mark@CenterCity.com 
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July 12, 2010

Auction Results from CU 257

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 8:55 pm

The third auction in the Center City condo segment of the market to occur. I would deem it a success. Here is what I understand folks paid.

 
Here is the breakdown of the prices.  These prices are the winning bid prices and do not include the 10%  auction premium on each winning bid.
 
1.  $615,000 Unit 601E
2.  $600,000 Unit 601W
3.  $470,000 Unit 401W
4.  $495,000 501E
5.  $485,000 501W
6.  $455,000 301E
7.  $455,000 401E
8.  $445,000 201E
9.  $435,000 301W
 
And if you think this is the last Center City Condo auction that is going to take place, I would suggest you are wrong! Keep your eyes open for more future auctions! Call or email me if you want me to comment on these prices!  215.521.1523
  
Mark Wade

www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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February 8, 2010

Let it Snow, Let it Snow, Let it Snow

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 4:38 pm

I don’t give a crap- I live in a condo and don’t own a snow shovel…

And I don’t need to stock up on milk and bread with the impending onslaught of a winter storm. I live in Center City, and the little corner grocery stores are always open in any  blizzard, as are almost all the restaurants. And who needs to shovel out the cars- there are plenty of taxis that will do my driving for me.
 
If you live in one of our fine suburbs- be it Gladmore, Havernova, or Bala Who-Knows-Where, and are getting tired of having to deal with the weather,or perhaps you own one of those lawnmowing things that I understand are used to cut grass (I have only heard of such contraptions)-Then isn’t it time you simplified and let someone else do the unpleasant tasks in life?
 
Yeah, I am a Center City Condo snob. I know it, and am kinda’ proud of it. Riding on a train to work, or driving on the Schuylkill isn’t something that is a part of my life….and the business of owning more than one car?! Uh, no thank you.
 
Want some bragging rights too? Then drop me a note, and lets chat. Lets get you into town, and into a more simple life. Membership into the “I am a Center City Snob” club is free 🙂

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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June 5, 2009

You can’t compare a walk-up to an elevator Condo building in Philadelphia

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 4:13 pm

… in a Low Rise Condo Building.


 
Just like comparing apples to oranges, an elevator vs. a NON-elevator building is just not the same. But there are a number of “red flags” I would preface this information with….

I am not suggesting that an elevator building in inherently more valuable than a non-elevator building. That is not the point. And it ain’t true in all cases. However, there MUST be some differentiation in value when you are talking about two IDENTICAL units (in terms of size, location, condition, amenities,etc) in which one is a FIFTH floor walk-up, and the other is a FIFTH floor condo in an elevator building. HUGE difference in price.

No one could tell me, with any conviction (unless they were mental) that a value difference needn’t be considered.

Most Philadelphians will hike it up to the 2nd floor without a gripe. A few noises for 3rd floor walk-ups. Fifth floor is a tall order- no pun intended.

But then again, most of the higher walk-up floors are going to be discounted. Just look at 924 Spruce St. # 301 – probably one of the best deals in town! Generally speaking, the higher the floor ( above 2nd) is going to have to be discounted more and more. These units are saleable, but adjustments need to be made.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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May 29, 2009

Not all Philadelphia Locations suffer Equally in this Real Estate Market

Filed under: Center City Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:54 pm

What I find interesting about the current state of the market, here in late Spring 2009, is that not all segments of the real estate market in downtown Philadelphia are equal in terms of it being a sellers or a buyers market. 

The hottest segment in town has got to be the two bedroom townhouse market in the 19103, or northern portion of 19146- roughly called the Rittenhouse Square area, under $400,000. Slim pickins’ should a buyer find themselves looking for housing in this crowded area. Many buyers, either Penn students, or whomever, are searching for that perfect, say, $375,000 two bedroom townhouse. I would strongly suggest that this segment of the market is a sellers market, or at least leaning in that direction- more so than any other segment of the Center City real estate market.

Conversely, I would venture to guess that an extreme buyers market is in effect in the Northern Liberties section of Center City in terms of the condo market. Simply looking at inventory levels in one clue. The other clues, or symptoms would be average “Days On Market”, and the difference between asking price and selling price of many of these units. The last hint to where any segment of the market may fall, in an extremely unscientific measure, is the amount of buyers I have who visit my website, and search for inventory in those two particular neighborhoods. The Rittenhouse Square area out weights other areas in a disproportionate manner. 

Depending on what market segment you may be interested in, may determine your ability to not only have a lot to different condos to look at, but also may provide more opportunity to bargain with any given seller. Yes, there can be a buyers market on one end of town, and a sellers market on the other end of town- at the same time.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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May 27, 2009

Dispursement of Philadelphia’s Real Estate Wealth

Filed under: Center City Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:16 pm

Twenty years ago, if you had $750,000 to spend on a piece of Philadelphia real estate, you had just two options- Rittenhouse Square or Society Hill. Or like most buyers in the Philadelphia region, you may actually have omitted the downtown options, and landed in suburbia. Back in the late 1980’s/early 1990’s, transferees into the metro Philly area would seem to magically bounce of Center City (our downtown area) and end up in a suburb. The idea of spending anything over a half million dollars to live in Old City, The Art Museum area, or say Washington Square West was just not a popular option or idea- even if you could find something in those neighborhoods in such a price range. You would have to be out of your mind NOT to position yourself front and center on Rittenhouse Square, or in Society Hill- our two mainstays for the Location, Location. Location equation.

Today, options for high end condos and townhomes in Philly are varied- not only in terms of location, but also style. Old City is a REAL possibility for many condo buyers in the upper tier. Old City is probably the one neighborhood where a high end modern loft condo has not only become a real possibility, but a true draw to many empty nesters looking to abandon such things in their lives as lawnmowers and multiple car ownership.  Fitler Square, with its quaint cobblestone side streets and small pocket gardens, as well as the Avenue of the Arts- replete with cultural activities nearby, are options that high end buyers did not exercise in the late 1980’s.  And let’s not forget the Waterfront areas, as well as Art Museum areas, and Queen Village, each offering their own attractions and pleasures of an urban lifestyle.
   
With the growth and popularity of downtown Philly, there has arisen a variety of options in which buyers should explore, before sticking with one neighborhood in which they are familiar. And it seems that all buyers coming into Philadelphia have heard of locations like Rittenhouse Square and Society Hill. With the advent of Google Street Views, and maps, one can easily learn about all of the area neighborhoods before even stepping foot into the downtown Center City area.

So take a look around, and explore. Not only neighborhoods, but also the variety of housing stock offered in the downtown area. From converted brownstone mansions, to contemporary new “green” structures, downtown Philadelphia has come a long way in the past twenty years as a viable alternative to suburban life. And it seems like the table have now turned- transferees now magically bounce off the outlying suburban areas, and end up putting their money and their belongings in a Center City townhouse or condominium.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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May 20, 2009

New Construction Condos in Philadelphia

Filed under: Center City Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:28 am

You call THAT an upgrade?


 
Since when are closet inserts an upgrade? When one buys an $800,000 condo, should you not be able to expect that some sort of clothes hanging mechanism would be included? Even the cheesy cheap wire mesh systems? I have seen developers try to pass off even the basic necessities as upgrades, and it is insulting. Perhaps Mr. Developer, you think my $800,000 buyer just fell off the back of a turnip truck? How the hell do you think he or she got to the point in their life where they could afford such a condominium without a brain cell or two? Dumbass.

And please stop with the patronizing “and you get lovely carpet in the bedrooms at no extra charge”. Again, you are an idiot.

And touting the virtues of a dishwasher, a garbage disposal, and/or doorbell for each condo unit?Yippee…where does my buyer sign?? If developers could take a minute or two to tour some of the condo offerings in Center City Philadelphia, and realize that the buyers I am bringing to your front door have seen almost EVERYTHING on the market, then maybe that developer could wise up, and compare apples to apples. Tell us about the significance of your location, the quality of your construction, or the fact that you are priced competitively. My buyers are not stupid, and I will not allow them to be uneducated. So wise up, and let’s make a deal. Because until you (Mr. Developer) come to your senses, my buyer’s desire to write an offer on one of your condos is going to be severely limited.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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May 12, 2009

Buying a Rehabbed Center City Condo?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:15 pm

It is difficult to put a price on a new kitchen in say, The Hopkinson House condominiums, or the Academy House condos. Though it is easy to calculate what the seller may have paid for the new granite, the appliances, and the cabinetry, but what about all the other costs associated with a new kitchen in an existing high rise condo here in Philadelphia?

Consider the fact that you have to first plan for the new kitchen. You measure, you check, you curse, you get confused, you wing it, and you now have some plans. But you have to pull permits from the city. And get approval from your condo association. You then must shop for all the new ingredients- including baseboard, toekicks, quarter round, and backsplash tile. You then need to get rid of your old kitchen. It is not like you can just throw the sink down the trash chute. And you have to live with this mess. And without a kitchen for a while as well. Then you have to take delivery of the new cabinetry and appliances and all (from M-F 9am-4pm only in most Philadelphia condo highrise buildings) and see that your delivery men get a parking space, don’t bang the walls in the hallway, etc. Next plan for something to go wrong, and put your plans back 3 weeks. It happens. All the time 🙂

So congratulations. You now have a new kitchen. And a healthy respect for EVERYTHING you had to go through to get this new kitchen inside your new Center City condo. And you swear you will never do it again. So, you still think that new kitchen in the condo you are looking to buy is only worth $20,000?

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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530 Walnut Street, Suite 260
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
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