Philadelphia Real Estate Blog

1) Have you ever walked into a condo and found someone naked?

Philly condominiums offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit.

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s discuss how parking may affect you!

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.

….fairly painlessly

Remember- If your Philadelphia condo association isn’t being run like a business (which in essence, it is) then someone isn’t doing

their job. Capiche?

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

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

…yeah well, they all do.

Container gardens are very popular with city dwellers- though rarely do I see a small private outside area and witness plants thriving. It is like a death sentence for any plant that gets purchased by anyone who resides within the confines of Center City. So here are my suggestions for those looking to buy garden plants that basically “thrive on neglect”
 
Tall Plants- Good Sun           Tall Plants-Shade
                          
Bamboo                                 Feather Reed Gras 
 
Small Flowers- Full Sun         Big Flowers-Shade
            
Moss Rose                              Salvia                      
 
 
So if killing plants is your “thing”, Try these goof-proof plants that can thrive on neglect,
and you may have one of the prettiest gardens in Center City Philadlephia!

Is gardening a priority for your move into Center City? Lets chat about how we can find you a place with some nearby “Greenery”.

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

…and their priorities

I certainly don’t want to stereotype any particular set of buyers, but it has been my experience that each set or group of buyers assign different values to amenities in Philadelphia lofts and condominiums. From first time buyers to empty nesters, each comes with their own set of wants, needs, and priorities. Here are what I believe to be common amongst the empty nester set:

-Very few stairs
-Very little maintenance
-Parking
-Pet friendly buildlings
-Closet space
-Walking Distance to shopping, dining, and cultural activities     
 
While such niceties as a high floor with great views, hardwood flooring in bedrooms, and exposed brick may be a plus, I see fewer empty nesters in Philly willing to pay for such features. Again, I apologize if I am pidgeon-holing any group of buyers, it has just been my experience that different groups of buyers gravitate towards different amenities – some weighted with a higher value than others, of course.

Lets discover your priorities in Philly Real Estate!

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

…ok, don’t answer that…and no, thats not a photo of me.
 
Top 5 things I can’t get Philadelphia Loft and Condo buyers to believe:

1) It is OK to paint exposed brick
2) Carpeting is OK in your bedroom
3) There is no difference in value between say the 33rd floor, and the 34th floor
4) A super clean older kitchen will sell just as well as a stainless steel, dirty kitchen
5) You will never recoup the costs of a new heater and new central air conditioning system
 
Don’t believe me? Well, get in line. Most don’t. But it is not like I am employed by the “Painted exposed brick” lobbists, or anything. I am just telling you what I know from my 20 years experience selling Philly real estate.

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

It is called a Busy-Body

Like an early form of caller ID, Ben Franklin invented this interestingly simple device called a busy-body. Attached to a 2nd floor exterior windows sill, this device allows you to stand inside your home, and see who is at your front door, without that guest or visitor know that he is being watched. So if someone is knocking at the front door of your Philadelphia Brownstone, perhaps selling sweepers, or magazine subscriptions, you may see who it is, and choose not to answer. All the while, the person knocking will have no idea that he or she has been seen. The set of 3 mirrors is angled so the image of your front door stoop is reflected directly into a window on the 2nd floor. Again, so you can see who it at your door, without having to answer your door. That Benjamin Franklin was one smart guy!

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