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June 22, 2015

Do You Really Know What You Are Buying When You Buy A New Philly Condo From Plans?

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:36 pm

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?

After almost 3 decades selling condos at place like The Murano, I know one thing is for sure: there’s a big disparity between finished condo projects and the drawings that started them.

plans photo

 

Let’s take a couple of Philadelphia condo projects as an example. Any two projects… line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light views, etc.

In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams; other people will get a nightmare.

You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum- buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.

So do we really know what we are getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But, it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.

Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me and email at mark@centercity.com

 

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April 27, 2015

Spring 2015 Condo Market Is In Full Swing!

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 2:12 pm
Our listing inventory is impressive, if I may say:
Our recent sales :
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
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December 29, 2014

More Super Duper Condo Comp Data

Click the LINKS above for Full details
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October 20, 2014

Condo Buying and Selling Etiquette

Filed under: Center City Real Estate,For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 8:09 am
 
For Sellers:
Keep the temperature of your condo comfy for showings
Make sure ALL keys work before giving to Realtor
Disclose ALL defects..but keep your feeling about your neighbor mum if you simply have an ax to grind
Deliver your Center City condo CLEAN and free of debris prior to settlement
Keep appliance manuals for your new buyer
Give buyers the name of the paint but throw away old paint cans
Leave a note in your condo about any quirks that the buyer may find
helpful such as trash day, neighbor contact info, mgmt info, etc.
For Buyers:
Be on time for your scheduled appointments
Eat and use restrooms prior to your condo tour with your Realtor
Keep sassy comments to yourself UNTIL we exit the condo…then
we can talk trash about what we have seen
Furniture and other unattractive decor items aren’t included.
You are not buying the sofa….So don’t be too judgmental
Know that the property will NOT be delivered in a state of cleanliness
that is up to your standards. A hint of forgiveness goes a long way.
IF you ask to see a specific condo…don’t change your mind
when you pull up to the building and think you want to “pass” on it…
For Open Houses:
Never allow any agent to pressure you to sign in…ever.
Be on time…and don’t show up 5 minutes after scheduled
open house closes
Keep your dog at home. NEVER bring a dog to an open house
If you are a curious looky-loo- no problem…just don’t try to monopolize an agent’s time – let them concentrate on the real lookers
Best not to be talking trash about what you are seeing
while still inside the condo. Zip it…
————————————-
Listen…I get it. Sometimes nice polite folks run afoul of the more general accepted practices in real estate…sh*t happens.
But do your best to play by the rules as emotions do end up playing a huge
part in any real estate transaction.
 
Trust me…I’ve got 25 years of witnessing hurt feelings
every now and again
and no one wants to feel like a goof when big money
is exchanging hands…
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October 6, 2014

Common Blunders in Condo Buying and Selling aka- Nit-pickin’ yourself out of a deal

Filed under: Center City Real Estate,For Buyers,For Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 8:14 am

Scenario 1:  Having the Last Word

Seller is asking $499k for a condo

Buyer and seller go back and forth on an offer and after a few days the buyer says -$480,000 is my “Highest and Best” offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a goof and say that? You are pissing the buyer off, and it will probably  cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin’ $480k instead of having to have the last word. Don’t forget, buyers still have to perform a home inspection.

Scenario 2: Can’t See the Forest For the Trees

Seller asks $499k for a condo

A condo that is a bank-owned unit that should be selling for $800k if it weren’t so dirty, missing all the appliances, and listed with Susy Bag O’ Donuts out of Erie, Pa. (it happens…bank foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k…because after all, the market is slow, weak, and uncertain.  OK….you are an idiot. If you can’t recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k….then maybe you need to do a little more homework on prices and values here in Center City.

Scenario 3: Why Isn’t My Realtor Using a Magic Wand?

Sellers asks $499k for a condo

As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent “comps” suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can’t get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut. It happens.

Opportunity exists in all market conditions, and the current state of affairs in Center City should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town might be helpful when finding the perfect condo and help you negotiate the best possible and realistic terms.

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August 19, 2010

Divide up your Old City Loft Space….but keep the light!

Filed under: Center City Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:16 am

A buyer of mine sent me this link, www.RayDoor.com, and I think it is really groovy! And a great idea for many Old City condo lofts which have exceedingly large living rooms. By adding another bedroom area, and still keeping the light coming into your living room, you could quickly and easily add value.

raydoor raydoor 2 raydoor3 raydoor4

And the look is very hip and perfectly positioned for some of the neat Old City condos that Center City has available! See more at www.RayDoor.com.

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

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August 12, 2010

An Insider’s Look Into The Center City Condo Activity

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:30 pm

We hear all kinds of national news stories about the country’s current real estate market. Below is a simple breakdown of the number of showings that have taken place at Prudential Fox and Roach’s Center City Philadelphia Listings over the past 9 months. The figures are broken down by price ranges. There does not appear to be a lack of folks looking to buy and as usual, very early spring seems to produce the most Center City Condo buyers with traffic slowing mid-summer as many people leave for vacations.   

eshow

Leave a comment, or shoot me an email at Mark@CenterCity.com. I’d live to hear your thoughts on this “inside” Center City Real Estate report. Spring Market 2011 is just around the corner!

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

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August 5, 2010

Sh*tty Philadelphia Condo Buildings

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:17 pm

…Have Sh*tty Resale Prices- If they sell at all.

 
Come on, you would have to be from the moon to believe all condo buildings here in Center City are created equal in terms of
demand, cache, and resale ability (in terms of price and “days on market”). There are some buildings in downtown Philly that just really suck, in terms of their investment value. And there are a handful of buildings that basically cannot resale at all.
 
Some of the signs to be aware of-
 
1) A lot of units on the market, and very few sold in the past 12 months
2) A high number of REO’s/Foreclosures/Short Sales
3) A low owner-occupancy ratio in the building
4) Poorly managed exterior and common area condition
 
Unless you are buying a short sale or a foreclosure in the building, or are in the mood to just piss your money away, I would suggest we talk prior to you buying in certain buildings.. Some Center City condominium buildings aren’t worth a look, much less an offer.

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

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July 29, 2010

The First to Flinch, loses

Filed under: General Real Estate,Of Interest to Buyers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 1:07 pm

I am at a standoff between a buyer and a seller on a particular condo in Center City.

This is routine. What makes this an interesting case is that after 5 days of initial offer presentation, the seller is at (say) $815k, after some price reductions, and negotiating…and the buyer is stuck at $810k, after a few counter offers.

So who is going to budge?

If I pester the other agent to hammer his or her buyer to take my seller’s offer of $815k…does that not show a sign of weakness?  I think it does. It is a game of chicken at this point, and the first party to flinch, or show weakness in the negotiating process by being too impatient, may well indeed be the loser and may have to cave to make up the $5,000 difference in this case.
 
I am advising my seller to sit tight, and put on their best poker face.
 
We will see….stay tuned.
 
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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July 27, 2010

Five best selling new construction condo buildings in Center City

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 1:19 pm

1) Locust Point

2) 815 Arch St

3) Naval Square

4) York Square

5) The National at Old City

Based upon the fact that these buildings are sold out, (or in the case of Naval Square which continues to add new buildings as demand dictates), I would suggest that these five Philly condo buildings have fared the best in Center City since the onslaught of new construction in Philadelphia started taking shape. There are also a handful of buildings that have just a few remaining units left- Ayer, Symphony House, and Western Union Building to name a few. And of course, there are buildings here in Center City in which a small fraction of sales have happened, even after a four to five year marketing period. We won’t mention those pieces here.

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

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Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
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