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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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May 8, 2009

Hard vs. Soft Lofts

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 12:13 pm

Almost any Center City condominium, with a smattering of exposed brick, attempts to pass itself off as a loft. Often sought after as an expression of one’s own style, loft living has taken off in downtown Philadelphia. Lofts vary in look, layout, and location throughout downtown Philly. Some loft condos impress mightily, and others are cheap imitations of highly unique, urban treasures hidden in pockets of Old City, Bella Vista, and of course, The Loft District around 13th and Vine Streets.

The best example of a hard loft in Center City might be The Old Shoe Factory at 314 N. 12th St. From an unadorned cavernous lobby area, up to the eighth floor via a converted oversized warehouse lift, the units are characterized by hugely oversized windows, exposed brick, minimalist kitchens, and bedrooms that are open to the living area. Fantastic city views, high ceilings, and a few units with polished cement floors. Minimalistic at best, these condos truly tag at the definition of a live/work open space where room size is valued over room count.

A fair example of a soft loft might be BridgeView Place at 315 New St. in Old City. With the prerequisite high ceilings, and touches of exposed brick, these condos have been compartmentalized to include bedrooms, walled off kitchen areas, and walk-in closets. Some units at BridgeView do indeed have a loft bed perched above the living space, but those units are few and far between. The conversion to condominiums in the mid 1980’s at 315 New St. is a good example of a reasonable living space, with a bit of “lofty” flair.

A Center City Philadelphia loft can come in a variety of sizes, styles, and locations throughout downtown Philadelphia. Some more true to their “lofty roots” than others, loft living of all proportions is gaining popularity amongst the empty-nester set moving into town from the suburbs and elsewhere. Many of the available loft condos today didn’t exist in the early 1990’s when the very first empty nester/baby boomer began trickling into Center City. And judging from the success of many loft and loft-like sales throughout the area, buyers are finding individuality can be expressed through the (loft) style in which they choose to live.

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

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April 14, 2009

How much noise can you expect to hear from your Philly condo neighbors?

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 11:02 am

Some is to be expected. Keeping you awake is beyond reasonable.


 
I know one new Philadelphia condo conversion project here in town where the occupants say you can hear your neighbors’ alarm clock go off and phone ring. I know other buildings that have exposed ceiling timbers, with no insulation, in which you can hear every footstep of your upstairs neighbor. I live in a converted warehouse condominium, and steps were taken to reduce the possibility of hearing my neighbor upstairs. And though I am aware when he is home, I am seldom bothered or annoyed. (Except when Tammy, his high-heel wearing friend comes over and does a clog dance of some kind- directly over my living room. 🙂 )
    
There certainly  has to be some degree of forgiveness when living in close proximity of other folks. Be it noise from above, below, or through an adjoining wall, you may become aware of the fact that you have neighbors. However if the racket from others is driving you crazy in (say) your Rittenhouse Square condo, I would suggest the following:
 
1) Make sure your common hallways are carpeted. Aside from quieting footsteps, carpeting will prevent the hallways from becoming an echo chamber.

2) Find a condo building in which the developer has “stacked” the bedroom. Having a bedroom above you is generally better than having a living room above you, especially in some of the converted loft/warehouse lofts in Old City.

3) Should your bedroom be adjacent to your neighbors living room (more common in newer construction), have a layer of soundproof sheet-rock added to that wall.

4) Make sure you have a high quality door sweep on the bottom of your front door to keep out hallway noise.

5) Make sure condo rules are enforced. Many condo docs state that 70% of each condo unit must be carpeted. Rarely enforced, but an option.

Concerned about living too close to others? Lets discuss more options!

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

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February 24, 2009

Inflexible Sellers of New Construction High Rise Condos

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:11 pm

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”.

   

As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pockets?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to build the building?
 
Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com if you might like some help in finding your new Center City condo!

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

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February 20, 2009

What are your priorities when buying A Philadelphia condo?

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 11:01 am

Some buyers favor space. Others location. Some buyers want only the BEST city views
 
All home buyers priorities are like snowflakes- no two are ever the same.

Are you strickly looking for a highrise, or a brownstone styled condo? 

Do you desire a gorgous, modern new construction piece that shows like a dream?  

           

How about proximity to your work, or your play areas of Center City?    
 
My job as a Philadelphia realtor is very simple: Discover your priorities (via casually looking at some properties together), until I can identify exactly what you seek in a Center City condo, then take you two that home, or group of homes. I am pretty adept at matching condos and people. The key for me is getting good feedback from my buyers.

I need to learn about what you like and don’t like….and why. I am not going to be offended if you really
dislike Mr. and Mrs. Seller’s living room. I just have to know why you dislike what you are seeing, so I can
put the pieces of the puzzle together to find you your perfect new home!
 
Call me at 215.521.1523 or drop me an email at Mark@CenterCity.com…let’s chat about your priorities in a Center City condominium!

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

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February 18, 2009

Tax Credit for Homebuyers

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:20 am

Here is a solid breakdown of the information in the stimulus bill the President signed:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

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If you have any questions or would like to discuss how you can apply this tax credit to your Center City Condo purchase, please feel free to call me at 215.521.1523 or drop me an email at Mark@CenterCity.com.

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

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February 17, 2009

Are you considering a move into a Philadelphia condo?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:05 pm

Thank you for visiting our website, filled with information on Philadelphia real estate, with an emphasis on Philadelphia condos and co-ops. 

    
 
If you are considering a move into a Philadelphia condo-be it a Rittenhouse Square condo or Old City loft, finding the right unit that can cater to your new urban lifestyle is of the utmost importance! From Society Hill condos to Fitler Square condos, as well as condos in the Art Museum area or Washington Square West condos, CenterCityCondos.com covers it all! From a Philadelphia loft condo in the Queen Village neighborhood of downtown Philadelphia, to a Luxury Penthouse condo in Bella Vista….many condos can be found right here! Looking for  green condos, or that warehouse loft condominium? How about one of the many doorman condos with full on-site staff similar to a condo hotel? Philadelphia has a variety of real estate option in the condominium and co-op areas of ownership. Philadelphia has grown considerably in the past five years, and many new condos have given many Center City condo buyers a variety of options that didn’t exist in the downtown Philadelphia area a decade ago.

Our familiarity with almost every Philadelphia condo, condominium, and loft here in Center City, will hopefully help your Philadelphia condo search much easier!  Our Center City Real Estate team will do our best to help you with all of your Philadelphia Condo Real Estate needs! Be sure to check out our Philadelphia condo blog, as well as our Podcasts, in which we discuss a variety of topics dealing with condos in Philadelphia!

All the information you may need to know about Philadelphia condos can be found here on our site. We have agents that live in a variety of Center City neighborhoods…Kathy lives in Queen Village, Randy in Rittenhouse Square, Patrick enjoys his real estate in the Bella Vista section of town, Matt in the Art Museum area, John Eric in the Fishtown / Northern Liberties section, Jared lives in Society Hill, and finally, Mark and Jim live in the Old City section of downtown Philly.

We are happy you are here. Enjoy our site, and let us know if we can help you search for some Philadelphia condos! Our office at 530 Walnut St. in Society Hill is easily accessible, and you can email us 24 hours a day with questions and/or comments about the Philadelphia real estate market!

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

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February 12, 2009

Will carpeting kill my resale value?

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 11:18 am

Sometime yes. 

 

Sometimes no.


 
In a town that brought you the likes of Betsy Ross, and Ben Franklin, Philadelphia history sells. And every buyer asks if there are hardwood floors underneath the carpeting. Guaranteed. Historic charm, and hardwood flooring seem to go hand in hand. I am guessin’ George Washington didn’t have shag carpeting in his living room.

However, there is a place for carpeting. And that would be the master bedroom. I have dark chocolate brown low pile carpeting throughout my entire master suite, and I believe it is not only appropriate, but also an enhancement to the enjoyment of the “quieter” area of my Center City Condo.

A limited amount of quality, good looking carpet in a bedroom, or a guest bedroom will enhance that particular space. But carpeting needs to be used sparingly in order to garner a positive response from a buyer.

I have seen carpeting in kitchens and bathrooms. Talk about a death sentence. Who the hell would want that? Ditto for carpeting in living rooms, dining rooms, and family rooms. At least that seems to be the case for most Philadephia real estate buyers.

Carpeting will indeed kill your resale value if not modern, clean, and modest in terms of appearance and use. Most new Philly condos (new construction high rises) have finally begun to follow this trend, and I think the positive emotion such usage evokes is money well spent.

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

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February 10, 2009

Drescribing the Real Estate Process in Brief Terms

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:54 pm

Easy quick steps to buying a Center City Condo


 
1.) Find a Philadelphia realtor (use google) drop them an email, and have a brief chat to describe your wants and needs. Make sure they are listed.

2.) Get in realtors car. Shop for condos in Philly. Find one you like after X number of tours/weeks/whatever.

3.) Revisit condo, bring in-laws, family, whomever. Ask lots of questions.

4.) Have realtor draw up offer. Sign. Have realtor submit to listing agent to give to seller.

5.) Negotiate…if successful, sign altered agreement of sale.

6.) Have your realtor help you schedule home inspection. Get mortgage application taken.

7.) Attend home inspection, send info to your mortgage company.

8.) Attend settlement, get keys, sign mortgage documents. You now own a Center City Condo. Congrats!


 
This is certainly a simplified version of events, but they pretty much encapsulate the process. It is fairly simple. Know that there are people in the state of Pennsylvania, who lack 6th grade educations, who indeed buy and sell real estate in our commonwealth. It is not brain surgery.
 
Here is a quick way to start the process:
 
Call me at 215.521.1523 or email me at Mark@CenterCity.com. We will chat..no obligation, and no pressure.

I am here to help you.

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

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February 5, 2009

The Philadelphian Condominiums

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 4:58 pm

A true variety of sizes, shapes and views make 2401 Pennsylvania Avenue a wonderful choice for condo buyers.


 
I have always been a big fan of the Philadelphian, located in the Art Museum area of Center City Philadelphia. One of the, if not THE largest condominium association here in Pennsylvania, “2401” has an indoor pool, and outdoor pool, limited garage parking, a supermarket, a restaurant, and a variety of shops located all under one roof! Many units have oversized balconies, with fantastic city or Museum views. The Philadelphian recently replaced all windows, and hvac systems! Stunning penthouse units, and according to www.2401.com, the building has a variety of clubs and social functions throughout the year. Penthouse units have dazzling ceiling height, and top-notch views!

Considering a move into Center City High Rise like this one? Give me a call, and let’s check out the value and size of some of the Philadelphian’s condos!

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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