Philadelphia Real Estate Blog

Let’s start by defining your needs. Do you have any pets? That is a great question to start with! Many condo buildings here in Center City Philadelphia have differing pet policies. Some allow dogs, buy have weight limits. Some have limits on the type/breed of dog they allow. Though I have never heard of a weight limit on cats, I am pretty sure most buildings would not allow you to bring a Tiger or a Lion with you :).

Also- when you say you MUST HAVE parking- will on-site rental parking suffice? This little loop hole will certainly increase the number of available condos. May buyers get stuck (not making a judgment call here) on requiring a deeded or assigned parking spot with their unit, when they may not be familiar with the options they have for on-site, or even rental parking within say 50 feet of their front door. Knowing your options can really open up many possibilities in the Philadelphia condo market.

Finally, when buyers say they must have a three bedroom condo, I often ask if a two bedroom and den styled unit will be ample space. There are very few true three bedroom condos available here in town, and those that are available seem to really command a staggering sale price.

So let’s start by defining your true needs. You might find there are options and alternatives to what you believe you truly need and what you might find acceptable! I’m here to help buyers define their needs when searching for their next condo here in downtown Philadelphia! Give me a call at 215.521.1523 or drop me and email at Mark@CenterCity.com!

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

There are loft-like Philadelphia Condos, and there are LOFTS. And although the word is thrown around like a ragdoll being mauled by a dog, not all lofts are created equal.

I break them down into two segments-Hard Lofts and Soft Lofts. It is fairly easy  to recognize the difference, and I will make the distinction as easy as possible.

A hard loft is generally a converted warehouse space. Huge huge windows, rough finishes, and an open bedroom that overlooks the living area. Often times with cement floors, these hard loft condos lack the refined qualities that many buyers are looking for here in town, like designer kitchens and baths. They are truly open spaces that have been converted to living space.

Here are two examples of hard lofts:

Conversely, the soft loft, is more prevalent here in town, and what most realtors describe when they say “loft” in one of their ads. And it is what most buyers are really looking for (I find). They generally hold some elements of neat unique space, with high ceilings, exposed brick, and some degree of hip-ness.

Here are two examples of soft lofts:

    
         
The luxury is built into soft lofts, but they do retain elements of hip, cool kind of urban living.
If you are looking for either a hard or soft loft, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s go see what Philly has to offer!

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

Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade.  Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.

Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.

Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.

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

As the Graduate Hospital area continues to grow and develop, one of the improvements a buyer might find is the addition of certain condominium developments in the area.

I would suggest that the most significant addition would be Toll Brothers development of Naval Square. A variety of condos and townhouse styled condominiums, set on approximately 8 acres, this gated community offers parking, a tax abatement, and a lot of green, open space- a rarity here in Center City Philadelphia. The Graduate Hospital area, defined by the boundaries of Broad to 26th Street, South St. to Washington Avenue, has also seen a wide influx of low rise/brownstone condo developments. Many unique opportunities exist for condo buying in the area, as many developers have built from the ground-up, on what had been vacant parcels strewn out around the 19146 zip code. Most buyers will find that the Graduate Hospital area does offer a lot for the money, and the proximity to Penn, 30th Street Station, and Rittenhouse Square are all advantages that the neighborhood offers.

                                       
Naval Square

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

Condominiums in the Fitler Square area of Center City Philadelphia range from the loft building (251 S. 24th,  Locust Point), to high rise full service buildings such as 2301 cherry St. (River’s Edge) low rise converted brownstone style of living (2217-19 Delancey Street). Each building has its own style and offerings, and each different as night and day.

I find a lot of buyers ask for the Fitler Square area by name. Perhaps med students attending Penn, or many Rittenhouse Square area office workers, Fitler Square seems to suit a wide variety of tastes for condominium living. Here is one example of the types of condo living found in the Fitler Square Area:

 
Fitlers Walk, at 24th and Locust Streets offer a wide variety of condo styles, underground parking, a tranquil courtyard setting. From small one bed units, to very large townhouse style units. Great proximity to Penn, 30th Street Station, and University City. The new Schuylkill River Trail is a wonderful addition to the neighborhood. To learn more about Fitler Square condos,  give me a call, and let’s talk  about the options that exist in the area!

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

The Hopkinson House

A wonderful high rise located directly on Washington Square! A wide variety of sized units…from studios to a few large three bedroom units can be found in this Society Hill condo building. Rooftop pool, and underground on-site rental parking is available. Many of the condominiums in the building have balconies….either sun drenched south facing, or have a beautiful Washington Square View. A small convenience store is located on the first floor, along with laundry facilities in the basement, and a parking garage available for rent (when available). Hopkinson House was built in 1963 by renowned architect Oskar Stonorov of Stonorov and Haws and was built on the site of the First Presbyterian Church in the Society Hill section of Center City Philadelphia. All units at Hopkinson House are flats, and this Philadelphia condominium building houses studios, one and two bedroom units. The proper address is 604-36 S. Washington Square, and is located within the 19106 zip code. Known as a great value in Philly condos, the Hop House is wonderfully located directly on Washington Square. You can see more information by visiting my website, www.CenterCityCondos.com.

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

On-Site Rental Parking  Pet Friendly Building  Doorman Building    Indoor Pool

The Academy House! Located in the heart of Center City, this lovely 30+ story condominium building offers a wonderful assortment of unit sizes and styles…many with outside balconies! Rental parking in the lower level (valet!), 24 hour doorman, an indoor swimming pool and work out facilities are located on the premises. A great value in Center City (in our opinion!) Located on the eastern edge of the Rittenhouse Square area, and just a block off Broad Street! A popular alternative to those looking to buy a condominium on Rittenhouse Square.

If you are interested in taking a tour of the building, give me a call 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

(November 2008)

This super priced two bed condo with parking is already priced below market (in my opinion) as I have sold an identical unit within the past 6 months at this complex, for more money!

And the asking price is just an asking price!

A relocation/corporate owned condo is akin to a foreclosure, in that a 3rd party has taken ownership, and generally speaking, will discount their properties for a quick sale.

Wanna’ talk? I hate to throw these “teaser” emails out there, but I do want to let people know that my daily browsing through the existing Center City condo inventory might just be able to help you find a great condo at a great price!

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

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction- there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

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