Philadelphia Real Estate Blog

I have been working with buyers in the Philadelphia condo market for some time now.  Since 1989 I have been shuttling around buyers in my car, on foot, and a few times, via bikes. I enjoy myself, and really like selling real estate. Call me nuts. I don’t care, but I do enjoy it.

But what I really don’t like are buyers who won’t give me any guidance or feedback. What Am I, a mind reader? I need you to talk to me. Tell me that you hate that condo on Lombard Street, or tell me you love that loft at 3rd and Arch streets. Just talk to me. Tell me why. I don’t own that condo, and I am not going to get offended by your dislike of dirty orange shag carpeting.  

Every buyer has a rank of priorities when they look at Philadelphia condos. Some value location, some condition, some value ceiling height and natural light above all else, and some Rittenhouse Square condo buyers value the prestige a certain building may or may not exude. I don’t care what your particular  priorities are, or how you value them….I just care that you adequately verbalize these wants and needs to me, so I can incorporate them into our next tour.  Otherwise, I am going to continue to show you a bunch of stuff you are not interested in seeing. God knows there is enough inventory on the Philadelphia condominium market to keep both of us looking until the year 2012, especially with the Changing Skyline that Inga Saffron, the Architecture critic for the Philadelphia Inquirer has been writing about. If you don’t have help me rule out some of the flats and lofts you are NOT interested in seeing, we are just going to spin our wheels.

My favorite buyers are the ones with opinions. Realistic opinions. Penthouse condos in prestigious buildings don’t sell for $139,000, nor can I get you EVERYTHING on your wish list. But I can hit a pretty high percentage of your wants and needs, if you just speak up and tell me why you liked the condo at 2nd and Spruce Street, or why you think you need three bedrooms, instead of two bedrooms and a den. Communication is the key, so don’t be shy!  Again, I don’t own these condos,  I just show these condos, so when you are ready to start talkin’ to me, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com.  I am on your side!

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

It seems to be universal that all new construction condominium sales policies here in Center City Philadelphia state that buyers must have realtor in tow, on first visit, in order to be represented by said agent.

To which I say, “Bull”. 

Ok, here is a scenario: You are my buyer (I am your realtor, a buyer representative) and you happen upon an open house in say a highrise, new luxury construction project here in Center City Philadelphia.  IF I AM NOT ATTACHED TO YOUR SIDE, AT THAT FIRST VISIT….YOU LOOSE.  I cannot represent you in that particular sale, should you decide to buy in the development.  The developer’s sales staff, at that point, will refuse to recognize me as your buyers agent.  They instead will be your agent, and represent you.

How do you like them apples?

Now… How many buyers, new to our town, are going to know that fact, right off the bat? I would guess, not many.  Even if you and I have been working together, to find a condo for the past six months, and I have been educating you, holding your hand, giving my best advice, and you are planning on naming your first born after me, I cannot represent you unless I accompany you on your first visit to that condominium building.

What kind of suggestion can I offer to such a buyer, who goes to such an Open House without their Realtor? Maybe they can tell the sales staff of their working relationship to said agent, and ask to get that agent on the phone. Maybe the sales staff will then see the commitment that buyer has with his agent, and offer a “Get Out Of Jail Free” card. Maybe that developer’s agent would say, “It’s alright, we can let you slide”.  Maybe not.

It is my opinion that developers are selling themselves short on this issue. I mean come on…you basically steal one of my good long term clients, who has their mom in town for the weekend, can’t reach me, goes to your open house, and your are not going to recognize me? Go ahead, Mr. Developer, and I promise you, I will be the bigger man, and not discourage my buyer from buying your product. You have my word on it.

But I can’t speak for the other 1,587 agents who can sell condos here in Center City Philadelphia.

If you are interested in obtaining honest buyer representation before you make a visit to a new construction loft or condominium here in Center City Philadelphia give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com. 

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

After eighteen years of selling Philadelphia condominiums, I am still in awe of the common misinformation, unwarranted dislike, and general avoidance of two simple words in our English language:   Condo Fees.You would think the two words were similar to perhaps a monster from the swamps who has come to eat you, and steal your car. Generally speaking, that is not the case. Most studies have found condo fees to be harmless.

In fact, I pay condo fees and I couldn’t be happier.  These fees get me discounts on items such as a master insurance policy, yearly termite treatments, water service bills, and daily trash removal.  These condo fees also help level out some costs like exterior painting, roof repairs, and snow removal. They also enable me to put a portion of the monthly fees aside, for Rainy Day types of building expenditures.

I don’t have to do any repairs to the outside of my building, and I can have a professional management company handle all the common bill paying issues….all for less than if I had to “go it alone” and pay for many similar items on my own.

So I am happy to pay condo fees. And NO, they are not tax deductible. Is your water bill, exterior lighting bill, or your cost to remove snow from your front sidewalk tax deductible? I didn’t think so….

So, if you love the idea paying condo fees like I do, and you are interested buying a Center City Loft or Condominium so you can start paying your own, give me a call at 215-521-1523 or send me an email at Mark@CenterCityCondos.com and I’d be happy to help you find your dream home (condo fees included)!

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