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June 16, 2014

These changing times….

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 10:25 am

What was once valued can easily become passe. Though many elements listed below are still of interest to many buyers and prevalent in our marketplace, many Center City Condo buyers are now asking for the following:
What’s In?                                           What’s Out?
Wallpaper in Bathrooms               Painted High Gloss Walls
Mixed Counter Top Surfaces                                       Corian
Wireless Alarm Systems                        Window Grates/Bars
Freezers On the Bottom                                         Side By Side
LED Lighting                                                 Halogen Lighting
Oversize Kitchen Sinks                            Double Kitchen Sink
Balconies                                                             Roof Decks
Solid Interior Doors                                  Hollow Core Doors
Dark Hardwood Flooring              Honey Colored Hardwood 
Painted Brick                                                   Exposed Brick
One Level Living                                  Multiple Level Living
Home Theaters                                                             Dens
Frosted Glass                                                         Glass Block
Full Door Closets                                     Bi-Fold Closet Doors
Quartz                                                                        Granite
Walk-In Showers For Two                     Jacuzzi Tubs For Two
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April 21, 2011

Post Auction and Bank Owned Old City Condos at 38 N. Front. St.

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 3:35 pm

We just listed the dozen remaining units at the Winne building at 38-44 N. Front in Old City.

Finally, these units have great prices on them, and they are in the process of being FHA approved. From one to two bedrooms, priced as low as $216k!


Give us a call at 215.521.1523 to make an appointment to see these groovy Philadelphia Condos today!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Philadelphia, PA 19106

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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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July 23, 2010

Top 3 Snarky answers to the question: Do I have to pay condo fees?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 9:01 am

1) Why no…the elevator runs on magic pixie dust…it doesn’t need electricity to operate.

2) Of course not…the doorman here works for free.

3) Not in this building….the hallways, windows, and lobby magically clean themselves.

 …it is a miracle of course, but that is how things happen at this Philadelphia Condominium.
 
If there are common elements (the definition of a condo) then they have to be maintained by the members of the condo association. If your condo makes up say 2% of the building, then you are responsible for 2% of the cost to run the building. Plain and simple! 🙂

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

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July 16, 2010

Times Have Changed

Filed under: Center City Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:45 pm

Giant Soaking Tubs, Formal Dining Rooms, and Bidets…All left Center City a while ago.

Real Estate advertising in the late 1980’s in Center City went like this:
Secure condo with wall to wall plush sculptured carpeting,  Corian counter-tops, and mirrored closet doors north of Society Hill.  Whirlpool bath soaking tub (Maroon color), bidet, and formal dining room.  Just FABULOUS!  Asking $199,000
 
Today’s Center City Condo Real Estate Ads read:
Stainless and Granite kitchen, tumbled marble back-splash, Walk-in Shower, Open Liv/Din room combo- Fab Loft style in Old City With Exposed brick, Sub-Zero and Viking appliances- $599,000
000_2176

 
Personally, I don’t remember the “good ol’ days” in many Philadelphia condominiums. A whole lot of them were builder grade crap. Buyers are certainly expecting more these days in terms of interior improvements, and sometimes the best applicable adage is that of Condition, Condition, Condition.

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

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