Philadelphia Real Estate Blog

Technically, in the State of Pennsylvania, if you do not obtain mortgage financing, no one is going to force you to buy title insurance on your new Old City or Rittenhouse Square condominium.  But as your Realtor, with your best interest in mind, I am going to rant and rave until you agree to buy it.

A mere title search doesn’t always reveal all the flaws that could potentially be a part of the chain of title. And title searches are not free. Not to mention you will need to pay an attorney or title company closing fees and notary fees to complete your transaction if you do not purchase title insurance from them.  Closing fees and search fees are usually waived if you purchase the title policy. Since you will need to put out several hundred dollars for these services if you waive title insurance anyway, you might as well pay the difference and protect yourself against the unthinkable.

Here are a just a few scenarios you could encounter without the protection of title insurance:

- Forgery or Fraud in connection with the execution of previously recorded documents
- Incorrect representation of marital status of grantors
- Undisclosed or missing heirs
- Wills that have not been properly probated
- Mistaken interpretation of wills and trusts
- Incorrect legal descriptions
- Unsatisfied mortgages, liens, or judgments not shown on the record
- Deeds executed under expired or false power of attorneys
- Confusion due to similar or identical names

- Unknown rights of ex-spouses or former owners
- Clerical errors in recording legal documents
- Incorrect filing of condominium declarations

Some of these things sound crazy I know. But in my 21 years of selling Philadelphia Real Estate I have come across more than a few of the above situations.  So think of it this way:

Paying for a title search and other closing fees to buy your condo without the protection of title insurance – Around $800

Paying for the same search and closing fees including title insurance protection on your $300,000 condo – Around $1600

The peace of mind of having your title company to call and not having to deal with an old lien or back taxes that suddenly show up on your title – priceless!

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

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Certainly not all Philly condo buildings are created equal. They may look alike on the surface, but may not resell as well, and maybe be subject to a high number of foreclosures, short-sales, or REO/transferee buyouts.  And how do you tell the difference? Quick Answer- Get a Real Estate professional who knows the ins and outs of the Center City Philadelphia Condo market, and get an expert opinion.
    
In order to make a sound, value-based decision, you need to be concerned with issues such as: Owner-Occupancy ratios, Association finances, Upkeep, Rules and Regulations, and whether or not the building you are considering is even available to be financed. Unless you have a crystal ball in your possession, perhaps you need to ask someone who knows about the Center City condominium market.

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

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I don’t give a crap- I live in a condo and don’t own a snow shovel…

And I don’t need to stock up on milk and bread with the impending onslaught of a winter storm. I live in Center City, and the little corner grocery stores are always open in any  blizzard, as are almost all the restaurants. And who needs to shovel out the cars- there are plenty of taxis that will do my driving for me.
 
If you live in one of our fine suburbs- be it Gladmore, Havernova, or Bala Who-Knows-Where, and are getting tired of having to deal with the weather,or perhaps you own one of those lawnmowing things that I understand are used to cut grass (I have only heard of such contraptions)-Then isn’t it time you simplified and let someone else do the unpleasant tasks in life?
 
Yeah, I am a Center City Condo snob. I know it, and am kinda’ proud of it. Riding on a train to work, or driving on the Schuylkill isn’t something that is a part of my life….and the business of owning more than one car?! Uh, no thank you.
 
Want some bragging rights too? Then drop me a note, and lets chat. Lets get you into town, and into a more simple life. Membership into the “I am a Center City Snob” club is free

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

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…yeah well, they all do.

Container gardens are very popular with city dwellers- though rarely do I see a small private outside area and witness plants thriving. It is like a death sentence for any plant that gets purchased by anyone who resides within the confines of Center City. So here are my suggestions for those looking to buy garden plants that basically “thrive on neglect”
 
Tall Plants- Good Sun           Tall Plants-Shade
                          
Bamboo                                 Feather Reed Gras 
 
Small Flowers- Full Sun         Big Flowers-Shade
            
Moss Rose                              Salvia                      
 
 
So if killing plants is your “thing”, Try these goof-proof plants that can thrive on neglect,
and you may have one of the prettiest gardens in Center City Philadlephia!

Is gardening a priority for your move into Center City? Lets chat about how we can find you a place with some nearby “Greenery”.

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

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…and their priorities

I certainly don’t want to stereotype any particular set of buyers, but it has been my experience that each set or group of buyers assign different values to amenities in Philadelphia lofts and condominiums. From first time buyers to empty nesters, each comes with their own set of wants, needs, and priorities. Here are what I believe to be common amongst the empty nester set:

-Very few stairs
-Very little maintenance
-Parking
-Pet friendly buildlings
-Closet space
-Walking Distance to shopping, dining, and cultural activities     
 
While such niceties as a high floor with great views, hardwood flooring in bedrooms, and exposed brick may be a plus, I see fewer empty nesters in Philly willing to pay for such features. Again, I apologize if I am pidgeon-holing any group of buyers, it has just been my experience that different groups of buyers gravitate towards different amenities – some weighted with a higher value than others, of course.

Lets discover your priorities in Philly Real Estate!

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

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…ok, don’t answer that…and no, thats not a photo of me.
 
Top 5 things I can’t get Philadelphia Loft and Condo buyers to believe:

1) It is OK to paint exposed brick
2) Carpeting is OK in your bedroom
3) There is no difference in value between say the 33rd floor, and the 34th floor
4) A super clean older kitchen will sell just as well as a stainless steel, dirty kitchen
5) You will never recoup the costs of a new heater and new central air conditioning system
 
Don’t believe me? Well, get in line. Most don’t. But it is not like I am employed by the “Painted exposed brick” lobbists, or anything. I am just telling you what I know from my 20 years experience selling Philly real estate.

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

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It is called a Busy-Body

Like an early form of caller ID, Ben Franklin invented this interestingly simple device called a busy-body. Attached to a 2nd floor exterior windows sill, this device allows you to stand inside your home, and see who is at your front door, without that guest or visitor know that he is being watched. So if someone is knocking at the front door of your Philadelphia Brownstone, perhaps selling sweepers, or magazine subscriptions, you may see who it is, and choose not to answer. All the while, the person knocking will have no idea that he or she has been seen. The set of 3 mirrors is angled so the image of your front door stoop is reflected directly into a window on the 2nd floor. Again, so you can see who it at your door, without having to answer your door. That Benjamin Franklin was one smart guy!

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

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(An Over Priced Piece Of Crap)
 
Step right up, and get in line, because I see buyers shelling out good money for them all the time. Although, since they are not “my” buyers, I have no right to step in and tell them what I think. Well, that ain’t going to be the case if you happen to contact me, and we decide to go condo shopping. You are going to get full-on honesty.

Snarky, yes. Honest- you betcha.

I have to be bloody honest and truthful if I see you dangling over the edge of a cliff. Perhaps I am too much of a big-brain, or I have too many opinions. Or maybe I just know what the heck I am doing when it comes to Philly Real Estate, and don’t want to see you buy in a building that I believe is a poor investment.

Whatever the case, if you don’t like me, then fire me, or don’t return my phone calls. But I am going to be a loud mouth, and that is just my style.

Though I can’t control the overall Philadelphia loft and condo market, I can hopefully help you avoid some of the pitfalls that I see buyers fall into. That is my goal. To keep you as clean as possible!
Drop me a note if you want to chat sometime…

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

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…than a low rise loft or brownstone styled condo 

It makes sense if you think about it. A high rise condo is generally going to have higher condo fees than a Brownstone styled or low rise condo development. All in all, the more services, the higher the condo fees.

An elevator is a factor which is going to raise your condo fees. Not only the electric to run the lift, but also the budgeted maintenance is a shared expense that must be accounted for. In addition, many highrise condos in Philly have doormen. I know of no doorman who will work for free. In addition to the payroll, you need to consider the payroll taxes and benefits offered to such employees. Lastly, many high rise condos in Center City have amenities like a parking garage, perhaps a pool, or exterior grounds that need to be maintained.

And on the whole, the larger the building (the taller), the more amenities, and hence larger condo fees.

YOU GO GET THE SERVICES YOU PAY FOR…but some buyers choose no, or few services for their Philadelphia condo. You desire to have a doorman, or the high rise style of living is going to determine your need to pay condo fees to maintain those common services to the building.

Not sure which style of Center City Condo building you might prefer? Call me…lets talk-no pressure.

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

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…then you need to get with the program.

I recall my parents looking for a new home when I was in grade school. The event was heralded around the dinner table in much the same way as the other big news of the day- “Man Walks on Moon”. We couldn’t wait for the Sunday paper to arrive, so dad could get out his red magic-marker and circle the homes that sounded like a good fit for our growing family.

3bd/2ba with gdn and pkg, Lg LR…. $49,900 – yeah, circle that one.

Todays buyers are much more savvy, and they tend to plan ahead. They use the internet to learn about available Philly condos, and know a lot about certain projects prior to their arrival. Schools, police districts, and highlights of various neighborhoods can all be found on-line. Also, learning the difference between a low rise (loft or brownstone) styled condo, and a high rise condominium can be very helpful as we get starting condo shopping.
    
AN EDUCATED CONSUMER IS A GOOD CONSUMER. So learn as much as you can prior to meeting up with me. Get to know your areas, buildings, and what you value and don’t value in a Philadelphia condo. Use the internet as a screening and learning process, and hopefully, with our combined knowledge, we can find you the perfect condo in Philly!

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

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