November 3, 2016
Tags: philadelphia realtor, philly condos, Real Estate Advice, Rittenhouse Square condominiums
Being a veteran Center City Realtor (26 years), I often see buyers making some repeated mistakes. At least in my opinion, I use the word mistakes.
Here are some common pitfalls:
1) Paying Points on a short term hold.
Many buyers know they will only own their condo for 3 to 5 years. Paying Points may not be advantageous- Talk to your lender. Do your homework here.
2) Saying “No” to a “Betterments and Improvements ” rider on your home owners policy. This covers items like floor, appliances, cabinetry, doorknobs, etc etc. Might be worth considering.
3) Glossing Over Building Issues – You are given 5 days to read your condo docs. If you don’t want to do so, then hire a lawyer. A Real Estate Lawyer.
4) Using a Mortgage Lender because you have a Savings Account at that bank, and have had for 23 years. That doesn’t mean crap, in my experience. Nada. Nil. Zip.
5) Using a relative to be your Realtor, Mortgage person, or otherwise to play a huge role in your buying process. These arrangements can go up in flames quickly. Not always…but…
6) Not Vetting Your Philadelphia Realtor – “When in Rome” is pretty good advice.. Interview him/her to decide if you two make a good team.
7) Over-buying : Do you really need a three bedroom and den unit? Or will a two bedroom and den suffice? Same story with one vs two bedroom units- If you don’t need the space, why pay for the space?
8) Not Reading Your Sales Contract – 99% of the questions you may have about a transaction here in PA can be answered by reading your Agreement of Sale (The Contract). Read It. I beg you.
9) Expecting Perfection: Yes, the seller is going to vacate your new condo in a dirty and somewhat used condition, with holes in the walls where their art once hung. IF that is the biggest bump in the road during our journey, then we should all g o sing and dance in the middle of the street with joy and glee :-). Nothing in life is perfect so a hint of forgiveness along the road can be helpful.
10) Relying on the Square Foot calculations on Condo Flyer. Or even relying on info provided by some sources. Best to do your own measuring/ fact checking.
Just Ask Me.
Let’s find the answers together to help you make the best decisions possible.
BHHS Fox & Roach Realtors
September 21, 2016
Tags: Philadelphia condominiums, philly condos, rittenhouse square condos
In terms of value retention, resale ability and livability…Here are my latest top ten picks:
1) 1706 Rittenhouse at 1706 Rittenhouse St. – – There can be little doubt that the building shines in terms of value growth and demand. The highest of high end here in Center City. Buyers line up for these units- Who wouldn’t want to live at 1706 ??
2) Kahn Park Place at 1119-25 Pine St.– Parking, roof decks and nice interior space…at prices that I think are undervalued. Homerun! Location is key here as well. Interior condition drives the wide range of values here.
3) Washington Square West Condos on the 12xx Block of South St. – Solid investments in a high growth area. Oh, and all have parking and two bedrooms! You can’t beat these simple yet value driven condos. Boom!
4) St. James Court in Society Hill – 40 years old condos with interiors that clearly stand the test of time. Undervalued and best deals in the 19106 zip code. Most units are off street and quiet. Interior courtyard is picture perfect. You can’t beat the prices in this segment in my opinion.
5) The Coronado at 2201 Chestnut St.– Improvements to the building make the investment here a solid one in terms of value growth. And in the 19103 zip code to boot.
6) The Lenox at 250 S. 13th St.– Not unlike 2201 Chestnut Street in the fact that it is a pre-war styled condo building that has undergone many recent upgrades and improvements. Since the Parker across the street closed- are values poised for a significant bounce upwards? Probably.
7) Center City One at 1326 Spruce St. – If I had millions of dollars, I would probably spend most of them inside this building if I wanted to make money.
Try to beat the location and the floor plan of the two bed, two bath units.
No supply here.
8) The Philadelphian at 2401 Pennsylvania Ave. – Values for the larger units bounced higher and faster than any other segment in Center City. Many reasons which can be attributed to the association…and lack of supply didn’t hurt either.
9) Low Rise Condos in 19103 and 19107– Perpetual demand leads to a shortened “days on market” for many in this segment. Solid purchases and solid returns. And those near Jefferson and U of Penn have a double good whammy- which is huge rent-ability.
10) 2200 Arch St. Condos at 2200 Arch St. – Probably the quickest sales in the loft like segment here in town. Parking, close to jogging trail and in the 19103 zip code. This place is firing on all cylinders.
Honorable Mention: The Reef Building at WaterFront Square 901 N. Penn St. – Just about 6 units remain and the values are climbing faster than most other buildings around town. Expect another bump in values when the building completely sells out. Philadelphian’s are warming to the idea of living in this lovely gated community. Though I am biased…We own and live here.
BHHS Fox & Roach Realtors
215.521.1523 | Mark@CenterCity.com
May 19, 2014
Tags: Center City condo, philadelphia, philly condos
We Will Remember 2014 As The
Year Of No Inventory
In my opinion, the cause is easy to pinpoint.
We are just now coming to a time in the market where prices have begun to rise. However, they have not risen to a point where many sellers have a ton of equity into their Center City condos
As a result, they either choose not to sell or simply cannot sell because they do not have the equity to move into a new home. This creates a bottleneck of demand- buyers are buying but there is not enough product on the market to meet that demand.
We see this phenomenon once every 7 years or so when the market shifts from a buyers market to a sellers market.
Look for the situation to change next fall as more sellers gain the equity needed to move into a new home and list their current properties.
Although I don’t mean to be the “big brain”….
We do have a fairly sizable amount of the
Center City Condo inventory for our buyers….
May 28, 2013
Tags: Center City condo, Center City Real Estate, condos in Philadelphia, philly condos
I always find it interesting when developers or REALTORS advertise a spring 2013 delivery for Center City condos and the project has yet to break ground. I’m thinking, it’s summer 2013 and your project isn’t even started!
Or, how about those large signs in the ground announcing a new development that got axed nine months ago? Look around town, you can see a few.
I don’t know why delivery dates for new construction Philadelphia condos are so wrong sometimes but I do have my theories.
Perhaps these developers are unaware of what it takes to get Philadelphia condos approved and built. Maybe its a bit of wishful thinking on the part of the REALTOR: will and early delivery date increase the traffic through their site?
More likely, it’s a bit of both.
Any buyer looking at pre-construction projects should be told of the inherent delays in new construction. Buyers must be aware of the countless pieces of the puzzle that need to fit into place in order for a project to come together. And they must be told the truth- that often, developers have zero control of the puzzle pieces. (Think city and state permit requirements for example.)
I think it would be difficult in most cases to adequately predict, some nine months in advance, an exact settlement date for your new condo. To me, promising a delivery date that clearly isn’t within range is a mistake. REALTORS and developers of new Philadelphia condos lose credibility when they do this.
I started thinking about all this remembering a mistake I made. (I know, I know. I, of all people should know better!) When I was moving I actually messed up my calculations on a new construction piece. I ended up in corporate housing for six months. (You can imagine what a pain in the ass that was. Two extra moves…)
If you’re considering Philadelphia condos in a new construction project, be wary of the advertised delivery date. Allow for some grace time with your lease. Don’t make completely firm plans with your moving company. You’ll avoid a lot of headaches brought on by unforeseen construction delays.
Stop trying to comprehend today’s complex real estate market all alone. Give me a call today at 215-521-1523 or drop me an email at firstname.lastname@example.org. Together, we’ll find your perfect Center City Condo or sell your Philadelphia condo… and ave fun doing it!
May 20, 2013
Tags: Center City condo, Center City Real Estate, Philadelphia condominiums, philly condos
And has dirty orange shag carpeting. And faded purple painted walls. Really!
I have been preaching this mantra for some eighteen years now here in Center City Philadelphia. And it has worked! Our little group of seven REALTORS (www.centercitycondos.com) at Prudential Fox & Roach REALTORS sell over 160 Philadelphia condos and Philadelphia townhouses every year to very happy owners.
One distinction that we can brag about is the fairly sizable profits a lot of our buyers make when they call us a number of years later to resell their Center City condos. Now granted, a lot of that has to do with the market conditions, and the fact that Philadelphia real estate has been on an upswing for the past dozen or so years. But, a significant reason many of our Philadelphia condo buyers make money is because we guide them to properties that are diamonds in the rough.
Buyers are probably going to find the smelly, ugly Center City condos severely discounted (disproportionately) lower than one might expect… because few other buyers are emotionally attracted to these “dogs”. My goal is to get buyers to see past the simple outdated or unattractive cosmetics that are inherent in a number of downtown Philadelphia lofts, condos, and townhomes.
I feign deafness when I hear a buyer tell me that the “place is perfect, except I don’t like the carpeting”. Or that the appliances are old and the inside of the refrigerator smells like the inside of their gym bag. Those issues are what I call PHONE CALL UPGRADES. You pick up the telephone, you dial the local Home Depot or Lowes and you set an appointment for them to cone out and replace the appliances and carpet. You place one call to a painter who repaints all the faded purple colored walls. These are one step-one call upgrades. This isn’t brain surgery. We are not moving the kitchen which would involve moving gas line, water lines, replacing flooring, redoing baseboard moldings on and on and on. Simple stuff…”One Phone Call” Stuff.
And that is where many buyers see a huge increase in their resale price: simple, light cosmetic work. The kind of work that takes a pee smelling, dirty orange shag carpeted piece of ick, and adds significant emotional value through the use of good decorating skills, cleanliness, and minor cosmetic upgrades that are readily visible to the eye.
Buy ugly. Buy smell. And sell oohs and aahs… Then sing and dance all the way to the bank.
Ready to discover your own diamond in the rough? Give me a call today at 215-521-1523 or drop me and email at email@example.com. We’ll smell out those “dogs” and find you a real ooh and aah buy!
March 4, 2013
Tags: center city condos, Philadelphia condominiums, philly condos
Condominium; an apartment house, office building, or other multiple-unit complex which is individually owned, with an individual deed and right to sell the individual unit of that building. So many uses of the word “individual” but that’s not exactly the word most people would use to describe a condo. Yes, you have your individual unit, but it is in a shared building with shared amenities, such as pool, gym, and/or tennis court, and shared responsibility to show your neighbors the utmost respect.
Let’s back track for a minute. You stopped at the word “amenities” didn’t you? That’s right, when living in a condo amenities such as these are right in your “backyard”, so to speak. Some Philly condos even go as far as to providing you with town car or private bus service to and from your destinations! Not a bad deal for a small fee.
A fee is described as a charge or payment for professional service. That couldn’t hit the nail harder on the head. Along with all the amenities included in your “condo fee”, which is a monthly payment for access to all that a condo has to offer, you also receive the privilege of professional services such as lawn and exterior maintenance as well as indoor home repairs. There are so many wonderful things a condo has to offer.
Condos provide a sense of a safer environment for people living alone or looking after small children considering the extra eyes that are always around. Living in a condo is like working in an office, you have your own personal and private space, yet you aren’t alone, and you aren’t too far from a neighbor or friend.
January 22, 2013
Tags: Philadelphia condominiums, philadelphia realtor. philly condo, philly condos
Renovating a Philadelphia condo unit brings with it challenges that homeowners simply don’t face. Unit owners must comply with condo rules and regulations, consider how noise affects neighbors and work within the building’s larger electrical or plumbing systems. Careful planning before renovations helps prevent problems with the condo association and staff.
Unlike a house, when you purchase a condo you only own what lies within the unit’s walls. You cannot renovate public areas, other people’s units or the building’s utility infrastructure. This is necessary, in part, to ensure the building maintains its overall feel and appearance.
Well before you commit to any condo renovations, read over the condo association’s condo docs to find out what types of renovations are permitted. Different condo docs have different restrictions. You’ll probably need to submit a plan of renovation, in writing, to the condo association.
Generally, most condo agreements allow you to paint, install new appliances, replace lighting and plumbing fixtures and replace flooring. More complex renovations such as rerouting plumbing or electrical wiring and knocking down walls require approval by the condo association.
Renovations requiring work in adjourning units are least likely to be approved, as this inconveniences other residents. Extensive plumbing and electric work may fall into this category.
Working with Contractors
Renovating a condo often means working several stories up, rather than on the ground. This complicates materials delivery, heavy equipment transport, waste removal and even contractor parking.
Ask your condo association if they can recommend contractors with experience in condo renovations. Contractors need experience working in the tighter confines of a condo unit, and keeping noise to a minimum for the sake of your neighbors.
Renovations will go smoother if you coordinate with condo staff. Doormen and other staff need to know when contractors will be on-site, when they will be moving heavy items and your renovation schedule. Early planning and frequent updates help prevent miscommunications and hard feelings. If your renovations require access to the building’s plumbing or electricity, arrange for access well ahead of time.
Considering the Neighbors
When renovating a house, contractors usually work late into the evening, so the job will inconvenience you as little as possible. In a condo, you have to consider how renovation noise and dust affect your neighbors.
Most condo associations have strict noise regulations and limit the hours during which contractors can work. These are reasonable restrictions; your neighbors share walls, ceilings and floors with you, and don’t want to be disturbed late into the evening.
Let neighbors know your renovation plans well in advance so they don’t get blindsided by unexpected noise. Be polite and understanding–after all, you’re inconveniencing them, not the other way around. When renovations are done, express your thanks to neighbors for their patience.
Byline: Michelle is an aspiring writer with a passion for blogging. She enjoys writing about a vast variety of topics and loves that blogging gives her the opportunity to publicly voice her thoughts and share advice with an unlimited audience.
September 14, 2012
Tags: center city condos, philadelphia real estate, philly condos
The Packard Grand Condos at 111 S. 15th St: Condo Assoc recently acquired the top floor of the building from the developer. It is a 3,300SF space (on the 27th floor) with fitness center, large west-facing outdoor deck, party room, meeting room, and large capacity laundry machines. This was a great move by the condo board for a building that had lacked amenities. The new fitness center is now open and the rest of the amenity floor will open by September.
Center City One at 1326 Spruce St.: responds well to its broken water meter. The following is from a friend who lives in the building and know first hand how well….click to read more
Toll Brothers: Approx 160 new units right on 24th street! Expect delivery late July 2013. Based upon the success at Naval Square- look for these units to sell at a pretty good clip. 8 out of 22 sold in Phase One and ground hasn’t even been broken. Stay tuned for more details…
WaterFront Square: A trail runs through it- The Penn Street Trail – a section of the Central Delaware waterfront trail that will connect Spring Garden Street with SugarHouse Casino’s portion of the trail – is expected to open next spring.
Murano: 2101 Market St.- Sale prices doing exceedingly well post auction. They just re-listed all high floor units with Pru Fox Roach. Look for the remaining units to sell fairly quickly!
Penns Landing Square at 130 Spruce St: Spending money to better manage water run-off and to be more efficient at being able to segment water shut offs in order to better serve home owners. Touche!
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106
September 13, 2012
Tags: center city condos, philly condos, philly lofts, philly real estate
I now know firsthand…
We just sold our summer vacation house of 2200 sq ft and bought a really nice 458 sq ft condo up on Cape Cod….and in all honesty- we have never been happier.
Easier to clean
One Level living
Financially- It is a no brainer
I honestly feel like I can breathe a sigh of relief…hard to explain.
When you get to an age where you are looking to downsize to a Philly loft or condo, I am here to tell you that less really is more. More peace of mind…and more to smile about. I feel I shed about 700,000 pounds of fat- and I am feeling free as a bird. Size isn’t everything- especially when you know how to use it. We want for nothing, and aren’t looking back…
Prudential Fox & Roach Realtors
530 Walnut St. #260 Phila., PA 19106
October 10, 2011
Next Page »
Tags: Center City condominiums, Philadelphia gated condominiums, philly condos, Philly gated condos
There are really only three Philadelphia condominium buildings that I believe qualify as being gated:
WaterFront Square at 901 N. Penn St: I live here and I love it. I have lived in town for 24 years, and I know every condo building like the back of my hand. I choose the building because it sits on 13 manicured acres with tons of parking, pool, deck onto the river, etc. And being gated (and a doorman building), it takes the security equation right out of the picture- in my mind. If I forget to lock my condo door- WHO GIVES A CRAP?! I live in a gated community with a doorman to boot.
Naval Square: Gated and sits on something like 20+ acres…gorgeous setting. And again, takes the security equation right out of the picture. Ample parking, pool, and lots of space for the dog, the kids, even bike riding. These are qualities that are generally lacking in a non-gated urban community. I love Naval Square, and think that the HUGE variety of styles and sizes are fantastic. And the tax abatement doesn’t hurt either. Many units are single level/one story styled condos.
The National in Old City: Gated, yes. Doorman- no. Acts like a doorman building, but actually there is no attendant on duty. This is a Semi-Gated Community where a fair number of properties are indeed off-street, and you have to pass through a gate to gain access. I have sold a fair number of units here, and my buyers do appreciate the sense of security. I love the location in Old City, the garage parking, and remaining life of the original tax abatement. High floors have some really cool water views as well.
If you are considering looking at some condos in downtown (Center City) Philadelphia, and would like to check out some gated communities, Give me a call or email. No pressure.
PRUDENTIAL FOX AND ROACH REALTORS 215.627.6005