What I find most interesting is the DOM (days on market) of 128. In October 2007, DOM was 93 days. And “pended properties” (those home that are under agreement, and awaiting settlement) dropped from 23 this October, compared to 51 in October 2007.
Want to make sense of some of these figures? Give me a call at 215.521.1523 or drop me an email at MArk@CenterCity.com, and let’s chat!
I work with a lot of buyers who look at new construction Philly condos for sale here in downtown Philadelphia. And after each visit, I get the same response back from my buyers, and it is never good feedback. They resent being held up for an hour, and do not like the “prying” from sales reps from these large new buildings, and are generally not interested in a long theatrical song and dance about how “Great” any particular building might happen to be.
My buyers generally want the quick overview…not the long serenade.
And why is it necessary for you to collect my buyer’s personal information? They are my buyers, not yours. I like to handle buyers with a non-intrusive approach…allowing them to give info as they please.
SALES AGENTS ATTACHED TO PARTICULAR BUILDINGS WANT TO KNOW EVERYTHING, DOWN TO MY BUYERS SHOE SIZE. It is ridiculous.
I suggest that if any particular Center City condo building wants MORE traffic, they should provide an “express” overview of their new condos they are offering. Put a few units on lockbox, and let us go in and out at will. Your sales pitch is NOT going to persuade my buyers…that is my job.
Knowing that we are going to be tied up for an hour looking at your project is going to prevent interest in your building- We just don’t have the time. I can’t spend 8 hours looking at 8 properties.
DO THE MATH, YOU GOOF.
IF MY CUSTOMERS LIKE YOUR NEW PHILLY CONDO LISTINGS, WE ARE COMING BACK FOR A 2ND LOOK- I GUARANTEE IT. AT THAT TIME, MY BUYERS CAN SPEND THE TIME TO REALLY KICK THE TIRES-
An initial walk through is not the time to put my buyers on the spot with your questions and extended song and dance about how nice your “community room” is, or how impressive your weight room might be.
We have talked about this before and the topic keeps us happy here in Philadelphia, so here we are talking about it again. Amidst a year filled with housing turmoil, from foreclosures to listings that sit on the market for over 200 days with no end in sight despite ANOTHER price reduction, here in Center City Philadelphia, condominiums are still selling. Sure, the market here has softened, there is no doubt about it, but compared to our Suburbian friends around the country, our head is still holding above the water and with no intention of sinking.
I came across this great article from the Philadelphia Inquirer from the summer titled Center City Condos Thriving. Many of my colleagues are quoted throughout the article and at the bottom you can read some statistics from many buildings in which I’ve sold a condo or 2 (or many) myself, including The Winne Building, in which I currently have several lisings.
Before we know it, the 2009 Spring market will be in gear and things here in Center City Philadelphia will really start to pick up again. If you are interested in an appreciating long term investment, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com to set up an appointment and let’s go condo shopping (my favorite thing to do) together!
Seen rising above the Barnes and Noble bookstore on the north side of “The Square” is the new premier Rittenhouse Square condominium project, 10 Rittenhouse.
ARC Wheeler, the developer of 10 Rittenhouse in Center City, is saving the historical façade of the old Rittenhouse Club, and the new five-story structure will have three mega-condos. In a nod to preservation, the building will incorporate three landmark structures while adding a new 33-story red-brick and limestone tower behind them.
Ten Rittenhouse Square is a $300 million luxury condo tower under development in Center City Philadelphia whose residential tower will have street frontage on the 1800 block of Walnut Street, South 18th Street and the 1800 block of Sansom Street. According to the website, 10 Rittenhouse will feature:
• One Bedrooms from $714,000 – $856,000
• Two Bedrooms from $1,300,000 – $3,400,000
• Three Bedrooms from $1,900,000 – $4,500,000
In addition there will be six 10,000-square-foot penthouses priced near the $12,000,000 mark.
Needless to say, 10 Rittenhouse will be the paragon of luxury high rise living here in Philadelphia. With Miele and Sub-Zero kitchen appliances and marble baths with BainUltra tubs. Ceiling heights from 8.5′ to 12.5′ accompany window walls, spacious private balconies, terraces and Juliet windows (in some homes). Building amenities include a garage, concierge service, a restaurant, a pool, spa and fitness center and a shared roof garden.
Barneys Co-op – a part of the high-end New York City department store Barneys will occupy the first two floors, totaling 10,000 square feet. The Center City’s hip-ometer has officially begun registering some activity.
Barney’s AND living at 10 Rittenhouse?! That is a dream made in heaven.
Interested in living the dream? Contact Mark Wade at Prudential Fox and Roach realtors and lets investigate the possibilities!
Mark Wade www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
267.237.3404 (That is my cell phone. And this is the first and only time you will see my personal cell phone number listed on a blog entry. THAT is how serious I am about loving this project.)
As a longtime Philadelphia realtor, I am often asked a number of questions about various condos in Philly, and I want my blog readers to know a few things about buying or selling real estate in Philadelphia.
1) The “Days on Market” figure on any mls sheet (“DOM”) may be misleading. Sometimes sellers will pull their condo off the market for a few days, in hopes of resetting that “DOM” figure. Easily overridden by a realtor. Simply hitting the “History” button associated with that particular listing on the internet will give you a clear picture of the MLS history of that (say) Rittenhouse Square condo. So make sure you ask your realtor to show you the history of any given listing.
2) As I have said in prior blog entries and podcasts, make sure you measure the Center City condo you are going to buy to get your own idea of the square footage. Many MLS sheet omit this figure altogether, and are realtors are not required to submit such info to the MLS.
3) Parking- deeded, or assigned? Again, I did an entire blog on this issue. Many realtors will use those definitions incorrectly. Deeded means you have a separate tax bill, and you can sell the space off to anyone. Assigned generally means that the spot transfers with your title, which is not a bad thing.
4) Claims of a property being Historically Certified. Best story ever- once a prominent Center City realtor sold a Society Hill home, and claimed it was historically certified. Without being able to substantiate such a claim, when pressed, she declared the home to be “historically certifiable”. Nice. If such claims are made to you, get it in writing. Ask for documentation when writing the offer, should such a designation be of value to you.
So there you have it. If you are looking for more insight into the Philadelphia Center City condo market, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com. I will be sure to fill you in on the information I have in my brain!
As the owner and operator of www.CenterCityCondos.com, I am always appreciative when someone comes to me with feedback about my site. Nine times out of ten, someone is saying nice things.
But I wonder how many people leave my site, with a bitter review that perhaps they are not sharing with me. With the help of my website designers, I came up with the ideas for the layout, menu, and content. I have added a blog and a place to listen to my podcasts. But what if a lot of what I am doing, truly sucks…and I don’t know it?!
That is where I would like EVERYONE to know that I am open to criticism. If there is something that you think could be improved, refined, added, deleted, fixed, shortened, sweetened, or altogether altered, won’t you please drop me a note, and let me know?
I average over 5000 visits to my site per month, and the average length of each visit exceeds 4 minutes! And there is just no way everyone is leaving happy and fulfilled…
If you like, take a minute, and let me know what you think. Believe it or not, the more feedback I get, the more I want to do my corny “happy dance”…