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January 18, 2017
Having sold over a dozen units in the building, I can say for certain that I am a fan of the Phoenix condos. And here is the inside skinny as I know it-
The Phoenix was an existing office building when it was converted to apartments just over fourteen years ago…say around 2002. Then around 2006, the usage was altered to be condominiums. The Phoenix performed fairly well at its introduction to the public and is fully sold out. The building has a great mix of one, two and three bedroom condos- though the 3 bed units are rare, as are a handful of studio units in the building. A fair number of one bed plus den styled units…around 1100 sq ft (the den is a bedroom, but doesn’t have any direct sunlight or windows..but the size of the den is similar to the bedroom). Values can be contingent upon which direction a condo faces, but in reality- interior condition is king. The costliest views are east and north…and resale prices are reflective of such. The building has valet parking- condo owners could have either purchased a rental license or were given the option to rent a parking spot. The tax abatement for the building expired in 2013 and I do NOT think that values have been affected in any way by that fact. The condos at the Phoenix provide direct access to the train station (you don’t have to walk outside to catch a train to say NYC). The front desk staff is very friendly and have never given me any crap….and I can see that the residents of the building like them as well. There is a Starbucks and a restaurant down the first floor corridor which is nice for owners and residents.
The building kinda’ sits close to Jefferson Medical, U of Penn and Hannemann which draws from those three crowds…almost like a “built-in resale market.” The Phoenix at 1600 Arch has the best and largest common roof deck of any condo building in Philadelphia and has lounge areas as well as a BBQ station which is nice. There is also a fairly good sized gym and conference rooms. The common areas are done nicely and retain a fair amount of their pre-war grandeur, but the interior units don’t reflect that fact. The top floor condos at the Phoenix are unique in that they preserved some of the original detail of the building and incorporated it into the condo units. The condominiums are pet friendly and I am unaware of any rental restrictions for owners.
And my clients should feel free to email me if they would like to chat with someone who lives in the building in order to get their two cents on the Phoenix condos at 1600 Arch St. I recently sold a unit to a lovely couple at the Phoenix and their condo is NOTHING short of stunning and is magazine quality (I mean you Joan).
January 9, 2017
Some buyers know it all. Good for them. For the rest of you…here is what you may not know:
1) Two bedroom units are a better investment than a one bedroom-
Unless you live at the beach and plan on having guests every weekend. Otherwise, I don’t see that argument holding much water.
2) That unit comes with deeded parking-
Not always. Usually a parking license that gives you the right to park, but you don’t have a separate tax bill.
3) Those are hard wood floors-
Or maybe they are laminate, or a composite, or a soft wood like pine. Though it may make no difference to anyone, many floors are called hardwood but actually are not.
4) I can rent my unit out anytime I choose-
Not unless the condo docs say otherwise. Read your docs.
5) A higher floor always means a higher value-
In older buildings, I think the guiding light of value is not floor height, rather interior condition. Though a high floor has never hurt value.
6) A friend told me to stay away from that building-
It is hard to turn a deaf ear to a friend. But sometimes doing your own homework and asking questions can be an equally good idea.
7) I will walk everywhere when I move into town-
That’s great. But few will walk from say Naval Sq. to The Ritz movies in Old City. Of course you will walk more. Walk everywhere? Doubt it…Get the Uber app on your cell phone and be done with it.
8) I need three full bedrooms-
Most buyers can do with two beds and a den. Think about that as the number of three bedroom condos under say $1m is exceedingly limited.
9) I am going to find a condo where I don’t have to pay condo fees-
Good luck with that. Elevators don’t run on magic fairy dust and doormen do not work for free. Fees are a reflection of what the building offers and how much it costs to operate.
10) I need to have gas cooking-
I sold a condo to a sous chef from Le Bec Fin back in the day. He bought a condo with an electric stove. He said it didn’t matter…rather a huge misconception with the part time home chefs. Sorry.
January 3, 2017
When normal everyday people board
the crazy train…
Listen- I get it. Buying a condo can easily cause BPS (big purchase syndrome). Normal everyday people can go a little nuts over small bumps in the road or small wrinkles that inevitably come down the pike when buying a home. And catching BPS crosses all lines- whether you are buying a small little one bedroom condo or a large penthouse. Happens to many buyers of all ages and sizes regardless of the price range or experience of the buyer.
I don’t judge people when they board the crazy train in a real estate transaction. Sh*t happens and BPS is more common than one might think. And it happens to me every time I buy or sell a condo. It just does.
So don’t feel bad if you call me out on some silly detail or freak out over a little bump in the road. I understand that buying a condo has much more to do with emotions and feelings than actually owning a condo in Center City.
Almost all of my favorite buyers go bat-sh*t crazy at least once during a deal. It is part and parcel. The true crazies here are the folks who can and do take everything in stride 🙂
December 5, 2016
The strength of any condo association in town is usually a reflection of how much money they have in the kitty and it is the responsibility of EVERY condo association to cut costs wherever waste is identified. There is a company in town who has been doing audits for some larger buildings around town and helping them assess their energy needs and areas for efficiency improvements.
No Capital outlay
Lower operating costs; now and in the future
Make long term energy efficient building improvements
Lower maintenance cost by replacing aging equipment
Improve resident and guest experience
Utility company Cash Incentives available in many states
Tony Lepre may be able to help your condo association save money:
September 27, 2016
Alan J. Heavens, Philly.com’s Real estate writer says, “The city of Philadelphia is officially a sellers’ real estate market, as a continued shortage of inventory has pushed up prices for properties listed for sale.”
Economist Kevin Gillen, senior research fellow at Drexel University’s Lindy Institute for Urban Innovation, said the second quarter of 2016, which ended June 30, saw median prices 13 percent higher than April-through-June 2015.
…Gillen isn’t exactly sure why homeowners aren’t rushing to list their houses, but Mark Wade, an agent with Berkshire Hathaway Home Services Fox & Roach Realtors, cites several factors.
Mostly, it is “because many buyers in town over the last few decades have been empty nesters who believe they have made their final move and don’t need to downsize or adjust their living quarters to match their future needs,” Wade said.
The “flip side of rising house prices is decreased housing affordability,” Gillen said.
“Prices are now rising faster than household incomes, which implies that home buyers must now sacrifice a greater portion of their wealth to buy a home than they would otherwise, or else must defer the purchase of a home altogether,” he said.
Click here to read the full article on Philly.com.
Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523
Tags: center city condos, Philadelphia condos, philly real estate
September 21, 2016
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.
Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
215.521.1523 | Mark@CenterCity.com
Tags: Philadelphia condominiums, philly condos, rittenhouse square condos
September 17, 2016
“Once you decide on a location, the next step in your search for housing is determining whether to rent or buy.” Philly.com Real Estate Writer, Alan J. Heavens then said, “If you decide to buy, the next question is what. A growing number of Americans are choosing condominiums, especially in urban areas.”
Mark Wade, of Berkshire Hathaway Home Services Fox & Roach Realtors in Center City, said there are three main reasons buyers give when opting to buy a condominium: “one-level living – absence of stairs; a lack of maintenance requirements; and the security of a 24-hour front doorman.”
“Many younger buyers are attracted to condos because they are so consumed with their careers that they simply don’t have the time or energy for the needs of a single-family home,” he said.
Many empty-nesters are looking to rid themselves of the upkeep that a larger single-family home may require, Wade said.
“The trade-off between a single-family home and a condo is usually location and size,” he said.
Condo living affords buyers the opportunity “to lose up to a few thousand square feet of unused, unwanted space, or perhaps three unused bedrooms – quite a weight lifted for those looking to simplify their lives.”
Click here to read the full article on Philly.com.
Mark Wade
CenterCityCondos.com
BHHS Fox & Roach Realtors
215.521.1523
March 28, 2016
So there has a  been a lot of talk recently within my circle of condo buyers in town about how the views of south facing units at the Ritz Carlton will be affected by the new building being erected to the south. This really only affects “A” units at the Ritz which face south and east. I was able to find an image showing what the views might one day look like.
In my opinion, when that new building is erected and buyers can actually see that it will be some 53 feet in distance from the Ritz- the effect on value(s) for the south facing condos will really not suffer a great deal.
I think the “unknown” may be more damning that the reality of what is going to be built.
My suggestion- throw some caution to the wind and look at the “A” units while you can and while their pricing may be a bit suppressed by the “unknown” element – that being partially blocked views.
February 22, 2016
New condos that have never been occupied are a strong draw for many buyers here in Center City and there are premiums to be paid for that novelty/aspect of any particular new condo in town. And there also is a premium for floor height and view in all of our new construction pieces.
If we do see any initial depreciation of a new construction condominium, we generally see that played out in the premiums paid for floor height and any such depreciation usually occurs within the first year or so. Buying a new condo then trying to resale within the first year can result in a somewhat mild “hit” on the value of the condo. Sellers are taking away the shine or appeal of the premium paid for a unit being brand spankin’ new and will often see a drop in value. Though usually not a striking drop in value, but a drop in value none the less. We see this most often in condos where the seller has paid for upgrades that may suit their needs, but don’t always suit the needs or tastes of the buyers that follow. And sometimes the attribute that pulls the value down is the premium paid for floor height. Subsequent buyers come at the building looking for an average sale price of a given type of unit and want to pay based upon that figure. Stronger locations in town, like Rittenhouse Square, have a tendency to be a bit more elastic- they are the first neighborhoods to see a drop in inventory with any influx of buyers to the market. That’s a good thing.
This scenario and resulting depreciation is usually wiped off the books after year one. It is the initial depreciation of a new condo that is loaded towards the front of ownership- like in the first year. Once that hurdle is cleared- the possibility of depreciation lifts as well.
Tags: New Construction condos Philadelphia, philadelphia condo appreciation, Philadelphia condo depreciation, rittenhouse square
January 25, 2016
No. You should clean your house like you have the plague and pretend a decontamination/haz-mat team needs to help. That is what you should do to present a house to a potential buyer. THAT is the key to selling a house…that and a fair price.
And there you have it- My 27 years of inside knowledge to the real estate market summed up
in one brief sentence. Clean your house, then do it again. Then do it one more time just to make sure your home looks like it did the day it was built. And that is how you maximize your resale price
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