Philadelphia Real Estate Blog

….Is your sales pitch is way over the top?

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.

So lighten up. Give my buyers the ability to keep some things private. We will both appreciate such courtesy, and will hopefully see you again!

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

Where Is The Condo Glut I Keep Hearing About??
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According to TrendMLS, on January 1, 2010 in Center City Philadelphia, between the price range of $400,000 to $600,000 in the Center City neighborhoods of: Rittenhouse, Fitler, Grad Hospital, Bella Vista, Queen Village, Society Hill AND Old City– In the two bed, two bath segment there are currently:
 
118 townhomes for sale and 91 condos for sale. So where is the condo glut??

Any big-brains out there want to riddle me that?!
 
The answer is that there is no condo glut in this- one of the hottest segments of the Center City Philadelphia housing market. This is a VERY wide segment (geographically) speaking, as well as a fairly generous price range. “So stick that in your pipe, and smoke it” to all those half-wits who piss and moan about the overbuilt Center City condo market. Ha 🙂
 
Feeling like you may not have all your facts straight about the Philadelphia condo market? Call me 215.521.1523…lets chat.

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

Lets be honest here- most  Philadelphia real estate transactions leave buyers feeling that perhaps they may have overpaid, and sellers left feeling like their home was worth a bit more than was reflected in the agreed upon sale price. And it usually doesn’t matter if it is a buyers market, or a sellers market.  Similar to the notion that those driving slower than you are slugs, and those driving faster than you are maniacs. Sound familiar?
    
As a veteran Philadelphia Realtor, I am aware that there is a fair deal of perceived bleeding in most transactions. I personally have never sold a home for what I thought it was worth. In my brain, I always end up getting screwed.  And that is really, in my humble opinion, what buying and selling is all about. You get what you can, you give what you can, and hopefully an agreement is reached. But please don’t think there isn’t going to be a little pain, and a little bleeding.
    
The idea is to keep the bleeding to a minimum as no to warrant anything more than a band-aid. Certainly no one wants to walk away from a deal with war-sized wounds. But a little bleeding is to be expected in most transactions. I always tell my buyers that I can get them 9 out of ten things on their wish list. And the same holds true during negotiations- hopefully I can get you 90% of the way there.
    
At that point, perhaps if the deal is right (for you), you are going to have to cough up that list nickle. And I am aware, it is that last nickle that is the toughest to part with!

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

Philly condos offer a wide variety of parking options. From on-site rental, to deeded parking, many Center City condo buildings do offer an array of possibilities.

Rental parking- Most buyers will tell me that AS LONG AS there is guaranteed rental parking on the block, then this option is an acceptable substitute for actually owning a Philadelphia parking spot. I like the flexibility here, and such an approach will GREATLY add to the number of options you have when we are searching for your new condo.

Deeded Parking- If available, this arrangement has you purchasing a physical piece on property in which you have the rights to park. Means you have a separate tax bill as well. Usually you may buy or sell this parking spot with or without an accompanying condominium unit

Assigned Parking: You pay for this too, but you do not get a deed. You are basically granted the rights to the use and enjoyment of a parking spot, usually located on-site. You may not separate this parking spot from your condominium unit, and such assignment is recorded somewhere in either the condo docs, or your deed.

Street Parking- For approx. $35 a year, you can purchase a Street Parking Sticker, and then be able to NOT have to feed parking meters, or move your car every two hours for the AREA in which your parking sticker is valid. IF you get one for the Old city area, because you live in Old City, this will not give the ability to park for free around Rittenhouse Square. I guarantee you that.

Parking does play a role in the value and desirability differently in almost every condo buying situation here in Center City.

Call me at 215.521.1523, and let’s discuss how parking may affect you!

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

…that no developer will offer, but you may request!

So you buy a new Philly condo, and the developer gives you options for carpeting, tile work in the bathroom, and selection of kitchen cabinets. However, here are my top five suggestions for things you might want to request. With a good offer, you may just be able to tweak your new condo with the right touches!

1) Back-splash in the kitchen. Almost never included in new construction. Be prepared, and bring a sample with you when doing up your offer.

2) The “edge finish” to your new granite. Most offer a simple “bull nose” finish. But how about an “Ogi” edge? Can really put a nice spin on your granite?

3) A tile or granite threshold into your bathrooms. A simple 4″ wide piece of granite where the carpeting or wood floors meet your tile bath could be nice.

4) A door sweep to your front door. This will help seal the gap between your units front door, and the hallway. Reduced intake of dust and possible pests.

5) Shelving in your laundry area. Never included, but always helpful for storing detergent, etc. Maybe even a cabinet would be nice here too.

Little tweaks here and there can really put a nice looking finish on many new condos in Philadelphia. And under the rule that you don’t get if you don’t ask…why not ask?

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

…I hear it is the next stimulus piece to come down the pike! 

Though the details are still being worked out, the Cash inefficient and old appliances program that kicks in late this fall will offer consumers cash to help buy new home appliances. You could get a rebate of $50 to $200 for buying a new, more energy-efficient appliance to replace one in your kitchen. The federal government has set aside $300 million for the program as part of the economic stimulus plan. Appliances including dishwashers, boilers, freezers, refrigerators, washing machines, dryers, furnaces, water heaters, and air-conditioning units may all be available for the program, and Pennsylvania has indeed applied for enrollment in the program! We may just see the last of the Avacado Green and Forest Brown appliances that adorn many old Center City Philadelphia condominiums.

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