Philadelphia Real Estate Blog

The developer of the beautiful new construction condos, One Riverside at 25th and Locust, has decided to switch the focus of his next project from a hotel/apartment project to a 56-unit condominium high-rise. We have been saying for some time now that there is a shortage of condos in town and we think this will be a great addition to the market.  You can read about the switch here.

One Riverside Condominiums at 25th and Locust

The new condos will be designed by Philly architect Cecil Baker, who has also designed the Residences at The Western Union Building and the brand new ultra luxury condos at 500 Walnut Street – just to name a few.  The Design Review Board approved Dranoff’s new condo plan for Broad and Pine Street last week.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
530 Walnut St. #480
Philadelphia, PA 19106

Do you really know what you are going to get? I am going to suggest you don’t.

When the spate of new high rise buildings hit the drawing boards over the past
decade, many buyers purchased their Center City condo based upon renderings, little floorplans, and a whole lot of marketing materials which surely guaranteed a buyers happiness IF they bought in that particular development.  All ad campaigns showed smiling, happy, good looking folks who would one day reside in the building you were considering.

But what about the Quality of the Finishes?  Many questions remained unanswered until the finished project was done, and buyers could then see what they were getting. And some projects of course, looked better on paper than they perhaps do in real life.  So many factors don’t show up on renderings, like:

-Width of the Common Hallway
-Common area ambiance – Scale, decor, and ceiling height
-The feel of the interior condo elements- like light, view, and again, scale
-Amenities- Size of gym, parking access or lack thereof, and staffing budget
-Quality of interior finishes- Hollow core doors? Doorknobs? Countertop thickness, quality or lack thereof in terms of carpeting, noise transference between units, etc.

And I am just scratching the surface here. The point is, if you are buying new construction, you should ask a lot of questions. And get the answers in writing if you can. Because some new construction Philadelphia condo buyers turn out to be big winners, and others- well, not so much.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106

Along (what I have dubbed) the Spruce/Pine corridor here in Center City Philadelphia, there are a variety of low rise/Brownstone styled condominiums that have seemed to perform reliably well over the past decade.  Due to the perceived desirability of the location of Spruce St. and Pine St, and the mix of unit availability, along with ease of parking (be it rental or on-site), along with the feeling of being “in the mix” of being able to commute around town on foot, I do find that this segment of the market has fared pretty well.

Brownstone condo developments have gained in popularity and acceptance over the past decade, and are unique in their design, features, amenities, and “flair”, as very few are identical. Each building (converted from what was once a very large single family dwelling) is unique in its style and design. For instance, The lowrise brownstone known as Roberts Quay on the corner of 11th and Spruce offers units that are earmarked with high ceilings, original detail, unique floor plans, and holds stunning curb appeal for those looking in the area. Also, since many of these buildings lack a doorman, or an elevator, we will find that condo fees for such units to be fairly minimal. The general absence of a swimming pool, and excessive common areas (grounds, parking lots, etc) also help keeps the monthly condo fees minimal.

Lastly, the proximity to University of Pennsylvania, as well as Jefferson Medical College provides a “built-in” resale market for these Philadelphia condos. As most units along the Spruce/Pine corridor average 1000 sq ft or less, they do seem to be popular with the above mentioned buying set. Though the boundaries of the Spruce/Pine corridor do extend to streets such as Locust, Lombard, and South, and the numbered streets that run between this corridor, the popularity and familiarity of such areas make Spruce and Pine Streets condominiums a fairly sound investment in the minds of many Philadelphia condo buyers.

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

…Is your sales pitch 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.

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