Philadelphia Real Estate Blog

…see if you can avoid being a dumb ass! 

Here are the top 5 Mistakes potential buyers make when shopping for a new condo in Philly:
 
1) They don’t do their homework- And end up buying a condo with a fatal resale flaw… like a 6th floor walkup, or a 2000 sq ft studio.

2) They overpay without asking their realtor for detailed comparable info- huge mistake. Happens all the time.

3) They use a realtor who is a relative, or someone from way out of the area. Whatta’ you, new to this planet? Don’t do that.

4) They neglect to get their mortage costs AND interest rate in writing from their mortgage dude/dudette.

5) They get a friend or relative to do a home inspection for them. I reserve the right to laugh at anyone who does this.
 
Honestly, most Center City Condominium buyers are intelligent, and come prepared. But some don’t do their homework, and end up getting kinda’ screwed in the end. Please don’t let this happen to you! Call, and let’s chat about some of the common pitfalls of buying a condo.

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

A true variety of sizes, shapes and views make 2401 Pennsylvania Avenue a wonderful choice for condo buyers.

I have always been a big fan of the Philadelphian, located in the Art Museum area of Center City Philadelphia. One of the, if not THE largest condominium association here in Pennsylvania, “2401” has an indoor pool, and outdoor pool, limited garage parking, a supermarket, a restaurant, and a variety of shops located all under one roof! Many units have oversized balconies, with fantastic city or Museum views. The Philadelphian recently replaced all windows, and hvac systems! Stunning penthouse units, and according to www.2401.com, the building has a variety of clubs and social functions throughout the year. Penthouse units have dazzling ceiling height, and top-notch views!

Considering a move into Center City? Give me a call, and let’s check out the value and size of some of the Philadelphian’s condos!

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

Yes, buyers come to me with a wish list a mile long. Shocking, eh? And if you already own a condo in Center City, don’t pretend like you bought the first thing you saw. You didn’t. I know, because I was probably your Philly realtor. 🙂 I always tell people that I can get them 9 out of 10 things on their wish list. If they want 10 out of 10, then they are going to have to rub a magic lamp. I just isn’t possible.

Anyway, here are the top 5 things buyers INITIALLY ask for when they call:

1) Parking

2) Walkable area at Center City restaurants, Cultural activities, etc.

3) A workable, open kitchen

4) Tons of closet space

5) Hardwood Floors

 
Though clearly this list varies from buyer to buyer, these are the most “asked for items” when I first get a call that someone is looking for a condo!

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

…and you thought being a realtor was all glamour.

I have been sitting Open Houses in Center City Philadelphia for twenty years now. If I add up all the hours I have spent alone in some strangers home, I could have taken a month off in the Bahamas, I am sure. But not all the sitting and waiting for some Philadelphia condo buyer has been in vain. Here are my top (bottom?) 5 Open House experiences that I have lived through:
 
1) Someone once died in the living room of my lovely Open House. I was in a Washington Square West Condo, and PA. Hospital was but 1/2 block away. Buyer Lived.

2) I once added a cat to someones home. The cat was lurking by the back door. I figured I let him out by mistake. I didn’t. This owner didn’t own a cat.

3) I once sat the wrong Open House. Couldn’t get the key to work. Sat on the front stoop for an hour. Was told a week later I was at the wrong address.

4) I once left an open house, and locked a potential buyer inside. She was knocking on the front door, from inside the house, as I attempted to leave. Good save on her part.

5) I once tracked grease from the sidewalk onto the new carpeting of a model open house I was once sitting.  I didn’t tell anyone. It still eats at me at this day.
 
I’m not perfect, but if you own a Center City Condo, I might just be perfect for you.

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

There are loft-like Philadelphia Condos, and there are LOFTS. And although the word is thrown around like a ragdoll being mauled by a dog, not all lofts are created equal.

I break them down into two segments-Hard Lofts and Soft Lofts. It is fairly easy  to recognize the difference, and I will make the distinction as easy as possible.

A hard loft is generally a converted warehouse space. Huge huge windows, rough finishes, and an open bedroom that overlooks the living area. Often times with cement floors, these hard loft condos lack the refined qualities that many buyers are looking for here in town, like designer kitchens and baths. They are truly open spaces that have been converted to living space.

Here are two examples of hard lofts:

Conversely, the soft loft, is more prevalent here in town, and what most realtors describe when they say “loft” in one of their ads. And it is what most buyers are really looking for (I find). They generally hold some elements of neat unique space, with high ceilings, exposed brick, and some degree of hip-ness.

Here are two examples of soft lofts:

    
         
The luxury is built into soft lofts, but they do retain elements of hip, cool kind of urban living.
If you are looking for either a hard or soft loft, give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com, and let’s go see what Philly has to offer!

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

As you can imagine, I was ecstatic when I heard the news! The American Planning Association has named Philadelphia not once, but TWICE on their list of 2008’s Great Places in America!

Society Hill was named one of the top 10 Great neighborhoods! And why wouldn’t it? Revolutionary-era townhouses, wonderful expanses of greenery and a variety of high-rise and brownstone styled condominiums highlight this beautiful neighborhood. Society Hill Towers, the Hopkinson House, Independence Place, and Abbott Square are the major high rise buildings in this neighborhood. Quaint cobblestone streets and the historic feel of the area provide quite a draw for those looking to buy real estate in Center City.

Broad Street, also known as The Avenue of The Arts, was named in the top ten of America’s Greatest Streets! Condominiums such as the Symphony House and The Marine Club line this beautiful Street which is home to the traditional Mummers Parade every New Year’s Day. There are also many attractions including The Broad Street Theater and The Shops at The Bellevue that really bring this Street to life!

If you are interested in taking a look at some condos in Society Hill or along Broad Street or in any neighborhood here in Center City Philadelphia, please give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.Com.

Mark Wade
www.CenterCityCondos.com

With the recent headlines about our economy and the current state of the mortgage industry, not to mention Wall Street, it is nice to talk about the opportunity some folks can still have to purchase their first home with the $7500 Fist Time Home Buyer Tax Credit.

I recently came across this easy to understand and well-thought out article written by a Mortgage Planner from Washington that explains a bit about the First Time Home Buyer Tax Credit.  People are taking advantage of this tax credit from coast to coast.

If you are a first time home buyer looking for, say a Rittenhouse Square condo, or an Old City Loft, give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com and I’d love to show you around and help you take advantage of this great opportunity!

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

…where I will be living, when I hit the PA Lottery

On the corner of Fabulous and Unbelievable, is a new piece of Center City real estate which arguably will be the ‘Belle of the Ball” amongst Philadelphia’s luxurious condo  buildings.  Known as 1706, this new 31 story tower at 17th and Rittenhouse Streets houses one unit per floor…with a jaw dropping two story penthouse unit. A majority of the units are flats- one story units with two balconies each, and have 4300 square feet  with ten foot ceilings and eight foot windows. From renderings I have seen, this is the kind of building one might see in Miami, Chicago, or New York City. The type of building that may have, say ten years ago, quietly passed on allowing itself to be planted in good old Philly.

When other Center City condominium buildings boast of amenities such as pool, sauna, and conference areas, it seems to me that a many of them are simply paying lip service to such goodies.  1706 Rittenhouse appears to be putting some serious effort into the common area freebies. It doesn’t appear that they will turn a maid’s closet into a room with no windows, a treadmill or two, and a Stair-master knock off.  From what I can gather, this building will not be selling itself short in terms of location, view, amenities, quality of finishes, and overall desirability.

Developed by Scannapieco Corp., and ParkWay Corp., 1706 is targeting a market that appreciates, and will pay for quality. I have always said two things about Philadelphia condo buyers- they will spend for quality when they see it (and can sniff out faux quality like an English fox hound). And secondly, that there are more people in Philadelphia with money, than there are condominiums in Philadelphia to serve the needs of those buyers. I think 1706 is going to be a huge success, and rightfully so. It seems to be taking on that segment of the market that has been somewhat neglected in the past.

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

As a longtime realtor in Center City, I am often confronted with conflicting information given to me by other realtors, information on fact sheet or various sources of information on the internet.

One of the most common variables I come across is the difference is square footage calculations or claims. And I think it is important to ask yourself where this information is coming from – the seller, the seller’s appraiser, your appraiser, the realtor, city hall, the developer, your own measurements, or perhaps the man on the moon?

Since you might come up with nine different calculations of square footage, I would suggest that the best source would be from your own measurements. And know that variables do come into play here:
Is the square footage advertised for say a Rittenhouse Square condominium including staircases? Closets?
Does it include the deck or the patio of any given Old City loft?

Do the measurements go from “outside of drywall to outside of drywall”, or is the calculation coming from exterior wall to exterior wall of your Philadelphia condo?

You can always go to online to check city records. That information is usually garnered from the architectures renderings when the project was developed/converted into condos in Philadelphia.
Looking to get a good measure of the Center City real estate market? Give Mark Wade a call for all your real estate needs!

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