Philadelphia Condos in Mark‘s Words | CenterCityCondos.com

Is it time to be a seller??

So where are we in terms of value retention and return? Have we fully recovered from our last downturn? Just What Can We Expect For 2015?

Mark speaks casually about his thoughts on the newest addition to Rittenhouse Square- Ten Rittenhouse (aka- 10 Rittenhouse). These condominiums are located at 130 S. 18th St. in the 19103 zip code. Strong fit and finish, a variety of sized units and a very strong address make Ten Rittenhouse a premier destination for those looking to live in the heart of the Center City Philadelphia condo district.

Mark Wade 

BHHS Fox and Roach Realtors

CenterCityCondos.com

215.521.1523

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My two cents on one of the most desirable condo buildings in the City of Philadelphia- The Residences at The Ritz Carlton at 1414 S. Penn Sq. across from city hall.

Located in the 19102 zip condo of Center City, The Ritz Carlton condos offer a variety of sizes and price ranges. One of the hottest selling condo buildings in town...and for good reason.

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A new construction high rise condo building as of 2005, the condominiums at The Murano offer a variety of sizes and price ranges. 

The Murano is located within the 19103 zip code and demand has proven to be strong over time for condos at the Murano in Philadelphia.

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Waterfront Square and Ten Rittenhouse Square are holding their own in the Philadelphia Condominium market in terms of sales this fall 2012! 

 

Mark talks about the ups and downs of pricing policies, such as "fixed pricing models" that have been seen in some Philadelphia Condos...two examples are Locust Point at 25th and Locust and Hawthorne Loft Condos at 712 S. 12th St. 

 

A lot of buyers are used to negotiating so they may have a tough time getting used to fixed pricing models, but if you know your market you will realize that fixed prices are always aggressive and generally are not inflated. 

A lot of folks think there needs to be fighting and drama to be a winner when it comes to a Philadelphia Real Estate transaction. This isn't necessarily the case. Generally speaking, condo buyers always want to pay less and sellers think they deserve more, but when it is all said and done, there is usually no reason for drama when purchasing a Philly condo! 

This isn't to say that it never happens. There is always that occasional Philadelphia Condo seller or buyer that picks apart every line of the agreement of sale...these are not my favorite deals but we get through them only to realize there was no need to get our panties in a bunch after all! 

Every Philadelphia condominium agreement of sale comes with a home inspection contingency. Every home inspection reveals some sort of defect...be it a double tap, water stain, burner that doesn't ignite, etc...most Philadelphia condos for sale are used and have been lived in. There is no such thing as perfection. 

If you have the option of taking a credit, or having the seller repair items- GO FOR THE CREDIT. Because more often than not, you or your contractor may not like the way the seller does the repair. Then we all have a problem….

I am always shocked when I go on a listing appointment and a seller rants and raves about how low their Philadelphia condo fees are, and how fabulous and wonderful that is...If all your condo fees are paying for is water, sewer, the 6 light bulbs in the hallway, and master insurance...and you folks are not putting money away for repairs, upgrades, and maintenance...this is killing the resale value of your condominium.

If the front door doesn't close properly, the hallways are dirty, there are warped boards on roof deck, and peeling paint on the exterior windows, buyers will think your condo is a piece of crap! 

You get what you pay for...

Like children, cars, and nice clothes, your Philly condo needs maintenance to retain it's value. 

My advice is to get on the board and vote to raise those condo fees to put money into your building because a buyer's first impression is made before they even walk into your unit. 

There is an interesting phenomenon in Philadelphia real estate called "REO's" aka Relo's" aka "corporate owned" properties. In the 1980's I specialized in Real Estate Owned Philadelphia condos. This is bank inventory that can be acquired in a number of ways. REO's are a close cousin to foreclosures. 

An example of how a Philadelphia condo can become an REO is when "Suzie" works for a company such as IBM. IBM says, "Suzie, we want to promote you and move you to another state." So, IBM buys her condo and sells it through a third party intermediary . 

IBM (or whatever company may be relocating their employee) is not in the business of owning condos so they hire a 3rd party to get rid of it. These Philadelphia condos are usually very competitively priced and generally sell for less than asking price. Now, of course, every sale is an anomaly, but generally, corporate owned properties are owned by people that have no emotional contact to the property and therefore, they just want to get rid of their inventory as quickly as possible.  

If you come across one of these condos in Philadelphia, you can get a phenomenal deal! They are generally priced competitively. I've been selling these for 20 years. Buying an REO is a great way to snag a property that may have been out of your reach. I always push my buyers to look into these and they end up singing and dancing in the street!