Philadelphia Condo Market ~ By CenterCityCondos header image 1
February 12, 2015 @ 6:49 pm

Moravian Condominiums Unit 205

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A really Groovy mix of old urban contemporary chic and soft loft living. Enter into a two story open vestibule with grand staircase. MASSIVE open living room, dining room, and kitchen combination with large vaulted ceilings and skylights...a rambling great room with fireplace and hardwood floors. Large kitchen with Viking appliances, beautiful cabinetry and stainless backsplash, granite counters and a large island area... the kind of kitchen that is open and large and really makes you want to go cook something. Honest. Two large sized bedrooms and one small den/play room as well as two and a half large baths with great elbow room. Gracious oversize closets and laundry area. Included is one car garage parking and private storage area. Please see the photos- this place will put a smile on your face. Oh yeah... and its 2590 sq. ft. and the place shows like a gem.
$865,000 

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November 18, 2014 @ 4:29 pm

2015 Philly Condo Market Forecast

Is it time to be a seller??


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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?

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November 10, 2014 @ 4:40 pm

Ten Rittenhouse Condos Philadelphia

Aka- 10 Rittenhouse Condos. Located on the north side of Rittenhouse Square, Ten Rittenhouse Condos offer a great location, high end finishes and fabulous amenities.

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Ten Rittenhouse condos are located in the 19103 section of Center City Philadelphia and demand generally outweighs supply at 130 S. 18th St (Ten Rittenhouse) Condominiums.


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November 10, 2014 @ 4:27 pm

The Ritz Carlton Condominiums Philadelphia

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.

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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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November 10, 2014 @ 4:19 pm

The Murano Condos at 2101 Market St. Philadelphia

A new construction high rise condo building as of 2005, the condominiums at The Murano offer a variety of sizes and price ranges. 
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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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October 31, 2012 @ 10:30 am

Two Hot Selling Philadelphia Condominiums Fall 2012

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


 

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September 25, 2012 @ 11:23 am

Fixed Price Condos in Philadelphia

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. 
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September 25, 2012 @ 11:16 am

Drama When Buying a Philly Condo

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! 

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September 25, 2012 @ 11:07 am

Philadelphia Condo Repairs vs. Credit

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….
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September 25, 2012 @ 11:03 am

Center City Condos With Super Low Condo Fees

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. 


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September 25, 2012 @ 10:47 am

REO’s Can be the Best Deals in Philadelphia Real Estate

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! 
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August 17, 2012 @ 12:36 pm

The Beaumont Condos at 110-12 S. Front St. Philadelphia, Pa. 19106

Located in the Old City/Society Hill section of Center City Philadelphia, these condos are new(er) construction condo that were built around 2005. One unit per floor with a huge two story luxury penthouse! 



All condos have parking and most condos have 360 degree views! Learn more about this fabulous Philadelphia Condominium by checking out our Center City Condo's Beaumont Page. 

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July 26, 2012 @ 2:42 pm

Condo Fee Myths

Condo fee myths

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June 20, 2012 @ 1:39 pm

The Rittenhouse Plaza

The only real pre-war high end co-op building in town. Sits on the north side of Rittenhouse Square and was built in the late 1920's and retains many nods to the Art-Deco style inside and out. Value per square foot is not negatively affected by the fact that it is a "co-op" instead of a condo and taxes are included in the monthly fee. 



No parking at the building but tons of garages nearby..Such a wonderful variety of units in this building and phenomenal Penthouses! 

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June 20, 2012 @ 1:34 pm

Phoenix Condominium Auction

Mark discusses the results of the auction of 40 units at The Phoenix Condominiums in 2010.



UPDATE: The long-term results were nothing short of a huge win for the condominium association as a whole, and the Phoenix is now one of the hottest selling condo buildings in town. By reducing unsold inventories, the association has taken shape, and the building is not subject to future price reductions - there would be no need with demand strong.
If we look at the resale market Phoenix in the past year, I think it indicates some stability- the units don't sit on the market for long, and have sold well. 

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June 20, 2012 @ 1:30 pm

Lofts at Bella Vista

Mark talks about the Lofts at Bella Vista.

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June 20, 2012 @ 1:26 pm

Independence Place Condos at 233-241 S. 6th St. on Washington Square!

Two buildings (233 S. 6th and 241 S. 6th)- Most buyers comment on the great light, generous balconies, and love the location on Washington Square. Rental parking in basement of condo isn't cheap, but is available. Common areas viewed as kinda' modern- not dated at all. 

Resales are good in terms of ability to sell- if priced right. Popular with med students (the one bedroom condos). Bi-level penthouses can be huge in size. potential buyers comment often on great views, ease of guest parking and willing front door staff. Pool adjacent is not a part of these apartments for sale- but proximity is great to that PSC gym. 

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June 19, 2012 @ 2:28 pm

Rittenhouse Square and Fitler Square

Listen to Mark discuss what it's like to live on Rittenhouse Square and Fitler Square

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June 19, 2012 @ 2:12 pm

Academy House Condos

Mark talks about Academy House Condominiums

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June 19, 2012 @ 2:10 pm

108 Arch St. Condos in Old City

Located in Old City, 108 Arch is a modern, newer construction building with some very strong urban styled finishes. All buyers are wowed by the decor, style and quality finishes. Units include parking (except one, and we just sold that unit), and building is pet-friendly. 

Part time doorman- Condo fees are not cheap, but the building is very well cared for and it shows. Most buyers sense the feeling of quality here. One bedroom units face north and have no balconies. All others have balconies...and not cramped little condo balconies either!
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