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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Philadelphia Real Estate Rants and Raves! Here you can listen to exciting info about Philadelphia Condos, from high-rises to low-rises and everything in between, by Real Estate Professional Mark Wade. A member of the Greater Philadelphia Association of Realtors, Mark is a condominium expert that has been the front lines of The Center City Philadelphia Real Estate Market since 1989 | www.CenterCityCondos.com | 267.237.3404
Episodes
Tuesday Sep 25, 2012
Tuesday Sep 25, 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.
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Tuesday Sep 25, 2012
Tuesday Sep 25, 2012
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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Tuesday Sep 25, 2012
Tuesday Sep 25, 2012
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.
Tuesday Sep 25, 2012
Tuesday Sep 25, 2012
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.
Tuesday Sep 25, 2012
Tuesday Sep 25, 2012
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!
Friday Aug 17, 2012
Friday Aug 17, 2012
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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Thursday Jul 26, 2012
Wednesday Jun 20, 2012
Wednesday Jun 20, 2012
The Rittenhouse Plaza is 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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Wednesday Jun 20, 2012
Wednesday Jun 20, 2012
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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Wednesday Jun 20, 2012
Wednesday Jun 20, 2012
Located on the corner of Washington Avenue and 11th Street in the Bella Vista section of Center City Philadelphia, The Lofts at Bella Vista are a wonderful addition to this thriving neighborhood! Just two blocks from the Italian Market, BV Lofts offer a wide range of condominium sizes, shapes, and designs. Impressive penthouse units, and MIND BLOWING Villa units, which sit atop this historic building, are a real Must-See for those entering the Philadelphia condo market!
Indoor garage parking, high ceilings, and modern common areas make this building very attractive and desirable for all price ranges for many Philly condo buyers. High end modern and attractive finishes like polished concrete floors, along with a tax abatement, 24-hour door person, and wonderful city views all add up to a strong mix which should pique the interest of a wide variety of Center City condominium buyers!
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Wednesday Jun 20, 2012
Wednesday Jun 20, 2012
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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Tuesday Jun 19, 2012
Tuesday Jun 19, 2012
Listen to Mark discuss what it's like to live in two desirable Center City neighborhoods: Rittenhouse Square and Fitler Square.
Fitler Square is actually a pocket neighborhood situated in the Rittenhouse Square Area. Popular, groovy neighborhoods...2 very neat places to live in town. Wide variety of condos and townhouses available. Very urban, densely populated neighborhoods close to restaurants, theater, and shopping.
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Tuesday Jun 19, 2012
Tuesday Jun 19, 2012
The Academy House Condominiums are located in a very central residential location.
Rental parking in the lower levels, and 24 hour doorman. A fair number of units have outside balconies. A non-smoking building.
Click play below to learn more now!
Tuesday Jun 19, 2012
Tuesday Jun 19, 2012
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!
Tuesday Jun 19, 2012
Tuesday Jun 19, 2012
A beautiful, newly rehabbed high-rise at 15th and Locust. These residences include a 24-hour concierge, a pet spa, fitness center, and a business and media center. There is also a spectacular residents' lounge with a private dining room and an accommodating hotel suite for guests. This condominium possesses the true meaning of luxurious living. 
The Aria was an office building when built and sits on the northeast corner of 15th and Spruce Streets. Some folks refer to the address at 225 S. 15th, but actually it is 1425 Locust- though the entrance sits on 15th street. The condominiums at the Aria have no parking- but there are no less than 4 large garages that can be rented within a block of 1425 Locust St. The Aria condos are actually divided into 3 "parts" (of the ONE building)...and all 3 parts offer various floor plans.
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Tuesday Jun 19, 2012
Tuesday Jun 12, 2012
Tuesday Jun 12, 2012
Tuesday Jun 12, 2012
Tuesday Jun 12, 2012
Tuesday Jun 12, 2012
Listen to Mark talk about 2 great Center City Philadelphia Neighborhoods: Queen Village and Bella Vista!