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Open Houses are a Dying Art / Parking Spot Value$ /
Shut Up and Pay Condo Fees / Coolest Penthouse in Town |
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Shut Up and Pay Condo Fees...
I spend half my life telling potential Center City condo buyers that paying condo fees is actually a blessing
You want to shovel your own snow? You want to go up and fix your own roof? You want to spend your life in some suburb like Havermore, or Gladburgh?
Of course not- that is why you probably live in a condo here in town, or are considering one. And condo fees are NOT all the same around town. Yes- some folks balk at the thought of a high rise condo with the doorman, the elevator, the pool, the parking, the concierge, the porter, the gym, etc etc. I get it. Paying huge condo fees is not for everyone, and that is OK.....But you do indeed get what you pay for.
However, in Brownstone (low rise) living, the condo fees SHOULD be seen as a wash in light of what you need to pay for a single family home- Like paying for water and sewer, master insurance policy, exterior lighting, building maintenance, building management, etc.
SINGLE FAMILY HOMES have monthly costs that few seem to consider, but they should be aware of the fact that a fair percentage of monthly living costs are unavoidable no matter what type of housing is being considered.
And in reality, paying condo fees can be cheaper than paying those "Single Family Home" fees in a few instances. A discount on your master insurance policy, on water/sewer rates, communal maintenance repairs and shared expenses for security (think exterior lighting, perimeter cameras, etc) can ACTUALLY save you money when the expenses are being spread out over a large number of folks. Lastly, in my mind, the very aspect of security (high rise living) is worth every penny of the condo fees I pay.
So think about what you are getting in return for the monthly condo fees you are paying. And know that your condo fees are not lining some managment companies pockets and that you are somehow being duped. Just not the case...condo fees don't magically vanish into thin air- expenses and costs are well generally documented. Remember, your condo association should be run like a business. The business of helping retain values for all condominiums in the building.
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Putting A Value on A Parking Spot 
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The value of a parking spot here in Center City can swing wildly- from say $25,000 at Hawthorne Lofts on 12th and Fitzwater Streets, to $110,000 in prime Society Hill, all the up to $150,000 along Delancey Street- Say the 20xx block... Know that parking is rarely sold off seperately apart from a condo, and it is not uncommon for people to buy condos for their parking spot- then rent out the condo and keep the parking for their own use. A smart move.
In terms of value, I strongly believe that parking spot value is directly correlated to location in town. The expensive locations beget high dollar for spaces. Anyone paying $3M for a condo, is going to spend up to and perhaps over $150,000 for the ability to park on-site, or very nearby, should no other options exist (think pre-war buildings like 1830 or 1900 Rittenhouse Sq- or the Barclay for that matter). If a parking spot appeared for sale just outside the front door of any of these buildings- I could see the sale price of that parking spot topping out at near $200,000.
On average- an open air parking spot can run $20k-$40k - if you can find them. Garage spots at like Wanamaker House, or Center City One generally run about $40,000-$50,000. The value added beyond a dollar figure is of course MUCH more buyer traffic for your condo...So beyond the dollar value, there is indeed resale "value" to a parking spot. Parking is a huge plus in Center City....
The general rule of thumb in town- If parking can be had with your condo for a market rate- best to buy that parking spot as YOUR future buyer is going to see the value in such an addition.
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Coolest Penthouse in Town
One of the neatest things about being a Realtor is that we get to see some pretty groovy condos around town. Here is my favorite penthouse in Center City-  - With very cool river views, this Penthouse condos is a bi-level contemporary gem with a private roof top swimming pool. Last on the market asking $3,900,000. Covering the 11th and 12th floors, this condo boasts floor to ceiling windows, terraces galore, and parking. A quiet, almost Boutique like building with a strong nod to mid-century modern design and style.
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Mark Wade
Rants and Raves
About The Center City
Condo Market |
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The Dying Art of
Open Houses
Remember the olden days when the Sunday paper would arrive and you would get our your red felt tipped marker, then circle the open houses you wanted to see?
That was so 1997....
Those days are all but gone- having been replaced by the advances in internet marketing for condos. Additionally, more and more buildings around Center City are forebidding agents to hold
Open Houses- ever.
It is said in Real Estate circles that open houses are NOT for sellers- they are for agents trying to pick up buyers. To a degree, I agree. More so with the fact that videos, virtual tours, podcasts, blogs, multiple photos, etc are easily found with a quick Google search. And most Realtors' websites can give you a lot more than you can learn at an open house- think neighborhood stats, crime reports, etc. not to mention the gossip and dirt you can pick up on your neighbors house.
If someone is seriously in the market for a condo, they are going to view your listing if they are interested- Open House or not.
I usually find that Open Houses tend to cut down on the weekly traffic- the more people who see it at an open, the less weekly appointments one will find in terms of buyer traffic.
And of course, we are all aware that Open Houses usually beget nosey neighbors, passersby, and the like.
With overall traffic down on Open Houses over the past decade (in my experience)- how long before Open houses will go the way of print advertising for Real Estate?
Probably not long.
FYI-Center City Open Houses are usually ONE hour only- Get in, then get out. Suburban agents can spend 3-4 hours at one open house. How utterly boring. I think I'd rather
drink bathwater than to sit in a house on a Sunday
for four hours.
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Worth Repeating?
Tidbits from prior musings:
The most coveted and rare bird on the Center City condo market is a two bedroom at the Hopkinson House. Ditto for Jr. 1 beds at Dorchester.
Condo Associations around town should really look at limiting their tenant to owner ratio in order to stay compliant with Fanne Mae standards for
WARRANTABILITY. |
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Mark Wade
Prudential
Fox and Roach
Realtors
215.627.6005
I appreciate your feedback!
Drop me an email....
Mark@CenterCity.com
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Condo Talk Around Town....
The Packard Grand Condos at 111 S. 15th St- Condo Assoc recently acquired the top floor of the building from the developer. It is a 3,300SF space (on the 27th floor) with fitness center, large west-facing outdoor deck, party room, meeting room, and large capacity laundry machines. This was a great move by the condo board for a building that had lacked amenities. The new fitness center is now open and the rest of the amenity floor will open by September.
Center City One at 1326 Spruce St. responds well to its broken water meter. The following is from a friend who lives in the building and know first hand how well.... click to read more
Toll Brothers- Approx 160 new units right on 24th street! Expect delivery late July 2013. Based upon the success at Naval Square- look for these units to sell at a pretty good clip. 8 out of 22 sold in Phase One and ground hasn't even been broken. Stay tuned for more details...
WaterFront Square- A trail runs through it- The Penn Street Trail - a section of the Central Delaware waterfront trail that will connect Spring Garden Street with SugarHouse Casino's portion of the trail - is expected to open next spring.
Murano- 2101 Market St.- Sale prices doing exceedingly well post auction. They just re-listed all high floor units with Pru Fox Roach. Look for the remaining units to sell fairly quickly!
Penns Landing Square at 130 Spruce St: Spending money to better manage water run-off and to be more efficient at being able to segment water shut offs in order to better serve home owners. Touche!
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WHO is kickin' butt in Center City?
Per TrendMLS
Residential Sales in 19146, 19147, 19107, 19106, 19102, 19103, & 19130 - Jan 1-July 15, 2012
Prudential Fox and Roach..........47.90%
Coldwell Banker Preferred............13.60%
Keller Williams.................5.07%
Plumer and Associates...........2.64%
Kurfiss Real Estate..........1.57%
Long and Foster.............1.56%
Coldwell Banker Welker Real Estate......1.55%
RE/MAX City Group..............1.32%|
Weichert Realtors..........1.07%
Maxwell Realty.........1.07%
Mark Wade
www.CenterCityCondos.com Prudential Fox and Roach Realtors Happily Spending My Life Being the loudest Cheerleader for Condo Living in Center City And Thanks to all for sending me their friends and family looking to buy and sell in town. Much appreciated ! |
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