Quick Glance-How Many Condos Sold In Town Each Year? /           What's Hot ? What's Not ?/
     
 Many Comparable Condo Sales Aren't Comparable 
                                                         
                                                                                                                                    

For those of you who are new to these parts, this is my somewhat snarky  
bi-monthly newsletter. The content is serious-
the tone...not so much. Welcome.
Visit My Website
www.CenterCityCondos.com

Nearly 500 pages to my site. Almost ALL original content.
 Knock yourself out....


ON THE FRONT LINES OF THE CONDO MARKET FOR 25 YEARS

ALL CONDO SALES THROUGH THE YEARS IN CENTER CITY
Per TrendMLS....

 

 June 1, 2005 Through June 1, 2006 = 940

 

  June 1, 2006 Through June 1, 2007 = 1281

 

June 1, 2007 Through June 1, 2008 = 923

 

June 1, 2008 Through June 1, 2009 = 694

 

June 1, 2009 Through June 1, 2010 = 754

 

June 1, 2010 Through June 1, 2011 = 766

 

June 1, 2011 Through June 1, 2012 = 679

 

June 1, 2012 Through June 1, 2013 = 802

 

June 1, 2013 Through June 1, 2014 = 778

 

 

 My Two Cents- I think the most recent condo sales stat of 778 is low because there is just not a lot of inventory in town. I expect this number to really balloon over the next year.

 

 

 www.CenterCityCondos.com 


These changing times....

                    
What was once valued can easily become passe. Though many elements listed below are still of interest to many buyers and prevalent in our marketplace, many buyers are now asking for the following:
 
What's In?                                           What's Out?
Walk-In Showers For Two                     Jacuzzi Tubs For Two
Wallpaper in Bathrooms               Painted High Gloss Walls
Mixed Counter Top Surfaces                                       Corian
Wireless Alarm Systems                        Window Grates/Bars
Freezers On the Bottom                                         Side By Side
LED Lighting                                                 Halogen Lighting
Oversize Kitchen Sinks                            Double Kitchen Sink
Balconies                                                             Roof Decks
Solid Interior Doors                                  Hollow Core Doors
Dark Hardwood Flooring              Honey Colored Hardwood 
Painted Brick                                                   Exposed Brick
One Level Living                                  Multiple Level Living
Home Theaters                                                             Dens
Frosted Glass                                                         Glass Block
Full Door Closets                                     Bi-Fold Closet Doors
Quartz                                                                        Granite
 
 
 


 

Many Comps Are Just Plain Horse Sh*t
Not all 1500 sq ft condos are created equal-
Even within the same building and same time frame



There are so many factors which affect value in a Center City condo that "comps" may not always tell the entire story. 
Many buyers try to justify their low offers with square footage calculations....which CAN be horribly erroneous. How best to compare apples to apples?

1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.

 

2) Find a map of the building, and see which units face "The Park" and which overlook the DUMPSTERS - Positioning within a Center City condo building plays a role in value!

 

3) Inquire as to seller concessions that may have resulted in a higher recorded sales price for comps in newer buildings. And ask "did that unit include any extras like free parking?" If it did, it is going to distort the comps.

 

4) Floor height value- may or may not play a part in comps/ comp value. Newer Philadelphia condos are GREATLY based upon floor height.

 

5) Know that ALL pictures in the MLS look good- they don't show dirt, clutter, or a poor showing ability (generally speaking). And know that "Fact Sheets" and MLS sheets are like Resume's- full of bullsh** and dog doo. Never take that info for granted- you must confirm!

 

6) AND THE BIGGEST factor to warp comps- Interior condition. Hugely huge in comp valuation. Here is a good example of "Not All Space Being Created Equally"...Equally sized two bed units IN THE SAME BUILDING can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.

 

Clearly comps can be deceiving - if you don't know...ask me. 





Interpreting vague and unclear notions I hear from buyers and turning those random thoughts into condos.
 
That is pretty much what I do :-)

MarkNew
          


Mark Wade 
 
Berkshire Hathaway Home Services 
Fox & Roach

530 Walnut St. Suite 260
Philadelphia, Pa. 19106
215.627.6005
Mark@CenterCity.com


 
We are currently in the best condo market that I
have seen since the height of 2007. 
Crazy competition and lots of fun!
 

 I would like very much to be your condo Realtor.

Mark 267.237.3404

Remember, best time to call is in the AM
When I am jacked up on 4 cups of Maxwell House.

Or email me anytime- Mark@CenterCity.com
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