Why THIS Summer is different / 9 Types Of Condo Buyers / Comp Data Videos 

Your Center City Condo Newsletter- June 2017

This Summer Matters - Here's Why...
The summer sales market is usually subdued, but not this summer.

Our Center City condo market is very cyclical. Every year about the same time in early March, my phone rings off the hook and that trend continues through say 4th of July. Then anyone with enough money to buy a condo, also has enough money to be sitting their butts on a beach somewhere.

This early part of the summer 2017 tells a bit of a different story. Nearly everyday for the past 3 months we have seen our inventory shrink - DAILY.
When I study the daily MLS activity sheet, I see say 20 new homes on the market. But I see 27 or so go under contract. EVERY DAY.

I would venture to guess this trend will continue through the summer - the lack of overall inventory suggests as much. And there are more buyers lingering in the market today than in the past dozen or so years - they can't find the right place so they sit on the sidelines and wait. The backlog is staggering.

Usually we see a decrease in activity after Memorial Day. Hasn't been the case and most likely will not be the case until sometime in say August, I would wager.




What Kind Of Buyer Is Going To Buy Your Condo?

    I tend to think we have a variety of buyers here in town. Spending 28 years hauling folks around town, I have learned a thing or two. Here is what I know when it comes to categorizing  buyers:

1) The Prestige Buyer - Only wants to see condos that will look good on him or her. There are a number of buildings in town. Most offer town-car service. These buyers are generally fun to deal with.

2) The Value Driven Buyer - Wants lots of square footage. Location often the first to go for these buyers. No one appreciates a good deal better than I do!

3) The Loft Buyer - High ceiling, exposed brick and large windows fulfill this kind of buyer's needs, soft loft or hard loft buyers often are just looking for something that is NOT cookie-cutter. 

4) The I Don't Want To Pay High Condo Fees Buyer - Best suited for a single family home, or maybe a Brownstone styled condo. High rise units not an option.

5) The Rittenhouse Square Only Buyer - Not uncommon...not at all.

6) The Need To Steal It buyer -These tend to be the most unrealistic buyers if ONLY for the reason that they can't identify when a property is already drastically under valued. And they lose in multiple bid situations (usually).

7) The "One level living" buyer - VERY common. Very.

8) The Buyer Who Buys For Kids Going To An Area School. - Very common. 

9) The I'm Not Really A Buyer, But I Want To See Condos Anyway - I love referring these buyers to my competition. LOL

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                                                                                                                                                    MarkNew  

Mark Wade 
Still at the same firm for 28 years

Our office recently moved and 
I was awarded a HUGE corner office overlooking Independence Hall.

 My space is the  FARTHEST from our main front door entrance
 and has a private, unmarked side entrance.

I can take the hint.

....Whatever

 


BHHS Fox & Roach Realtors
Society Hill Office
215.627.6005

215.521.1523 direct

CenterCityCondos.com

The best time to get me is in the AM 
when I am hopped up on four
cups of Maxwell House.