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Your Center City Condo Newsletter-April 2017

Expiring Tax Abatements - Do they affect value?

I have never thought so...

If we look at a number of buildings in town that have exhausted their abatements, I do not find a correlation between the expiration of the abatement and the demand/value equation.

Abatements tend to be viewed as icing on the cake. Rarely, if ever, will a buyer tell me that he/she "would have bought that condo" if the abatement still existed.

Certainly no buyer is going to turn his/her nose up at an existing abatement, but I just haven't heard evidence from any buyer that illustrates a condo is worth less or less sought after when the abatement is expired.

On-line Home Value Estimates

You're really going to throw your lot in 
with that magic number?

I understand the attraction of getting an estimate on your home in a snap. It's easy and requires no effort. I get it. But how can someone who has never seen your home give you an accurate assessment of the value? There are so many factors that influence value that these estimates 
can  NOT  possibly include.


- How about that killer view? How is that asset valued by an online assessment?

-How about one of the main driving forces of value- interior condition? How do online estimates know that you have a lovely upgraded interior?

-How about the countless other factors that determine value in Center City condominiums, such as:

*Which direction your condo faces (over the dumpster and into a brick wall? Some condos in fact do)

* Amenities you have that other units in your building do not
(Maybe you have a balcony, or higher ceilings, or a fireplace)

* Maybe you have two car parking AND a purchased storage area that others in your building do not have

Brownstone styled condos are even harder to assess in my opinion. Some have detailing and some do not. Some have parking and some do not. Some have roof decks and some do not.

See what I mean?

So please be careful when you base the value of your condo on the wisdom of a third party who has never seen your condo and is perhaps just taking an average of similar sales in your general area.
  

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Mark Wade 
Still at the same firm for 28 years

I once tired to put "Jillion Dollar Club" on my business card.
The big wigs at our firm weren't so amused...

Whatever.

 


BHHS Fox & Roach Realtors
Society Hill Office
215.627.6005

215.521.1523 direct
Mark@CenterCity.com

CenterCityCondos.com

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