Updated December Comps /                                                                 Does your Blgd Give A Crap About YOUR Resale Value? /
                                                                                                                                     Rumor Has It....

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

Updated Video Comps By Neighborhood - December 2013
Seriously- Does Your Building Give A Crap
About Your Resale Value?

Think your condo board and management companies
don't play a role in your value retention?

    Condominium buildings are like a business and should be run as such. From maintenance to condo association policy, seems many folks have a hand in the determination of your resale value.  Value within any given building is a moving target, and if I were King of the World, I would suggest that any association would want to evaluate their policies considering:
1) Pets- A hot button item. Buildings are often overlooked by potential buyers based upon the buildings' pet policies.  Buyers often request a pet- friendly building, but never have I had a buyer express to me that a pet-free building is on their wish list. Associations may want to limit pets based upon breed, size and allow such freedoms to only the owner occupants and not tenants.
2) Common Area Presentation - The death knell for many buildings in town in terms of value retention. Often, buyers refuse to walk into a condo unit after being walked through the common building foyer and through the halls. Some hallways smell- and haven't been painted or had any new lighting in 20 years. I would have to suggest you rid your association of anyone who could be responsible for such lack of attention. The cost is SO MINIMAL to improve common area elements that it really makes no sense not to keep your common areas in tip top shape. This is where the "Investment Multiplier" comes into effect- for every dollar you put in, you get two back. Simple math here folks.
3) Transparent and Open Communications - There is a reason why Society Hill Tower, Hopkinson House, and The Washington Square West Condos at 12xx South St. are known to be very well run.  I would suggest it has to do with the accessibility and transparency of the condo associations and or management companies. From condo docs, to board minutes - THINGS BUYERS WANT TO KNOW- Are but a click away on but a handful of condo sites. The surreptitious and somewhat mysterious ways that associations fail to hold out the information to scrutiny can be a serious concern for many buyers. And making a buyer wait up to 4 weeks to get condo docs - REALLY?  That is a great way to piss off a new buyer and possibly a new member of the condo association. 
4) Rentals- It is fairly standard for a building to allow a certain percentage of the condominiums in the association to be rented out. But having NO policy which addresses rentals can be a real disaster. Fannie Mae has rules about owner-occupancy ratios. A lack of adherence to those rules can lead to the need for buyers to put more money down AND pay a higher interest rate. 
Which of course can reduce demand for your building, raise inventory levels, and ultimately lower your values. Ain't no rocket science involved in that equation....

Below is a fantastic site with some great information. If you are a board member of an association here in town, you might want to bookmark this website:

Rumor has it...

The Plaza is done with their lobby work and they made one of the best common foyers in town even better. Now exterior work to begin on the balconies.

I have heard that the planned new construction at 25th and Locust is going to be a condo building- and not rentals. Don't bet on it-just a rumor.

The Murano is getting a make-over to their community room. No offense as I love the Murano, but...yippee.

The lobby of the Warwick has been completed..and this ain't no rumor- it is fabulous! Really...next time you walk past- stick your head inside the lobby at 1701 Locust St.

I just implemented a new menu button on my site "The Newest 50 Condos In Center City." That info will of course be updated daily for my condo junkies that love to stay on top of everything here in town.

I just got my first "Multiple Bid" situation for the Spring 2014 selling season- A sign of the impending "sellers market" (watch prices rise this year pretty much across the board).  The spring market is starting real early this year- and will run through say mid-July.

I just saw one of the most jaw-dropping condos I have seen in town- At 1352 South St. A super duper stunning corner unit- the likes of which I have never seen in Center City. This is the only one like it in the building.
Asking under $800k. I was like, damn..... 

Center City One at 1326 Spruce St. has completed (most if not all) of their common hallway repairs and they look stunning. Building is so well run and they are now offering options for folks to replace their own exterior windows and doors. Touche.

I heard that the southwest corner of 5th and Walnut was recently purchased by a large Center City developer and will be turned into a fairly dramatic new condo high-rise building. I overheard that little noodle from a big wig in the company who was in good spirits when he started singing like a canary.

The Former Shirt Corner (NE corner 3rd & Market) is adding a CVS and 59 units...not sure if condos or apartments. 

Buy From Me Or Get Out Of My Car :-)

Mark Wade 
Berkshire Hathaway Home Services 
Fox & Roach

530 Walnut St. Suite 260
Philadelphia, Pa. 19106

Coming up on 25 years of selling condos
in this town....and happily paying ALL the parking
tickets associated with showing homes :-)

 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

In my next newsletter - 
Anatomy of a potential Delancey Street
condominium conversion project-
(aka- How to make oodles of $$ if 
you have say- $8M to spend)

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