7 Truths About Our
...as I see it
1) It ain't about the "GO"- It's about the "Show"
Nobody buys the steak-they buy the sizzle. And buyers initially will come at me with a long
list of demands for their new condo purchase. That list evaporates fairly quickly when they actually see something they love. "Maybe I don't need as much room as I thought" is usually the line I hear....
2) Many Condo Buyers Tend To Avoid Stairs
Not always but more frequent than not. This desire is usually weighted as heavily as say a view . The issue matters to some and is of no consequence to others.
3) Super Clean (yet dated) may equal Newly Rehabbed and Dirty
uyers will turn their nose up at a dirty condo- even if it is just a few years old. They just do. However, older condos that evoke a sense of clean and fresh tend to garner high sale prices and a reduced time on the market.
4) A Number of Buildings Haven't Recovered from the 2008 Downturn
The downturn in the market hit many buildings in the "C" and "D" tier fairly hard and owner occupancy ratios, rents and values have yet to recover. It is a long road to recovery, but
time is every buildings best friend.
5) Expect Growth In The "Low Rise" High End Segment In Town
As the average sale price for condos in town rise, many buyers are stepping outside the box to explore options in the low rise segment. Marked by strong locations and unique interiors as well as low condo fees.
6) Not All 1500 Sq. Ft. Condos Are Created Equal
There is just no way any buyer could look at 1200 sq ft in say The Philadelphian and try to equate that with a 1200 sq ft condo at Locust Point. The layout, ceiling height, window size, view and natural light all tend to play tricks on our eyes and minds.
7) I Think Most "Comp Data" Is Skewed Bullsh*t
This may not be a fact, but I think most comp data should be used as an approximation of value and not as a cold hard fact. Ditto for appraised values around town- It just isn't an exact science in my opinion. Our marketplace is just not that precise.