Deception by "Comparables"
 

The Buyers are back... baby!!


Uttered Stupidity  

February 2012

 

 2012- A Sellers Market

    in many segments of town


 

CenterCityCondos.com

A Sellers Market for Many in Spring 2012-

A Wide Segment of the Center City Condo Market will experience heavy demand and... 

 

 Inventory Just Doesn't Exist

 

If we examine the current inventory levels  of
Center City Condos, we will find some interesting facts.
According to Trend MLS:
1) No Dorchester Units For Sale
2) Locust Point Has No Units For Sale
3) No Hopkinson House units for sale
4) No units at The Rittenhouse Savoy
5) No Murano 2 bed condos under $880k for sale
6) No units at the 1820 Rittenhouse Available
7) No units at 1900 Rittenhouse Square
9) Nothing at Center City One (1326 Spruce)
8) With Just 1 or 2 Unit in the Building for Sale:
 Independence Place II, Penns Landing Square, The Barclay and 1830 Rittenhouse
9) Many Mid rise and Loft style have Limited availability as well: The Lippencott, Roberts Quay, Fitzwater Lofts, The Castings, The Palladian....on and on...
10) The rise of rentals vs sales has taken a bite out of potential resale inventory.

With low inventory levels, I think for Spring 2012, we will find that sellers are in the drivers seat in these specific segments of the Center City condo market, and may be in for a price escalation and a shorten
"Days On Market' in relation to  the 2008-2011 Philadelphia condo markets.

AND BELIEVE ME...THE BUYERS ARE BACK!
This time of year..usually a day or two after the SuperBowl, my phone starts ringing off the hook, and my email inbox is filled with prospective buyers. If January 2012 is any indication of what the rest of the year looks like here in town-
HANG ONTO YOUR HATs
Because the buyers are back,
and they are hungry.
  

Uttered Stupidity...

 

 

5 of the dumbest things I have heard in Real Estate Sales Here in Center City

 in the past 23 Years:

  

1) "Maybe a rich New Yorker will buy my condo at this price".

Yeah..and maybe a cow will jump over the moon.

 

2) "The sellers are selling because they really hate this condo"

Very smooth indeed. And it was me who said that.

 

3) Does this condo have condo fees?  

Oh no- the doorman works for free, and the elevator runs on magic pixie dust..

 

4) "The views are very urban in nature"

 In truth, the livingroom overlooked a dumpster, and the bedroom faced a brick wall. And it was in an alley.

 

5) Is this place haunted?

 I just stared at the young lady who asked me...I mean- what was I going to say? I was left speechless....

 

 

 

2011 Sales Stats Per Building 

 

The Ritz Carlton - 10 condos Sold & Settled

 

Ten Rittenhouse - 12 condos Sold & Settled

 

 The Murano - 17 condos Sold & Settled

 

The Phoenix - 43 condos Sold & Settled

 

Hopkinson House - 13 condos Sold & Settled

 

Independence Place - 11 Sold & Settled

 

The Philadelphian- 21 condos Sold & Settled

 

(According to TrendMLS)

* these figures can be a bit misleading. For example, 10 Rittenhouse came on strong towards the end of 2011..but many of those condos are due to settle in 2012-

So the above figures don't really paint the entire picture. I'm just sayin'. Email for the

"word on the street" about which buildings

are hot, and which are not

 

 

 

 

Nicole

 

 "Lets face it, Mark isn't the sharpest tack in the box, and I don't need him messing with  my files"

 

Hi, I'm Nicole - Marks assistant for the past 4 years.

If you need anything to do with the administrative side of Mark's Real Estate transaction- please contact me.

 

Mark is  really is second to none in his knowledge

and marketing of  Center City condos.

And he is a  real pleasure to work with....

 

But it pretty much ends there.

 

Nicole Nimchuk

Nicole@CenterCity.com 

215.440.2388 

 

 

 

 I  HONESTLY APPRECIATE ALL THE SUPPORT MY PAST BUYERS AND SELLERS CONTINUE TO GIVE ME OVER THE YEARS!

 

So send me your friends, family, neighors, co-workers, etc. and I will do my best to take good care of them!

 

And I promise to ALWAYS tell them the truth.

 

Prudential Fox And Roach Realtors
Philadelphia
, Pennsylvania
19106
Center City Condos
Mark Wade
215.521.1523

 

Deception By "Comps"
   
   Don't believe everything you read, or every comparable you see. NOT all condo space is created equal, and not all two bedrooms in the same building are of the same value. Duh.
There are soooo many factors that infuence value-
 
 HOW DO YOU THEN CORRECTLY COMPARE
 APPLES TO APPLES?
 
Here are some Tips:
 
 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 condo building plays a role in value!
 
3) Inquire as to seller concessions that may have result in a higher recorded sales price for comps in newer buildings. And ask "did that unit include any extras like free parking?"
Cuz 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 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 Resumes- 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 at the Plaza can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.
So clearly comps can be deceiving - if you don't know...ask me. Please.

Mark Wade
   Prudential Fox and Roach Realtors
530 Walnut St. Philadelphia, Pa. 19106
Top Secret Cell: 267.237.3404
Philadelphia Condos
I'm not perfect, but I may
be perfect for you.

So I can't count....
In my last newsletter I said our team did 74 transactions in 2011.
Actually, we did 94.
"What-ever....."

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Archived Issues:  

 

 October 2011:

10 Best Center City Condo Buildings 2011 

 

 

November 2011:

Phoenix and Murano...Post Auction 

 

 

December 2011:Crappy Condo Bldgs, Condo Associations that Kill Value, & Buy or Get Outta' My Car 

 

 

January 2012:

60% Sold Out...Yeah Bullsh**, Best Brownstone Bldgs, & See Me on HGTV