|
|
Expiring Condo Tax Abatements/Top Secret Condo Dirt/
I asked 50 Realtors.../ Picking Apart: Low Rise Condos/
You Wanna' Play Hardball?/ Get To Know: 2200 Arch St.
|
|
|
James Bond Top Secret Kinda' Stuff
Guess What Just fell into my lap?
...a recently compiled 43 page structural engineers report for a mid 70's large high rise in town
.... a bank's sell off price list for a recently foreclosured high rise here in town that everyone knows of
....An interesting phone interview about another luxury high rise in Center City from an investment firm possibly looking to buy the building...then my guess would be to liquidate the asset
Got dirt? You know how to get ahold of me.... |
|
Playing The A** Hole Card in a Real Estate Transaction
...You are likely going to Win Big, or Lose Big
At least that has been my experience as a 23 year veteran of the Center City Realtor clique. I seen winners and losers- and each outcome is unique to the particulars of the transaction.
Two Quick Examples:
I sold a condo in early 2010 to a buyer who had a real F You attitude to me, the seller, and the man on the moon for that matter. I have a lot respect for this buyer, and I like him. But I knew early on that if he didn't get his way, he was going to walk. He may have been trying to save a dime for the sake of a dollar, as this was an exceptional deal, but his hardball play worked for him. I represented the buyer in this case, so I gave him all the ammo I could find. With a little homework, I could easily deduce that a lowball offer was warranted (thank you google) then was accepted by the seller. Winning.
On the other hand, back in the early 1990's, I had a seller who was a real pr*ck, and his hardball tactics seriously misfired. He got his price, but wanted to keep his prized
Westinghouse Washer Dryer...that were like 12 years old. Buyers told him to keep his used basement appliances, and walked. Seller sold the property six months later, for $40,000 less. The proverbial $40k washer/dryer, if you will.
Are you going to be a big winner, or perhaps a big loser? I dunno. But if you are going to play the A*hole card, you better be willing to stick to your guns when the heat rises.
I just hope I can give you solid, if not a hint conservative information so you can make your own decision. And if you are being a butt-head, be my guest.. Then we'll see how the deal is going to go down :-)
------------------ |
|
Get to Know 2200 Arch Street Lofts -
Views and Parking....
A condominiums popularity is like that of a high school girl. Unnoticed one day, and the talk of the lunchroom the next. Much the same can be said about condo buildings
here in Center City Philadelphia. Case in Point...2200 Arch. A ten story modern take on a rehabbed industrial building...true urban living, 2200 Arch loft style condominiums feature living spaces with over sized windows, high ceilings, and parking in the coveted 19103 zip code.
Resale prices appear to be trending upwards, and the demand will only continue to grow as the "Under $500k market" in 19103 inventory continues its diminish. The space is cool, the location is central, parking (garage) is key, and easy access to I-76 a huge plus. 2200 Arch St. should be seen by anyone looking for a modest priced loft condo in Center City Philadelphia.
|
Garage parking | |
2 Glass sided Elevators | |
Fitness center | |
Wheelchair access | |
High ceilings | |
24 hr Doorman |
|
|
Central A/C | |
Hardwood floors | |
On Site Grocer | |
Granite | |
Elbow room in baths | |
Central heat |
|
|
Huge Windows | |
Stainless steel appliances | |
Ample Closet Space | |
Dishwasher | |
Microwave |
|
CLICK HERE FOR 3 ADDITIONAL PAGES OF INFORMATION FROM THE DEVELOPER
|
|
|
Expiring tax abatements.... Coming up in the not to distant future we will see the expiration of the popular Ten Year Tax Abatement program in a few high rise communities around town. From Dockside Condominiums at the end of 2012 and in the not too distant future... The Phoenix and 108 Arch Street, and The Moravian to name a few.
How will such an action affect market value, and overall marketability?
I think the buildings that are currently "solid" in
terms of resale ability and value retention, coupled with a high owner occupancy ratio, are well funded, have retained their fanne mae warrant-ability...all around well-run, well-managed buildings that initially sold well....... will see little if any effect. Philadelphians will pay for quality..be it in the fit and finish, or in the stability of a condominium association. Look no further than The Academy House (stability) or say 108 Arch (quality fit and finish) to know that to be in demand in the Center City condo realm is to show some kind of quality. Philadelphians are notoriously conservative in their condo buying habits, but will spend if the product merits the money.
On the other hand, a condo association with poor managment, dead beat owners who don't pay their condo fees, or perhaps forclosures where the banks are limited to condo fee exposure....or buildings which lack some type of quality and say have been exposed to neglect- be it in terms of physical or financial condition- may not fare nearly as well. And identifying the weaker buildings in town isn't difficult to the keen observer.... warts can easily show if you look at a condo building with a somewhat sharp eye.
Suppose an association has lost its fanne-mae warrant ability, shows evidence of physical and financial neglect, then it gets hit with a double whammy of an expired tax abatement? I would guess that the issues may be reflected in lowered resale prices and a heavier supply of inventory.
It seems that there are lines being drawn in the sand here in Center City ..and some associations are going to be winners, and the others- well, not so much. The expiration of the tax abatements may cause some associations to become more heavily wrought with spiraling resale values if indeed other complicating factors associated with poor upkeep, non-warrant ability, weak finances, or a spate of foreclosures... begin to encumber a Center City condo association.
|
|
|
|
Picking Apart:
Loft Styled Condos
aka- Brownstones and Low Rises
I have lived in both High and Low Rises here in Center City . Most buyers will look at both, though of course some buyers will only want to see one style or the other.
Here Are What I believe to be the Highs and the Lows of Loft/Low Rise Living:
1) Generally....
No Doorman, sometimes no elevator, no pool, no shuttle bus, no trash chute, no on-site management, and no valet. On the other hand, you are not forking over say $1200 a month in condo fees.
For some it matters, for others, it doesn't.
2) More often than not, The character associated with a low rise style condo is going to be more
"One Of A Kind" and less like a white box in the sky. The downside seen by many would be the perceived lack of security...aka a doorman. I never bought that arguement. I mean, aren't all townhouses in town seen the same way?
3) Eye Candy.
Either from the view of a high rise, or of the strikingly unique interior of a loft or low rise style. Having lived in both, I can say such things do hold interest to buyers in town.
4) Location.
A high number of low rise condos reside in some exceedingly strong residential locations throughout Center City.. Like Delancey, Clinton, Pine and
Spruce Streets.
And know that a "Loft" doesn't always refer to some hard-edged work/live space. I mean a touch of exposed brick, large windows, open kitchens, perhaps high ceilings, etc....
Some Recent High
End Low Rise Sales In Center City:
19xx Spruce $1.4m
36 N. Front St. $745k
18xx Spruce $850k
10xx Spruce $1.25m
1531 Pine St. $995k
16xx Spruce St $935k
And know that growth potential for this segment of the condo market is limited by the physical charactoristics of Center City. A lot of new high rises, but few loft/low rise buildlings. If condo shopping, you might want to strongly consider this segment of the condo market as a limited supply does exist.
If you are going to live in a low rise/loft sytled condo, I suggest you get involved on the condo board. Generally the smaller the condo, the more informal....so play your part and see that the miniumal work needed to keep a low rise condo in good repair and resale shape actually gets done, and gets done correctly!
Suggested Low Rise to see if buying:
Kahn Park Place
The Clinton
Fitzwater Lofts
BridgeView Place
Portico Row
Locust Point
|
|
Someone recently said that
my newsletters were
like a really bad
After School Special
At which point I busted out laughing..
that, was a great line
Mark Wade
Prudential Fox And Roach
Realtors
530 Walnut St. Suite 260
Phila.,Pa. 19106
215.627.6005
215.521.1523 |
|
My name is Mark, and I am a Realtor. I move alot....comes with the territiory. Here is my trail through Center City since 1988:
I moved into the Drake Tower in 1988. From there to BridgeView Place in Old City. Then to Society Hill Towers, then back to BridgeView Place. Then to a single famiy (ick)...then to
1900 Rittenhouse Sq. then to a large loft in Old City, and now at WaterFront Sq. I move alot. I am a realtor. It is an occupantion hazard.
|
|
|
Our New Listings This Week:
The Dorchester # 1518
The Beaumont # 600
305 S. 11th St. # 14
305 S. 11th St. # 7
50 N. Front # 503
303 S. 11th St. # 4 |
|
Mark Wade
Center City Condos
at Prudential Fox and Roach Realtors
for 23 years and I haven't been asked to leave yet!
|
|
|
|
I asked 50 Center City Realtors.....
Now I am well aware that we realtors aren't all MIT graduates, but
knowing the city like the back of our hands? We do indeed....
1) If $$ were no object, in which building would you live ?
Top Three Answers: Ten Rittenhouse, The Rittenhouse, 1706 My Answer: The Rittenhouse
2) Would you prefer East or West of Broad Street living?
Most said west of Broad St...but not by much
I said...east of Broad
3) High Rise or Loft Style?
Most said: High rise
My answer: Six one, A half dozen the other. I like 'em both....
4) Traditional or Contemporary Styling?
Most said contemporary Though many opted to say modern.
I'll go with modern.
5) What Condo Amenity is Most Prized when condo shopping?
Top Three: Parking, Building Services, then low condo fees
My Top Three: Parking, Doorman, outside space (balcony size)
IF you send me your friends, neighbors, etc.
I will do my absolute best to help them
buy or sell a condo here in Center City.
Thanks...
Mark Wade
Prudential Fox and Roach Realtors
215.627.6005/215.521.1523
mark@centercity.com
www.CenterCityCondos.com
|
| | |
|
|
