|Some Buy in order to "Wear" their condo|
I've done that...been on HGTV and had my condo featured in Philly Mag. It interesting what you can do when you spend money on high prestige items to impress your friends, your family, and yourself. To each his own I guess.
But many buyers in town do indeed express a hint of style and individuality by paying for trophy condos around town. We all do to some degree....I have never had a buyer tell me that they do not care what their condo looks like- we will all pay some premium in order for a potential new condo to make us feel emotionally connected to a new home. I have stood on the front lines of the Philadelphia condo market for over TWO decades and I can say with a fair amount of authority that high-end condos around town with modern finishes tend to sell quite well and quite rapidly....especially in a market that is heating up very nicely. For spring 2013 the hunt is on for a nice $500k-$600k condo- a segment in which demand is outweighing supply. And condos that come on the market in that segment with personality and a modern hip look are going to garner serious attention. There are plenty of young urban professional buyers with money to spend if the product warrants the extra money. These buyers seem a hint less concerned with price, and are indeed willing to pay for condos that have a condo they can wear with their Prada loafers. Have an interesting piece you would like featured? I would love to hear and see your work....
|You Think Your Condo Is (Only) Worth What?|
I am often surprised by what owners believe to be the value of their Center City condo. Over the years, and all over the world, most owners think the value of their real estate is above what someone might truly be willing to pay.
However, when we enter a market which is changing from a buyer's market to a seller's market, many are surprised by how their condo values have been affected...and often they lag about two months behind the current trend....And today-Two months can mean a lot of money. I have seen increases in 2013 of up to 20%. Many segments are selling at such a hot pace that demand far exceeds supply. And if your condo has not seen a nice uptick in value- just wait another few months. Your condo value is rising daily. If you have your condo on the market today and it isn't selling...you really are just kinda' putting more and more equity in the bank daily. Sit tight...the market will catch up to your asking price in the very near future. Email me if you want some recent interesting sales in your segment...you might be pleasantly surprised...
|We have done 35 deals in the past 46 days....|
Busy? Me too....
Here are some of the signs of our STRONG SPRING 2013 market-
*Condos Selling within DAYS of hitting the market
*Offers Coming Very Close To Asking
*Buyers Inserting Acceleration Clauses
*Three Hours On The Market- Sold Over Asking
*Bidding $10k over asking...and NOT getting the condo
*Buying Site Unseen
I have seen all the above happen recently.
These ONLY happen in Hot Markets....
|Mark Wade Prudential Fox & Roach Realtors|
Prudential Fox & Roach Realtors
530 walnut St. Phila., Pa. 19106
215.627.6005 / 267.237.3404 cell
AND DON'T FORGET TO DOWNLOAD MY PERSONAL APP FOR
CENTER CITY CONDOS INFO...
All you have to do is text: PFR38526 To- 87778
This app will tell you what those folks down the hall
paid for their condo...