Why 2013 Price Increases  /


Pocket Listings /

Home Inspection Renegotiating

Why Prices Will Rise in Town in 2013....
   Philadelphia condo values are like the old story of the Tortoise and the Hare.
Slow but steady has been a good way to verbalize how our market has reacted to the ups and downs of the past decade. Our values didn't explode over night back in 2007...and didn't take a huge huge hit in 2010. Stability has been the name of the game. However, prices have of course fallen since say 2007. 
I think it would be unwise to suggest that prices are going to double in the next few years however, a lack of inventory in a majority of segments in town is creating such a demand that multiple offers and full price offers are becoming more and more prevalent today than say a year ago.
And the Sh*t is really going to hit the fan in the spring of 2013.....
Demand in specific segments is so strong and inventory levels so low- that there is no other logical conclusion to draw than to suggest that prices are going to start to go up- and at a fairly quick, albeit steady pace. Here are Five buildings and or segments that I would watch:
1) The National in Old City- Two beds, parking and tax abated..under $500k. Not plentiful
2) Low Rise Condos Along the Spruce/Pine Corridor:  Just so few choices here- And these units always seem to sell- regardless of market conditions.
3) Rittenhouse Square- Under $1,000,000 - The waiting game has already started. Buyers are waiting.....
4) Any Two Bedroom In: Kahn Park Place, 1352 South,The Murano, Phoenix, Locust Point, The Rittenhouse, or The Hopkinson House.  Will help if the condo shows well and especially if it has parking. That is the powerhouse one-two punch that is really lacking (parking and a strong visual interior to the unit).
5) A Nice looking condo under $300,000 that has parking. Watch buyers scramble to buy in 2013....
I think the key to really seeing THE BEST rebound in your property value, should you be a seller, would be to get your condo in tip-top shape.
 I am not talking about a new kitchen and new bath. I am talking about:
Touch Up Painting
Carpet Cleaning/Resanding flooring
Cleaning - Including grout, tile, caulk, and windows
And putting your closet door back on its track :-)
The Basics. You follow me?
Call me. I have the folks who can help get your condo ready for sale. 
Renegotiating After A Home Inspection?
Think you are going to get a $10,000 price reduction after your home inspection?
Rub A Lamp....
Everyone should get a home inspection. There is no such thing as perfection and every condo- be it new construction, or a clearly used up old condo- almost every condo that I have come across needs some kind of maintenance or attention.
  But how do you go about protecting yourself without pissing off a seller to a point where he or she no longer wants to deal with you? Well, that can be a thin line....but here is what I suggest:
1) Focus on the big ticket items. Try not to be too nit picky about the small stuff. Sellers can become easily fatigued...so instead of asking for a plethora of small items to be corrected, ask for (say) one or two big issues- If warranted. One that can be backed up by the home inspection. Sellers are sometime less worried about the money and more worried that they may not have the time to fix every little issue- sometimes sellers will negotiate on convenience- as oppossed to being consumed by trivial matters.
2) If you have the option of taking a credit, or having the seller repair items- GO FOR THE CREDIT. Because more often than not, you or your contractor may not like the way the seller does the repair. Then we all have a problem....
3) I don't think it is logical for a buyer to ask for a credit or a repair on items they clearly knew were previously broken. For instance,  if you make an offer on a condo that has a cracked window pane or clearly unused/broken dishwasher - the seller may be less apt to fix it- because you clearly knew of this shortcoming prior to making an offer....and of course you made your offer accordingly, one would assume.
4) Electrical issues are huge....and you can almost always hit a seller up for making such a repair. Electrical issues are scary for most buyers and something most buyers cannot and probably should not fix themselves.
     I usually coach my buyers to think this way: If the amount of the needed repairs impacts your perception of the value of the condo, then you should probably back out of the deal or go at the seller at full force. However, if you are just looking to rake the seller over the coals for the hell of it- that should be done during the time you make your offer. Not at a later date where you are just looking to perhaps get something for (almost) nothing. Just my two cents...
Pocket Listings
Inventory is clearly drying up in the Center City condos market.
Almost across the board-In different price ranges and different zip codes and no one could logically argue that there is a surplus of available inventory. But some sellers don't want their properties sitting on the market or may say to me, "I will sell my condo if you can get me such and such a price."
My Pocket Listing Inventory is Huge.
... Here is one shining example. This charmer is ON Rittenhouse Sq. and is quietly asking $339,000. Non motivated seller. But nothing else like it on the market for this building or this kind of interior condition. Questions? Drop me an email...or have your Realtor do so!


Mark Wade      
 I sell condos. Boatloads- Every Year for 23 years.
Some people think my enthusiasm is kinda' nutty.
I just know I love what I do.
Mark Wade
Prudential Fox & Roach Realtors
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
267.237.3404 Top Secret Cell
Feel Free to Forward To Others- Thanks!