Real Estate on TV- Yeah, Right. /    What Are Upgrades Worth? /
                         On-Line Estimates of Value Are Crap              
CenterCityCondos.com
  Visual Pop = Great Resale Value
Before & After Bath In High Rise....

Aka- What are cosmetic upgrades worth??
  
  
  
BEFORE
      AFTER 
 
Being on the front lines of the Center City condo market for 24 years, I have long known that there truly is a multiplier effect in terms of cosmetic work- for every $1 you put in, you get up to $1.50 back in resale value when you do cosmetic upgrades. And you get great use and enjoyment out of your new look to boot. 
 
Total Cost $10,000
Added Value at which I could now sell this condo = $15k+/-
That is a fairly simple equation.
 
Why?
Because buyers are visual and they love upgrades that have a great look and personal touch. And Philadelphia buyers will pay for quality. Though generally conservative in nature, they will indeed pay for something that grabs their attention.
Need someone to give you an estimate for your upgrades?
Call or email me and I can hook you up with some very experienced contractors who know what they are doing.
 

Just Because You Saw It On TV Doesn't Mean Real Estate

 Really Happens That Way 

 

I am actually horrified when I see some goofy Realtors on TV.

Here are my Top 5 Gasps...

 

1) Agents don't make decisions for their sellers. Agents are communicators and they DO NOT decide when a seller will or will not take an offer.

 

2) I am shocked when Agents do not respond per the seller's directive. They will often counter higher or lower- are you kidding me?? WHO WOULD DO THIS??

 

3) When calculating the cost of flipping a property, how come the cost of holding the property, closing costs going IN and OUT of the deal are not reflected??

 

4) A Broker's Open House is what sells a home? Perhaps in California, or on the moon...but here in Center City- It doesn't happen like that. Ever.

 

5) Hunting for a House on TV? Would you be surprised to learn that a fair number of those buyers have already bought a house, and the filmed "house tours" are just for the camera? When buyers look at three different houses- they often have already purchased one of those three homes- At least that is how it worked for a friend of mine who was on a house hunting show. 

 

I have been on HGTV and I really appreciate what they have done for the housing industry in terms of awareness and have really helped create interest in rehabbing and the buying/selling process. If you might like to be on HGTV let me know and I can send you a link to the folks who make such decisions for various shows.

On-Line Condo Values -

 What You See Is Crap In My Opinion

 

Since a GREAT portion of your value is determined by your interior condition, your view, your ceiling height, amount of natural light etc.....

 

HOW CAN THESE ONLINE ESTIMATES OF VALUE CONSIDER

SUCH FACTORS IF THEY HAVEN'T BEEN IN YOUR CONDO????????

 

If perhaps you live along I-95 in a sub-division where all the homes are virtually the same with varying colors of aluminum siding, then maybe the online estimates would be accurate. But in Center City?

Uh, I don't think so.

 

  

So could a website really determine the value of your Center City condominium 

with any true degree of certainty?  

It is widely known that all real estate is local. I believe and live by that credo and I think in order to fairly assess the value of your Center City condominium, you need an expert to tell you what buyers will or will not pay for your condo.

(That would be me :-)

 

And what about the New AVI?? 

Is your new assessment a bulls-eye depiction

of the value of your Center City Condo?

 

I would have to suggest that the same factors are going to come into play- though perhaps to a lesser degree. But can the city of Philadelphia really put a price on your view, your layout, and your interior condition if they have not seen the beauty of your condominium for their own eyes? Are they aware of the ever shifting market forces

that play inside various buildings at any given time??

 

 

  
MarkNew 
Mark Wade
Member of the JILLION Dollar Club
 
(not really...but I once tried to have that printed on
my business card. My company didn't see the humor
in such a request :-)


Prudential Fox & Roach Realtors
530 Walnut St. Suite 260
Phila. Pa. 19106
215.627.6005

Mark@CenterCity.com
267.237.3404 Top Secret Cell

On The Front Lines Of The Center City
Condo Market Since 1989


The highest compliment my customers can give me is to recommend us to a friend, family member or co-worker. 
As always...Thanks!