Keep Buyer Happy- Sellers may have to pound a hint of sand.../  


CONDO ONLY Comps- Over The Years





Pickin' Apart: The Academy House 
Unhappy buyers make for dead deals....

PICTURE THIS- You are a seller on settlement day and all your possessions are on a moving truck. You are waiting to settle on your old condo before you move on with your life. All of a sudden you have a buyer who is threatening NOT to settle for a reason that you believe is silly, inane, or otherwise outrageous.....

There are many bumps in the road during a Real Estate transaction and buyers have many contingencies in their offers that provide an escape route should they decide to exercise such options- like a home inspection or the condo doc review period. And generally speaking from 24 years experience selling condos in this town- buyers are generally a nervous lot. That is kind of a given. And from a seller's perspective, nothing sucks more than a buyer rescinding a deal just prior to settlement via the condo doc review period. You see, when are you are a seller, I would suggest you make your end of the deal about dollars and cents. Not about getting your ego stroked. Kinda' harsh, I know- but I do think it is my responsibility to get you your money. If I can hold your hand in the process...that would be icing on the cake. And I will work on that...I swear.

Most sellers just do not require the kind of hand-holding that many buyers do-
As many buyers are 1st timers and sellers have been through the process

I have found that a main portion of my job is to keep the buyers happy. The importance of checking in with them, providing communication and updates, making sure they know what to expect and when to expect paramount to keeping buyers attached to any given contract.

I recently did a deal where a seller became upset with me because he believed I was favoring the buyer- in terms of offering concessions, kissing the buyer's butt, etc- and NOT offering hand holding service to him-the seller.
And he was correct....that is what I do. I keep buyers happy in order to ultimately serve the seller's primary goal- which is making sure that you get your MONEY.  That is really the key goal for a seller- to make sure he gets his money and doesn't get too bumped up on the way out the door. And sometimes it may appear that I am favoring the buyer, holding his hand more, kissing his butt more, etc etc. And there is no "appearance" about it....I am doing that.

Because nothing is worse than a pissed off buyer at the settlement table who wants to raise hell or bring a lawyer because he is mad about a PLETHORA of possible issues that arise during a transaction or the final walk-through. Or a buyer who is really pissed for some reason AFTER settlement and decides he wants to torture a seller post-settlement. That really sucks for everyone.

Most deals don't require a lot of interaction with the seller. It is usually the buyers 
who have many hurdles to jump during a Real Estate Transaction

The one question sellers always have- IS THIS DEAL GOING TO SETTLE?
My answer is always the same- If the buyers are happy they will find a way to work through mortgage issues, condo doc issues, home inspection issues, etc.
IF BUYERS ARE HAPPY. And I personally have a very low "fall-through" rate at that....

Though I really never ever ever want my sellers to have to pound sand...if they have to take a lump here or there to ultimately get their money- then I do feel for them.  However the alternative is much much worse than me not showing you as much love as I show the buyer. You follow me?

Homemade CONDO Comps - Condos Only!

 This is what I do when I am bored. I sift through pages and pages and pages of data in the Center City MLS to find the following. I know it's nutty, but it's my thing.




Number of Condo sales Jan 1- July 30th 


                                     2013                      2011                    2009                    2007



19103                        152                          101                      78                         101



 19106                        72                            61                       66                           89



19130                        64                               50                      58                        103






Number of Condos Expired or Withdrawn Jan 1- Jun 30th



                                     2013                       2011                    2009                     2007



19103                           48                            65                         104                         89



19106                           52                            100                       134                       179



19130                            32                            68                            62                        66





         19103 is the Rittenhouse area

         19106 is Society Hill and Old City

         19130 is The Art Museum Area





The two figures that I found interesting are 2007 "expired listings" in 19106,

and number of sales in 2007 in 19130. I have my me if

you really wanna' know.



Picking Apart- The Academy House
Academy House  
  The Academy House
1420 Locust St.

The Toyota of Values In Center City

These units have great track record of reselling- always have and probably always will. A very smart purchase. Not super-glam, but again, a smart condo buy. Condo fees include almost all utilities. A very central residential location, rental parking in the lower levels, and 24 hour doorman. A fair number of units have outside balconies. A non-smoking building that is in the process of making over the common hallways and lobby. Values not heavily contingent upon floor height, as many units have great great views. No dogs allowed in building. All units are flats- no stairs. 


Additional Information:

  • Neighborhood: Avenue of the Arts
  • 576 Total Condos
  • Elevator
  • In-house Rental Parking
  • Unit Sizes: 521-1590 sq. ft.
  • HVAC: Included in condo fee
  • Washer/Dryer in Most Units
  • Cross Streets: 15th and Locust St.
  • Cat friendly- But No DOGS allowed
  • Walk Score: 97 out of 100
  • Compare to: DorchesterHopkinson House, Center City One


Five Fast Facts about The Academy House: 


1) Named so because the building sits adjacent to the Academy of Music 

2) The building has 576 units total and stands 37 stories tall 
3) Academy House offers On site rental parking, gym and indoor pool 

4) Sits on the Southeast corner of 15th and Locust Streets in the often unknown 19102 zip code  

5) Some of the larger interior units which face east have unusually large balconies 

Mark Wade   Prudential Fox & Roach Realtors
  Standing on the front lines of the
Philadelphia Condo Market Since 1989

Mark Wade
Prudential Fox & Roach Realtors
530 Walnut St. Phila., Pa. 19106
215.627.6005 / 267.237.3404 cell
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