Center City Condos - Rants & Raves

Why Spring Matters- A Lot /More BLDG Updates /Market Share Report

Your Center City Condo Newsletter-March 2016

Snarky?

A little.

Honest? Yep.

Spring Is Huge In Our Marketplace

This will be my 28th spring in the Center City real estate market and no other time brings about a consistent pace of condos being marketed, shown and sold. Generally speaking, the spring market begins in early March and continues through the end of July.

The warmer the weather, the busier the real estate traffic becomes around Center City. Add the influx of medical students in April and the open house traffic is sure to be explosive. In addition, we see the suburbanites migrate to town in the spring as they prepare their larger suburban homes for sale.

Spring is crucial for our market as open houses tend to be very busy, the "days-on-market" clock for most condos becomes shortened and activity is at an all time high.

IF YOU ARE LOOKING TO SELL

....Spring would be the time to do so.

I also think that VALUES tend to peak in the spring time. Nothing motivates a buyer more than seeing condos disappear at an alarming rate- especially with multiple bids, as is happening. Many "untrained" buyers may think they can low ball a well priced, nice looking condo, but they may quickly learn that if a condo shows well and is priced well, it is going to sell (very) well and close to asking price. Buyers generally need to fail before they can see this action play out. It is a live and learn world we live in and condo buying and selling is no different.

Sellers often DO need a crash course in

"Selling 101"

And it really gets down to realizing that buyers have no vision and sellers MUST provide that visual stimulation in terms of cleanliness and decluttering. I recently had a seller who told me that buyers can see past the clutter. Perhaps she meant buyers from Mars because buyers from this planet can't see past dirt and clutter.

Value is also a function of "days on market"

The longer a condo sits on the market, the more "shop worn" it may appear to buyers in terms of value. Condos here in Center City are worth the most to any given buyer (generally speaking) within the first two weeks of hitting the market. And that is where timing comes into play. Hit the market in the early spring when buyers are anxious to get something under contract. Offering your condo for sale during the HOT spring market can raise your value and garner more offers than say during the winter months.

Market Share Report December 2015

Check it out...

CenterCityCondos.com

Yeah, we think we are pretty groovy.

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Random Building Updates

2201 Chestnut- This gem of a pre-war is often overlooked as inventory levels usually aren't high. The lobby renovation is well underway and they recently completed a full restoration of the marble walls as well as the front and rear staircases, demo'd the horrible lobby floor the builder had put in and replaced with gorgeous white marble installed on-point with inset black 4" marble tiles throughout. Also finalizing the lighting plan and purchased gorgeous crystal chandeliers that will bring the lobby back to it's original glamour as well as uplighting for the front of the building.

Canopy was replaced and features their rebranded logo. N ew mahogany doors with brass fixtures coming in the next week to 10 days.

The Ellington at 1500 Chestnut- R eplaced the air-conditioning cooling tower on the roof and did a complete tear off and replacement of the main roof. The projects paid for out of the reserve fund-no special assessment necessary.

Society Hill Towers at 200-220 Locust- In the process of gathering professional reports for their HVAC systems for possible upgrades.

Washington Mews at 1110 Lombard St- The owners have voted and it looks like the complex is finally going to get a management company. Probably the largest self- managed building in town with

52 units total. I am told the age of some of the common elements really dictate a need for professional mgmt. to safeguard values.

CityView Condos at 2001 Hamilton St- When nearly 30,000 gallons of water poured down the elevator shafts and through some hallways when some dumb*ss mover broke a sprinkler head in the north tower- many were forced to seek shelter elsewhere. PRIME example of why an insurance cert is necessary for ANY contractor coming onto the property. All fixed now....

The Plaza at 1901 Walnut St - 17 layers of paint removed from really detailed lobby ceiling. Assessments finished for common electrical work and "behind the walls" upgrades that goes to the strength of the building infrastructure. Look for values to escalate in 2016.