Price Spikes- My Top 5 BLDG. Picks /                                                          Strong Value Info Per Zip /
                                                                Nit-Pickin' Yourself Out Of A Deal


For those of you who are new to these parts, this is my somewhat snarky  
bi-monthly newsletter. The content is serious-
the tone...not so much. Welcome.
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Mark Wade

 My Top 5 Picks for Value Increases
Over The Next (say) 10 Years the address below for more info on that building

1) 2301 Cherry St- The condos are selling at a pace I haven't seen in a decade at Rivers Edge.  Major assessments are helping and you just can't find these values in 19103 with parking in a doorman building.

2)1352 South St. Condos- Began a  new marketing campaign earlier this year. When that is over and the building sells out- I would look for prices to spike as the current $/sf is very competitive.

3) Low Rise Condos in 19107 - The overall lack of inventory and "DOM" (days on market) for this set shows a trend for potential future growth. One key is proximity to Jefferson Medical.

4) The Rittenhouse Hotel and Condominiums - Recent sales have primarily been original condition units which has artificially set the bar at a low point in terms of resale prices. Once that inventory gets soaked up- Prices are going to jump in the building in my estimation. The competition just isn't there for such a fine building on the Square.

5) Center City One Condos- 1326 Spruce St. The lines have already started- buyers looking for a two bedroom two bath unit here will compete with each other for the next unit to appear. A new benchmark will be set...that is pretty clear to anyone who has kept their eye on the Center City condo market. I mean...even a blind man knows when the sun is shining :-)

Oh, and of course 1706 Rittenhouse for reasons described in my last newsletter

Common Blunders in Condo Buying and Selling
aka- Nit-pickin' yourself our of a deal

Scenario 1:  Having the Last Word

Seller is asking $499k for a condo

Buyer and seller go back and forth on an offer and after a few days the buyer says -$480,000 is my "Highest and Best" offer for this parcel. And then seller comes back and says $480,001. Really? You really want to be a goof and say that? You are pissing the buyer off, and it will probably  cost you much much more in terms of anxiety, anguish, and animosity within the transaction as you are locked into a legally binding contract with this buyer for say the next 60-90 days. Perhaps you should just zip your lip and take the freakin' $480k instead of having to have the last word. Don't forget, buyers still have to perform a home inspection.

Scenario 2: Can't See the Forest For the Trees

Seller asks $499k for a condo

A condo that is a bank-owned unit that should be selling for $800k if it weren't so dirty, missing all the appliances, and listed with Susy Bag O' Donuts out of Erie, Pa. (it foreclosures are often listed by those with no connection to the area). And as a buyer, you get the Big-Brain idea to come in at $400k...because after all, the market is slow, weak, and uncertain. are an idiot. If you can't recognize such an overtly strong bargain, and see that the huge upside is the fact that the condo is grossly underpriced at $499k....then maybe you need to do a little more homework on prices and values here in Center City.


Scenario 3: Why Isn't My Realtor Using a Magic Wand?


Sellers asks $499k for a condo

As a buyer, you top out at $480,000 and the seller will still not accept your offer. And recent "comps" suggest the seller is correct as no other unit in the building has sold for under $500k. You then turn to your Realtor and complain that you can't get the property for $480k. And you are relentless. Even in the face of the facts. But you persist. You dump your Realtor because he or she refuses to wave their magic wand and make this deal happen. You then drive down the road, and see your Realtor Singing and Dancing in the middle of the intersection of Broad and Walnut. It happens.


Opportunity exists in all market conditions, and the current state of affairs in Center City should indeed be taken into account when negotiating the purchase or sale of any parcel in Philadelphia. But knowing when you have crossed the line and driven right into Crazy Town might be helpful when finding the perfect condo and help you negotiate the best possible and realistic terms. 


Updated And Deep Condo Numbers For August 2014 
Le grenier

Buy A Condo From Me Or Get Out Of My Car  :-)


Mark Wade 
Berkshire Hathaway Home Services 
Fox & Roach

530 Walnut St. Suite 260
Philadelphia, Pa. 19106

I have sold more $1M + condos in town this year than
any other of my 25 years in the business. 
It is the fact of the market conditions that the over $1M
market is on fire.

 I would like very much to be your condo Realtor.

Mark 267.237.3404

Remember, best time to call is in the AM
When I am jacked up on 4 cups of Maxwell House.

Or email me anytime-
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