10 Best Bldgs 5 Years From Now /

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 Value Growth-10 Best Bldgs 5 Years from Now


   Many factors can thrust a building's value higher and faster than its competition and watching how buildings in town are (and have been) trending, I think the writing is on the wall.  Now I am not from the future or anything and I have no crystal ball, but I do keep my ear fairly low to the ground in terms of what is going on in the Center City Condo market. And if I were a betting man, the following is pretty much where I'd be shovelin' my money....

So here you have it:
1) The Belgravia - Located at 1811-19 Chestnut St.
Believe me when I tell you- This is not your fathers Chestnut St. This is a hip Rittenhouse Square adjacent, undervalued parcel that currently offers two beds,
two bath units for under $500k. Look for values here to pole vault as the demand for the Square grows and grows.
2) Center City One - Located at 1326 Spruce St.
Undervalued as a spate of original condition units have recently sold in the building
and therefore set a temporary lull in the pricing structure. The pipe burst didn't hurt either. But I believe those issues are in the past. Oh, and new hallways planned. You really can't find value like this in similar buildings. One of the best 2 bed floor plans in town and  CC One sits on the now tried and tested Avenue of The Arts.
3) MetroClub - Located at 201 N. 8th St.
Values have fallen substantially in the building since first introduced. A low owner-occupancy rate and a slew of short sales and foreclosures have really made values drop to an all time low. I would expect real "bounce" here in terms of value growth over the next five years as the building contains some fabulous floorplans. Oh, and the pool and parking don't hurt either.
4) The Philadelphian - Located at 2401 Pennsylvania Ave.
 Every building goes through up and down periods of low resales. I think the values at 2401 have been artificially low for the past few years due to a large number of original units that have been put on the market. Though what is most interesting is that a few high-end units have recently sold, showing how much room there is for real future value growth in the building. This is a smart buy...values should go way up.
5) BridgeView Place - Located at 315 New St.
Now I wouldn't necessarily suggest that values have dropped substantially here in the past five years, but I do think the building represents some of the strongest values in modest Old City living. I would think the values here are going to see a stronger rebound than in similar competing buildings.
6) WaterFront Square- Located at 901 N. Penn St.
Making huge moves in the FHA and Fannie Mae warrantability areas- which is going to strongly open up financing options which then lead to higher sales. I favor the Reef building- but only because it is the newest of the three high rises and I happen to live there.  Unless the world goes to hell in a handbasket, I see little risk in these condos. Priced so well that prices can only really head north.
7) Rivers Edge - Located at 2301 Cherry St.
Starting to phase in major improvements. Located in the 19103 zip code- all units have parking, and almost all with over sized balconies. Terriffic values here. I would look for them to improve as the building condition improves.
8) The Ritz Carlton- Located at 1414 S. Penn Sq.
That's right. I can't help but to see such deflated values here in a class A building
in a location that is only going to blossom once Dilworth Plaza opens.
This building is under appreciated as are many new buidlings in town. That pall will fade boys and girls....it always does.
9) Mid and Low Rise Condos Along the Spruce/Pine Corridor
As Center City grows in size and boundaries expand, the core condos only get stronger. Interior condition of the common areas and of the units themselves play a huge role in determining value. I really feel this segment is in for a hay day.
10) Miscellaneous Picks Around Town
*Keep your eyes on the "A" units at Academy House-Large Corner 2 or 3 beds
*Watch for price jumps in junior 1 bedrooms at The Dorchester- In short supply
*All 01, 02, and 03 units at the Murano are sure to be hot sellers
*And I think value growth in the large units on the Square will be fairly evident.
    Know that omitting dozens and dozens of condo buildings from this list in no way means that I think that such buildings will not fare well over the next five years. On the contrary...most I think will do well. But this list is comprised of buildings that I think we will see the biggest bounce from today's values, to those of 2018.

New Condo Listings Around Town....

   We are starting to see a hint of new inventory around town.
Not a lot, but some fabulous units...
 Like this premier Brownstone at 1112 Spruce St.
A three bedroom bi-level condo- nearly 1800 sq ft with southern and eastern exposures. Modest condo fees, lovely open kitchen, two modern baths located inside a restored mansion along the Spruce/Pine
corridor. A rare Brownstone with an elevator.  Asking price $759,500 
 Email me for more details- Mark@CenterCity.com 
Risks Associated With Sheriff's Sales and How to Minimize Them
Here is a summary of some of the potential risks associated with purchasing property at a Sheriff's sale and tips to help minimize those risks:


1. The property is purchased "as is." The buyer typically cannot recover any money from the prior owner for any problems with the property.

2. There usually is no opportunity to inspect the property prior to the Sheriff's sale. [Click here to read more...]


Waiting to Put Your Condo Up For Sale?

  I have said for years that the day after the Super Bowl my phone starts ringing off the hook. Buyers begin to spend more time on my website and my car gets turned into a full time shuttle service for those looking to buy a condo in Center City. This year, is certainly no exception.
  In all honesty, I have not seen a better time to put your condo on the market than ASAP...than I have in a number of years.
   The somewhat dramatic and unexpected switch in Center City from a buyers market to a sellers market can present opportunities for many sellers in a variety of segments across the condo market. A seller opting to market his or her condo this spring may be surprised by the shortened "days-on-market" figure as well as an offer that may be closer to asking than they anticipated.
If you are wondering if you should market your condo- Let's chat. No pressure.

Mark Wade  


   From the front lines of Center City real estate, I hear.....
* 250 S. 18th St. on Rittenhouse Sq. is going non-smoking
* New common area windows getting ready for 2301 Cherry St.
* New, small  two bed condos at 11th and Spruce area may 
   hit the market in the next few weeks
* The Plaza is moving ahead with hallway renovations
*Ditto for Academy House and  Center City One
*Good News. MLS Residential Stats for 12 zips in central Philly shows 45% increase in 'Pended' homes while listings increased 6%.
* Waterfront Square is making huge strides in its Fannie Mae warrantability
and FHA compliance. The values here are off the charts. I live here. I know.
* Naval Square has but a handful of their 600 condos left to sell, and took
 seven deposits over the last weekend in JANUARY...quite a feat
* The Ritz Carlton and Naval Square have raised prices on a portion of their remaining
inventory (due to stronger sales/demand)
 * The Philadelphian is exploring options for exterior balcony panels- this is going to be interesting as a simple cosmetic exterior update would really add some strong visual
appeal in my opinion
* The Phoenix is now sold out (ok...so maybe they have one unit left +/- )
* I heard rumors that Dranoff's new loft building at the Corner of Broad and South was going condo. My sources inside his office say not true
* After like 30+ years, The Academy House has hired a new mgmt. company
Got Dirt? Let me know....
Call me on the hotline 267.237.3404- which also doubles as my cell phone :-)
Mark Wade

Center City Condos


530 Walnut St. Suite 260

Phila.,Pa. 19106

215.627.6005 main /215.521.1523 desk


I get more parking tickets than you do....I Guarantee it.

(I am a Realtor)




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