Philadelphia Condominiums in Mark's Words | CenterCityCondos.com

Take the money for your Philadelphia condo or home!

I am always shocked when I go on a listing appointment and a seller rants and raves about how low their Philadelphia condo fees are, and how fabulous and wonderful that is...If all your condo fees are paying for is water, sewer, the 6 light bulbs in the hallway, and master insurance...and you folks are not putting money away for repairs, upgrades, and maintenance...this is killing the resale value of your condominium.If the front door doesn't close properly, the hallways are dirty, there are warped boards on roof deck, and peeling paint on the exterior windows, buyers will think your condo is a piece of crap! You get what you pay for...Like children, cars, and nice clothes, your Philly condo needs maintenance to retain it's value. My advice is to get on the board and vote to raise those condo fees to put money into your building because a buyer's first impression is made before they even walk into your unit. 

I am always shocked when I go on a listing appointment and a seller rants and raves about how low their Philadelphia condo fees are, and how fabulous and wonderful that is...If all your condo fees are paying for is water, sewer, the 6 light bulbs in the hallway, and master insurance...and you folks are not putting money away for repairs, upgrades, and maintenance...this is killing the resale value of your condominium. If the front door doesn't close properly, the hallways are dirty, there are warped boards on roof deck,  and peeling paint on the exterior windows, buyers will think your condo is a piece of crap!  You get what you pay for... Like children, cars, and nice clothes, your Philly condo needs maintenance to retain it's value.  My advice is to get on the board and vote to raise those condo fees to put money into your building  because a buyer's first impression is made before they even walk into your unit. 

...can kill the resale value of your condo.

There is an interesting phenomenon in Philadelphia real estate called "REO's" aka Relo's" aka "corporate owned" properties. In the 1980's I specialized in Real Estate Owned Philadelphia condos. This is bank inventory that can be acquired in a number of ways. REO's are a close cousin to foreclosures. An example of how a Philadelphia condo can become an REO is when "Suzie" works for a company such as IBM. IBM says, "Suzie, we want to promote you and move you to another state." So, IBM buys her condo and sells it through a third party intermediary . IBM (or whatever company may be relocating their employee) is not in the business of owning condos so they hire a 3rd party to get rid of it. These Philadelphia condos are usually very competitively priced and generally sell for less than asking price. Now, of course, every sale is an anomaly, but generally, corporate owned properties are owned by people that have no emotional contact to the property and therefore, they just want to get rid of their inventory as quickly as possible.  If you come across one of these condos in Philadelphia, you can get a phenomenal deal! They are generally priced competitively. I've been selling these for 20 years. Buying an REO is a great way to snag a property that may have been out of your reach. I always push my buyers to look into these and they end up singing and dancing in the street! 

There is an interesting phenomenon in Philadelphia real estate called "REO's" aka Relo's" aka "corporate owned" properties. In the 1980's I specialized in Real Estate Owned Philadelphia condos. This is bank inventory that can be acquired in a number of ways. REO's are a close cousin to foreclosures.  An example of how a Philadelphia condo can become an REO is when "Suzie" works for a company such as IBM. IBM says, "Suzie, we want to promote you and move you to another state." So, IBM buys her condo and sells it through a third party intermediary .  IBM (or whatever company may be relocating their employee) is not in the business of owning condos so they hire a 3rd party to get rid of it. These Philadelphia condos are usually very competitively priced and generally sell for less than asking price. Now, of course, every sale is an anomaly, but generally, corporate owned properties are owned by people that have no emotional contact to the property and therefore, they just want to get rid of their inventory as quickly as possible.   If you come across one of these condos in Philadelphia, you can get a phenomenal deal! They are generally priced competitively. I've been selling these for 20 years. Buying an REO is a great way to snag a property that may have been out of your reach. I always push my buyers to look into these and they end up singing and dancing in the street! 

Listen to Mark describe "relocation homes" and how they can be excellent values!

Located in the Old City/Society Hill section of Center City Philadelphia, these condos are new(er) construction condo that were built around 2005. One unit per floor with a huge two story luxury penthouse! All condos have parking and most condos have 360 degree views! Learn more about this fabulous Philadelphia Condominium by checking out our Center City Condo's Beaumont Page. Click play button below to listen now! 

Located in the Old City/Society Hill section of Center City Philadelphia, these condos are new(er) construction condo that were built around 2005. One unit per floor with a huge two story luxury penthouse!  All condos have parking and most condos have 360 degree views! Learn more about this fabulous Philadelphia Condominium by checking out our Center City Condo's Beaumont Page.  Click play button below to listen now! 

Listen to Mark describe the lovely condominiums at The Beaumont in Old City!

Condo fee myths

Condo fee myths

Condo fee myths

Mark discusses the Co-Op Building at The Rittenhouse Plaza at 1901 Walnut St.

The Rittenhouse Plaza is The only real pre-war high-end co-op building in town. Sits on the north side of Rittenhouse Square and was built in the late 1920's and retains many nods to the Art-Deco style inside and out. Value per square foot is not negatively affected by the fact that it is a "co-op" instead of a condo and taxes are included in the monthly fee.      No parking at the building but tons of garages nearby...Such a wonderful variety of units in this building and phenomenal Penthouses!    Click Play Below to Listen Now!