Condo Living - New Construction vs. Existing
Buyers looking to buy in today's condo market here in downtown Philadelphia, face a wide variety of purchasing options.
Both new and existing construction have their pluses and minuses, their up sides and down sides. Be it a wider variety of (existing) funky space, or the appeal of a condominium that is new in and out, buyer's today may go in either direction!
As far as new construction is concerned, the advantage many buyers hope for is a sense of complete newness. No one has occupied the unit prior to their purchase, and that can be appealing. Up to date mechanicals, the latest in appliances, flooring, bath fixtures, wiring, computer linking, etc. are all reasons a buyer may want new construction. Also the fact that (in most cases) a ten year tax abatement might apply is certainly appealing. If a buyer purchases a unit early enough in the construction, they may have options as far as cosmetic finishes are concerned, which can really make a unit purchase desirable. Also, going into a building very early on in the development stage gives a potential buyer the option of choosing which unit in the building appeals to their liking.
The potential downside to buying new construction, especially in the very early stages, is that you really do NOT know what the finishes and quality are really going to be. So buyers who buy very early can be in for a bit of a let down when they see a lack of quality areas such as exterior fit and finish, common area quality in hallways, elevators, lighting, carpeting, etc. There are a fair number of unforeseen variables that a buyer may not know buying new construction, especially in the early phases of selling new projects.
Existing construction has it's up sides as well. Generally speaking, with a wide variety of existing units on the market at any given time, the selection may be a bit wider for a potential buyer. Selection as far as the physical characteristics of buildings. A variety of layouts, window sizes, room configurations, etc. Older existing construction includes a lot of space where an individual may have designed the space you are looking at, and therefore, can more easily by "One of a Kind" than say new construction. And you certainly see what you are getting as far as finishes, quality, maintenance, and condo fees are concerned. And with the ability to have the condo inspected, you get a fair sense of the condition of the property. Not always the case in new construction.
The potential downside to any existing inventory, especially here in the Philadelphia condo market, is that there are very little if any options for a new buyer to select. "It is what it is" and generally, a seller is not going to change appliances, wall color, granite counter top color, etc for a buyer. Additionally, there may not be a tax abatement for the property. And the fact that many existing units coming on the market need some kind of work, either cosmetically, or mechanically, can be less inviting than that of brand new construction condominiums. Lastly, and a very critical element to existing condos is the fact that they may often times lack the emotional element that really can sell a condominium. You know, like a "New car smell" that is appealing. The fact that the existing units are not as clean, fresh, or crisp as a new unit also can be a draw back for many buyers.
So, new construction, or existing inventory- both exist in the Center City condominium market. Both have up and down sides. And many times, the decision to buy new or existing is already made up in a buyers mind, prior to them even seeing any inventory. Center City Philadelphia, like many major urban areas, offer a condo buyer many options. We suggest buyers come into the condo buying process with an open mind, and a little time to shop around, to insure that their condo purchase suits their needs best!
Mark Wade
During the late 1980s, Mark fell in love with the Philadelphia real estate market. The first condo he bought for himself was in Old City. Working with bank foreclosures on multi-unit buildings, Mark began to carve his niche as a condominium specialist. Since that time, Mark has progressed into helping developers turn apartment buildings into condominium buildings. Having been inside countless condos in the Center City real estate area, Mark is intimately familiar with the available properties. Mark prides himself and impresses others of his vast knowledge of what's trendy and knows which finishes buyers look for when selecting a home... so much so that he's been seen on HGTV's What You Get For The Money, CN-8's Money Matters and was the 2005 winner of Philadelphia Magazine's Kitchen of the Year contest.
A graduate of Bowling Green School of Business in Northwestern Ohio, Mark began selling in Philadelphia in 1989 and has been addicted to it ever since. He still resides in Old City and loves the area!
Contact Mark at http://www.centercity.com or mark@centercity.com
Article Source: http://EzineArticles.com/?expert=Mark_Wade
Sunday, July 8, 2007
Selling Your Condominium - Selecting A Realtor To Sell Your Condo
There are many options for condominium owners here in downtown Center City Philadelphia when choosing a Realtor. Selecting one can be based upon many factors such as friend, family, referrals, web searches, etc. All have their pluses and minuses, and some may be better for your particular situation than others. One factor that might work in your favor is a feeling of trust. Someone very close to you may look out for your best interests.
Choosing a listing agent when someone is a close friend or a family member can either be the best or the worst decision you can make. I guess it depends on the relationship you currently have with that person. One question I always think of when deciding to be business with that person is, "Can I fire him or her, and still maintain the current relationship"? I would think some clear cut rules prior to any listing contract might best help when selecting a listing agent who is a friend or a family member.
Referrals are another source of finding a listing agent for your property. Being referred to an agent from someone you know that has done business with that Realtor may be somewhat comforting. Such large urban areas of Center City Philadelphia may be reduced to that of a small (er) town if you are doing business with someone who has already proven themselves with someone else you know. One potential downside to a referral is that the referred agent may not know your area of town, may not specialize in, say, condo sales, or may not geographically be strong in your area.
Web Searches are another source of listing agents. Searching the web gives you an idea of that realtor's strengths, weaknesses, track record, and can easily point out if that Realtor specializes in the type/location of condo you own, and are looking to sell. Browsing the web can be maddening at times though, especially if that Realtor is not providing a lot of info on their specialties/strengths.
Spending time doing your homework, and researching the options of listing agents you have for your given condo, and mean some tailored marketing, maximum exposure, educated pricing strategies for your particular market, and more importantly, your particular condominium!
Mark Wade
During the late 1980s, Mark fell in love with the Philadelphia real estate market. The first condo he bought for himself was in Old City. Working with bank foreclosures on multi-unit buildings, Mark began to carve his niche as a condominium specialist. Since that time, Mark has progressed into helping developers turn apartment buildings into condominium buildings. Having been inside countless condos in the Center City real estate area, Mark is intimately familiar with the available properties. Mark prides himself and impresses others of his vast knowledge of what's trendy and knows which finishes buyers look for when selecting a home... so much so that he's been seen on HGTV's What You Get For The Money, CN-8's Money Matters and was the 2005 winner of Philadelphia Magazine's Kitchen of the Year contest.
A graduate of Bowling Green School of Business in Northwestern Ohio, Mark began selling in Philadelphia in 1989 and has been addicted to it ever since. He still resides in Old City and loves the area!
Contact Mark at http://www.centercity.com or mark@centercity.com
Article Source: http://EzineArticles.com/?expert=Mark_Wade
There are many options for condominium owners here in downtown Center City Philadelphia when choosing a Realtor. Selecting one can be based upon many factors such as friend, family, referrals, web searches, etc. All have their pluses and minuses, and some may be better for your particular situation than others. One factor that might work in your favor is a feeling of trust. Someone very close to you may look out for your best interests.
Choosing a listing agent when someone is a close friend or a family member can either be the best or the worst decision you can make. I guess it depends on the relationship you currently have with that person. One question I always think of when deciding to be business with that person is, "Can I fire him or her, and still maintain the current relationship"? I would think some clear cut rules prior to any listing contract might best help when selecting a listing agent who is a friend or a family member.
Referrals are another source of finding a listing agent for your property. Being referred to an agent from someone you know that has done business with that Realtor may be somewhat comforting. Such large urban areas of Center City Philadelphia may be reduced to that of a small (er) town if you are doing business with someone who has already proven themselves with someone else you know. One potential downside to a referral is that the referred agent may not know your area of town, may not specialize in, say, condo sales, or may not geographically be strong in your area.
Web Searches are another source of listing agents. Searching the web gives you an idea of that realtor's strengths, weaknesses, track record, and can easily point out if that Realtor specializes in the type/location of condo you own, and are looking to sell. Browsing the web can be maddening at times though, especially if that Realtor is not providing a lot of info on their specialties/strengths.
Spending time doing your homework, and researching the options of listing agents you have for your given condo, and mean some tailored marketing, maximum exposure, educated pricing strategies for your particular market, and more importantly, your particular condominium!
Mark Wade
During the late 1980s, Mark fell in love with the Philadelphia real estate market. The first condo he bought for himself was in Old City. Working with bank foreclosures on multi-unit buildings, Mark began to carve his niche as a condominium specialist. Since that time, Mark has progressed into helping developers turn apartment buildings into condominium buildings. Having been inside countless condos in the Center City real estate area, Mark is intimately familiar with the available properties. Mark prides himself and impresses others of his vast knowledge of what's trendy and knows which finishes buyers look for when selecting a home... so much so that he's been seen on HGTV's What You Get For The Money, CN-8's Money Matters and was the 2005 winner of Philadelphia Magazine's Kitchen of the Year contest.
A graduate of Bowling Green School of Business in Northwestern Ohio, Mark began selling in Philadelphia in 1989 and has been addicted to it ever since. He still resides in Old City and loves the area!
Contact Mark at http://www.centercity.com or mark@centercity.com
Article Source: http://EzineArticles.com/?expert=Mark_Wade
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