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There are many ways that buyers find to save money on their condominium purchases here in Center City Philadelphia. One can save by making offers of many properties, doing cosmetic work themselves, or being one of the first OR last people to purchase inside a condominium building. One technique used by some buyers here in town is what we here at Center City Condos term “shop a lot, and insult many.” What some buyers will do is that they’re flexible in their need for a specific condominium unit, and they will make many offers, one at a time, they’ll lowball, and if it’s not accepted, they’ll yank and lowball another condo unit, yank and lowball another condo unit. And they’ll continue to do that until they get a deal. These days we don’t come across many buyers who use this technique, but we have in the past. The advantage of this is that you may have the ability to get a very good price, but the disadvantage is you may not be able to get everything you want in the specific unit. Since you’re opening your needs, the one that you may end up getting may not be your first choice, but at least you may have gotten a good price.

The second way to save money on a condominium is to buy the ugliest condominium you can find; the one with the purple shag carpet and the pink and orange walls. Preferably, the unit will be exceptionally dirty and hasn’t been cleaned in fifteen years – and if you’re lucky, it’ll smell! Because those things are easily curable, but they’re also things that few buyers want. It would seem that very few people can remove the “emotion” out of their condominium purchase. If you have the ability to do that, it’s almost as if the world is your oyster. Generally speaking, these units have a tendency to sit on the market for a long time and as they sit on the market, the price drops, and the price drops, and the price drops. A fair number of buyers are NOT price motivated; if you ARE price motivated and can forego the emotion associated with a condominium purchase and buy the least attractive thing that you can find that needs possibly painting, and the floor sanded, and new appliances, and cosmetic help, you may be in for a very good purchase.

Lastly, one technique that can be used is timing –I have always said that the first buyer into a condo building, and the last buyer into a condo building are sometimes the luckiest buyers. Because at the onset of a release of condominiums, generally speaking, the developer needs sales to get his financing. So if you’re one of the first people into that deal, you may get the introductory construction pricing. Additionally, the developer is looking for buyers to confirm what they originally had thought when they bought the building, the fact that it’s going to be desirable – sellers love the first initial sales! Conversely, if you’re one of the last one or two people to get into the building, generally by the time this developer is all the way at the end of the project, they want OUT. So you may get a very good deal by buying the unit that hasn’t been purchased yet at a very good price with a lot of dealer incentives – a lot of upgrades, maybe the seller is providing a lower price or other financial incentives.

There are ways to save money on your new condominium purchase here in Center City Philadelphia. Some techniques are more popular and some are more successful than others. We suggest that you choose your strategy wisely and buy according to your preset goals.

For more information on real estate in Center City Philadelphia, visit http://www.centercitycondos.com!

Mark Wade, Owner, Center City Condos, Center City Homes

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.

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