I wish they did. I wish they would buy the ugliest condo I can find them. As a realtor here in Philadelphia, I recall when red formica, coupled with plaid linoleum was hot at one time. But NOOOOO....my buyers have to have stainless, granite, and $3000 built-in Miele coffee makers. Not that there is anything wrong with that.
In a market like Center City (downtown) Philadelphia, condominiums that show well, sell well. The composition of the buyers is basically that of urban professional. The kind that are fully grown, and don't own a lawnmower, have never used their convection oven, and don't care to learn how to become familiar with learning to run their dishwasher. They don't have or use those things. Nor do they possess a desire to get familiar with a hand tool. Like a screwdriver, or a saw.
They will spend top dollar on condominiums and lofts that show well, and are newly upgraded. The condos that lean towards the luxury kind of urban feel. They work hard, and don't really have the spare time or knowledge necessary to upgrade the unit themselves.
WHEN IN ROME........
Buying someone else's cosmetically inferior condominium or loft here in Philadelphia can yield great savings. Generally, if the condo needs $10,000 in work, it will sell for $20,000 or more UNDER what similar condos are selling for (that don't need work). However, this is generally NOT what my buyers here in Center City are looking for. They work a lot, make good money, and would rather have someone else upgrade their new penthouse or luxury condo. And the thought of owning a power tool would send them over the edge. It is a great day when I can sell a real stinker of a condo, knowing they are going to pocket some equity when they go to resell!
May the linoleum on your new condo floor rise up to meet the acres of formica on your countertops!
Mark Wade
CenterCityCondos.com
http://www.blog.centercitycondos.com/
Prudential Fox and Roach Realtors
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
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