Defining Low Rise
Condominiums in Center City Philadelphia
By: Mark Wade
Here in Center City Philadelphia, low rise
condominiums (LRCs) are numerous and are often favored by many buyers. LRCs
are generally characterized by buildings that are less than four stories
tall and generally have less than twenty condominium units in that
particular association. They can be found in converted brownstone buildings
or possibly small warehouse buildings throughout Center City. Many buyers
find low rises advantageous for a number of reasons; probably the most
significant would be the generally low condo fees. Since these buildings, in
nature, lack services such as a front door man, a swimming pool, an attended
parking garage, and sometimes elevators, naturally your condominium fees are
going to be lower than you might find in a full service high rise
condominium (HRC).
LRCs tend to have more charm than what you might find in an HRC. The
reasoning is a lot of the brownstone that are being converted into LRCs were
built 200 years ago where you have the big moldings, the thick doors, the
fireplaces, the arched entryways, as opposed to a newer HRC which was built
25 years ago and wouldn’t have the elements of style and architecture. So
the LRC buyer is generally very motivated by the low condo fees and the
style and the architectural elements inherent in a lot of these old
brownstones or warehouse buildings where you might have high ceilings and
lots of exposed brick.
A few disadvantages that I hear buyers discuss when thinking about an LRC is
sometimes a lack of an elevator if the unit they like happens to be a third
floor walk-up. That can limit the “resalebility” of an LRC. Also, the lack
of a large association; in a LRC, buyers are more involved in the operation
of the condominium because generally there’s four or five other people
making decisions about where the money is being spent. As opposed to a high
rise, where you pay your condo fees and, generally speaking, the board takes
care of it. In an LRC you’re more apt to be involved in the board, and some
people just don’t want to be bothered. However, the small board offers the
opportunity to bend the rules a little bit. Say you live on the top floor of
a five unit LRC and want to put a roof-deck in. The board is much more
approachable than a 200 member board in an HRC, to make such condominium
document alterations.
Another potential drawback we see in LRCs is that someone buying into, let’s
say, a five unit building where there has been clearly very, very low condo
fees being paid and therefore very little maintenance being done to the
building over time. Like a high rise, and like a single-family, low rise
buildings need to be maintained consistently over the years, otherwise
buyers might find themselves buying into a low rise that is in need of
significant improvements, and the cost is therefore only split between,
let’s say, four or five other people. That hardship sometimes does have a
tendency to alienate the LRC buyer.
There are a number of examples of LRCs here in Center City Philadelphia.
From the “PUDs” (planned unit development) which are characterized by one
condo being stacked upon another condominium and running down a city block.
The other style of condominium that we commonly see is the brownstone
conversion, where a very large single-family would have been converted into
condominiums in time. Lastly, we’ll find LRCs prevalent in the small
warehouse buildings primarily in the Old City or in the Northern Liberties
area, where someone’s taken a small building and converted it to anywhere
from four to twenty units. So, LRCs are a viable option for potential condo
buyers here in Center City Philadelphia.
To find out more about Low Rise Condos in Center City Philadelphia, visit
www.centercitycondos.com/low_rises.htm
Article Source:
http://www.content.onlypunjab.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.
[Internet-Marketing-One.Com]
