Every spring, my phone starts ringing off the hook with students and or parents of students who will be attending Jefferson Medical School. My name is Mark Wade, and I am a realtor in Center City Philadelphia. Many of these folks have figured out that buying a condo in the area is a wise investment, as opposed to a long term rental.
Specializing in the sale of downtown Philadelphia condos over the past twenty years has enabled me to have a fair amount of insight into what these buyers are looking for in terms of location, amenities, and value they seek in a potential area condominium. Many of these buyers have become my favorite type of buyers, as parents are heavily involved in the search process- and I love parental involvement! Many incoming “Jeff” students are aided, financially, by their parents, and therefore have a fair degree of parental input. No problem!
I think the main ingredient that parents deem essential to any Philadelphia condo purchase is safety. Coming from (perhaps) an area outside the city, they are often unfamiliar with the neighborhoods, and emphasize the safety of their sons and/or daughters as paramount in their condo search. As many Jefferson Medical Students work odd hours, any may have to go to or from work at all hours of the day and night, this concern is universal for many parents.
High rise condos with doormen are generally high on the list of priorities if you ask a parental figure. Groovy hip, kinda’ loft space would probably be the first choice of many of these buyers, if the parental equation were to be removed. I find myself often walking a fine line between meeting the needs of the parents, and the desires of their offspring. Parents are less concerned with interior emotional content- the color of the wall or carpeting, the age of the appliances, etc. I often hear the “back and forth” between the dueling desires of the parents and the offspring who will actually be occupying the premises. The “showing ability” has little power over parents, where such a concern ranks very high for the offspring. Parents are less emotional and key in on what they perceive as the future value, or resale of a given Philadelphia condo. The offspring are less concerned about such qualities. They want the stainless steel kitchens with the granite countertops, and the cool bathroom and kitchen fixtures. Their parents are less likely to spring for such visuals.
Finding the right mix of emotional “wow” and “value/security” is a challenge I relish. And more times than not, a compromise between the parental purse strings and the occupying offspring is in order to make a deal. And if that compromise happens to include stainless steel appliances, a groovy color scheme, and perhaps a large walk-in shower stall, then touch’! Homerun!
