why are there so many condos for sale at 1919 chestnut. Phila.? in the $100 K range Has anyone had experience with this building?

Asked by Lise Martin, Philadelphia, PA Fri Mar 1, 2013

This question was asked from this property: http://www.trulia.com/property/3036020789-1919-Chestnut-St-8…

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Amy Shelanski, Agent, Philadelphia, PA
Fri Mar 1, 2013
These are coops not condos. It is a huge building and many people have owned units there for years and grown old and moved, or died. Most of these unit have not been renovated and look like they did in 1970 or whenever it was build. They can be a great buy, but be prepared to spend some money fixing them up. Location is great, parking is in the building and really inexpensive. It is a well-maintained building and they pride themselves on never having had a special assessment. I have sold a unit there, and had a relative who lived there. Contact me if you are interested.
0 votes
Sheri Curci, Agent, Newtown, PA
Sat Mar 2, 2013
Good Evening Lise,

If you buy into a Co-Op you buy your Neighbor and your Neighbors, Neighbors OPINIONS at the Assoc meetings.
As the late Great Carnegie quoted " Opinions are the CHEAPEST Commodities in the World, Everybody's got a million of them"

All the Best, John Curci RE/MAX 215-757-2889

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Jonathan Unr…, Agent, Lansdowne, PA
Fri Mar 1, 2013
Amy is right about them being Co-ops.

If you buy a co-op, you don't own the actual apartment; you own shares in an association that owns it. The affairs of the building is controlled by a board of managers usually made up of fellow owners, and this board gets to green-light how monthly maintenance fees are spent. To buy into the building, you also have to get approved by yep, you guessed it, the board. Typically, co-ops are less pricey and have lower maintenance fees than condos, and your property taxes are included in them. The catch: They require you to put 30 to 50 percent down (ouch!).

If you buy a condo, you actually own the deed to your apartment and have to pay separate property taxes on it. Condos also have boards of managers, but you won't have to be grilled, er, approved, by a board in order to buy. The purchase price may be higher, but you only need to plunk down 10 to 20 percent as your down payment. You also have more flexibility about making owning your place, owning a pet, and potentially subletting, whereas co-ops have stricter rules.

Let me know if this interests you or I can send you condos that you can actually buy in your price range and own without owning shares.

Jon Unrath
Weichert Realtors Media
267 968 1505
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Fri Mar 1, 2013
Hi Lise, I am familiar with this building. It is simply a good price point for Center City and a desirable building. It is a very popular building. The rooftop pool doesn't hurt. My office is near there. If you would like to meet for coffee to discuss your home purchase and maybe see a couple examples, let me know.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference:  http://kurfiss.com
0 votes
Thanks Eric.
can you say more on what makes it a "desirable" building?. why is it a "popular" building?
Flag Fri Mar 1, 2013
Ron Thomas, Agent, Fresno, CA
Fri Mar 1, 2013
Perhaps, it is the HOA,
Perhaps you should go there, and knock on a few doors and find out first hand:
If you're interested enough.
0 votes
sorry but what does HOA mean.
Flag Fri Mar 1, 2013
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