R5Realty News and Notes

Market Snapshots and Commentary on Value and Quality of life along the former Main Line of the Pennsylvania Rail Road, up until recently called the R5 Line, and now officially known as the Paoli /Thorndale line. R5Realty runs from Center City Philadelphia through the walkable, Westward outlying Towns & Townships.

Monday, June 13, 2011

Lower Merion Foreclosure a Value Not a Bargain

Soldt for 500k in '08, resold for 475 by bank in '11
This 3000+ square foot colonial at Latmer and Merion Roads, overlooks the breathtaking Merion Botanical Gardens. A family home for five decades, and in serious need of updating, it was purchased for rehab in June 2008 for $505,000.  The new owners undertook a host of renovations but were foreclosed upon long before the project came to fruition. Fast forward nearly 3 years and Fannie Mae now owns the property and has it listed at $470,000, which includes closing costs.

Lavish patio overlooks Merion Botanical Gardens.
With nearly $200,000 still needed to complete the project, our owner-occupant clients bid $350,000 and are soundly rebuffed by Fannie Mae, who eventually sell the property in mid June for full asking price! All told, the sticker price for this foreclosure pending rehab completion is nearly $700,000, very similar in price to the dated but move-in ready home at 506 Latmer now listed for sale at $735,000.

Bottom line is there is a Value for Main Line homes in an exquisite setting, and that value isn't necessarily diminished by the F-word (Foreclosure) or the B-word (Bank Owned).

Wednesday, June 8, 2011

Center City Philadelphia Condo Prices May 2011

Monthly Association Fees and parking availability will vary by condominium.
R5Realty pulls into Suburban Station to check out prices paid for Center City Condominiums during May 2011. With a cutoff point of $999,000, in excess of 50 units were sold over the course of Philadlephia's finest weather month.
With condos, parking availability and Monthly association fees can drive up the costs considerably. For details about these recent sales - or to inquire what's available in your price range - please email or call direct.





CondominiumBedsBathLast PriceSold For
1900-34 John F Kennedy Blvd 32211$53,500 $48,000
1324 Locust St 152901$64,900 $65,000
1900 John F Kennedy Blvd 90411$69,900 $68,000
1324 Locust St 51501$69,900 $69,000
301 Race St 31801$154,500 $105,000
301 Race St C511$149,000 $144,360
1100 Vine St 101511$159,900 $150,000
1100 Vine St P30911$159,000 $150,000
1919 Chestnut St 71101$165,000 $157,000
315 New St 12521$190,000 $181,000
2101-17 Chestnut St 40821$170,000 $183,000
1919 Chestnut St 101411$190,000 $187,000
1420 Locust St 7B11$209,900 $188,500
2101 Chestnut St 51521$170,000 $190,000
1806-18 Rittenhouse Sq 61011$235,000 $227,000
1001-13 Chestnut St 801W21$230,000 $230,000
1600-18 Arch St 71211$254,900 $250,000
200 Locust St 29H11$259,900 $250,000
314-22 N 12th St 70511$260,000 $255,000
1100 Vine St P32122.1$289,900 $260,000
1600-18 Arch St 141111$309,900 $270,000
220 Locust St 23D11$274,900 $273,000
815-37 Arch St 70922$299,000 $275,000
201-59 N 8th St 31422$400,000 $285,000
241 S 6th St 100211$310,000 $299,500
23 S 23rd St 2J11.1$299,900 $299,900
1125 Spruce St B11$319,000 $305,000
233 S 6th St 61011.1$325,000 $310,000
1600-18 Arch St 191511$349,000 $314,900
103-7 Church St 211.1$333,900 $320,000
224-30 W Rittenhouse Sq 161611$342,000 $334,000
2200-28 Arch St 90511$359,000 $345,000
1919 Chestnut St 260821$374,900 $350,000
1600-18 Arch St 151412$379,900 $350,000
1035 Spruce St 30421.1$359,900 $350,000
136-38 N 2nd St 5A/B22$395,000 $360,000
1425 Locust St 5F11$400,000 $360,000
133 N Bread St C322.1$389,900 $365,000
1600-18 Arch St 150511.1$389,000 $370,000
1326-42 Spruce St 240521.1$400,000 $370,000
23 S 23rd St 2A11.1$370,800 $370,800
38 N Front St 1E22$389,000 $375,000
317 Vine St 50311.1$375,000 $375,000
105 S 12th St 40111$399,000 $382,075
1811-19 Chestnut St 60622$417,500 $400,000
122-30 New St 4B22.1$439,512 $405,000
1600-18 Arch St 190111.1$449,900 $415,000
1425 Locust St 4A22$450,000 $430,000
111 S 15th St 230422$465,000 $434,000
1420 Locust St 37A22.1$499,900 $490,000
1101 Locust St 8C11$549,998 $515,000
1600-18 Arch St 180622$539,900 $520,000
2020 Walnut St 19B22$549,900 $525,000
1737-39 Chestnut St 30122$549,900 $549,900
2018-32 Walnut St 30E22$649,000 $579,000
2101 Market St 310111.1$625,000 $615,000
2506 Pine St32$645,000 $645,000
1101 Locust St 4A22$724,900 $665,000
2211 Panama St32.1$715,000 $676,000
202-10 W Rittenhouse Sq 220122.1$850,000 $750,000
23 S 23rd St 6L22.1$939,000 $882,500
210 W Washington Sq 4NW22$975,000 $900,000

Thursday, June 2, 2011

Lower Merion Home Prices May 2011

357 Hidden River in Penn Valley.  2005-$465k, 2011 $510k
The list below features Lower Merion and Narberth homes which sold during May 2011 for less than one million dollars. For more details and context concerning these transactions, or to inquire about homes currently on the market we welcome your email. or direct call, 610.348.7972. At right is R5Realty.com's  Lower Merion Sale of the Month, a short-sale nestled in the woods.



Street AddressBedsBathsLast PriceSold ForTown
108 W Spring Ave 741.1$174,900 $174,900 Ardmore
45 Chatham Rd31$350,000 $332,000 Ardmore
129 Grandview42$449,900 $408,000 Ardmore
204 Kent Rd63.1$499,000 $475,000 Ardmore
194 Midfield Rd43$715,000 $675,000 Ardmore
124 Jones Sy41$169,900 $165,000 Bala Cynwyd
133 Fairview Ave21$199,000 $185,000 Bala Cynwyd
22 Bala Ave62$375,000 $353,000 Bala Cynwyd
50 Belmont Ave 50432.1$550,000 $475,000 Bala Cynwyd
1121 Gainsboro Rd43.1$499,000 $480,000 Bala Cynwyd
10 E Lodges Ln52$524,000 $512,000 Bala Cynwyd
315 Clwyd Rd43.1$974,900 $990,000 Bala Cynwyd
214 Ladbroke Rd43.1$649,000 $649,000 Bryn Mawr
129 Fishers Rd63.1$675,000 $665,000 Bryn Mawr
1410 Orchard Way53.1$849,900 $812,000 Bryn Mawr
229 Conshohocken 52.1$695,000 $627,000 Gladwyne
521 E Wynnewood63.1$260,000 $250,000 Merion
228 Old Lancaster 43.1$429,000 $395,000 Merion
8 Blancoyd Rd54.2$469,000 $400,000 Merion
612 Schiller Ave32.1$450,000 $425,000 Merion
533 Revere Rd32.1$529,000 $520,000 Merion
545 Prescott Rd32.2$569,000 $569,000 Merion
308 Winding Way53.2$629,900 $600,000 Merion
515 Monroe Rd43.1$624,900 $608,000 Merion
613 Zollinger Way63.1$675,000 $675,000 Merion
552 Howe Rd42.2$715,000 $715,000 Merion
523 Mercer Rd42.1$729,000 $729,000 Merion
243 Woodbine Ave41.1$227,000 $230,000 Narberth
212 Iona Ave51.1$364,000 $340,000 Narberth
413 Country Ln31.1$369,000 $352,500 Narberth
339 Dudley Ave31$384,900 $382,000 Narberth
218 Forrest Ave42.1$459,900 $454,000 Narberth
416 Anthwyn Rd31.1$525,000 $520,000 Narberth
433 Anthwyn Rd42.1$585,000 $577,000 Narberth
53 Wynnedale Rd63.1$699,000 $640,000 Narberth
510 Gordon Ave32$299,900 $281,000 Penn Valley
357 Hidden River 42$524,900 $510,000 Penn Valley
514 Conshohocken 43$599,000 $545,000 Penn Valley
1333 Bobarn Dr53.1$605,000 $575,000 Penn Valley
1505 Flat Rock Rd44.1$600,000 $580,199 Penn Valley
416 Fawn Hill Ln43.1$838,000 $850,000 Penn Valley
1629 Old Gulph Rd43$698,000 $649,100 Villanova
1605 Brookhaven Rd31.1$250,000 $250,000 Wynnewood
115 Crosshill Rd41.2$299,900 $282,000 Wynnewood
111 Harrogate Rd42.1$419,000 $419,000 Wynnewood
822 Primrose Ln43.1$574,900 $555,000 Wynnewood
1340 Garden Rd42.2$599,900 $582,500 Wynnewood
407 Millers Ln43.1$719,000 $695,000 Wynnewood
322 Hathaway Ln53.1$925,000 $900,000 Wynnewood