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| 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.
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| 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).
