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.

Saturday, July 6, 2013

Early Summer Interest Rate Spike Takes $60,000 Out of Typical Mainline Homebuyers' Longterm Pockets

Due to a meteoric rise in interest rates, a house priced at $350,000 in early May will now cost the average homebuyer an extra $60,000 once a 30-year, 20% down conventional loan has been fully repaid. That's the chilling reality of what a fast full-point rise in rates will due to the total cost of a loan.
Back in early May, and throughout most of 2013 and 2012, an interest rate of 3.5% was commonly available. For the conventional 30-year loan Buyer who borrowed $280,000 at 3.5% to buy a $350,000 home, the monthly payment was about $1260.
But with the recent June jump in rates to 4.5%, the monthly payment for the same loan is now $1420. That's a monthly increase of $160 and almost $2000 in extra payments annually. Take that out over the life of a loan and that's $60,000 out of pocket for the privilege of buying in early July instead of early May. That's the bad news...

Now for some good news for those buyers who snoozed but still aim to purchase a home in 2013. Summer and Fall are typically times of reduced demand, and it's not uncommon for home prices to dip 5-10% from their springtime peaks. Couple this late season discount with a likely short-term, backslide and correction to the recent spike in rates, and late-season buyers may not wind up with payments too much higher than the early birds of springtime. Most important to remember, while rates have risen dramatically (the last week of June had the greatest weekly percentage rise since 1987); historically, interest rates are still astounding low. You may not be grinning ear-to-ear now, but if your interest rate eventually begins with a 4 and not a 5, 6, 7 or 8, you'll but a happy homeowner for decades.
Contact R5Realty/Prudential today and Lets Get Moving, 610.348,7972.

Friendly Mainline-area Realtor Seeks Buyers for Informed, Focused and Free Home-Buying Flings

At a recent open house on Buck Lane in Haverford, I met a home-seeker who lamented her inability to secure a moderately-priced single family home. As a full-time Realtor, focused like a laser on the mid-range, Mainline-area market ($225,000-$725,000), I naturally expressed my willingness to assist in her quest. Despite her understanding that the offer of  Buyer Assistance comes with no obligation - and no fee from start to finish -she expressed firm disinterest in the notion of having a dedicated Buyers' agent. 

Some House-Hunters Prefer to Go It Alone
I realize there are countless excellent reasons why an eager buyer might rebuff the advances of a Realtor offering to audition his services. Even with the promises of freedom from any fees or immediate obligation, some folks are lone wolves, who prefer to hunt alone. Some folks may just not take a shine to the cut of my jib, effervescent wit, or relatively diminutive countenance and stoutness of stature. Whatever. There are dozens of good reasons to rebuff an encroaching Realtor seeking to cozy up and become a resourceful, cost-free adjunct to a House-Buying project. I get it, for sure.

But this woman's distinct perspective, expressed in a reasoned manner that conveyed she had given it considerable thought, was that she only wished to deal directly with Listing Agents. She said she would be eager to come look at homes for which I already represented the seller, but having a Realtor act as her buyers' agent was out of the question.
Her rationale included the conviction that if she was unrepresented and dealing directly with the Listing Agent, she would somehow be given preferred consideration and status over competing buyers. There is some logic and merit in play here. Listing Agents (Agents for Sellers) get to keep a full commission if there is no separate agent for buyers. But the reality is that almost every listing agent expects - and is delighted - to share their commission with an agent devoted only to representing the Buying party. 

Homes are a big ticket item and Realtors frequently invest weeks, months, sometimes years to affect a sale. While the home is on the market, and then if it fails to sell, a Realtor gets zippo, bupkiss, nuttin' for his/her investment of time and effort. But the flipside, is that the commission a seller pays the Realtor if/when the home sells, is a very generous and princely sum. Realtors who act as Listing Agents, are typically delighted to split their well-earned and handsome commission with their colleague, who has through persistent searching, vigilance and effort brought a well-represented, informed and qualified Buyer to the table.

To this end, just about every Listing/Sellers' agent proudly and loudly advertises that he/she will share 50% of their commission. Occasionally, it does happen that the listing agent handles both Buyer/Seller sides and pockets 100 percent, but this is a situation known as Dual Agency and is implicitly fraught with conflict of interest and rarely beneficial for anyone but the double agent.. A Listing/Sellers agent's first and only interest is performing for the Seller and Only for the Seller.  This typically means procuring the most viable buyer, willing to pay the most money, within a finite period of time.  

Buyers' Agents Fiercly Outumber a Single Listing Agent.
Even if a Listing Agent was willing to offer preferential consideration to his own buyer, the practice of advertising and sharing commissions, combined with raw numbers, makes the situation less than tenable. There are thousands of Realtors dedicated to locating a home for their Buyer clients (and thusly earning the finders fee).

And Since this Buyer-Agent group massively outnumbers the single listing agent by a ratio of several hundreds, if not more than 1000:1, who
is most likely to present to the seller, a qualified buyer, with the biggest purse, in the briefest amount of time? Obviously, it would be a Buyers Agent, and the statistics reflect the reality. In almost all home sale transactions on the Mainline area, the Buyer has a dedicated Buyers' Agent and the Listing Agent gratefully shares the commission.

By the time the Lady I met at the open house would find her listing on a consumer website and get her call returned by the Listing agent, many dedicated, full-time Buyers agents had likely already seen the property, showed it to their well-prepared, pre-qualified clients, and very likely submitted offers. This is why, for desirable and well-priced homes, it is absolutely necessary to develop a relationship with a knowledgeable and nimble Buyers' agent. Not only is Buyer Agency free, it's essential when trying to purchase a quality home, in a competitive market, such as we currently have in the Mainline area.

Bryn Mawr Cottage Value and June's Homes Sold in Radnor and Haverford Townships

Sweet Cottage at 31 Garrett Ave: Net Sold Price Under $215,000
This affordable and adorable cottage in Radnor township section on Bryn Mawr sold in June for a net price under $215,000 (after sellers assist).. Located at 31 Garrett Avenue, and within walking distance of Villanova University, Rosemont Train Station and downtown Bryn Mawr, the cottage always struck me as a serene and affordable refuge for a college professional or couple. As with most of the modest homes on Garrett, this one had a surpringly large and private backyard.


Radnor & Haverford Townships' June 2013 Home Transactations Under a Million Dollars
     For Photos and Details on the Complete List Click Above

Town Street Address Sold For Beds Baths Sq Ft Listed For
Ardmore 2231 Haverford Rd $153,000 3 1.1 1,368 $169,900
Ardmore 2803 Saint Marys Rd $224,000 3 1 1,152 $225,000
Ardmore 809 Clifford Ave $249,000 3 1 1,392 $249,000
Ardmore 631 Georges Ln $252,500 3 1 1,240 $259,900
Ardmore 2147 Chestnut Ave $259,000 3 1 1,326 $259,000
Ardmore 2924 Berkley Rd $278,000 4 2.1 1,850 $279,500
Ardmore 2920 Haverford Rd $280,000 4 2.1 1,666 $289,865
Ardmore 2102 Chestnut Ave $280,000 3 2 1,362 $285,000
Ardmore 2105 Chestnut Ave $282,000 3 2.1 1,540 $289,900
Ardmore 2932 Belmont Ave $285,000 3 2.1 1,554 $285,000
Ardmore 2100 Chestnut Ave $300,000 3 1.1 1,362 $299,999
Ardmore 39 Haverford Rd $342,000 4 2.1 2,274 $359,000
Ardmore 2938 Rising Sun Rd $355,000 5 2.1 1,987 $359,900
Ardmore 144 Shawnee Rd $448,000 3 2.1 1,968 $449,000
Bryn Mawr 123 Debaran Ln $336,500 3 1.1 1415 $350,000
Bryn Mawr 105 Hickory Ln $338,100 3 1.1 1,986 $329,900
Bryn Mawr 11 Arthur Rd $400,000 3 1.1 1,396 $425,000
Bryn Mawr 764 Sproul Rd $425,000 4 2 2,010 $449,900
Bryn Mawr 330 Highland Ln $575,000 4 3.1 3,207 $600,000
Haverford 739 Buck Ln $147,000 3 1 1,830 $174,999
Haverford 1760 Josie Ln $185,000 3 2.1 2,388 $250,000
Haverford 39 Bambi Ln $345,000 4 2.1 2,118 $350,000
Haverford 14 Coopertown Rd $650,000 5 2.1 3,800 $750,000
Haverford 200 Buck Ln $725,000 4 2.1 2,970 $750,000
Haverford 17 S Buck Ln $870,000 6 4.1 4,608 $929,000
Havertown 308 Walnut Hill Ln $162,000 3 1.1 1,171 $205,000
Havertown 1118 Garfield Ave $174,500 4 1.1 1,511 $179,900
Havertown 149 S Eagle Rd $197,500 3 1 1,276 $209,500
Havertown 419 Earlington Rd $198,000 3 1 1,122 $200,000
Havertown 560 W Chester Pk $209,000 3 1.1 1,636 $219,900
Havertown 36 Fulmer Ave $212,000 4 1.1 1,517 $219,000
Havertown 8 Westwood Park  $220,000 3 1 1,514 $225,000
Havertown 212 Westwood Park $230,000 3 1.1 1,282 $250,000
Havertown 1703 Robinson Ave $231,000 3 1 1,400 $246,225
Havertown 1203 Manor Rd $233,000 1 1.1 1,006 $230,000
Havertown 112 Yale Rd $237,000 4 1 1,898 $249,999
Havertown 305 E Hathaway Ln $237,000 3 1.1 1980 $235,000
Havertown 121 Woodbine Rd $239,000 3 1 1,224 $239,000
Havertown 220 Campbell Ave $245,000 3 2 2,376 $250,000
Havertown 545 Virginia Ave $251,000 3 1 1,558 $259,900
Havertown 158 Shelbourne Rd $257,450 3 2 1,800 $249,900
Havertown 301 Golf Hills Rd $260,000 4 2.1 2,336 $292,000
Havertown 218 Pine Ridge Rd $260,000 3 2 1,292 $259,999
Havertown 1607 Colony Ln $264,500 3 1 1,350 $264,500
Havertown 13 Rodmor Rd $265,500 3 1.2 1,711 $274,900
Havertown 566 Willowbrook Rd $269,000 3 1.1 1,900 $269,900
Havertown 142 W Hillcrest Ave $290,000 4 1.1 1,683 $289,000
Havertown 1511 Melrose Ave $295,000 3 1 1,350 $299,900
Havertown 329 Crescent Hill Dr $300,000 3 1.1 1,840 $309,000
Havertown 408 Strathmore Rd $302,000 3 2 1,787 $309,900
Havertown 33 Jacalyn Dr $308,000 3 2.1 2,131 $319,900
Havertown 508 Sagamore Rd $317,500 3 1 1,612 $315,000
Havertown 901 Larchmont Ave $320,000 3 1.1 1,604 $309,900
Havertown 168 Sycamore Rd $320,150 4 2.1 1,643 $319,900
Havertown 2 Myrtle Ave $322,500 4 3 2,468 $322,500
Havertown 1722 Academy Ln $325,000 4 2.1 1,763 $334,900
Havertown 640 Penfield Ave $330,000 4 1.1 1,909 $345,000
Havertown 420 Brookline Blvd $350,000 4 2 2,622 $324,900
Havertown 25 E Marthart Ave $372,500 3 3 2,347 $369,900
Havertown 17 Garlor Dr $379,900 4 2.1 2,641 $379,900
Havertown 1745 Sue Ellen Dr $389,000 4 2.1 2,292 $389,900
Havertown 1711 Hawthorne Ave $398,475 4 2 1997 $389,900
Havertown 101 Charles Dr $409,000 4 3 2,717 $409,000
Havertown 22B Fairlamb Ave $460,000 4 2.1 2,700 $489,900
Havertown 1409 Fairview Ave $525,000 4 2.1 2,800 $549,900
Havertown 1139 Bon Air Rd $549,000 4 2.1 2,950 $549,000
Havertown 28 E Park Rd $649,900 5 3.1 3,400 $659,900
Rosemont 116 Garrett Ave $90,000 3 1 1,036 $105,000
Rosemont 848 Conestoga Rd $205,000 3 2.1 1,368 $205,000
Rosemont 31 Garrett Ave $218,500 2 1 1098 $219,000
Villanova 27 Wistar Rd $835,000 5 3.1 3,550 $950,000
Villanova 739 County Line Rd $871,000 5 2.2 4,096 $849,000
Villanova 516 Watch Hill Rd $940,000 4 3.1 2,795 $939,900
Villanova L42-000 Hilldale Rd $980,000 4 3.1 2,972 $999,000
Wayne 129 Plant Ave $260,000 2 2 896 $270,000
Wayne 154 Morningside Cir $355,000 4 1.1 1,731 $375,000
Wayne 100 Valley Forge Ter $389,000 4 2.1 1,837 $399,900
Wayne 337 Conestoga Rd $435,000 5 3 2162 $459,900
Wayne 920 Eagle Rd $492,500 3 3.1 2,652 $549,500
Wayne 210 Biddulph Rd $545,000 3 1.1 1,758 $550,000
Wayne 419 Iven Ave $590,000 4 2.2 2,489 $605,000
Wayne 134 Biddulph Rd $617,000 4 2 2,552 $625,000
Wayne 507 Maplewood Ave $830,000 4 4.1 3,228 $825,000
Wayne 269 Gulph Creek Rd $856,400 5 4.2 3,543 $895,000
Wynnewood 223 Farwood Rd $382,000 3 2.1 1,616 $389,500
Wynnewood 1002 Hampstead Rd $430,000 3 2.1 2,043 $425,000
Wynnewood 1711 Powder Mill Ln $469,500 4 2.1 2,488 $469,500 

Friday, July 5, 2013

Lower Merion Homes Sold in June 2013 and that Quasi-Art Deco Number Near Mainline Reform Temple

315 Gypsy: This view doesn't show signature rounded front turret.
Spent many hours at this fascinating, 75-year old art-deco/ Bauhaus-style home on the corner lot at Gypsy Lane and Manor Roads, just off Montgomery Avenue by Main Line Reform Temple in Wynnewood. Clients were under contract to purchase the home for $487,500, but they eventually rejected the deal following inspections, extensive consultation with architects, and a seller unconvinced of the need to lower his price. While in need of major updating, kitchen redesign and significant deferred maintenance, this iconic home had a spacious main level, dynamic location a good future prospects for the right price, to which seller eventually conceded and settled June 25th for $450,000.

June 2013: Lower Merion Township Homes Transactions for Less than a Million Dollars

Town Street Address Sold For Beds Baths Sq Ft Listed For
Ardmore 13 W Athens Ave $230,000 4 1.1 1,443 $235,000
Ardmore 23 School Ln $242,500 5 2.1 1,780 $244,900
Ardmore 137 Simpson Rd $250,000 4 2 1,280 $257,000
Ardmore 227 Marlboro Rd $252,500 3 1.1 1,332 $269,900
Ardmore 24 N Wyoming Ave $285,000 3 1 1,344 $285,000
Ardmore 331 E County Line  $289,000 3 2 1,703 $289,000
Ardmore 114 School House Ln $300,000 5 2.1 1,966 $319,000
Ardmore 208 Delmont Ave $300,000 4 1.1 2,146 $350,000
Ardmore 341 Inwood Rd $322,000 3 2 1,166 $333,000
Ardmore 2013 E County Line  $325,000 3 1.1 1,408 $335,000
Ardmore 25 Wellington Rd $325,450 3 1.1 1,146 $329,900
Ardmore 1413 W Wynnewood $368,000 3 1.2 1,677 $379,000
Ardmore 2313 E County Line  $370,000 3 2.1 1,860 $379,000
Ardmore 224 Church Rd $400,000 6 3 2,406 $415,000
Ardmore 138 Drexel Rd $485,000 5 4.1 2,038 $489,000
Ardmore 225 E Athens Ave $770,000 4 3.1 3,134 $769,000
Bala Cynwyd 94 Jefferson St $205,000 3 1 1,064 $229,000
Bala Cynwyd 164 Stoneway Ln $210,000 3 1.1 1,320 $199,500
Bala Cynwyd 717 Kenmare Rd $285,000 5 2.1 1,928 $299,000
Bala Cynwyd 171 Springfield Ave $341,000 3 2.1 2,014 $369,999
Bala Cynwyd 128 Cornell Rd $372,500 4 2.1 1,628 $399,999
Bala Cynwyd 720 Harvard Rd $372,500 3 2.1 1,612 $389,000
Bala Cynwyd 501 Marywatersford $375,000 5 3.1 4,604 $425,000
Bala Cynwyd 305 Penbree Ter $389,900 3 3 2,618 $384,900
Bala Cynwyd 105 Llanfair Rd $390,000 4 2.1 1,840 $399,000
Bala Cynwyd 178 Rolling Rd $410,000 3 1.1 1,551 $439,900
Bala Cynwyd 58 W Princeton Rd $418,000 3 2.1 1,835 $439,000
Bala Cynwyd 82 Academy Rd $455,000 5 2.1 2,539 $448,000
Bala Cynwyd 1107 Bryn Mawr Ave $480,000 4 3.1 2,702 $467,000
Bala Cynwyd 131 Colwyn Ln $602,500 4 2.1 2,189 $625,000
Bala Cynwyd 114 E Princeton Rd $635,000 4 3.1 2,929 $635,000
Bala Cynwyd 531 Oxford Rd $704,000 5 3.1 3,006 $675,000
Bala Cynwyd 87 E Princeton Rd $723,000 4 3.1 2,790 $739,000
Bryn Mawr 13 S Merion Ave $289,900 4 1.1 1,819 $289,900
Bryn Mawr 649 San Marino Ave $360,000 5 1.1 1,800 $360,000
Bryn Mawr 1423 Orchard Way $685,000 5 3.1 2,782 $699,000
Bryn Mawr 701 Oak Springs Rd $785,000 5 3.1 4,269 $819,000
Bryn Mawr 1421 County Line Rd $840,000 5 3.1 4,090 $879,000
Bryn Mawr 925 Muirfield Rd $990,000 4 4.1 4,105 $1,050,000
Gladwyne 451 Consh St. Rd. $360,000 4 3 2,918 $500,000
Gladwyne 1709 Martins Ln $604,000 4 3.1 4,300 $650,000
Gladwyne 1716 Martins Ln $620,000 4 3 4,568 $699,000
Gladwyne 534 Scott Rd $676,000 5 4.1 4,328 $699,000
Gladwyne 1008 Black Rock Rd $740,000 3 2.1 2,285 $749,000
Gladwyne 1111 Youngsford Rd $820,000 4 2.1 4,623 $870,000
Havertown/LM 853 Beechwood Dr $180,000 3 2.1 2,040 $180,000
Havertown/LM 847 Beechwood Rd $350,000 3 2.1 1,596 $349,900
Merion  168 Idris Rd $320,000 3 1.1 1,749 $337,500
Merion  228 Upland Rd $350,000 4 2.1 2,775 $369,900
Merion  548 Manayunk Rd $405,000 4 2.1 2,590 $449,000
Merion  523 Winding Way $573,000 3 2.1 2,460 $569,000
Merion  511 S Narberth Ave $580,000 5 1.1 2,095 $579,000
Merion  418 Meadow Ln $590,000 4 3.1 2,966 $629,000
Merion  522 Winding Way $629,000 4 3.1 2,816 $629,000
Narberth 411 Dudley Ave $346,000 3 1 1,244 $350,000
Narberth 318 Grayling Ave $443,000 3 2 1,590 $439,000
Narberth 401 Grove Pl $450,000 3 1.1 1,681 $450,000
Narberth 123 Woodside Ave $505,000 5 1.1 2,084 $499,000
Narberth 105 Grayling Ave $560,000 6 2.1 3,402 $589,000
Narberth 76 Wynnedale Rd $700,000 4 2.1 2,200 $799,000
Narberth 811 Larkspur Ln $960,000 4 4.1 3,842 $989,000
Penn Valley 1423 Hagys Ford Rd $618,000 4 3 2,627 $629,000
Penn Valley 821 Bryn Mawr Ave $635,000 4 2.1 3,218 $659,000
Penn Valley 1331 Centennial Rd $645,000 4 2.1 2,996 $639,000
Penn Valley 1276 Bobarn Dr $800,000 5 3.1 3,000 $839,900
Penn Valley 635 Moreno Rd $880,000 5 2.1 3,219 $885,000
Villanova 1740 Old Gulph Rd $507,100 3 3 2,355 $535,000
Villanova 444 Clairemont Rd $525,000 4 2.1 2,626 $529,000
Wynnewood 240 Henley Rd $235,000 3 2 1,206 $249,000
Wynnewood 256 Henley Rd $277,000 3 1.1 1,206 $274,500
Wynnewood 512 Rock Glen Dr $290,000 3 1.1 1,309 $294,500
Wynnewood 245 Rock Glen Rd $306,000 3 1.1 1,337 $335,000
Wynnewood 1518 Crest Rd $319,900 3 1 1,688 $319,900
Wynnewood 1500 Remington Rd $375,000 3 1.1 1,280 $374,900
Wynnewood 1505 Surrey Ln $382,500 3 2.1 2,006 $390,999
Wynnewood 520 Twin Oaks Dr $398,900 3 1.1 1,673 $399,900
Wynnewood 506 Twin Oaks Dr $399,000 4 2.1 1,749 $399,000
Wynnewood 1620 Brookhaven Rd $400,000 4 2 1,412 $410,000
Wynnewood 306 Wister Rd $427,500 3 2 1,832 $435,000
Wynnewood 954 Remington Rd $444,888 4 2.1 2,265 $459,000
Wynnewood 315 Gypsy Ln $450,000 4 2.1 2,166 $459,900
Wynnewood 128 E Old Gulph Rd $462,375 3 2.1 3,186 $475,000
Wynnewood 1501 Ashford Way $468,000 5 2.1 2,352 $484,900
Wynnewood 526 N Wynnewood Ave $505,000 4 2.1 2,458 $500,000
Wynnewood 829 Bowman Ave $549,000 5 2.1 2,300 $549,000
Wynnewood 640 Sussex Rd $550,000 3 2.1 1,770 $599,000
Wynnewood 25 Saxham Way $554,900 5 3.1 3,495 $549,900
Wynnewood 441 Williams Rd $590,000 3 2.1 2,586 $589,000
Wynnewood 908 Nicholson Rd $663,500 4 3.1 2,764 $659,000
Wynnewood 245 Beech Hill Rd $720,000 3 2.1 2,180 $750,000
Wynnewood 415 Cotswold Ln $721,000 4 3.1 2,893 $749,000
Wynnewood 217 McClenaghan Mill  $725,000 4 4.1 6,254 $799,000
Wynnewood 812 Primrose Ln $730,000 4 2.1 4,051 $789,000
Wynnewood 271 Hathaway Ln $951,000 5 3.1 3,810

$950,000


For Details & Photos of these transactions, Click Here or email Ted@R5Realty.com,