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.

Friday, January 31, 2014

Under Market Home Sale in Penn Valley and Lower Merion's December/January Settled Transactions


707 Schiller in Penn Valley. Below market sale needed work.
This solid brick Penn Valley cape had a very choppy layout that needed an overhaul, as did the kitchen. But the backyard and location near Gen. Wayne Park were very sweet. Although habitable as-is, it was far from comfortable and lingered on the market for many months. It finally posted sold in the dwindling hours of January 31, and was too late for the list below. Sale price for this 1600sf, TLC-needed home was $349,000 - much less than the 389k last list price, but fair given the home's  potential after extensive remodeling.


Lower Merion's December and January Homes Sold, with List Prices Less than a Million

Street Address Town Sold For Beds Baths Sq  Ft DOM Listed For
216 Park Ter Ardmore $165,000 3 1 1,178 54 $175,000
125 E Spring Ave Ardmore $165,000 3 1.1 1,056 13 $175,000
81 Holland Ave Ardmore $165,606 5 1.1 2,048 53 $175,000
207 Holland Ave Ardmore $175,000 4 1 1,498 4 $189,900
41 Chatham Rd Ardmore $315,000 3 1 1,332 42 $335,000
119 Saint Pauls Rd Ardmore $467,000 4 2 2,048 8 $474,900
208 Saint Georges  Ardmore $525,000 6 3.1 3,416 63 $599,000
11 S Wyoming Ave  Ardmore $574,997 3 2.1 2,189 69 $581,564
115 Edgewood Rd Ardmore $795,000 5 3.2 2,842 58 $890,000
206 Stoneway Ln BalaCynwyd $200,000 3 2.1 1,600 82 $219,000
156 Pencoyd Ave BalaCynwyd $230,000 2 1 1,100 56 $239,000
117 Ashland Ave BalaCynwyd $285,000 3 1.1 1,372 3 $289,999
40 Highland Ave BalaCynwyd $300,000 3 1.1 1,666 12 $315,000
75 Academy Rd BalaCynwyd $391,500 3 1.1 1,762 76 $409,900
10 Elmwood Ave BalaCynwyd $420,000 4 2 2,086 14 $425,000
69 W Princeton Rd BalaCynwyd $475,000 3 2.1 2,075 24 $499,900
33 Levering Cir BalaCynwyd $577,000 4 2.1 2,264 19 $599,900
135 Overhill Rd BalaCynwyd $635,000 4 3.1 3,069 17 $649,000
335 Trevor Ln BalaCynwyd $719,000 5 3.1 2,652 4 $719,000
1053 Markee Ter BrynMawr $149,900 3 1 1,004 49 $159,900
1038 Rees Ave BrynMawr $200,000 4 1 1,500 37 $225,000
1050 Markee Ter BrynMawr $237,500 2 1.1 1,301 28 $250,000
541 Maison Pl BrynMawr $485,000 3 3.1 1,786 16 $499,999
629 Old Gulph Rd BrynMawr $662,500 4 4.1 2,563 3 $675,000
1406 Orchard Way BrynMawr $667,000 5 3.1 3,136 143 $705,000
740 Mount Pleasant  BrynMawr $713,250 3 2.1 2,821 64 $759,000
511 Consh. St. Rd. Gladwyne $450,000 4 3 2,665 38 $499,000
31 Righters Mill Rd Gladwyne $600,000 5 5 5,781 28 $699,000
941 Merion Square  Gladwyne $886,000 4 3.1 3,338 78 $875,000
1211 Limberlost Ln Gladwyne $900,000 4 3.1 2,854 46 $925,000
530 New Gulph Rd Haverford $987,000 4 2.1 2,438 13 $999,000
422 W Levering Mill Merion $455,000 4 2.1 3,204 37 $489,500
60 Raynham Rd Merion $564,000 5 3.1 3,388 24 $589,000
413 Andrew Rd Merion $595,000 4 2.2 3,354 2 $599,000
214 Meeting House  Merion  $532,000 6 4.1 3,123 20 $549,000
265 N Bowman Ave Merion  $540,000 5 4.1 3,118 181 $575,000
325 Hamilton Rd Merion  $651,000 3 2.1 1,839 4 $629,900
538 Greystone Rd Merion  $678,000 6 3.1 5,587 391 $749,000
305 Hamilton Rd Merion  $899,000 4 3.1 3,742 4 $899,000
509 Homewood Ave Narberth $240,000 3 1.1 1,222 165 $284,900
323 Conway Ave Narberth $240,000 3 1.1 1,032 11 $240,000
303 S Narberth Ave Narberth $479,000 5 2 2,587 5 $479,000
1615 Gerson Dr Penn Valley $622,500 5 3.1 3,368 68 $630,000
605 Spruce Ln Villanova $651,000 3 2 2,193 4 $649,000
1617 W Montgomery  Villanova $928,000 6 3.1 3,614 115 $998,000
1510 Sheffield Ln Wynnewood $315,000 3 2.1 2,053 7 $299,000
1524 Powder Mill Ln Wynnewood $389,000 3 2 1,335 32 $389,000
1522 Brookhaven Rd Wynnewood $389,000 4 2 1,412 7 $379,000
39 Trent Rd Wynnewood $390,000 3 2.1 1,848 4 $384,900
1407 Remington Rd Wynnewood $412,000 3 1.1 1,536 22 $419,000
1509 Sheffield Ln Wynnewood $439,000 4 2.2 2,346 7 $429,000
2 Overbrook Pkwy Wynnewood $459,900 4 3.1 2,317 28 $459,900
931 Clover Hill Rd Wynnewood $462,500 4 3 2,032 42 $500,000
1028 Nicholson Rd Wynnewood $485,000 3 2 1,760 18 $511,900
116 Overbrook Pk Wynnewood $515,000 4 2.1 2,160 7 $529,900
422 Holly Ln Wynnewood $577,000 4 2.1 1,902 64 $622,500

Thursday, January 30, 2014

For Sale By Owner Philly, Practice Makes Perfect

Selling it yourself: Easier than ever, but DIY danger remains
Just like any DIY project, For Sale By Owner (FSBO) has its risks and rewards. As much as I would like your business - and offer Philadelphia-area's most competitive commission - there is no denying you could potentially save thousands doing it yourself. Couple key things I would recommend to anyone deciding to go FSBO.

1- Pay the few hundred bucks (more/less) , most internet companies seem to charge to get your home listed on the regional Realtors' Mulitple Listing Service (MLS). From the MLS, you will attract the attention of hundreds/thousands of home-selling professionals. In addition, your listing will also syndicate across the internet to all major consumer home-shopping websites like Zillow and Trulia.

2- Indicate on the MLS that you will compensate any agent/broker that brings the buyer. Most serious buyers use the hard to resist services of licensed Realtor. We, most frequently, have No Charge to buyers and add priceless counsel and convenience to a complicated process. Buyers deserve an advocate for the biggest investment of a lifetime and most take the obvious choice for Free Representation. With no compensation advertised, you'll engage only a fraction of the area's serious buyers. Even if you post a bounty of  3% commission to a buyers' agent, you are still saving the other 3% many listing brokers might require. 

3-Cozy up to a local agent, possibly Ted Gross (Keller Williams/R5Realtycom), who will be willing to share tips and expertise in exchange for the opportunity to work (also at no charge) as your buyers' agent for your new home.  The buyer leads you generate when selling your own home may also tempt an agent to assist..

4- If digital photography isn't your bag, or just to get the best results, hire a professional to take pictures. Along with price, location, condition of home, quality pictures are a key ingredient to lure buyers.

5- Prior to listing your home, attend many open houses and notice how homes are professionally presented. Whenever and wherever possible, remove clutter and mystery. When a buyer looks at something in your home and wonders, "What's up with that?" you are sacrificing value.

Home selling is not rocket science but it is, typically, deceptively daunting and has pitfalls. Managing and providing access/security  to your home can be exasperating. Determining which inquiries/buyers/offers are viable and worthwhile - versus being dead-ends - has many nuances. Price-setting and especially negotiating a major deal, while having limited experience, could see you give back everything you save on commission to ignorance. Failure to dot the i, cross, the t, and understand contracts and details relevant to the process can lead to sales falling through and additional months on market. 

Like most DIY projects, there is a learning curve. If selling your own home is something you plan to do multiple times, then you'll only get better and more efficient (with both time and money) each time. If it's a one and done type of thing, expect it will be like most DIY projects. There will likely be monetary savings, but due to inexperience and the inevitable exertion of more time and effort than expected, they money saved will be likely be less than hoped.

-  By Ted Gross, Keller Williams MainLine Realty,  610.348.7972,  Ted@R5Realty.com

Wednesday, January 29, 2014

Tequila, Square Footage, and Mainline-area Homes

Public Records count this Int. Sq Footage; Appraisers Don't.
When buying and selling MainLine-area/Philadelphia family homes, Interior Square footage data is frequently unreliable, ungrounded and unworthy criteria for determining final value. Much of our region's housing stock was built before the age of rock'n roll, so there's been decades of opportunity for homeowners to modify livable space. Sometimes these changes are reported and applied to the county Public Records, and frequently the changes are not recorded.

Since there is no Interior Square Footage Czar, conducting mandatory, door-door, interior examinations of each county home, what's  left is a muddy hodgepodge of frequently inaccurate Public Records or unreliable seller-reported Interior Square Footage data.

Appraisers - who provide estimates of property value for buyer,sellers and refinancers, can add more confusion to the mix, as their Gross Living Area estimates do not include below grade living spaces such as refinished basements.

For any home, Buyers & Sellers may have to juggle 3 different Interior Square Footage figures, and each bit of data has its own relevance, legitimacy and potential for inaccuracy. Take the fictional but typical property at 100 Mainline Street, considered below, which has Buyers, Sellers, Realtors, Appraisers all invoking different square footage estimates to determine value.

1- The Public Records indicate 100 Mainline St. has an interior square footage total of  1500 sq. feet., which is the same as what the builder indicated back in 1946.
This Public Records figure is that which informs realtors and autopopulates almost all internet home listings. The extensive publication of this data, as well its ostensible governmental objectivity make it a part of nearly every home sale valuation. But public records are often never updated to reflect conversions of non-living areas to finished living spaces.

A previous owner of 100 Mainline Street may have finished a 20 x 30 foot basement and never reported the additional 600 sf of living space to the county. Perhaps another previous owner quietly converted a 10x20 section of the attic to living space. There's another 200 sq of interior living space and value off the books. Unless manually over-ridden, the erroneous 1500 sq ft. number is what will broadcast to the world and posterity when this home is listed for sale.

2- A Sellers Statement - which includes 100 Mainline Street's combined 800 sq ft. of combined  finished basement and attic - now properly indicates the home has "2300 sf" of interior living space. Huge difference!

Sellers can state their own Interior Square Footage number when listing a home for sale. The public records don't change, but the Realtors' MLS database - and most internet sites showing the listing - will present this over-ride of the public records. Sometimes sellers and their agent will over-ride the public records  and sometimes they either space out (pardon pun), or just see no need when the home sells at a good price anyhows.

And it is also possible that Sellers will incorrectly estimate or mis-guesstimate interior square footage. Again, there is nobody on payroll to police these numbers.

3- An Appraisal indicates 100 Mainline St. is 1700 sf...  Appraisers, who are generally summoned to establish value for financing purposes, employ the term Gross Living Area in place of  interior square footage.. GLA can include the 200 sf of finished attic space, but does not include include below grade spaces like basements, regardless of how spectacularly they have been finished. .

In this case of 100 Mainline St., let's say the Buyer and Seller agree to ignore the official public record and agree home price should be based on 2300 sf of interior living square feet.  The sale goes through and is published at 400k. Since there is no mechanism to affect change in the Public Records, it appears to posterity that a 1500sf house - not a 2300 sf house sold for $400,000.

When the home, next door, at 102 Mainline hits the market 8 months later, sellers list it for the same 400k that 100 Mainline recently fetched. But 102 Mainline. had no basement/attic conversions and is the same 1500 sq. ft when built in 1946. You see where this is going...

Bottom line is that in our history-laden region with it mostly mature housing stock, official interior square footage records are frequently inaccurate. Couple that with the various ways folks can assess, address, or massage interior square footage totals, and it's clear that square footage in itself is sketchy criteria for establishing price and value.

If a property isn't an unchangeable condo space or freshly documented new construction, I say use square footage as an initial point of reference and then take it like tequila (with at least a grain or more of salt).

- Ted Gross, Keller Williams Main Line Realty, January 2014








Monday, January 27, 2014

Gingerbread House in Wayne and Family Home Prices Paid during Dec. and Jan. in Radnor/Haverford Twps.

Click for full details on this featured sale.
This character-laden, late 19th century home saw its fabulous walk to Wayne location, miles of exterior charm, and pastoral half-acre lot more than compensate for no central air and a pedestrian kitchen and baths. It was originally listed for $900,000, rethought and reduced after two weeks to $850,000, and under contract the following week for its $810,000 sale price. Located at 406 Woodland Ave., it was one of about 60 family dwellings that settled in Haverford and Radnor Twps. during Dec. and Jan. with a sub 6-digit list price.


December and January's Homes Sold in Haverford & Radnor Twps, Under One Million


Street Address Town Sold For Beds Baths Sq Ft DOM List For
763 Humphreys Rd Ardmore $140,000 3 1 1,182 49 $159,900
807 Clifford Ave Ardmore $197,000 4 1 1,405 62 $225,000
2116 Haverford Rd Ardmore $335,000 4 3.1 2,478 82 $328,000
2128 Haverford Rd Ardmore $352,500 4 2.1 2,052 18 $365,000
2404 Olcott Ave Ardmore $395,000 3 2 1,446 5 $395,000
707 Loraine St Ardmore $430,000 4 2.2 2,460 76 $449,900
36 Cedarbrook Rd Ardmore $650,000 4 3.2 3,000 172 $675,000
46 Golfview Rd Ardmore $665,000 5 4 3,000 3 $675,000
173 Shawnee Rd Ardmore $675,000 5 4.1 3,116 25 $689,900
52 Golfview Rd Ardmore $710,000 4 3.1 2,675 142 $750,000
114B Garrett Ave Bryn Mawr $285,000 3 1.1 1,300 200 $299,900
109 Fairfax Rd Bryn Mawr $378,000 3 2 1,858 9 $384,900
117 Cumberland Pl Bryn Mawr $395,000 4 2.1 2,544 12 $409,900
108 Petrie Ave Bryn Mawr $415,000 4 2.1 1,616 164 $445,000
325 Rockingham Rd Bryn Mawr $475,000 4 2.1 2,350 41 $485,000
25 Braxton Rd Bryn Mawr $475,000 4 2.1 1,845 4 $485,000
627 Walnut Ln Haverford $220,500 3 1.1 1,656 8 $199,900
101 Quaker Ln Haverford $415,000 5 3.2 4,480 134 $396,000
11 W Turnbull Ave Havertown $137,000 3 1.1 1,504 13 $159,900
328 E Township Line Havertown $146,900 3 1.1 982 588 $154,999
1400 Parkside Dr Havertown $176,000 3 2.1 1,736 26 $224,900
807 E Darby Rd Havertown $177,375 5 3 2,647 68 $185,000
309 Olympic Ave Havertown $180,000 5 2.1 3,256 1 $185,000
212 Pickwick Rd Havertown $181,000 3 1.1 1,300 8 $174,900
201 Juniper Rd Havertown $183,000 3 2.1 1,348 53 $183,000
515 Woodland Dr Havertown $185,000 3 1.1 1,020 137 $198,500
59 Upland Rd Havertown $185,000 3 1.2 1,184 12 $199,900
308 Earlington Rd Havertown $190,000 3 1.1 1,292 121 $199,900
629 Willowbrook Rd Havertown $195,000 3 1.1 1,212 93 $200,000
609 Furlong Ave Havertown $215,000 3 2.1 1,516 52 $229,000
115 Harding Ave Havertown $220,000 3 1.1 1,555 80 $224,900
308 Oxford Rd Havertown $220,750 3 2 1,410 16 $229,000
29 Myrtle Ave Havertown $221,000 3 1.1 1,518 35 $224,900
23 W Marthart Ave Havertown $225,000 3 1.1 1,344 51 $225,000
201 N Manoa Rd Havertown $229,900 3 2 2,174 176 $229,900
688 Washington Ave Havertown $230,000 3 1.1 1,572 120 $244,900
2419 Wynnefield Dr Havertown $236,000 3 1.2 1,768 24 $239,900
20 W Clearfield Rd Havertown $239,900 2 1.1 1,160 3 $239,900
23 Sunnyhill Ln Havertown $240,000 3 1 1,400 3 $239,900
606 Country Club Ln Havertown $243,000 4 1.2 1,536 31 $249,900
Street Address Town Sold For Beds Baths Sq Ft DOM List For
155 Wyndmoor Rd Havertown $250,000 3 1.1 1,530 30 $250,000
637 Country Club Ln Havertown $258,500 4 1.1 1,392 28 $259,900
113 Rockland Rd Havertown $263,000 3 1.1 1,176 15 $272,750
409 E Manoa Rd Havertown $268,000 3 1.1 1,712 145 $269,900
211 Strathmore Rd Havertown $269,000 4 2 1,560 133 $279,000
130 Gilmore Rd Havertown $269,000 5 1.3 1,789 6 $259,900
222 Wickford Rd Havertown $291,000 3 1.1 1,292 26 $299,999
431 Hastings Ave Havertown $298,000 3 2.1 1,477 37 $319,000
647 Lawson Ave Havertown $303,000 3 2 1,693 30 $299,900
45 James Dr Havertown $304,000 3 1.2 1,747 29 $310,000
105 Woodbine Rd Havertown $305,000 4 2.1 1,896 73 $329,900
115 Harvard Rd Havertown $319,000 4 4 1,930 82 $325,000
402 Avondale Rd Havertown $320,000 4 2.2 2,072 8 $328,000
811 E Darby Rd Havertown $325,000 4 1.1 2,596 129 $325,000
37 Sycamore Rd Havertown $335,000 4 2.1 1,958 58 $334,000
14 E Langhorne Ave Havertown $338,000 4 2 2,010 50 $349,900
1814 Melrose Ave Havertown $340,000 3 1.2 2,150 4 $340,000
309 David Dr Havertown $350,000 4 2.1 2,328 404 $369,900
25 E Benedict Ave Havertown $360,000 4 2.1 1,970 62 $369,000
730 Homestead Ave Havertown $360,000 3 2.1 1,456 5 $350,000
724 Ashurst Rd Havertown $365,000 3 2 1,362 10 $375,000
18 Michael Rd Havertown $375,000 3 2.1 1,610 55 $379,900
1806 Lynnewood Dr Havertown $375,000 4 2.1 1,951 36 $385,000
228 Hastings Ave Havertown $375,000 4 2.1 2,094 14 $385,000
14 Barbara Ln Havertown $382,000 4 2.1 2,276 8 $385,000
1 N Morgan Ave Havertown $409,000 4 3.1 2,606 93 $409,000
605 Florence Ave Havertown $453,000 4 2.1 2,407 60 $455,000
809 Meadowbrook  Radnor $624,000 4 2.1 2,730 51 $649,000
127 Browning Ln Rosemont $745,000 4 3.1 3,005 127 $749,900
317 Hilldale Rd Villanova $465,000 3 2.1 2,259 167 $499,000
108 Conestoga Rd Wayne $214,000 3 1 1,459 79 $224,000
362 Morris Rd Wayne $382,450 4 2 1,579 10 $389,900
608 Kirsch Ave Wayne $385,000 3 1.1 1,502 5 $390,000
221 Gulph Creek Rd Wayne $455,000 4 3 2,373 211 $497,500
405 Maplewood Ave Wayne $482,500 4 3.1 3,062 84 $499,995
70 Oakford Rd Wayne $545,000 4 2.1 2,227 135 $549,000
711 Woodcrest Cir Wayne $625,000 4 3 2,912 46 $625,000
401 N Wayne Ave Wayne $720,000 3 2 2,200 33 $749,000
311 N Wayne Ave Wayne $799,000 3 2.1 2,341 64 $799,000
406 Woodland Ave Wayne $810,000 5 2.1 2,401 21 $850,000
705 Powder Mill Ln Wynnewood $410,000 3 1.1 1,983 17 $405,000
322 Farwood Rd Wynnewood $415,000 5 3.1 2,448 82 $429,000