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).

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.

Condominium	Beds	Bath	Last Price	Sold For
1900-34 John F Kennedy Blvd 322	1	1	$53,500	$48,000
1324 Locust St 1529	0	1	$64,900	$65,000
1900 John F Kennedy Blvd 904	1	1	$69,900	$68,000
1324 Locust St 515	0	1	$69,900	$69,000
301 Race St 318	0	1	$154,500	$105,000
301 Race St C5	1	1	$149,000	$144,360
1100 Vine St 1015	1	1	$159,900	$150,000
1100 Vine St P309	1	1	$159,000	$150,000
1919 Chestnut St 711	0	1	$165,000	$157,000
315 New St 125	2	1	$190,000	$181,000
2101-17 Chestnut St 408	2	1	$170,000	$183,000
1919 Chestnut St 1014	1	1	$190,000	$187,000
1420 Locust St 7B	1	1	$209,900	$188,500
2101 Chestnut St 515	2	1	$170,000	$190,000
1806-18 Rittenhouse Sq 610	1	1	$235,000	$227,000
1001-13 Chestnut St 801W	2	1	$230,000	$230,000
1600-18 Arch St 712	1	1	$254,900	$250,000
200 Locust St 29H	1	1	$259,900	$250,000
314-22 N 12th St 705	1	1	$260,000	$255,000
1100 Vine St P321	2	2.1	$289,900	$260,000
1600-18 Arch St 1411	1	1	$309,900	$270,000
220 Locust St 23D	1	1	$274,900	$273,000
815-37 Arch St 709	2	2	$299,000	$275,000
201-59 N 8th St 314	2	2	$400,000	$285,000
241 S 6th St 1002	1	1	$310,000	$299,500
23 S 23rd St 2J	1	1.1	$299,900	$299,900
1125 Spruce St B	1	1	$319,000	$305,000
233 S 6th St 610	1	1.1	$325,000	$310,000
1600-18 Arch St 1915	1	1	$349,000	$314,900
103-7 Church St 2	1	1.1	$333,900	$320,000
224-30 W Rittenhouse Sq 1616	1	1	$342,000	$334,000
2200-28 Arch St 905	1	1	$359,000	$345,000
1919 Chestnut St 2608	2	1	$374,900	$350,000
1600-18 Arch St 1514	1	2	$379,900	$350,000
1035 Spruce St 304	2	1.1	$359,900	$350,000
136-38 N 2nd St 5A/B	2	2	$395,000	$360,000
1425 Locust St 5F	1	1	$400,000	$360,000
133 N Bread St C3	2	2.1	$389,900	$365,000
1600-18 Arch St 1505	1	1.1	$389,000	$370,000
1326-42 Spruce St 2405	2	1.1	$400,000	$370,000
23 S 23rd St 2A	1	1.1	$370,800	$370,800
38 N Front St 1E	2	2	$389,000	$375,000
317 Vine St 503	1	1.1	$375,000	$375,000
105 S 12th St 401	1	1	$399,000	$382,075
1811-19 Chestnut St 606	2	2	$417,500	$400,000
122-30 New St 4B	2	2.1	$439,512	$405,000
1600-18 Arch St 1901	1	1.1	$449,900	$415,000
1425 Locust St 4A	2	2	$450,000	$430,000
111 S 15th St 2304	2	2	$465,000	$434,000
1420 Locust St 37A	2	2.1	$499,900	$490,000
1101 Locust St 8C	1	1	$549,998	$515,000
1600-18 Arch St 1806	2	2	$539,900	$520,000
2020 Walnut St 19B	2	2	$549,900	$525,000
1737-39 Chestnut St 301	2	2	$549,900	$549,900
2018-32 Walnut St 30E	2	2	$649,000	$579,000
2101 Market St 3101	1	1.1	$625,000	$615,000
2506 Pine St	3	2	$645,000	$645,000
1101 Locust St 4A	2	2	$724,900	$665,000
2211 Panama St	3	2.1	$715,000	$676,000
202-10 W Rittenhouse Sq 2201	2	2.1	$850,000	$750,000
23 S 23rd St 6L	2	2.1	$939,000	$882,500
210 W Washington Sq 4NW	2	2	$975,000	$900,000

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 Address	Beds	Baths	Last Price	Sold For	Town
108 W Spring Ave 7	4	1.1	$174,900	$174,900	Ardmore
45 Chatham Rd	3	1	$350,000	$332,000	Ardmore
129 Grandview	4	2	$449,900	$408,000	Ardmore
204 Kent Rd	6	3.1	$499,000	$475,000	Ardmore
194 Midfield Rd	4	3	$715,000	$675,000	Ardmore
124 Jones Sy	4	1	$169,900	$165,000	Bala Cynwyd
133 Fairview Ave	2	1	$199,000	$185,000	Bala Cynwyd
22 Bala Ave	6	2	$375,000	$353,000	Bala Cynwyd
50 Belmont Ave 504	3	2.1	$550,000	$475,000	Bala Cynwyd
1121 Gainsboro Rd	4	3.1	$499,000	$480,000	Bala Cynwyd
10 E Lodges Ln	5	2	$524,000	$512,000	Bala Cynwyd
315 Clwyd Rd	4	3.1	$974,900	$990,000	Bala Cynwyd
214 Ladbroke Rd	4	3.1	$649,000	$649,000	Bryn Mawr
129 Fishers Rd	6	3.1	$675,000	$665,000	Bryn Mawr
1410 Orchard Way	5	3.1	$849,900	$812,000	Bryn Mawr
229 Conshohocken	5	2.1	$695,000	$627,000	Gladwyne
521 E Wynnewood	6	3.1	$260,000	$250,000	Merion
228 Old Lancaster	4	3.1	$429,000	$395,000	Merion
8 Blancoyd Rd	5	4.2	$469,000	$400,000	Merion
612 Schiller Ave	3	2.1	$450,000	$425,000	Merion
533 Revere Rd	3	2.1	$529,000	$520,000	Merion
545 Prescott Rd	3	2.2	$569,000	$569,000	Merion
308 Winding Way	5	3.2	$629,900	$600,000	Merion
515 Monroe Rd	4	3.1	$624,900	$608,000	Merion
613 Zollinger Way	6	3.1	$675,000	$675,000	Merion
552 Howe Rd	4	2.2	$715,000	$715,000	Merion
523 Mercer Rd	4	2.1	$729,000	$729,000	Merion
243 Woodbine Ave	4	1.1	$227,000	$230,000	Narberth
212 Iona Ave	5	1.1	$364,000	$340,000	Narberth
413 Country Ln	3	1.1	$369,000	$352,500	Narberth
339 Dudley Ave	3	1	$384,900	$382,000	Narberth
218 Forrest Ave	4	2.1	$459,900	$454,000	Narberth
416 Anthwyn Rd	3	1.1	$525,000	$520,000	Narberth
433 Anthwyn Rd	4	2.1	$585,000	$577,000	Narberth
53 Wynnedale Rd	6	3.1	$699,000	$640,000	Narberth
510 Gordon Ave	3	2	$299,900	$281,000	Penn Valley
357 Hidden River	4	2	$524,900	$510,000	Penn Valley
514 Conshohocken	4	3	$599,000	$545,000	Penn Valley
1333 Bobarn Dr	5	3.1	$605,000	$575,000	Penn Valley
1505 Flat Rock Rd	4	4.1	$600,000	$580,199	Penn Valley
416 Fawn Hill Ln	4	3.1	$838,000	$850,000	Penn Valley
1629 Old Gulph Rd	4	3	$698,000	$649,100	Villanova
1605 Brookhaven Rd	3	1.1	$250,000	$250,000	Wynnewood
115 Crosshill Rd	4	1.2	$299,900	$282,000	Wynnewood
111 Harrogate Rd	4	2.1	$419,000	$419,000	Wynnewood
822 Primrose Ln	4	3.1	$574,900	$555,000	Wynnewood
1340 Garden Rd	4	2.2	$599,900	$582,500	Wynnewood
407 Millers Ln	4	3.1	$719,000	$695,000	Wynnewood
322 Hathaway Ln	5	3.1	$925,000	$900,000	Wynnewood