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.

Wednesday, July 20, 2011

Vertical Paradise for $110,000k Overlooking Gladwyne's Mill Creek

Small Initial Price Tag for Vast View and Potential
Tucked aside multi-million dollar estates higher on the hill, this hammered and thrashed  4-bedroom cliff-side home overlooks Gladwyne's winding Mill Creek Rd and the Mill Creek Valley.
When our Multiple Listings Service reported this 2200sf house at 803 Mill Creek sold last week for $110,000, it became the Lower Merion first single-family home to sell for under $125,000 since 2003 (as recorded by  MLS).

Shown: Just some of the 25 steep steps from Street.
803 Mill Creek has many challenges, which is why the recently bank-owned dwelling has lain fallow for many years. Prior to selling last week for $110.000, the house and cliff-carved and tree-tangled plot was sold in late 2006 for $345,000. By fall 2008, the property was back on the market for $489,000. Less than two years later it was foreclosed upon and marketed at $274,9000, as a bank-owned-home in December of 2010.

Rear of house and hot tub Face a Densely Wooded Hillside.
The Bank's  list price dropped to $229, 900 in January 2011, then to 199,900 in February, before landing at $159,900 in March 2011. A month later the property was under contract to be sold in late June for $110,000.

A total rehabilitation is needed to make 803 Mill Creek habitable once again. And there are many challenges at hand, including a neglected 200-year-old building and a location carved nearly vertically into a densely wooded hillside about 30-40 feet above street level.

R5Realty Mini barely fits only Parking Slot on Mill Creek Rd.
In addition, there is no driveway and only a small curb-cutout to squeeze a car or two in between the hillside and cars snaking along this beautiful, blind-curve portion of Mill Creek Rd.
So at what price your poison?

Gladwyne's Mill Creek flows nearby.
Certainly, the logistics of conducting a hillside restoration on a small, winding road with little parking or space are daunting. But fully realized, 803 Mill Creek could become a cliff-side palace in a breath-taking setting.
We'll keep on watching this one

Tuesday, July 5, 2011

Main Line Condominiums: June Prices Paid

Club House and Pool at Oak Hill Condominiums.
Below are prices paid (under one million dollars) for Lower Merion and Narberth condominium units sold during June 2011. The "Fee" column represents the required condo/homeowners association monthly payment. Depending on whether you live at the Presidential, Green Hill, Oak Hill or other building, the monthly fee may or may not cover utilities and other expenses such as pool and health club. For more details on these transactions, as well as a complete list of what's on the market right now, email or call 610.348.7972,

Unit AddressBedsBathsPrice PaidFeeTown
120 Sibley Ave 40222.1$700,000 464Ardmore
191 Presidential Blvd R32411$110,000 590Bala Cynwyd
20 Montgomery Ave D32.1$235,000 300Bala Cynwyd
190 Presidential Blvd 40133.1$700,000 1144Bala Cynwyd
930 W Montgomery Ave 60522$210,000 484Bryn Mawr
432 W Montgomery Ave 10322$168,000 344Haverford
264 W Montgomery Ave 40522$350,000 611Haverford
104 Woodside Rd A10422.1$250,000 437Haverofrd
212 Idris Rd J332.1$315,000 417Merion
1655 Oakwood Dr N30622$201,000 402Narberth
1600 Hagys Ford Rd 5N11$118,000 504Penn Valley
1637 Oakwood Dr S42111$140,000 300Penn Valley
1600 Hagys Ford Rd 5L11.1$145,000 549Penn Valley
1650 Oakwood Dr E11522$200,000 406Penn Valley
1650 Oakwood Dr E-21222$218,000 395Penn Valley
1750 Oakwood Ter 9F22$220,000 465Penn Valley
1001 City Ave WB11222$101,000 748Wynnewood
346 E Lancaster Ave 21611$115,000 229Wynnewood
1001 City Ave WA20222$125,000 733Wynnewood
1001 City Ave EE71922$132,500 746Wynnewood
1001 City Ave EC50632.1$262,500 1278Wynnewood

Lower Merion School District Homes Sold June 2011

June Buyers paid $300,000 for rehabbed 228 Delmont, Ardmore.
Listed below are the nearly 50 Lower Merion School District, Single-Family homes which sold in June priced under one million dollars.. For more details on these June transactions, or for complete data regarding currently available homes email us at: R5Realty.com or call 610.348.7972.  We specialize in Philadelphia and its walkable surrounding towns served by the R5/Main Line/Paoli commuter line.
Street AddressBedsBathsLast PriceSold ForCommunity
135 Simpson Rd31$224,900 $215,000 Ardmore
228 Delmont Ave32$319,000 $302,000 Ardmore
2229 E County Line 32$319,950 $320,000 Ardmore
124 Linwood Ave41.1$349,000 $349,900 Ardmore
186 Lakeside Rd54.1$775,000 $775,000 Ardmore
77 Academy Rd41.1$299,900 $177,000 Bala Cynwyd
100 Pencoyd Ave31$195,000 $185,000 Bala Cynwyd
20 Bryn Mawr Ave62$225,000 $220,000 Bala Cynwyd
725 Cambridge Rd42.1$369,900 $347,325 Bala Cynwyd
152 Union Ave52.1$474,900 $465,000 Bala Cynwyd
601 Manayunk Rd43.1$489,000 $481,000 Bala Cynwyd
Lot #1 Colwyn Ln53.1$799,900 $755,000 Bala Cynwyd
1218 Old Gulph Rd53.2$849,000 $810,000 Bryn Mawr
515 Lynmere Rd43.1$935,000 $950,000 Bryn Mawr
723 N Ithan Ave54.1$999,000 $967,000 Bryn Mawr
440 Conshohocken42.1$624,999 $540,000 Gladwyne
1101 Norsam Rd53.1$675,000 $641,500 Gladwyne
1124 Woodmont Rd43$769,000 $745,000 Gladwyne
933 Black Rock Rd53.1$859,000 $825,000 Gladwyne
514 Manayunk Rd32.1$416,500 $416,500 Merion
501 Latmer Rd43.1$484,900 $484,900 Merion
609 Ge Lafayette Rd42$500,000 $495,000 Merion
519 Putnam Rd43.1$570,000 $517,500 Merion
289 Meeting House Ln33.1$519,900 $520,000 Merion
525 Mercer Rd42.2$589,900 $573,500 Merion
524 Winding Way42.1$699,000 $700,000 Merion
6 Cleveland Ave62$199,900 $204,000 Narberth
421 Anthwyn Rd52.1$575,000 $550,000 Narberth
612 Shady Ln42.1$749,000 $725,000 Narberth
828 Summit Rd32.1$575,000 $490,000 Penn Valley
324 Righters Mill Rd43.1$685,000 $630,000 Penn Valley
529 Righters Mill Rd42.2$699,000 $687,000 Penn Valley
846 Beechwood Dr32.1$269,900 $269,900 Penn Wynne
2034 Ivywood Ln42$285,000 $262,500 Villanova
1950 Montgomery Ave54.1$850,000 $860,000 Villanova
1017 Canterbury Ln44.1$999,500 $960,000 Villanova
425 Haverford Rd31.1$299,000 $275,000 Wynnewood
110 Rock Glen Rd32$325,000 $315,000 Wynnewood
350 Williams Rd42.2$385,000 $385,000 Wynnewood
326 Old Forest Rd32.1$399,000 $400,000 Wynnewood
1302 Yarmouth Rd42$412,500 $412,500 Wynnewood
1215 Drayton Ln43$509,000 $487,000 Wynnewood
302 Hathaway Ln53.1$599,000 $530,000 Wynnewood
1340 Garden Rd42.2$599,900 $582,500 Wynnewood
215 Old Gulph Rd42$625,000 $610,000 Wynnewood
407 Millers Ln43.1$719,000 $695,000 Wynnewood
801 Primrose Ln43.1$759,000 $705,000 Wynnewood
936 Honeysuckle Ln43.1$749,000 $735,000 Wynnewood
414 Chichester Ln53.1$824,000 $792,500 Wynnewood