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.

Tuesday, November 15, 2011

Narberth Realtor Serving Up: Pork, Beer and Tasty House-Buying Nuggets this Saturday, November 19th

Steve's Informational Pig Roast is an Event we Like!
My colleague at Prudential's Haverford Station office is hosting a delightful-looking event for prospective home buyers Saturday Nov 19, from 5-7pm in Merion Station.
I don't usually promote other agents' events, but R5Realty is all about informational empowerment and the synergy of potent forces including:  Roasted Pig, Beer, Info about:

*Understanding the Current Real Estate Market
*Advantages of Buying Over Renting
*Exploring Financing Options

Monday, November 7, 2011

Aging Wright Masterpiece and October's Home Prices in Lower Merion and Narberth (Under One Million).

Wright's SunTop Homes. Four separate dwellings on common axis  
Four private residences share a common lot and axis in this Frank Lloyd Wright designed residential structure at Sutton Rd and Spring Ave. in Ardmore.
Built in 1939 and dubbed the Suntop Homes, the dwelling labeled 156 Sutton Ave.  (left in photo), sold this October for $387,000.  With 2 beds, 2 baths and about 1650 sf of craftily carved living space, the home's angular interiors prompted one client to remark:  "It's like living on a boat" 
Lower Merion & Narberth: October's Home Sales Under One Million Dollars

Street AddressBedsBathLast PriceSold ForLower Merion
209 Harrogate Rd (twin)21$219,000 $200,000 Wynnewood
212 Simpson Rd32$275,000 $260,000 Ardmore
211 Delmont Ave  (twin)32$275,000 $265,000 Ardmore
226 Crosshill Rd31$299,900 $287,500 Wynnewood
1046 Montgomery Ave31$309,000 $310,000 Narberth
467 Conshohocken State63$325,000 $320,000 Bala Cynwyd
9 Heckamore Rd  (twin)52.1$339,000 $325,000 Bala Cynwyd
103 Crosshill Rd32.1$374,500 $340,000 Wynnewood
38 Franklin Ave42.1$359,900 $342,000 Bryn Mawr
200 Fairview Rd31.1$399,000 $345,000 Narberth
1508 Hampstead Rd31.1$369,900 $345,000 Wynnewood
1060 Lemar Cir32$399,000 $365,000 Merion Station
517 Scott Rd42.1$415,000 $370,000 Gladwyne
310 Maplewood Rd44$420,000 $370,000 Merion Station
110 Grasmere Rd32.1$400,000 $385,000 Bala Cynwyd
156 Sutton Rd (twin)22$399,000 $387,000 Ardmore
234 Rock Glen Rd43.1$419,900 $395,000 Wynnewood
228 Sabine Ave41.1$418,000 $405,000 Narberth
306 Bryn Mawr Ave52.1$449,900 $440,000 Bala Cynwyd
616 Spruce Ln32$510,000 $465,000 Villanova
507 Haverford Ave52$489,000 $469,000 Narberth
21 W Lodges Ln52$474,900 $470,000 Bala Cynwyd
1236 Knox Rd32.1$495,000 $480,000 Wynnewood
112 Crosshill Rd43.1$519,500 $485,000 Wynnewood
1501 Willowbrook Ln42.1$549,900 $510,000 Villanova
415 Andrew Rd42.2$549,000 $549,000 Merion Station
1720 Riverview Rd43.1$599,000 $584,000 Gladwyne
406 Charles Ln32.1$600,000 $590,000 Wynnewood
23 Wiltshire Rd43.1$675,000 $610,000 Wynnewood
1313 Centennial Rd43.1$699,000 $675,000 Penn Valley
1111 Conshohocken State43.1$889,000 $805,000 Gladwyne
930 Mount Pleasant33.1$899,000 $810,000 Bryn Mawr
304 Brentford Rd75.1$1.15mill$875,000 Haverford
800 Lafayette Rd34.2$995,000 $950,000 Bryn Mawr
425 Owen Rd73.1$1.059mill$971,113 Wynnewood

Thursday, November 3, 2011

Lower Merion First-Time Home Buyers: Affordable Main Line Family Homes

Spring Ave Ardmore for approx $1350 monthly
There is a Main Line for the rest of Us.
We're talking modest but comfortable 2-3 Bedroom single-family homes in Lower Merion in the $250,000 price range. For buyers with  good credit, steady employment history, and as little as about  $10,000 down, homes such as these can be purchased with an all-inclusive monthly payment of about $1850 via an FHA loan. This all-inclusive monthly payment is Only about $1350-$1450 for buyers who have approximately $50,000 available for a 20% down payment and conventional loan with the best rate.

The point here is not to tease or tempt anyone to stretch or challenge what is affordable and sensible. But it has come to our attention that many folks prematurely assume that fine Main Line homes and Lower Merion Schools are only for "Richie and Roberta Rich."

Lets look at the following examples of some quality single family Lower Merion homes currently on the market...

328 E. Spring in Ardmore (top right) is a delightful two-bed, 1000sf Cape Cod, with a large gorgeous backyard, off-street parking, and opportunity for expansion. Offered by Ogontz Global Realty at $249,500, this home could be purchased at list price with about $20,000 to cover down payment and closing costs. A sharp buyer's agent - like R5Realty.com's Ted and Heather - could very likely negotiate with the Seller to pay closing costs and reduce your funds needed to purchase down to only about $8500, with a total monthly payment of about $1850.

Duffy's Penn Wynne Carroll Listing: $9000 Down?
 Buyers with ability to afford about $50,000 at closing could reduce that monthly payment to only about $1350... These numbers also apply to Duffy Real Estate's $250,000 listing of 1026 Carroll Avenue in Penn Wynne. The Carroll house needs some work but with 3 beds, 2+ baths and nearly 2,000 sq ft., this is a well-priced Lower Merion home for an expanding family.

My favorite currely listed home in the Lower Merion&Main Line's under $300,000 club is Assist2sell's listing at 1243 Bryn Tyddyn in Gladwyne. This fascinating 1700sf bungalow is now offered at $275,000. Conventional buyers with an approx $55,000 down payment can own this retreat with all-inclusive monthly payments of about $1450. If you go the FHA-loan route, which requires less down but more per month, the numbers are $10,000 down and $2000 per month. To get this deal, your Buyer's Agent would need to negotiate for the seller to contribute about $15,000 toward closing costs, which is not an improbable proposition.

Assist2 Sell's  Gladwyne Cottage at $275,000
Again, the motive here is not to lure and to tempt folks to look beyond their means, or even to tout these specific listings. But if you have good credit and employment history, as well as about $8,000-10,0000 in down payment money, you too can join Mr. & Mrs. Richie Rich on the Main Line for less than $1500 monthly payment all-inclusive. For more current options in this price range, or to further discuss values, options or Buyers' assistance for these listings and others we welcome your call or email.