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.

Sunday, May 27, 2012

May 2012 Homes Sold In Lower Merion School District from $1 to $1million

25 S. Church at $290,00 is one of some 50 homes on list below.
Once this stuccoed 1700+ sf, 5bed/2bath single (sans AC) at the corner of Church and Argyle Roads near downtown Ardmore/LMSD hit $325,000,  I must have showed it perhaps a dozen times. On the plus side, the kitchen was very nicely updated with breakfast bar and open, airy design. Home also had nice space, fine hardwoods, and a short walk to everything Lower Merion and Ardmore. But there were quite a few objections, which is why it slid from an inital Aug 2011 offer-price of $365,000 to its last list of $299k. Home was somewhat oddly located on a corner that prevented easy access. Primary parking was in a back alley and not plentiful and no powerder room on first floor or much room to add one. Beyond the nicely updated kitchen, rest of home was habitable but very pedestrian and ready for updating. Still at a final sale price of $290,000, this well-located single with decent bones typifies the accessibility of Lower Merion homes in the current housing market.


Street Address Town Beds Baths Sq Ft. Orig Price Sold For
156 Saint Pauls Rd Ardmore 3 1 1034 $215,000.00 $205,000.00
51 Wellington Rd Ardmore 3 1.1 1332 $299,900.00 $274,000.00
25 S Church Rd Ardmore 5 2.1 1716 $299,900.00 $290,000.00
20 Chatham Rd Ardmore 3 1.1 1348 $324,900.00 $317,500.00
221 Argyle Rd Ardmore 5 2 2219 $475,000.00 $465,000.00
25 Jefferson St BalaCynwyd 3 2 1168 $257,000.00 $238,000.00
314 Pembroke Rd BalaCynwyd 5 1.1 2081 $389,900.00 $360,000.00
716 Harvard Rd BalaCynwyd 4 2.1 2380 $435,000.00 $400,000.00
228 Ebenezer Ave BalaCynwyd 5 3 3100 $479,900.00 $460,000.00
361 Bala Ave BalaCynwyd 5 2.1 2657 $549,000.00 $521,000.00
822 Morris Ave Bryn Mawr 4 3.1 2969 $639,000.00 $615,000.00
808 Edwin Ln Bryn Mawr 5 4.2 4671 $749,000.00 $740,000.00
907 GreatSprings Bryn Mawr 4 3.1 3927 $875,000.00 $850,000.00
512 Hoffman Dr Bryn Mawr 5 4.1 4210 $999,500.00 $955,000.00
1635 Briar Hill Rd Gladwyne 4 2.1 2796 $425,000.00 $375,000.00
1134 Maplecrest Gladwyne 4 1.1 1820 $499,000.00 $445,000.00
906 Black Rock Gladwyne 4 3.1 2620 $610,000.00 $560,000.00
1600 Sweetbriar Gladwyne 4 3.1 3000 $649,000.00 $601,150.00
1201 ClubHouse Gladwyne 4 3 4261 $799,000.00 $760,000.00
1214 Limberlost Ln Gladwyne 4 3.1 4505 $899,000.00 $850,000.00
533 Old Buck Ln Haverford 6 2.1 2441 $259,900.00 $230,000.00
145 Little Ln Haverford 5 3.1 3163 $699,000.00 $615,000.00
701 Beacom Ln Merion 5 2 2462 $364,900.00 $352,000.00
315 MeetingHouse Merion 3 2.1 1740 $449,900.00 $449,990.00
505 Baird Rd Merion 6 3.1 2756 $549,000.00 $525,000.00
555 Lafayette Rd Merion 4 2.2 2624 $569,000.00 $550,000.00
355 Merion Rd Merion 5 3.1 3325 $619,000.00 $600,000.00
630 Revere Rd Merion 5 2.1 3140 $722,000.00 $660,000.00
319 Berkley Rd Merion 6 3.1 3868 $799,000.00 $780,000.00
511 Homewood Narberth 3 1 1152 $240,000.00 $230,000.00
325 Hampden Ave Narberth 3 1 1204 $235,000.00 $230,000.00
407 Dudley Ave Narberth 3 1 1212 $300,000.00 $286,000.00
19 Hansen Ct Narberth 3 3.1 2680 $419,900.00 $410,000.00
105 Foxhall Ln Narberth 3 2.1 2336 $549,000.00 $501,625.00
613 Conshohocken Narberth 4 3.1 3482 $649,000.00 $600,000.00
1107 Hollow Rd Penn Valley 4 4.1 4254 $499,000.00 $420,000.00
736 Woodfield Rd Villanova 3 2 1566 $295,000.00 $295,000.00
216 Harrogate Rd Wynnewood 3 1.1 1499 $239,000.00 $215,000.00
29 Rolling Rd Wynnewood 3 2 1784 $282,000.00 $270,450.00
1269 Montgomery Wynnewood 3 2.1 1470 $384,000.00 $370,000.00
255 Tomkenn Rd Wynnewood 4 2.1 2768 $449,900.00 $475,000.00
1356 Overbrook Wynnewood 3 2.1 2107 $499,000.00 $489,000.00
321 Old Gulph Rd Wynnewood 6 4.1 5715 $599,000.00 $500,000.00
323 Wister Rd Wynnewood 5 3.1 2650 $599,000.00 $585,000.00
426 Cotswold Ln Wynnewood 4 3.1 2272 $639,000.00 $622,000.00
422 Parkview Dr Wynnewood 3 2.1 2297 $635,000.00 $635,000.00
416 Mayflower Ln Wynnewood 4 3.1 2572 $659,000.00 $645,000.00
507 Owen Rd Wynnewood 6 3.1 2687 $699,000.00 $650,000.00
908 Honeysuckle Wynnewood 4 3.1 3147 $699,000.00 $680,000.00
1331 Grenox Rd Wynnewood 4 2.1 2706 $699,000.00 $680,000.00
472 Warick Rd Wynnewood 5 4.2 3865 $719,000.00 $719,000.00

Thursday, May 24, 2012

This Lower Merion Foreclosure Is an Exception!

SOLD: 533 Old Buck, Twin on Right. $230,000
Main Line Realtors get a lot of requests from homebuyers regarding foreclosure/bank-owned properties that can be purchased at a substantial discount. Makes sense based on the events and headlines of the past several years. But the reality is that financially distressed homes in this area are built on land that has inherent value based on its location. With the property itself of considerable value, there's only so low a price will go regardless of a property's ownership status. Couple this with the fact that most homes with financially-checkered pasts have been neglected and are unsuitable or impractical for the majority of buyers not prepared for restorative work. While rehabbers, competent do-it-yourselfers and contractors are almost universally the ones who are best positioned to take on bank-owned Main Line properties, there are exceptions to the rule.

Upgraded Bath.
Case in point is the recently foreclosed-upon twin on Old Buck Lane in the Haverford portion of Lower Merion Township. Located, on a sedate side-street and possessing numerous recent updates including renovated kitchen and opulent master bathroom, the homeowners had offered it at prices ranging from $375,000 down to $289,000 between 2009 and and 2011.  By January 2012, the foreclosure process had run its course and Fannie Mae's asking price was only a competitive $280,000. Compare this to the $355,000 paid for the adjoining Twin in 2010 and this 2,441 square foot 6-bed, 2.5 bath home was rapidly becoming one of the best move-in ready foreclosure houses around.


Updated Kitchen post 2003 sale for $220,000
 I felt for sure it would be snapped up soon, but in March the price dipped down to $259,900 and into the range of my first-time buyer condo shoppers. We examined the home several times, marvelling at the sheer space and attractive finishes. Perhaps if they had kids and had coveted the Lower Merion School District we would have tendered an offer, but ultimately there were several factors and realities that prevented taking the plunge into potentially extreme value... While the location just a block off busy Lancaster Avenue was not a deterrent to this cosmopolitan couple, the sheer size and potential utility obligations for a very large, 100+ year old twin gave them pause. Also, unlike the adjoining Twin with large side-yard and off-street parking for two cars, this Twin had zero off-street parking, very little room to add any, and even occasional difficulty with on-street parking thanks to a nearby commerical business.

In the end, the condo-craving buyers settled on a wonderful townhouse unit in Wayne that best suited there needs and goals. As for the generously sized foreclosure on Old Buck Lane in the Lower Merion School District, Fannie Mae let it go this May for $230,000, just 10k above its previous, pre-updates sale price of $220,000 about 2004. Now the building had some years on it, and maybe a home inspection would and did turn up issues not readily apparent. Maybe the lack of easy parking will make the home a really difficult resell, but at only $230,000, this foreclosure home offers value now and the chance for great future dividends in a normative housing market.

Friday, May 11, 2012

Havertown Deal and Lower Merion Schools. For Real.



Click on 847 Beechwood Dr. $359k. Lower Merion Schools, 19083 zip.
 Tucked just inside the Township line, this 3-bed, 2.5-Bath contemporary home is indeed part of the Lower Merion School District! By quirk of the county lines, mail service is provided by Havertown 19083, but all else things are LMSD and Wynnewood Valley. 
847 Beechwood Dr. is on a quiet, tree-dappled street just blocks from Penn Wynne Elementary, multiple parks, and a short walk to the 100 train, which serves Philadelphia and points West. Central air, spacious backyard, walk-out playroom/office space and Home Warranty included.