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| 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.
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| 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.
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| 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.
