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.

Saturday, January 19, 2013

Mainline Micro-Boom: New Luxruy Townhomes Lead Lower Merion End-of-Year Home Sales 150k-750k...

Bryn Mawr's new Whitehall units sold out in $650-750k  range.
The 28-home luxury townhome development near Bryn Mawr center known as, Whitehall, sold out quickly and the first resale in the community is our featured sale in Lower Merion.  134 Pennsylvania Ave. - nearly 3000 sf of 3-bed/2.5 bath conveniently-located opulence, was initially sold by Vaughan Builders in February 2012 for $688,500. The  home was resold in mid-December for a nearly identical price. The brisk sales of Whitehall speak well to demand for new construction in walkable quasi city-centers such as Wayne, Bryn Mawr and Ardmore. More high-five to mid-$600,000 brand-new mini-urban opportunities in Lower Merion Township are currently being offered at Haverford Court (N. Buck Lane/Haverford), where Cornell Homes has built a cadre of townhouses somewhat similar in style and substance to the Whitehall venture. Cornell is also breaking ground and marketing its Ardmore entry into this walkable Mainline, townhouse micro-boom. Dubbed "Waterford Walk" (priced in mid $500s) at Lancaster and Wyoming Avenues at the cusp of Ardmore and Haverford, are another batch of town-like, 3-bed, 2.5 bath nests for folks who yearn for suburban living within steps of cafes, restaurants, and chic shopping.

December 2013 Home Sales Transactions in Lower Merion Twp circa $150,000 to $750,000

Street AddressSold ForTownBedsBathsSq FtListed For
232 Chestnut Ave$152,000 Ardmore311,419$162,900
115 Holland Ave$180,000 Ardmore61.11,457$229,000
200 Cricket Ave$250,000 Ardmore31.11,610$249,900
204 Cricket Ave$285,000 Ardmore512,084$284,700
233 Marlboro Rd$290,000 Ardmore32.11,360$305,000
210 Roberts Rd$570,000 Ardmore532,650$600,000
14 Rock Hill Rd$187,500 Bala Cynwyd31.11,610$225,000
16 Rock Hill Rd$187,500 Bala Cynwyd31.11,610$225,000
126 Ashland Ave$190,000 Bala Cynwyd31.11,533$234,900
132 Bentley Ave$250,000 Bala Cynwyd52.12,011$249,900
155 Ashland Ave$290,000 Bala Cynwyd422,348$315,000
124 E Princeton Rd$450,000 Bala Cynwyd422,124$459,000
507 Cynwyd Cir$525,000 Bala Cynwyd42.22,706$569,000
31 Snowden Rd$599,000 Bala Cynwyd52.12,503$599,000
110 Pennsylvania Ave$665,000 Bryn Mawr32.12,978$665,000
134 Pennsylvania Ave$685,000 Bryn Mawr33.12,880$715,000
114 Pennsylvania Ave$755,000 Bryn Mawr32.13,333$755,000
108 Pennsylvania Ave$755,000 Bryn Mawr32.13,333$755,000
1015 Barr Ln$298,000 Gladwyne211,258$298,000
53 Haverford Station $410,000 Haverford52.22,655$425,000
506 W Montgomery $432,510 Haverford43.12,061$449,900
24 N Buck Ln$594,990 Haverford32.12,420$594,990
22 N Buck Ln$611,879 Haverford32.12,323$589,990
847 Beechwood Dr$342,000 Havertown32.11,805$359,000
226 Stoneway Ln$250,000 Merion 311,600$259,000
662 S Highland Ave$565,000 Merion 746,694$699,000
350 S Woodbine Ave$359,900 Narberth33.12,027$359,900
105 Iona Ave$410,000 Narberth32.11,737$415,000
207 Price Ave$445,000 Narberth32.11,820$475,000
523 Dudley Ave$480,000 Narberth42.11,881$475,000
316 Conshohocken $525,000 Penn Valley432,498$549,000
42 Trent Rd$210,000 Wynnewood33.11,683$240,000
238 Henley Rd$258,000 Wynnewood31.11,200$268,000
109 Overbrook Pkwy$266,000 Wynnewood42.12,293$299,900
209 Trent Rd$280,000 Wynnewood31.11,206$289,900
268 Trent Rd$292,132 Wynnewood32.11,581$299,000
147 Trent Rd$311,500 Wynnewood42.12,058$329,900
407 Witley Rd$365,000 Wynnewood321,570$409,000
601 Haverford Rd$370,000 Wynnewood32.12,298$390,000
541 Manor Rd$497,000 Wynnewood422,527$514,000
1222 W Wynnewood$500,000 Wynnewood432,987$499,000
1515 James Rd$512,000 Wynnewood42.12,280$529,900
1233 Grenox Rd$515,000 Wynnewood43.13,088$549,000
1408 Medford Rd$745,000 Wynnewood53.13,353$849,900

For details on these transactions or to discuss your home's resale value, Email or call  610.348.7972

How Much Money is Needed to Move from Renter to Buyer in Lower Merion, Haverford, Radnor Twps?

41 Lowrys Lane, $200,000
 In much of Lower Merion, Haverford and Radnor Townships, where we primarily focus our efforts, we estimate that about $200,000 is a typical cost for a small, move-in-ready, starter home on a nice, quiet street. There are of course, exceptions, but $200k is where you start to get some options.

This twin (pictured below ) at 41 Lowrys Lane, near 2 train lines and Villanova University, was just reduced to  $200,000, twenty percent less than its previous sale price of $252,000 in 2007. That's a compelling price for the neighborhood, and if the sellers are willing to budge a bit and offer a $10,000 sellers assist toward closing costs, a qualified buyer needs only about $9000 upfront - soup to nuts - to buy this home. Going forward, the total ongoing monthly payment for mortgage/taxes would be about $1425, or about equal to what one would pay if monthly rent for a similar home in the area....
Bottom line: if you have access to about $10,000 either via savings or family gift, and the job/earning security and confidence to make ongoing payments of $1400 month for at least 3 years, it makes sense to consider buying a home in 2013.  Talk to a Realtor (we'd like you to call us of course!) about getting pre-approved for a loan. The preappoval process (like talking to any Realtor) is free and without obligation. You may be pleasantly surprised or possibly very disappointed at how the preapproval process goes, depending on your credit history, debt obligations, and income review.

Our point here is not to sell this particular house, or to encourage anyone to buy a home for whom the decision is not sensible. But people frequently wonder what it takes to make the leap from renter to first-time buyer of a small, move-in ready home in these parts, and our bar is about $9000 cash, $1400/month, plus lender acceptable credit and income.

Home Prices Paid in Haverford and Radnor Townships, Under $650,000, December 2013

Sold: 612 Merion in Havertown. 2058 Sf, 5 Beds, 2 Baths
This gracious, estate-owned  home in the Pennfield section of Havertown, just a short stroll from Karakung Drive, lasted just two days on market before selling at its list price of $350,000. The large, comfortable kitchen needs an updating, but the grandness of hardwood floors, spacious rooms, airy porch and expansive grounds will serve its new owners well. Nearby, 618 Merion also sold in December. Fully rehabbed, it fetched $595,000.

Delco's December 2013 Home Sales: (Radnor/Haverford Twp) $100,000 - $650,000

Street AddressSold ForTownBedsBathsSq. Ft.Listed For
2222 Bryn Mawr$140,000 Ardmore321,604$169,000
2522 Rosemont $225,000 Ardmore31.11,648$249,900
2162 E County Line$275,000 Ardmore31.11,430$279,000
2652 Huntingdon $620,000 Ardmore43.22,269$649,900
943 Glenbrook Ave$180,000 Bryn Mawr411,306$179,000
700 S Roberts Rd$270,500 Bryn Mawr211,666$315,000
8 Old Oaks Rd$439,000 Bryn Mawr32.11,720$439,000
1333 Virginia Ave$266,000 Haverford321,488$269,900
604 Woodland Dr$100,000 Havertown411,310$120,000
3 Waverly Rd$180,000 Havertown311,328$185,000
145 S Eagle Rd$189,200 Havertown31.11,939$198,000
4 Strathmore Rd$215,000 Havertown41.11,750$225,000
3 Fairhaven Rd$218,000 Havertown321,418$234,000
135 Woodbine Rd$220,000 Havertown311,280$225,000
303 Brentwood Rd$222,000 Havertown31.11,488$219,000
656 Washington Ave$222,000 Havertown321,689$227,500
322 Fairlamb Ave$225,000 Havertown31.11,121$234,900
22 Fairfield Rd$225,000 Havertown311,380$244,900
551 Brookline Blvd$228,000 Havertown41.12,842$250,000
629 Lakeside Ave$236,000 Havertown32.11,272$249,000
544 Kathmere Rd$245,000 Havertown41.11,282$239,500
600 Covington Rd$249,900 Havertown321,594$249,900
261 E Hathaway Ln$252,500 Havertown31.11,304$259,900
101 Rockland Rd$255,000 Havertown42.12,214$265,000
205 Ivy Rock Ln$260,000 Havertown311,124$262,500
144 Rockwood Dr$265,000 Havertown321,254$269,000
1021 Larchmont $268,432 Havertown32.12,364$279,900
2548 Prescott Rd$284,900 Havertown31.11,392$284,900
1437 Norman Rd$285,000 Havertown31.11,368$299,900
401 Lincoln Ave$290,000 Havertown41.11,540$299,000
101 Foster Ave$295,000 Havertown32.11,528$309,900
11 Chelten Rd$300,000 Havertown41.12,254$340,000
423 Kathmere Rd$317,500 Havertown422,169$329,900
403 Hastings Ave$330,000 Havertown32.11,697$335,000
29 Colfax Rd$337,000 Havertown42.12,276$337,500
612 Merion Ave$350,000 Havertown522,042$350,000
355 S Manoa Rd$385,000 Havertown42.12,550$410,000
640 Ellis Rd$437,000 Havertown43.13,220$450,000
618 Merion Ave$595,000 Havertown53.13,024$595,000
452 Saint Davids $505,000 Saint Davids42.11,646$525,000
29 Louella Ct$295,000 Wayne221,868$365,000
239 Willow Ave$315,000 Wayne21.11,074$313,000
32 Devonwood Rd$409,000 Wayne421,908$419,900

For more details on these sales, or to discuss your home's likely value, please Email or call Ted, 610.348.7972.