Under Market Home Sale in Penn Valley and Lower Merion's December/January Settled Transactions

707 Schiller in Penn Valley. Below market sale needed work.

This solid brick Penn Valley cape had a very choppy layout that needed an overhaul, as did the kitchen. But the backyard and location near Gen. Wayne Park were very sweet. Although habitable as-is, it was far from comfortable and lingered on the market for many months. It finally posted sold in the dwindling hours of January 31, and was too late for the list below. Sale price for this 1600sf, TLC-needed home was $349,000 - much less than the 389k last list price, but fair given the home's  potential after extensive remodeling.


Lower Merion's December and January Homes Sold, with List Prices Less than a Million

Street Address	Town	Sold For	Beds	Baths	Sq  Ft	DOM	Listed For
216 Park Ter	Ardmore	$165,000	3	1	1,178	54	$175,000
125 E Spring Ave	Ardmore	$165,000	3	1.1	1,056	13	$175,000
81 Holland Ave	Ardmore	$165,606	5	1.1	2,048	53	$175,000
207 Holland Ave	Ardmore	$175,000	4	1	1,498	4	$189,900
41 Chatham Rd	Ardmore	$315,000	3	1	1,332	42	$335,000
119 Saint Pauls Rd	Ardmore	$467,000	4	2	2,048	8	$474,900
208 Saint Georges	Ardmore	$525,000	6	3.1	3,416	63	$599,000
11 S Wyoming Ave	Ardmore	$574,997	3	2.1	2,189	69	$581,564
115 Edgewood Rd	Ardmore	$795,000	5	3.2	2,842	58	$890,000
206 Stoneway Ln	BalaCynwyd	$200,000	3	2.1	1,600	82	$219,000
156 Pencoyd Ave	BalaCynwyd	$230,000	2	1	1,100	56	$239,000
117 Ashland Ave	BalaCynwyd	$285,000	3	1.1	1,372	3	$289,999
40 Highland Ave	BalaCynwyd	$300,000	3	1.1	1,666	12	$315,000
75 Academy Rd	BalaCynwyd	$391,500	3	1.1	1,762	76	$409,900
10 Elmwood Ave	BalaCynwyd	$420,000	4	2	2,086	14	$425,000
69 W Princeton Rd	BalaCynwyd	$475,000	3	2.1	2,075	24	$499,900
33 Levering Cir	BalaCynwyd	$577,000	4	2.1	2,264	19	$599,900
135 Overhill Rd	BalaCynwyd	$635,000	4	3.1	3,069	17	$649,000
335 Trevor Ln	BalaCynwyd	$719,000	5	3.1	2,652	4	$719,000
1053 Markee Ter	BrynMawr	$149,900	3	1	1,004	49	$159,900
1038 Rees Ave	BrynMawr	$200,000	4	1	1,500	37	$225,000
1050 Markee Ter	BrynMawr	$237,500	2	1.1	1,301	28	$250,000
541 Maison Pl	BrynMawr	$485,000	3	3.1	1,786	16	$499,999
629 Old Gulph Rd	BrynMawr	$662,500	4	4.1	2,563	3	$675,000
1406 Orchard Way	BrynMawr	$667,000	5	3.1	3,136	143	$705,000
740 Mount Pleasant	BrynMawr	$713,250	3	2.1	2,821	64	$759,000
511 Consh. St. Rd.	Gladwyne	$450,000	4	3	2,665	38	$499,000
31 Righters Mill Rd	Gladwyne	$600,000	5	5	5,781	28	$699,000
941 Merion Square	Gladwyne	$886,000	4	3.1	3,338	78	$875,000
1211 Limberlost Ln	Gladwyne	$900,000	4	3.1	2,854	46	$925,000
530 New Gulph Rd	Haverford	$987,000	4	2.1	2,438	13	$999,000
422 W Levering Mill	Merion	$455,000	4	2.1	3,204	37	$489,500
60 Raynham Rd	Merion	$564,000	5	3.1	3,388	24	$589,000
413 Andrew Rd	Merion	$595,000	4	2.2	3,354	2	$599,000
214 Meeting House	Merion	$532,000	6	4.1	3,123	20	$549,000
265 N Bowman Ave	Merion	$540,000	5	4.1	3,118	181	$575,000
325 Hamilton Rd	Merion	$651,000	3	2.1	1,839	4	$629,900
538 Greystone Rd	Merion	$678,000	6	3.1	5,587	391	$749,000
305 Hamilton Rd	Merion	$899,000	4	3.1	3,742	4	$899,000
509 Homewood Ave	Narberth	$240,000	3	1.1	1,222	165	$284,900
323 Conway Ave	Narberth	$240,000	3	1.1	1,032	11	$240,000
303 S Narberth Ave	Narberth	$479,000	5	2	2,587	5	$479,000
1615 Gerson Dr	Penn Valley	$622,500	5	3.1	3,368	68	$630,000
605 Spruce Ln	Villanova	$651,000	3	2	2,193	4	$649,000
1617 W Montgomery	Villanova	$928,000	6	3.1	3,614	115	$998,000
1510 Sheffield Ln	Wynnewood	$315,000	3	2.1	2,053	7	$299,000
1524 Powder Mill Ln	Wynnewood	$389,000	3	2	1,335	32	$389,000
1522 Brookhaven Rd	Wynnewood	$389,000	4	2	1,412	7	$379,000
39 Trent Rd	Wynnewood	$390,000	3	2.1	1,848	4	$384,900
1407 Remington Rd	Wynnewood	$412,000	3	1.1	1,536	22	$419,000
1509 Sheffield Ln	Wynnewood	$439,000	4	2.2	2,346	7	$429,000
2 Overbrook Pkwy	Wynnewood	$459,900	4	3.1	2,317	28	$459,900
931 Clover Hill Rd	Wynnewood	$462,500	4	3	2,032	42	$500,000
1028 Nicholson Rd	Wynnewood	$485,000	3	2	1,760	18	$511,900
116 Overbrook Pk	Wynnewood	$515,000	4	2.1	2,160	7	$529,900
422 Holly Ln	Wynnewood	$577,000	4	2.1	1,902	64	$622,500

For Sale By Owner Philly, Practice Makes Perfect

Selling it yourself: Easier than ever, but DIY danger remains

Just like any DIY project, For Sale By Owner (FSBO) has its risks and rewards. As much as I would like your business - and offer Philadelphia-area's most competitive commission - there is no denying you could potentially save thousands doing it yourself. Couple key things I would recommend to anyone deciding to go FSBO.

1- Pay the few hundred bucks (more/less) , most internet companies seem to charge to get your home listed on the regional Realtors' Mulitple Listing Service (MLS). From the MLS, you will attract the attention of hundreds/thousands of home-selling professionals. In addition, your listing will also syndicate across the internet to all major consumer home-shopping websites like Zillow and Trulia.

2- Indicate on the MLS that you will compensate any agent/broker that brings the buyer. Most serious buyers use the hard to resist services of licensed Realtor. We, most frequently, have No Charge to buyers and add priceless counsel and convenience to a complicated process. Buyers deserve an advocate for the biggest investment of a lifetime and most take the obvious choice for Free Representation. With no compensation advertised, you'll engage only a fraction of the area's serious buyers. Even if you post a bounty of  3% commission to a buyers' agent, you are still saving the other 3% many listing brokers might require. 

3-Cozy up to a local agent, possibly Ted Gross (Keller Williams/R5Realtycom), who will be willing to share tips and expertise in exchange for the opportunity to work (also at no charge) as your buyers' agent for your new home.  The buyer leads you generate when selling your own home may also tempt an agent to assist..

4- If digital photography isn't your bag, or just to get the best results, hire a professional to take pictures. Along with price, location, condition of home, quality pictures are a key ingredient to lure buyers.

5- Prior to listing your home, attend many open houses and notice how homes are professionally presented. Whenever and wherever possible, remove clutter and mystery. When a buyer looks at something in your home and wonders, "What's up with that?" you are sacrificing value.

Home selling is not rocket science but it is, typically, deceptively daunting and has pitfalls. Managing and providing access/security  to your home can be exasperating. Determining which inquiries/buyers/offers are viable and worthwhile - versus being dead-ends - has many nuances. Price-setting and especially negotiating a major deal, while having limited experience, could see you give back everything you save on commission to ignorance. Failure to dot the i, cross, the t, and understand contracts and details relevant to the process can lead to sales falling through and additional months on market. 

Like most DIY projects, there is a learning curve. If selling your own home is something you plan to do multiple times, then you'll only get better and more efficient (with both time and money) each time. If it's a one and done type of thing, expect it will be like most DIY projects. There will likely be monetary savings, but due to inexperience and the inevitable exertion of more time and effort than expected, they money saved will be likely be less than hoped.

-  By Ted Gross, Keller Williams MainLine Realty,  610.348.7972,  Ted@R5Realty.com

Tequila, Square Footage, and Mainline-area Homes

Public Records count this Int. Sq Footage; Appraisers Don't.

When buying and selling MainLine-area/Philadelphia family homes, Interior Square footage data is frequently unreliable, ungrounded and unworthy criteria for determining final value. Much of our region's housing stock was built before the age of rock'n roll, so there's been decades of opportunity for homeowners to modify livable space. Sometimes these changes are reported and applied to the county Public Records, and frequently the changes are not recorded.

Since there is no Interior Square Footage Czar, conducting mandatory, door-door, interior examinations of each county home, what's  left is a muddy hodgepodge of frequently inaccurate Public Records or unreliable seller-reported Interior Square Footage data.

Appraisers - who provide estimates of property value for buyer,sellers and refinancers, can add more confusion to the mix, as their Gross Living Area estimates do not include below grade living spaces such as refinished basements.

For any home, Buyers & Sellers may have to juggle 3 different Interior Square Footage figures, and each bit of data has its own relevance, legitimacy and potential for inaccuracy. Take the fictional but typical property at 100 Mainline Street, considered below, which has Buyers, Sellers, Realtors, Appraisers all invoking different square footage estimates to determine value.

1- The Public Records indicate 100 Mainline St. has an interior square footage total of  1500 sq. feet., which is the same as what the builder indicated back in 1946.
This Public Records figure is that which informs realtors and autopopulates almost all internet home listings. The extensive publication of this data, as well its ostensible governmental objectivity make it a part of nearly every home sale valuation. But public records are often never updated to reflect conversions of non-living areas to finished living spaces.

A previous owner of 100 Mainline Street may have finished a 20 x 30 foot basement and never reported the additional 600 sf of living space to the county. Perhaps another previous owner quietly converted a 10x20 section of the attic to living space. There's another 200 sq of interior living space and value off the books. Unless manually over-ridden, the erroneous 1500 sq ft. number is what will broadcast to the world and posterity when this home is listed for sale.

2- A Sellers Statement - which includes 100 Mainline Street's combined 800 sq ft. of combined  finished basement and attic - now properly indicates the home has "2300 sf" of interior living space. Huge difference!

Sellers can state their own Interior Square Footage number when listing a home for sale. The public records don't change, but the Realtors' MLS database - and most internet sites showing the listing - will present this over-ride of the public records. Sometimes sellers and their agent will over-ride the public records  and sometimes they either space out (pardon pun), or just see no need when the home sells at a good price anyhows.

And it is also possible that Sellers will incorrectly estimate or mis-guesstimate interior square footage. Again, there is nobody on payroll to police these numbers.

3- An Appraisal indicates 100 Mainline St. is 1700 sf...  Appraisers, who are generally summoned to establish value for financing purposes, employ the term Gross Living Area in place of  interior square footage.. GLA can include the 200 sf of finished attic space, but does not include include below grade spaces like basements, regardless of how spectacularly they have been finished. .

In this case of 100 Mainline St., let's say the Buyer and Seller agree to ignore the official public record and agree home price should be based on 2300 sf of interior living square feet.  The sale goes through and is published at 400k. Since there is no mechanism to affect change in the Public Records, it appears to posterity that a 1500sf house - not a 2300 sf house sold for $400,000.

When the home, next door, at 102 Mainline hits the market 8 months later, sellers list it for the same 400k that 100 Mainline recently fetched. But 102 Mainline. had no basement/attic conversions and is the same 1500 sq. ft when built in 1946. You see where this is going...

Bottom line is that in our history-laden region with it mostly mature housing stock, official interior square footage records are frequently inaccurate. Couple that with the various ways folks can assess, address, or massage interior square footage totals, and it's clear that square footage in itself is sketchy criteria for establishing price and value.

If a property isn't an unchangeable condo space or freshly documented new construction, I say use square footage as an initial point of reference and then take it like tequila (with at least a grain or more of salt).

- Ted Gross, Keller Williams Main Line Realty, January 2014

Gingerbread House in Wayne and Family Home Prices Paid during Dec. and Jan. in Radnor/Haverford Twps.

Click for full details on this featured sale.

This character-laden, late 19th century home saw its fabulous walk to Wayne location, miles of exterior charm, and pastoral half-acre lot more than compensate for no central air and a pedestrian kitchen and baths. It was originally listed for $900,000, rethought and reduced after two weeks to $850,000, and under contract the following week for its $810,000 sale price. Located at 406 Woodland Ave., it was one of about 60 family dwellings that settled in Haverford and Radnor Twps. during Dec. and Jan. with a sub 6-digit list price.

December and January's Homes Sold in Haverford & Radnor Twps, Under One Million

Street Address	Town	Sold For	Beds	Baths	Sq Ft	DOM	List For
763 Humphreys Rd	Ardmore	$140,000	3	1	1,182	49	$159,900
807 Clifford Ave	Ardmore	$197,000	4	1	1,405	62	$225,000
2116 Haverford Rd	Ardmore	$335,000	4	3.1	2,478	82	$328,000
2128 Haverford Rd	Ardmore	$352,500	4	2.1	2,052	18	$365,000
2404 Olcott Ave	Ardmore	$395,000	3	2	1,446	5	$395,000
707 Loraine St	Ardmore	$430,000	4	2.2	2,460	76	$449,900
36 Cedarbrook Rd	Ardmore	$650,000	4	3.2	3,000	172	$675,000
46 Golfview Rd	Ardmore	$665,000	5	4	3,000	3	$675,000
173 Shawnee Rd	Ardmore	$675,000	5	4.1	3,116	25	$689,900
52 Golfview Rd	Ardmore	$710,000	4	3.1	2,675	142	$750,000
114B Garrett Ave	Bryn Mawr	$285,000	3	1.1	1,300	200	$299,900
109 Fairfax Rd	Bryn Mawr	$378,000	3	2	1,858	9	$384,900
117 Cumberland Pl	Bryn Mawr	$395,000	4	2.1	2,544	12	$409,900
108 Petrie Ave	Bryn Mawr	$415,000	4	2.1	1,616	164	$445,000
325 Rockingham Rd	Bryn Mawr	$475,000	4	2.1	2,350	41	$485,000
25 Braxton Rd	Bryn Mawr	$475,000	4	2.1	1,845	4	$485,000
627 Walnut Ln	Haverford	$220,500	3	1.1	1,656	8	$199,900
101 Quaker Ln	Haverford	$415,000	5	3.2	4,480	134	$396,000
11 W Turnbull Ave	Havertown	$137,000	3	1.1	1,504	13	$159,900
328 E Township Line	Havertown	$146,900	3	1.1	982	588	$154,999
1400 Parkside Dr	Havertown	$176,000	3	2.1	1,736	26	$224,900
807 E Darby Rd	Havertown	$177,375	5	3	2,647	68	$185,000
309 Olympic Ave	Havertown	$180,000	5	2.1	3,256	1	$185,000
212 Pickwick Rd	Havertown	$181,000	3	1.1	1,300	8	$174,900
201 Juniper Rd	Havertown	$183,000	3	2.1	1,348	53	$183,000
515 Woodland Dr	Havertown	$185,000	3	1.1	1,020	137	$198,500
59 Upland Rd	Havertown	$185,000	3	1.2	1,184	12	$199,900
308 Earlington Rd	Havertown	$190,000	3	1.1	1,292	121	$199,900
629 Willowbrook Rd	Havertown	$195,000	3	1.1	1,212	93	$200,000
609 Furlong Ave	Havertown	$215,000	3	2.1	1,516	52	$229,000
115 Harding Ave	Havertown	$220,000	3	1.1	1,555	80	$224,900
308 Oxford Rd	Havertown	$220,750	3	2	1,410	16	$229,000
29 Myrtle Ave	Havertown	$221,000	3	1.1	1,518	35	$224,900
23 W Marthart Ave	Havertown	$225,000	3	1.1	1,344	51	$225,000
201 N Manoa Rd	Havertown	$229,900	3	2	2,174	176	$229,900
688 Washington Ave	Havertown	$230,000	3	1.1	1,572	120	$244,900
2419 Wynnefield Dr	Havertown	$236,000	3	1.2	1,768	24	$239,900
20 W Clearfield Rd	Havertown	$239,900	2	1.1	1,160	3	$239,900
23 Sunnyhill Ln	Havertown	$240,000	3	1	1,400	3	$239,900
606 Country Club Ln	Havertown	$243,000	4	1.2	1,536	31	$249,900
Street Address	Town	Sold For	Beds	Baths	Sq Ft	DOM	List For
155 Wyndmoor Rd	Havertown	$250,000	3	1.1	1,530	30	$250,000
637 Country Club Ln	Havertown	$258,500	4	1.1	1,392	28	$259,900
113 Rockland Rd	Havertown	$263,000	3	1.1	1,176	15	$272,750
409 E Manoa Rd	Havertown	$268,000	3	1.1	1,712	145	$269,900
211 Strathmore Rd	Havertown	$269,000	4	2	1,560	133	$279,000
130 Gilmore Rd	Havertown	$269,000	5	1.3	1,789	6	$259,900
222 Wickford Rd	Havertown	$291,000	3	1.1	1,292	26	$299,999
431 Hastings Ave	Havertown	$298,000	3	2.1	1,477	37	$319,000
647 Lawson Ave	Havertown	$303,000	3	2	1,693	30	$299,900
45 James Dr	Havertown	$304,000	3	1.2	1,747	29	$310,000
105 Woodbine Rd	Havertown	$305,000	4	2.1	1,896	73	$329,900
115 Harvard Rd	Havertown	$319,000	4	4	1,930	82	$325,000
402 Avondale Rd	Havertown	$320,000	4	2.2	2,072	8	$328,000
811 E Darby Rd	Havertown	$325,000	4	1.1	2,596	129	$325,000
37 Sycamore Rd	Havertown	$335,000	4	2.1	1,958	58	$334,000
14 E Langhorne Ave	Havertown	$338,000	4	2	2,010	50	$349,900
1814 Melrose Ave	Havertown	$340,000	3	1.2	2,150	4	$340,000
309 David Dr	Havertown	$350,000	4	2.1	2,328	404	$369,900
25 E Benedict Ave	Havertown	$360,000	4	2.1	1,970	62	$369,000
730 Homestead Ave	Havertown	$360,000	3	2.1	1,456	5	$350,000
724 Ashurst Rd	Havertown	$365,000	3	2	1,362	10	$375,000
18 Michael Rd	Havertown	$375,000	3	2.1	1,610	55	$379,900
1806 Lynnewood Dr	Havertown	$375,000	4	2.1	1,951	36	$385,000
228 Hastings Ave	Havertown	$375,000	4	2.1	2,094	14	$385,000
14 Barbara Ln	Havertown	$382,000	4	2.1	2,276	8	$385,000
1 N Morgan Ave	Havertown	$409,000	4	3.1	2,606	93	$409,000
605 Florence Ave	Havertown	$453,000	4	2.1	2,407	60	$455,000
809 Meadowbrook	Radnor	$624,000	4	2.1	2,730	51	$649,000
127 Browning Ln	Rosemont	$745,000	4	3.1	3,005	127	$749,900
317 Hilldale Rd	Villanova	$465,000	3	2.1	2,259	167	$499,000
108 Conestoga Rd	Wayne	$214,000	3	1	1,459	79	$224,000
362 Morris Rd	Wayne	$382,450	4	2	1,579	10	$389,900
608 Kirsch Ave	Wayne	$385,000	3	1.1	1,502	5	$390,000
221 Gulph Creek Rd	Wayne	$455,000	4	3	2,373	211	$497,500
405 Maplewood Ave	Wayne	$482,500	4	3.1	3,062	84	$499,995
70 Oakford Rd	Wayne	$545,000	4	2.1	2,227	135	$549,000
711 Woodcrest Cir	Wayne	$625,000	4	3	2,912	46	$625,000
401 N Wayne Ave	Wayne	$720,000	3	2	2,200	33	$749,000
311 N Wayne Ave	Wayne	$799,000	3	2.1	2,341	64	$799,000
406 Woodland Ave	Wayne	$810,000	5	2.1	2,401	21	$850,000
705 Powder Mill Ln	Wynnewood	$410,000	3	1.1	1,983	17	$405,000
322 Farwood Rd	Wynnewood	$415,000	5	3.1	2,448	82	$429,000