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.

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.

Oak Hill Condominiums and Rentals near Main Line



Terraces at Oak Hill condos are 4-story low-rises



Whether looking to Buy or Rent, Penn Valley's Oak Hill condominiums offer significant value and a variety of dwelling options. Located just 2.5 miles from downtown Narberth and less than a minute from the Gladwyne entrance to the Schuykill Expressway, Oak Hill has 1-2-3 bedroom condos for sale or rent in either a high-rise, low-rise, or townhome settings.



Tower at Oak Hill rises majestically

Oak Hill is ideal for those seeking an affordable, secure, leafy-green environment on the Main Line, just a short drive from Center City, Manayunk and King of Prussia. Originally constructed in the late 1960s and early 1970s, Oak Hill is located in the Lower Merion School District and served by nearby Belmont Hills Elementary, Welsh Valley Middle, and Harriton Highschool.



Estates at Oak Hill. Duplex-style 1-story living.

Oak Hill has something to appeal to everyone and while Im not a current resident, my connection and fondness for it traces back 40 years and various stations in life. In 1968, when the only option was apartment-renting, I was a toddler living with my mother and brother in the North terrace, directly across from the acres of parkland that became my wooded playground for the next decade.



Most units at Oak Hill  have lovely balcony views



In the mid 1980s and early 1990s, the Oak Hill Terraces and the Townhome "Estates" offered a welcome downsizing option for my father and stepmother.



Most recently as 2008, Oak Hill was once again available as a quality Main Line-area alternative when Heather and I needed a child-friendly apartment to rent in-between buying and selling homes.



Oak Hill offers Pool, Fitness, Tennis, Clubhouse.

Upshot is that Oak Hill has been a mainstay for singles, families, downsizers, retirees for four-plus decades and R5Realty.com is happy to share our knowledge and expertise about Oak Hill. As Prudential Realtors, we can show a variety of 1-2-3 bedroom units for sale or rent in the Tower, Terraces and Estates. Rental prices vary from approx $800-$2800 depending on size and condition of the unit. Sale prices run from about $100,000 to $300,000 accordingly. Some units have been maintained better than others and our discerning eyes can discover whatever option suits you best.

Bryn Mawr Foreclosure Opportunity

124 N. Merion Bryn Mawr, $499,000

Visited this handsome post-foreclosure, bank-owned home in Bryn Mawr this week and was impressed by its condition. It's not uncommon to see a home that's been through foreclosure in very rough condition - after all, if the payments couldn't be made forget about maintenance or upkeep.
But this classy 4 Bed/3.1 bath stone tudor on Merion Avenue - just across the street from Shipley School and the lush environs of Bryn Mawr College is ostensibly move-in ready and a fine value at a Bank-Owned price of $499,000. So maybe its not the swankiest home in the neighborhood. The Kitchen needs some updating and baths yearn for a do-over, but that appears to be reflected in the price.
This home sold for $700,000 about five years ago and a similar neighboring home went for $800,000 around the same time. True it's not 2005 anymore, and the house needs some TLC, but the nice hardwoods, ample back porch, and location just minutes walking distance to the vibrant culture of downtown Bryn Mawr make it a potentially great opportunity. This property is listed with an REO brokerage and any realtor, including Ted and Heather of R5Realty.com and Prudential Fox & Roach can take you for a tour.
Contact Ted at 610-348-7972 to learn more about this and other great values in R5 Country from CenterCity to Wayne.

Lower Merion Auction Fizzles

What happens when a home is slated for auction and only a few interested parties show up?

Unfortunately, nothing!
R5Realty.com attended the auction of the stately, yet weathered palace on Montgomery Ave., across from Suburban Square this past Saturday Nov. 6th. We got there about 1:30pm and took the tour of this weathered Goddess with lovely grounds (see October auction post for address details).
We chatted with the lonely auction personnel and the Realtor, who explained that unlike some auctions, this one was being held out of choice and not out of necessity. Owners/property is not in financial distress, but decided an auction might be the best avenue to attract buyers in this market, according to the agent.
Several interested buyers stalked the grounds in anticipation of the 2pm auction. Given the paucity of potential bidders, I wondered if a steal might be in the making.... Should I run to the bank for the needed 20k deposit?
Fortunately I stayed put and at 215pn the auctioneer announced the sellers decided not to go thru with the auction based on the relative lack of interest.
Doh! Was looking forward to seeing the auction happen but no dice.
While the auction did not happen, this once grand house is still for sale hundreds of thousands of dollars below renovated value.
Someday someone will restore this place to its flagship status by Montgomery Avenue, someday I will get to see a hooping, hollering auction in Ardmore, but for now, the status is Quo.

Lower Merion Auction Property

This stately 6-Bedroom home in Ardmore is going up for public auction on Saturday November 6th.  The home fronts on Montgomery Avenue and is "catty-corner" to Suburban Square. The official address is 106 Edgewood Avenue, Armore, Pa. 19003. Previews are available to the public on Sunday Oct. 31 from 2-4pm and on Monday Nov. 1 from 2-4pm.
Expect the home to be in far less than ideal condition, so whatever the winning bid, buyers will likely need additional resources to bring the home back to glory. Some Background: This house has been owned by the same family for more than 50 years. In 2005, owners took out a $500,000 home equity loan on the property. In 2008 the home was offered for sale at $779,000. The latest list price was $599,000 as recently as Sept 2010.



 

Ardmore Green Home Touted

Proposed Green Home by Admore, R5

..."Affordable Green living in Ardmore!"  is the focus of a newly noticed listing for new contruction priced at $329,000 and designed by Philadelphia's 'premier Green' builder, Post Green.  Proposed is an environmentally conscious townhome in  Lower Merion  with open floor plan, top-of-the-line kitchen, 3 BR, 2.5 Baths, Flex room on the second level;topped off with an upper level terrace. Proposed green features include; Energy Star Certification, Blow-in Cellulose Insulation, Energy Star Low-E Casement Windows, Dual-fuel efficient HVAC, Heat Recovery Ventilator ducted into HVAC, Low-VOC Paints and Finishes.