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

Listing Smaller Homes and Condos in Early Autumn Makes Sense (and Dollars) for Mainline Sellers

Cozy Cottage/Twin, Condos Have Early Autumn Appeal

Following springtime's crush and summer's malaise, early fall can be an ideal time for certain Mainline-area  homeowners to sell and take advantage of opportunity in the housing market.

While early fall - September/October - is probably Not the best time to get top value for your family-sized (4+bed/2+bath) Mainline-area home, right now does offer a  very worthwhile window to sell smaller 3bedroom homes and condominiums at top dollar.

The market for larger, family-houses is at its peak in the spring and early summer, when buyers with children are looking to get settled for the new school year. The 2013 market saw a buyer frenzy for quality homes of this ilk in our high-quality Lower Merion, Haverford and Radnor school districts.

But with the school year now underway, demand for family-sized homes has decidedly ebbed. Owners of larger homes, who seek to maximize sale price in our family-friendly neck-of-the-woods, would do well to use fall's nice weather to prepare your home for market 5-6 months from now and the early 2014 market. I can help to plan a strategy, along these lines, that will yield the most lucrative results.

Right Now; however, there is Opportunity for owners of smaller homes and condos to appeal to singles, down-sizers, and professional couples. These folks, traditionally, are very active home-buyers in the post-Labor Day market.

With the lazy, vacation days of summer over, the back-to-business singles, downsizers and couples without school-age kids are as motivated to buy now as they are at anytime of year. For sellers, the marketplace is less cluttered with competition this time of year, yet the interest in smaller homes and condominiums is as high as ever.

From Labor Day until Halloween, ideal opportunity exists to sell your 1 to 3-bedroom smaller house or condo at a great price. There is a captive, eager audience of singles, down-sizers, and young professionals motivated to make a move.

As a Realtor focused on the Mainline-area market, I can help you get your smaller home ready for this active early-autumn, market in a matter of weeks, while the weather is still good and homes still show beautifully and at their best.

Sellers: Save Money, Skip the Pre-Sale Home Inspection, and Let the Buyers' Beware

Pre-Sale Home Inspection: Most Sellers Already Know the Flaws

With quite a few misgivings, I do recommend that nearly all home Buyers invest in a Home Inspection report prior to purchasing a home. But I draw the line when it comes to recommending that Sellers purchase a home inspection prior to listing.

As recently described in a posting to my local Ardmore-Wynnewood-Merion Patch News site, some Realtors do advocate sellers shelling out the $400 to have a professional home inspection performed. I say save the money and put it to better use toward purchasing attractive accessories or obvious repairs that have greater chance of affecting a quality sale of your home.

The Seller-should-spend for inspection camp does have some good logical grounding. Sellers should want to present an upfront and honest assessment of their product. It promotes good-will and an air of transparency which will assist the transaction. Sellers should also want to be informed - ahead of time - of defects that could derail or adversely impact a smooth sale.

But these worthy goals can be accomplished without sellers draining the wallet. As far as appearing open and transparent with buyers, Sellers can accomplish this goal for free by providing a Candid and Informative Seller's Disclosure document and making it readily available to all prospective buyers.

As far as assessing defects to your home, a quality realtor who is not looking to blow-smoke and puff-you-up, can easily advise items that need repair to affect a quality sale. The Realtor can't  guarantee that all major elements of the home are satisfactory, but most homeowners have had years to come to grips with their home's shortcomings. It is very unlikely, a home inspector is going to tell you something you don't already know about your home.

If there is something major wrong with your house that you haven't discovered in the years you've been there, it's unlikely a buyer or home inspector is going to uncover in only a matter of hours. Experienced Realtors are not qualified to certify your home, but we've been on dozens, if not hundreds of home inspections and know exactly what home buyers and home inspectors are likely to call out. And if a buyers' home inspection does reveal a major concern, you can deal with at that time and - in the meantime - hope for the best. Believe me, if a Buyers' inspection report identifies a problem, a clean sellers' inspection report is unlikely to help.

And this brings us to the biggest fallacy about sellers paying for a Home Inspection, which is that it will substantially assist a seller in negotiations. Only the rarest of gullible buyers would entertain a seller-financed, potentially-biased and redacted report as a serious avenue for discussion or negotiation. Even poorly-coached or un-informed buyers will shell out the money for their own Home Inspection and have no need to have it usurped by a sellers' report.

Home Inspections do offer some value for their substantial cost, and this value is almost entirely for a buyer's benefit. This value includes:

*Buyer Peace of Mind (whether warranted or not)

*List of Items/Repairs to Negotiate the Price Down

*Possibility of Uncovering a Fatal or Costly Flaw.

None of this is of use to a seller. If you are selling a home you have owned for years, you don't need peace of mind about the home. You are moving on and have had years to discover the home's defects and flaws. At no charge, your Realtor can advise what's necessary to disclose or fix to sell the home. And as far as providing a Buyer with bargaining chips in advance, or the unlikely chance of discovering an unknown major flaw, buyers are going to do their own diligence so let it be on their dime and not yours.

Friendly Mainline-area Realtor Seeks Buyers for Informed, Focused and Free Home-Buying Flings

At a recent open house on Buck Lane in Haverford, I met a home-seeker who lamented her inability to secure a moderately-priced single family home. As a full-time Realtor, focused like a laser on the mid-range, Mainline-area market ($225,000-$725,000), I naturally expressed my willingness to assist in her quest. Despite her understanding that the offer of  Buyer Assistance comes with no obligation - and no fee from start to finish -she expressed firm disinterest in the notion of having a dedicated Buyers' agent. 

Some House-Hunters Prefer to Go It Alone

I realize there are countless excellent reasons why an eager buyer might rebuff the advances of a Realtor offering to audition his services. Even with the promises of freedom from any fees or immediate obligation, some folks are lone wolves, who prefer to hunt alone. Some folks may just not take a shine to the cut of my jib, effervescent wit, or relatively diminutive countenance and stoutness of stature. Whatever. There are dozens of good reasons to rebuff an encroaching Realtor seeking to cozy up and become a resourceful, cost-free adjunct to a House-Buying project. I get it, for sure.

But this woman's distinct perspective, expressed in a reasoned manner that conveyed she had given it considerable thought, was that she only wished to deal directly with Listing Agents. She said she would be eager to come look at homes for which I already represented the seller, but having a Realtor act as her buyers' agent was out of the question.

Her rationale included the conviction that if she was unrepresented and dealing directly with the Listing Agent, she would somehow be given preferred consideration and status over competing buyers. There is some logic and merit in play here. Listing Agents (Agents for Sellers) get to keep a full commission if there is no separate agent for buyers. But the reality is that almost every listing agent expects - and is delighted - to share their commission with an agent devoted only to representing the Buying party. 

Homes are a big ticket item and Realtors frequently invest weeks, months, sometimes years to affect a sale. While the home is on the market, and then if it fails to sell, a Realtor gets zippo, bupkiss, nuttin' for his/her investment of time and effort. But the flipside, is that the commission a seller pays the Realtor if/when the home sells, is a very generous and princely sum. Realtors who act as Listing Agents, are typically delighted to split their well-earned and handsome commission with their colleague, who has through persistent searching, vigilance and effort brought a well-represented, informed and qualified Buyer to the table.

To this end, just about every Listing/Sellers' agent proudly and loudly advertises that he/she will share 50% of their commission. Occasionally, it does happen that the listing agent handles both Buyer/Seller sides and pockets 100 percent, but this is a situation known as Dual Agency and is implicitly fraught with conflict of interest and rarely beneficial for anyone but the double agent.. A Listing/Sellers agent's first and only interest is performing for the Seller and Only for the Seller.  This typically means procuring the most viable buyer, willing to pay the most money, within a finite period of time.  

Buyers' Agents Fiercly Outumber a Single Listing Agent.

Even if a Listing Agent was willing to offer preferential consideration to his own buyer, the practice of advertising and sharing commissions, combined with raw numbers, makes the situation less than tenable. There are thousands of Realtors dedicated to locating a home for their Buyer clients (and thusly earning the finders fee).

And Since this Buyer-Agent group massively outnumbers the single listing agent by a ratio of several hundreds, if not more than 1000:1, who
is most likely to present to the seller, a qualified buyer, with the biggest purse, in the briefest amount of time? Obviously, it would be a Buyers Agent, and the statistics reflect the reality. In almost all home sale transactions on the Mainline area, the Buyer has a dedicated Buyers' Agent and the Listing Agent gratefully shares the commission.

By the time the Lady I met at the open house would find her listing on a consumer website and get her call returned by the Listing agent, many dedicated, full-time Buyers agents had likely already seen the property, showed it to their well-prepared, pre-qualified clients, and very likely submitted offers. This is why, for desirable and well-priced homes, it is absolutely necessary to develop a relationship with a knowledgeable and nimble Buyers' agent. Not only is Buyer Agency free, it's essential when trying to purchase a quality home, in a competitive market, such as we currently have in the Mainline area.

Lower Merion School District Enrollments and the Penn Alexander Catchment Property Bubble

Officials: Retrofitting LMHS can address future space issues

Despite major renovations in recent years, enrollment at Lower Merion's two high schools is projected to exceed capacity by 2019, if not sooner.. The prevailing option to handle the overflow is to develop and repurpose existing space in Lower Merion High School's old "A" building. Students who graduate from Welsh Valley Middle School - and who have typically been funnelled to Harriton High School - will get the option to choose Lower Merion High School in future years.

It is expected enough students will opt for LM and its enhanced capacity, so that no brand new construction will be required at either school. Ultimately, the lives of few are bound to be upended by this relatively featherweight redistricting. Both high schools are excellent and, if anything, the commutes of some students may even be slightly shortened by the opportunity to choose Ardmore over Rosemont.

But the situation bears watching. The expected surge in high-school population is already being felt at the

LMSD Enrollment Bulletins

elementary and middle school levels, and the School Board has already approved classroom expansion projects at Gladwyne, Penn Valley and Welsh Valley. Hopefully, affordable modifications of existing school facilities - not acrimonious redistricting - will continue to be a viable solution for enrollment expansion. As a parent, property owner and Realtor, confidence in  the quality and stability of our Lower Merion public schools is one of several core reasons to continue believing in our community's prosperity.

But just a few miles away in University City,  infatuation with high-quality, affordable public education  is exceeding sustainablility and has created a mini real estate bubble that may be about to pop. The Penn Alexander School - which serves public school grades K-8 in a Catchment Zone running (E-W) from 40th to 47th Streets and (N-S) from Sansom to (roughly) Baltimore Ave - opened in 2001 and receives substantial financial and institutional support from its prestigious neighbor, the University of Pennsylvania. In its decade-plus existence, the school has emerged as possibly the city's finest for its age group and has caused a clamor for home ownership within the boundaries of its catchment zone. It's estimated that $100,000 - $150,000 in value has been added to homes whose addresses qualify for attendance in the school.

Paying a premium for a home with a guaranteed spot in a great public school is one thing, but how much is it worth to NOT be guaranteed a slot, but only participation in a lottery to get a slot in the school? This is the question home-buyers and Realtors had to ask when school officials determined, in early 2013, that enrollment in Penn Alexander School was no longer a given right of property ownership within the catchment boundaries.

On one hand, the lottery system and statistics ostensibly ensure that nearly every child applying for admission will be accepted, but what of the family that spends an extra $125,000 and then draws the short stick and is left out? Very few kids/families will be affected, but the uncertainty is a harsh reality for those who paid, or are considering paying a premium to buy into the Penn Alexander School catchment.

In Lower Merion, our home values are also buttressed by the desirability of the quality of public education available to residents. We are fortunate to be in a more stable and sustainable position than our University City neighbors. But the time could come when too much love for our schools could actually start to erode, rather than enhance Lower Merion's charmed relationship between home values and quality education.

Click Here to view Lower Merion School District's Info Page on Enrollment Plans

Home Buying Deposits and the Importance of Being Earnest without Getting Escrewed

Unlike a tiny deposit, Mousse is never insincere

How much is just enough? It is a universal question running the gamut from chocolate mousse consumption to  the amount of deposits to extend when buying a home. With deposits laid down when buying a home, just enough to get the job done is always the right amount. If you put down too small a deposit when negotiating a home purchase, your interest may appear insincere or dilatory. You could even see your offer lose out to another buyer whose deposits are more substantial. But a worse fate could be oversizing your deposit, only to have it tied up in escrow and out of your reach.


In most offer scenarios and agreements of sale, there are two

Bought with Ernest Money: Papa's Key West Home

times when the Buyer delivers deposits to a Seller. The first deposit is called Earnest Money, because Ernest Hemingway initiated the concept when he purchased his Floridian compound. Earnest money is an initial deposit that one includes with a written offer to purchase. A very typical earnest money deposit on a house priced between $100,000 to $500,000 is about $2000.

As the name implies, this money is a gesture that your offer is being tendered with earnest intention. Since many offers are sent electronically, it is doubtful that your Earnest Money check will ever be cashed, or even delivered, unless your offer to purchase is accepted. And even if an offer is accepted and the $2000 earnest money check  is cashed and deposited, most agreements of sale dictate that Buyer has 10 days to cancel the purchase and be entitled to a return of all deposit monies.

Rightly or Wrongly, Sellers can tie-up $Escrow

But even though the rules say Buyer has the right of full refund, a speedy refund of deposit money depends on the Seller agreeing to its release from escrow. Most Sellers respect the rules as they are written and don't hesitate to a sign a release of Buyers deposits. But if there is any intrigue or dispute during dealings to purchase - or even if the Seller is just daft and feels like being difficult - the Seller can stand in the way of the Buyers' rightful refund for any reason valid or not. If the seller refuses to budge, the Buyers' money will remain in an escrow account until a hearing can be held to adjudicate and affect the rightful return. So yes, the Buyer will get its deposit money back, but it might take months to process if the seller is unwilling.

This might not be devastating if the amount in question is only a $2000 earnest money deposit. But if the much more substantial Second Deposit has already been made, the stakes are much higher. Typically, a Second Deposit brings the total amount of deposit money up to about 5% of the purchase price. So on a $400,000 purchase, which included $2000 earnest money, the Second Deposit could be as much as $18,000.

Buyers make this Second, Substantial deposit once their 10-day,right-to-back-out period has expired. The

Buyers' deposits into escrow are Sellers' vital security blanket

big Second Deposit, and the earnest money deposit, are Not Refundable at this point. These deposits are the Sellers' security that the Buyer will show up for closing and complete the purchase. This deposit has to be large enough so that it would significantly hurt the Buyer - and adequately, compensate the Seller - should the buyer not follow through as per the agreement of sale.

A Buyer can enhance his appeal to a seller by offering a large Second Deposit that is equal to, or exceeds 5% of the purchase price, thus offering the seller greater security that he won't skip town or back out of the deal. If a buyer has, say, $80,000 down money (20% on a 400,000 home) readily available, he could really impress a Seller by offering to put it all up after only 10 days. He might miss out on a few dollars of interest by having the money sit in an escrow account for a month or two, but by settlement time all his down payment has already been taken care of.. And, he might very well strike a better price on the house - or beat out other competing buyers - because he has 80,000 reasons to make good on his purchase. If you were a Seller, would you want the Buyer with 80,000 reasons to perform, or the one with only 20,000 reasons (5% non-refundable deposit) to perform?

Asteroid strike could affect timely release of Deposits 

But now comes the downside to wowing a Seller with big deposits. If anything goes wrong with the deal before settlement - say,  maybe a problem with the mortgage, maybe an asteroid falls on the house (with nobody home of course), if for any reason a smooth settlement does not occur, the Buyer is dependent on the Seller to agree to release the deposit money from escrow. The seller may or may not have a good reason to sign off on a speedy return of Buyers' deposits, but a Buyer wants to have as little deposit money (as possible) at risk of being tied up.

Every buyer is going to have a bit of a risk with deposit money potentially being tied up. But you want to minimize that risk as much as possible. By the same token, you may have to pay a higher price or lose out on a deal if your deposit monies don't express substantial gravitas and intent to perform.

Who Really Pays Real Estate Commission in Philadelphia Housing Market, Seller or Buyer?

Open to Interpretation: Who Funds Commissions?

Here's a sort of  twisted truth about Philadelphia/Mainline-area homebuying...While common wisdom might indicate it is sellers who pay all Realtor commissions, the reality is ambiguous - and as open to interpretation - as the shape of the dwelling at left. (Photo copyright Liao Yusheng).

In theory, Buyers are almost never charged a dime for Realtors' commissions when using an agent to buy a home.

But in practice,  Buyers almost always are the party who brings the money to fund commissions for both the Sellers real estate agent and the Buyers agent.

Here's the deal:

In almost all transactions where there is a real-estate company sign on the lawn, the Sellers have likely "hired" a Realtor to be their agent and List the home for sale. As part of the Listing Contract with their Listing Agent, the Sellers will most likely agree to pay a commission to the Listing Company when the house sells.

The amount of the commission the Seller pays the Listing Company is completely open to negotiation. By law, there is absolutely No Fixed Rate for real estate commissions. But for a well-tested examples' sake, lets say Seller agrees to pay a 6% commission to the Listing Company/Agent for handling the sale of the house.

So now, when Seller and Listing Agent figure on price,  and the amount of money the seller must take away from the deal, this 6% commission essentially becomes a pass-along cost to the buyer. While the settlement sheet may indicate clearly that all commission comes from Sellers' proceeds,  there would be no proceeds and no commission if it weren’t for Buyers providing the money.

Since so many - if not a vast majority of home transactions in our area have had the sellers' commission cost applied to the final price for decades – a commission upcharge has become a built-in element that accordingly raises home prices across the region. If comparable sales say a home's market value is $350,000, it is likely that nearly every one of those comparable sales included a commission payment.

Before we summarily blame and execute Realtors for raising home costs, please consider that Realtors offer essential market-making services to both buyers and sellers and can be seen as the lubricant,or critical engine-oil, that allows transactions to process efficiently. I believe there is inherent value in what Realtors bring to the marketplace and the burden our efforts does indeed add to home prices.

But where I find things get interesting is anytime a Seller is not committed to a situation like the one described in the above example, where a 6% Listing commission was  negotiated to be due at settlement. If this described  Seller instead went FSBO (For Sale By Owner and 0% commission), or else partial FSBO, agreeing only to compensate a buyer’s agent 3%, then this Sellers'  total commissions due might be 0% or only 3% . On this FSBO home that hypothetically sold for its market value of $400,000, that’s $24,000 in proceeds to seller, for which  buyer can, could or should request get a chunk! Of course, from Sellers’ perspective, Seller has invested energy and risk in bypassing a full-service Listing arrangement and can lay claim to the proceeds.


Just as there are no established rules or guidelines regarding commission percentages between home-sellers and Realtors, there are no presets regarding how proceeds may be shared when savings on commission occur. Whether or not a seller should pocket all commission savings, is a worthy point of negotiation I would urge buyers to pursue (and sellers to defend against! :).

For Legal, Anti-Trust Reasons, R5Realty.com cannot stress strongly enough that there are absolutely no fixed standard rates/practices regarding fees and commissions for Real Estate brokergage services in Pennsylvania. Everything is, legally, 100% open to negotiation and figures cited above are for illustrative and example purposes only. With that said, like any business service or relationship, when you pay less there is oftentimes an appropriate discount in quality and results.

Caveat Emptor! Home Inspection Is Just One Element in the Process of Home-Buyers Due Diligence



Inspection Report provides no cost or cause details of siding defect


Whether it's new construction, a recent rehab, or the most likely Delaware Valley scenario of a 50 to 100 year-old house in average condition that's been discounted to reflect the maintenance a new owner will have to perform, most every homebuyer will want and need to have a home inspection performed prior to finalizing purchase of a home.

But despite the ample price tag of about $600 for a combined home, termite and radon inspection, most home inspections are regrettably not an end unto themselves. For a variety of reasons which fall under the catch-all phrase "Standard Practices," most home inspections will contain multiple recommendations for the buyer to contact a qualified contractor to examine any areas identified as either major concerns or even potential major concerns.

One problem with this is that a typical home inspection review period is only 10 days. In peak home-buying season, it may take nearly a week to schedule busy home inspectors, so by the time buyers get their report, the sellers are getting impatient for a final say-so and little time remains to arrange for specialist contractors to come out and provide qualified opinions related to your home inspectors Red Flag areas.

To boot, contractors have the same right and need as home inspectors to be compensated for providing their time and expertise. A recent home inspection contained vague and therefore discomforting references to termite damage and called for the expertise of a qualified structural engineer to provide any meaningful analysis. This scenario represents home inspector protocol and is pretty universal, but it is  also universally  vexing for buyers who are confronted with having to pay up to $400 to have an expert confirm or deny the unresolved suspicions which a home inspector is required to share for reasons:  ethical,  professional, and practical, so as to retain protection from future litigation.

The upshot is that your home inspection is Not Llikely to be the one-and-done, caveat emptor, buyer beware document which many buyers expect when investing about $600. Whether I am representing sellers or buyers, my main goal in every transaction is to remove mystery so value can be clearly assessed and negotiated. Unfortunately, many, if not most home inspections, wind up injecting more confusion than clarity into the decision whether to buy or not to buy - or what dollar credits are needed to compensate for flaws discovered during the inspection period.

In some best case scenarios, home inspectors will paint an overall picture of either health or general decrepitude, which will give a buyer the confidence to either make a final decision to accept or reject a house. But in the many cases where home inspections raise red flags and offer no clear determinations, home buyers must decide whether to take a leap of faith, or invest possibly hundreds of more dollars to have a qualified expert drop everything and come out stat to provide analysis. Sometimes a buyer can get expert opinions gratis, or with promises of the opinion fee counting towards any future services provided, but ultimately everything costs money, and budgeting an additional $500 toward post home inspection follow-ups is a prudent idea that more inspectors and agents should espouse.

Even if your home inspection is generally good and you know you'll still want to buy the house, in order to negotiate any credits for defects discovered post agreement of sale, a buyer is going to need written estimates from licensed contractors. Once again, home inspectors - even when they can point out an obvious defect - are loathe (or unable due to their guild's guidelines) to offer essential cost estimates. Depending on the complexity of an obvious repair, contractors may well have to be paid to come out stat and write up the bids that sellers will demand to see before considering credits. Again, time and money work against the buyer here.

The bottom line is that buyers' due diligence can be significantly more expensive and exhausting than the rote booking, attendance and review of a home inspection. To help take out some of the sting, we recommend the following steps:

1- Negotiate your best deal in the initial agreement of sale and expect the home inspection will turn up concerns, either real or ambiguous,that will consume hundreds if not thousands of dollars in repairs and/or expert opinions that may not meet with compensation from an unwilling seller.

2- Post agreement and prior to the home inspection, carefully review the sellers and disclosure and consider returning for  a pre-home inspection visit. You will very likely notice potential concerns about the house that you did not see when you were a potential buyer and not an active one. Review these concerns with your realtor and proactively identify contractors you might want to call in quickly following the primary home inspectors' visit. Also, ask your home inspector, point-blank about any concerns you have. Home Inspectors have to review alot of house in limited time and its amazing what can get overlooked in the process.

3- Stay close to your home inspector during the inspection and listen to what he or she has to say. Focus on the big picture and items that will cost into the thousands and not necessarily the hundreds to repair. Home inspectors have a lot of mandatory ground to cover and very busy schedules. There's only so much time available for information and discussion during the home inspection so use the time wisely. Judiciously, and with respect only to big-ticket items, press for information regarding costs and best worst/case scenarios that your inspector might part with verbally, but which won't make the written report for concern over potential litigation

Ultimately, your Home Inspection report is essentially an Owners Manual for understanding and maintaining the home you hope to buy. It is not - as is commonly misconstrued - a menu of repairs which you can present to a seller and it is not a thorough diagnostic document. Most of our homestock, which is in that 50-100 year old range, will continue to perform and will require each new owner to invest in some selected maintenance related to his/her link in the chain of ownership and stewardship. Eventually, when you sell the home in 15 years, you will utter the words, "It was that way when we bought it and we've never had a problem..."

From Carlinos to The Milkboy: Ardmore Housing Market is Nuanced and Eclectic, Classy and Funky

Like Milkboy Music/Coffee: Ardmore is Eclectic and Nuanced

One of the reasons I really like Ardmore is that it is supremely well located and it is emerging on many levels. Long talked about development of transit/retail center in downtown is approaching fruition and numerous business with a progressive vibe are choosing Ardmore and the word is spreading. Recent arrivals include Tired Hands Brew Pub at Ardmore/Lancaster Ave. and several places along Rittenhouse Place including Barbaco Peruvian grill. Multiple higher-end townhouse developments have sprung up and are springing up in Ardmore and nearby Haverford. Priced in the 500-600s, these new construction residences are emblematic of developers obvious confidence in the area, as well as a positive indicator regarding the direction of property values.

Granted, like most every community along the Main Line, Ardmore is eclectic and nuanced. There are high-end, upscale neighborhoods from 500k to one million, there are upper middle class neighborhoods with homes priced 300-500k, there middle/working class neighborhoods at 200-300k, and there is a lower valued section which includes some subsidized housing and 100-150k homes, many needing work and only about 1000 or so square feet in size.

In terms of Risk/Reward/Resale, the bottom line is that middle class Ardmore is a very stable and mature, area in a well-established dynamic location shoe-horned amongst two great public school districts, several fine private schools, colleges, parks, and a myriad of excellent shopping/dining/ transit options, all within 20 minutes of Center City Philadelphia. 

I believe Ardmore - primarily in the 150-350k range is a high quality of life, Low Risk home investment with average or above market resale rewards in the short term (4-7 years), as well as excellent potential for above average returns in the long term (8-12 years). Whether it's the highly desirable Lower Merion School District or the up and coming Haverford School District, Ardmore offers a relatively secure (crime is not unheard of), quality lifestyle that is in demand for families. Its proximity to culture, city and emerging nightlife will continue to see it attracting professionally-minded couples and singles.

Basically with Ardmore, you pick your price point and desired neighborhood. If you want to be a Mainline "gentrifying pioneer" and live in the relatively small under-income section of Ardmore, there are very well-priced opportunities. Due to the very low entry cost and position in Lower Merion township, the risks of not reselling at or above market returns is small. This is true thoughout the middle class options, as well.

What has yet to establish a track record are resale values of the higher-end new construction condos and townhouses. Two such developments - Ardmore Crossing (400k), which borders a lower income section of Ardmore, and Sibley Avenue's somewhat newer and upscale Cambridge Square (500-700k) by the Ardmore Farmers Market -have each seen significant reductions in value since pre-boom and boom levels. Nevertheless, I believe the continuing development of this market is evidence that demographics/plans/trends show there will be consumers to support this market. 

Whether your price point is a $150,000 row home, quaint $250,000 twin, $450,000 condo/single family home, or one of the newer $500,000 and up town-house options near Lancaster Avenue, I believe there is a tide rising in Ardmore which will lift property values at or above average for the Western suburbs of Philadelphia. 

Mainline Home-For-Sale Tales: Happy Explorations of the Higher End of Market Value and Beyond

Lovely Landscaped Ranch is Hypothetical Sellers' Fictional Home

Mr. & Mrs. Hypothetical Mainline-Area Sellers have decided to list their home for sale with Prudential & R5Realty.com agents, Ted Gross and Heather Gross. Through analysis of recent comparable sales, current inventory, and awareness of the current market climate, it is evident the likely perceived market value of their home by potential buyers, buyers' agents and appraisers/lenders is about $475,000 - give or take a couple percentage points.

To affect a sale in a reasonable amount of time, skipping the drudgery of fruitless showings, price reductions, and life lived in limbo, prevailing wisdom indicates the Sellers adopt a list price of $500,000.. Since a vast majority of quality Mainline-area homes in this price range will sell at about a 5% discount to list price, a $500,000 list sets up a logical bridge to the target market value of $475,000, while still giving Sellers the opportunity to attract a premium price over market value.

In this case; however, the Sellers are a bit unconventional. They've got the means, patience and endurance to put a high bounty on their home. While a smooth path to victory here is unlikely given the current economy and housing market, there are potential scenarios where one can see the Sellers' overpricing strategy prevail as a winning gambit.

If $500,000 is conventional widsom's starting Asking price, a number from $525,000 to $549,000 enters the range of overpricing. For sake of argument lets say, they the Sellers settle on $539,000, which addresses the $525,000 that their neighbors, Mr. & Mrs. R.E. Bubble, got for their identical home in the long-gone boom days of 2006.

In a best-case scenario, the Sellers might strike a deal  with the refined buyer,  Mr. I. Overpay, who is an out-of-towner, wrapped in cash and strapped for time. He loves the house and doesn't have the time, interest, or energy to shop for a more competitive deal, and he settles on a purchase price of $535,000, which is even more than the Bubbles got in the hey-day... The Sellers celebrate their saviness and willingness to explore the highest possible returns. They are fortunate Mr. Overpay has a large cash position, since a lender-ordered appraisal will likely be in the $500,000 range at best and this would likely throw a hefty wrench in the deal.

Always Counter: Even when Horrified.

Another potentially upbeat outcome to aadopting a high list price - and one which is more likely than the lottery-esque best case scenario above-  sees  the Sellers again going with the leave-nothing-on-the-table $539,000 ask figure. While this intimidating list price discourages some buyers from the usual 5-10% below market-value opening-offer, Mrs. Letts C. Whatapens does present a very-fair offer of $479,000. At first-glance, the Sellers are horrified and insulted, but they take their agents' advice and make a counter-offer that includes a small reduction down to $530,000... Mrs. Whatapens is disappointed but at least the Sellers' move has opened a dialogue and an opportunity to negotiate.

Over the next month, Mrs. Whatapens comes up a bit in her offer amount. Meanwhile, the home remains on the market at the high list-price and attracts (as-to-be expected) few quality showings and no other offers. Then the Sellers and their agent learn that another home in the neighborhood is soon-to-be-listed for a non-astronomical price, say $499,000. At this point, Mrs. Whatapens' very generous offer of $490,000 (significantly above the pre-determined market value of $475,000) is starting to look like a bird-in-hand versus none in the bush. The Sellers lower their demand to $500,000 and an agreement is struck at $495,000.

Bottom line, is that by planting their price tag at the high-water mark from the get-go, the Sellers left themselves plenty of room to appear generous in negotiations, and they leveraged and lured the Buyer into a gravitational pull toward the uppper-spectrum of market value. Better yet, the Sellers were not left wondering or with regrets at what might have happened if they had explored a very high list price. In this case, aiming high didn't produce the fantasy scenario of a rabid Mr. Overpay, but it still produced the very desirable outcome of a higher than expected sale price.

 Utley: Has cash but too practical to overpay 

Both of these examples fall into the category of Best Case Scenarios. The Ovepaying cash-buyer is pretty much a fantasy, and the buyer who stretches significantly upward is quite uncommon these days. Typically, in today's housing market, pricing your house significantly above market value will attract a Cold Shoulder from buyers,which translates into an extended stay on market and showing requests that are ultimately a nuisance as they have little hope of generating an offer toward a daunting list price. More unfortunately, the house can become tired and stale in the eyes of prospective buyers and agents. The new kid on the block always has more luster than the been-there, done-that listing.

Nevertheless, there is something to be said for letting Buyer Indifference, rather than self-limitation, speak to the potential folly of overpricing a home. At least, if you put the price out there and get no good reply, you aren't left with regrets. And, of course, you might hit upon a dream buyer like a Mr. Overpay or Mrs. Reach Upwards... However, the typical scenario is that overpriced homes often linger and languish on market, ultimately attracting a lower price and higher degree of frustration than they would have if originally priced sharply.

Ten Reasons the Reluctant Seller Might Reconsider Having a Public Open House After all...

Open Houses: Helpful Tool but Not all Sellers' "Cup of Tea."

For obvious reasons, inviting strangers into your home for an Open House can be a patently unappealing prospect. It's true that few homes are sold on the day of the open house, but home-selling is about creating possibilities and opportunities for the right person, at the right time, to offer the right price and buy your home.

Having an Open House gives many relevant folks (who might not otherwise schedule a showing) a chance to see and promote your house to others. Appealing to these folks (who may tell 2 friends and so on...) make up the best reasons to possibly reconsider an open.
Here's More:

*Beyond getting the word out, We believe the best reason for Sellers to hold Open Houses, is that it's a Showing Time you know about in advance. It doesn't interrupt dinner or cause you to rush home from work mid-day to make the beds and do the dishes! You also  have time to get ready for it and you have time to plan something else to do outside the home.

*Yes, nosy neighbors will come. Other than other real estate agents, they are probably the best word-of-mouth advertisers you can get. They've already bought the neighborhood and make excellent ambassadors to potential buyers.

In addition to Neighbors, others types who are unlikely to book a showing, but whose interest in your home could help affect a sale include:

*Buyers who look forward to regularly sampling each Sunday's Open House smorgasbord, be it motivated by systematic effort or because no appointment is needed.

*Very busy folks who loathe committing to appointments but who will check the web/Patch for Open Houses if they discover an hour or two is available.

*Folks who are uncertain from the exterior (or web images) if the house is for them. Fence-sitters may not want to invest in an appointment but Do pop into opens and DO get pleasantly surprised.

*Commuters to nearby places of work who will see the Open House sign every day prior to Sunday and to whom your house is geographically desirable.

*Out-of-town buyers with limited time and availability, which often meshes well with Sunday afternoons.

*Folks who don't want to feel they are imposing by requesting a private showing, but who are nevertheless bonafide buyers. There's a surprisingly high volume of individuals like this.

*Realtors who each Week feed their Buyer Clients desirable open houses listings and who encourage attendance.

*Realtors who interface regularly with some or dozens of buyers. Even if no current client has expressed interest in a home, good Realtors use Open House opportunities to see as many relevant homes as possible so they can be market-knowledgeable and make suggestions. If the notion of a weekend, open house for the public is untenable, we recommend considering a Broker's Only Open House, which your agent can hold on a weekday afternoon.

Contrary to popular opinion, you can attend your own Open House with no ill-affects. Obviously you don't want to hover and smother folks, but Open-housers usually don't know who is an Agent or who is just another looker. If you can stand it, going undercover at your own open house and hearing the feedback can be an invaluable experience, while providing you with the opportunity to watch over things and obtain the level of comfort necessary to proceed.

- Ted Gross, Prudential Fox & Roach and R5Realty.com News & Notes.
R5Realty News/Notes is written and produced Locally, specifically for Mainline/Philadelphia-area home-buyers and sellers.

Penn Wynne Family Home is Redeemed, Revitalized, Resold at Market Value

1026 Carroll. From Rehab to Resell in 7 months.

Rehabbers bought this for under $215,000...

This nearly 2,000 sq. foot, remodeled single in Penn Wynne section of Lower Merion went under contract the day it hit the market. Price paid this September was just above $350,000. Seven months earlier, the home was deeply in need of updating and was sold by its decades-long owners for a bit less than $215,000.

The longtime owners had tried for a higher number, originally listing for $375,000 in spring of 2010. But potential buyers were taken aback by its mid-20th century stylings and finishes, as well as a moisture issue in the basement. Over the course of a year-and-half,  the longtime owners whittled down their asking price from 375,000 down to a below market, rehabber-ready $225,000.



...Sold this & other improvements for $350,000.

In early 2012, a new owner came in and installed/refinished hardwoods throughout the house, and updated: Lighting, Kitchen, Windows, Electric Service, French Drain. The house (still no central air) was competitively listed at $345,000 - which is directly in line with what buyers are currently paying for 3-bedroom/2-bath singles that are move-in ready in this part of Lower Merion/Penn Wynne. With the home in marketable condition and smartly priced at market value, a speedy sale ensued for a few thousand over list price.

Of Honest Intentions and Inebriated Beavers in Wynnewood: Lower Merion Fence Regulations

Disputed Wynnewood fence: trimmed and untrimmed portions.

Make sure to review Lower Merion fence-building regulations before allowing your contractor to get started. These Wynnewood homeowners with street frontage near the well-traveled crossroads of Bowman Ave. & Wynnewood Rd. said they grew weary of passerby-litterbugs tossing trash into the backyard where their children play.

This spring, they decided to erect a solid, picket-fence similar in size and construction to the one which protects their neighbors' adjacent property. Despite their reasonable goals: Preventing folks from using their yard as a trashcan, And doing so with a fence in visual harmony with that of the neighbors, Lower Merion township rebuked the finished product.

While the fence was handsome and nearly identical to the neighbors' 6-foot fence, it was built 2-feet taller than current township regulations permit. Township codes do clearly indicate that all newly-constructed, solid fences (on property with frontage on township roads) may not exceed 4-feet in height. The homeowners appealed the township's rejection of their fence on grounds it did not exceed the size of any neighboring ones. They also stressed the importance of its stature in terms of quality of life and deterring drive-by littering.

Much of fence was roughly hemmed to comply with Twp Regs.

Township authorities denied an exemption to the height ordinance and the homeowners complied with the order of removal - sort of. Only the code-offending portions of the fence (the parts exceeding four feet) were removed. In some places it appears inebriated beavers were in charge of the project. What's left is unsightly and not representative of the honorable intentions of all parties.

The tax-paying new homeowners wished to protect their kids and investment with a nice fence, that wasn't out of character with those nearby. Meanwhile, the Township seeks to appease both traffic-safety sight lines and the aesthetic of Lower Merion as a community and not a collection of fortresses.

Bottom line is that fence-building rules in Lower Merion are not terribly restrictive; however, the rules do have some strict parameters. For everyone's best interest, review the regs online before building a fence, or better yet, before buying that new home. And just because a home has an existing solid fence higher than code, it is very likely grand-fathered, and will not be legally replaceable unless it conforms to current rules.

Big 3 Condos in Lower Merion Dominate Market Share

Twenty-four condominium Buildings in Lower Merion saw transactions in the first 7-plus months of 2012, yet half the sales were in one of the Big 3: Presidential (Bala Cynwyd), Greenhill (Wynnewood), or Oak Hill (Penn Valley). Presidential and Green Hill both include utilities their monthly fees, while Oak Hill does not. Deals and luxury are available in all these buildings and each speaks to a different clientele.

The Presidential is just off the junction of City Ave (Rt.1) and I-76 (Schuykill Expwy). Convenient to points East, West and North, this high-rise is long on convenience and functionality. The Greenhill is Southward down City Ave, situated next to Lankenau Hospital and the closest of these abodes to Delaware County and points South. Oak Hill is the most bucolic and diverse of the Big 3, offering low-rise, hi-rise and townhouse options in a more-wooded setting, convenient to I-76 and points Westward such as King of Prussia and Conshohocken

2012 Prices Paid to Date in Lower Merion's Three Most-Active Condominium Communities

Building Address	Develoment	Beds	Baths	Sq Ft.	Fee/Mo.	Sold For
1001 City Ave EE420	Green Hill	1	1	910	$570	$60,000
1001 City Ave ED730	Green Hill	1	1	1,014	$570	$64,000
1001 City Ave WB310	Green Hill	1	1	910	$570	$65,000
1001 City Ave EC1111	Green Hill	1	1	910	$570	$67,500
1001 City Ave EE527	Green Hill	1	1	910	$564	$68,000
1001 City Ave EC911	Green Hill	1	1	910	$556	$73,500
1001 City Ave WB416	Green Hill	2	2	1,222	$880	$89,500
1001 City Ave WB417	Green Hill	2	2	1,222	$748	$94,000
1001 City Ave EC1007	Green Hill	2	2	1,222	$717	$95,000
1001 City Ave WA204	Green Hill	2	2	1,222	$767	$105,000
1001 City Ave WA506	Green Hill	2	2	1,222	$767	$105,000
1001 City Ave WA402	Green Hill	2	2	1,222	$880	$107,000
1001 City Ave EE325	Green Hill	2	2	1,222	$880	$111,000
1001 City Ave WB611	Green Hill	2	2	1,222	$860	$115,000
1001 City Ave ED715	Green Hill	2	2	1,222	$880	$132,000
1001 City Ave ED715	Green Hill	2	2	1,222	$880	$135,000
1650 Oakwood Dr E111	Oak Hill	1	1	858	$295	$108,000
1640 Oakwood Dr W311	Oak Hill	1	1	858	$295	$129,000
1650 Oakwood Dr E104	Oak Hill	1	1	858	$295	$130,000
1600 Hagys Ford Rd 1N	Oak Hill	3	3	1,385	$873	$150,000
1650 Oakwood Dr E221	Oak Hill	2	2	1,120	$395	$160,000
1600 Hagys Ford Rd 6F	Oak Hill	2	2	1,495	$821	$180,000
1750 Oakwood Ter 15A	Oak Hill	2	2	1,247	$442	$200,000
1640 Oakwood Dr W-306	Oak Hill	2	2	1,144	$406	$205,000
1650 Oakwood Dr E-205	Oak Hill	2	2	1,144	$400	$222,500
1750 Oakwood Ter 15H	Oak Hill	2	2	1,299	$455	$237,000
1600 Hagys Ford Rd 4Y/4Z	Oak Hill	3	2.1	2,000	$1,016	$255,000
191 Presidential Blvd R403	Presidential	1	1	971	$869	$85,000
191 Presidential Blvd R419	Presidential	1	1	1,371	$874	$92,500
191 Presidential Blvd R300	Presidential	2	2	1,391	$969	$100,000
191 Presidential Blvd R402	Presidential	2	2	1,480	$979	$100,000
191 Presidential Blvd R315	Presidential	1	1	915	$717	$110,000
191 Presidential Blvd R705	Presidential	2	2	1,764	$1,602	$119,000
191 Presidential Blvd R717	Presidential	2	2	1,764	$1,281	$150,000
191 Presidential Blvd R408/	Presidential	2	2	1,912	$1,509	$156,000
191 Presidential Blvd R1028	Presidential	2	2	1,877	$1,242	$275,000
191 Presidential Blvd R504	Presidential	2	2	2,169	$1,953	$399,000
191 Presidential Blvd R914	Presidential	4	3	2,919	$2,539	$400,000

Ardmore Thrives Amidst Lower Condo Prices Near Suburban Square

Sibley Ave. Prices down; Outlook Up

Back in Early fall 2007, it took only about 100 days for most every unit at the newly constructed Cambridge Square Condos (at Ardmore Farmers' Market) to sell out. Prices paid for the initial offering ranged from $570k to nearly $950k. The housing market seemed unstoppable and the future blindingly bright. Developers planned a Phase II second building in between the first structure and the parking lot behind Trader Joe's.

Fast forward 5 years ... And while the future is still bright for this vibrant and extraordinarily well-located building, Phase II  has yet to happen and the first units to be resold are fetching significantly less than the original owners paid. Two of the three resales to date came in Spring 2012 at discounts of about 42% and 32% off initial sales price. Unit 202 offers a grand 2152 sq. ft of living space and its own private patio. First Buyers paid $945,000 in late 2007. Second buyers - late June 2012 - only $550,000. In May of this year, the more understated 1500sq ft. unit #205 resold for $410,000, nearly 32% off the initial buyers cost $599,900.

Ardmore Continues to Grow in Good Ways

The only other unit to be resold came in at 25% discount (925k in 2007 versus 700k in June 2011). Throughout the Mainline, discounts of 15-25% off condo prices from last decade's highs are not uncommon. Some older buildings with banal locations may never fully recover, but we're bullish that Cambridge Square's youth and dynamic location in ever-evolving downtown Ardmore will thrive in the long run.