Beyond the Big 3: 2012 Lower Merion Condo Sales

Penthouse Unit at Mansard House: 200k

While Oak Hill, Presidential and Green Hill combine for about half of all condos sold in Lower Merion, a plethora of options exist from Bala Cynwyd to Bryn Mawr. This bi-level Penthouse unit at Montgomery Ave's Mansard House offered a spectacular view of the Merion Cricket Club's opulent fields of green. This unit needed an overhaul and a major kitchen revamp but sold for a very modest $200,000 given the dynamic location. Fees below are monthly.

Building	Street Address	Sold	Beds	Baths	HOA
1219 Wynnewood	1219 W Wynnewood 508	$136,000	1	2	$400
1219 Wynnewood	1219 W Wynnewood 511	$182,000	2	2	$423
1219 Wynnewood	1219 W Wynnewood 103	$195,000	2	2	$423
Ardmore Crossing	209 Cobblestone Dr	$345,000	3	2.1	$265
Ardmore Crossing	232 W Spring Ave	$370,000	3	2.1	$265
Benson House	930 Montgomery Ave 603	$231,250	3	2	$571
Cambridge Sq	120 Sibley Ave 205	$410,000	3	2	$609
Cambridge Sq	120 Sibley Ave 202	$550,000	2	2.1	$607
Churchill Court	237 W Montgomery 3J	$300,000	3	2.1	$462
Corinthian	190 Presidential Blvd 304	$525,000	2	2.1	$850
Corinthian	190 Presidential Blvd 419	$660,000	3	3.1	$1,185
Corinthian	190 Presidential Blvd 418	$725,000	3	3.1	$1,184
Corinthian	190 Presidential Blvd PH1	$830,000	3	3.1	$1,105
Graystone	428 W Montgomery 8C	$190,000	2	1.1	$412
Greenhouse	19 Rock Hill Rd 3E	$119,000	2	2	$450
Greenleaf	61 Llanfair Rd A4	$113,000	2	1	$350
Greenleaf	102 Llanfair Rd 2-1	$210,000	2	2	$250
Greenleaf	102 Llanfair Rd 1-1	$216,500	2	2	$250
Hampshire	104 Woodside Rd C301	$235,000	2	2	$382
Hampshire	104 Woodside Rd A101	$265,000	3	2.1	$484
Haverford Towers	260 W Montgomery 204	$167,000	3	2	$444
Haverford Towers	260 Montgomery Ave 404	$290,000	3	2	$488
Hunter House	449 W Montgomery 303	$97,500	1	1	$480
Hunter House	449 W Montgomery 203	$102,500	1	1	$491
Hunter House	449 W Montgomery 301	$180,000	2	1.1	$650
Ivyside	919 W Montgomery Ave G3	$151,000	2	2	$220
Ivyside	919 W Montgomery Ave 2-3	$164,650	2	2	$230
Latchs Lane	40 Old Lancaster Rd 204	$145,000	2	2	$495
Mansard House	264 W Montgomery 401	$200,000	1	2	$634
Mansard House	264 W Montgomery 404	$351,500	2	2	$611
Mayflower Square	922 W Montgomery Ave K1	$124,000	2	1.1	$323
Montgomery Ct	119 E Montgomery Ave 7	$496,000	4	3.1	$303
Narberth	312 Windsor Ave A	$255,000	2	2	$200
Pennswood	601 W Montgomery 102	$250,000	2	2	$491
Sutton Terrace	50 Belmont Ave 301	$89,900	1	1	$571
Sutton Terrace	50 Belmont Ave 711	$160,000	2	2	$794
Sutton Terrace	50 Belmont Ave 1002	$296,000	2	2	$794
Sutton Terrace	50 Belmont Ave 505	$305,000	2	2	$794
Thacher Ct	251 W Montgomery  9	$590,000	4	3.1	$350
The Fairmont	41 Conshohocken St 104	$141,000	2	2	$886
The Fairmont	41 Conshohocken St 301	$185,000	2	2	$805
The Fairmont	41 Conshohocken St 306	$220,000	2	2	$805
The Fairmont	41 Conshohocken St 711	$273,500	2	2	$1,055
The Fairmont	41 Conshohocken St 714	$275,000	2	2	$763
Wynnewood Plaza	346 E Lancaster Ave 514	$117,500	1	1	$305
Yorklynne Manor	415 City Ave J1	$120,000	2	2	$555
Yorklynne Manor	415 City Ave B3	$155,000	2	2	$542



Ardmore Restaurants: Barbacoa is Latest of Expanding Options

Ardmore's Barbacoa: Highest Quality Comfort Food in Town.

Barbacoa is the latest of ever-evolving Ardmore's  affordable refreshment outposts to emerge in the summer of 2012. Located at 64 Rittenhouse Place, the Menu features a variety of lean and delicious slow roasted meats, including chicken, ribs, pulled pork and brisket, served as either platter or sandwich. I feasted on the half-pound brisket platter slathered in tangy barbecue sauce with ample side dishes including homestyle coleslaw and thick wedge fries with exceptionally deep potato flavor.

Sentiment Posed By Barbaco's Decor

The Boy also got the brisket, but his was piled high on a fresh Sarcone's roll with a side of tres sincere macaroni and cheese. Heather went for the grilled chicken sandwich and melt-in-your-mouth cornbread pudding. The three of us heartily strapped on the feedback and chowed-down mightily for about 40 bucks. Despite packing in the grub, we waddled out feeling full and enthralled without that bloated sensation one gets from less-than-the best, sodium laden meats and sides.

The atmosphere at Barbaco is quasi-hacienda and pleasantly laid-back, but the dining area is limited so be prepared to wait or indulge in the many Take-Out specials designed to feed a whole family or just yourself. R5 recommends popping into the Rittenhouse Deli next door and picking up a takeout six-pack from their large and well-priced selection. BYOB is welcome at Barbacoa and the staff was happy to keep our standby brews on ice until summoned.

Barbacoa is typical of the enterprising, positive spirit of the Ardmore commercial district these days, making it an increasingly exciting place to live, invest, or visit. There's a reason Ardmore keeps coming up in this blog. No other area on the Main Line is its equal as  a magnet for innovation, experimentation, diversity and fun.

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.