Narberth Realtor Serving Up: Pork, Beer and Tasty House-Buying Nuggets this Saturday, November 19th



Steve's Informational Pig Roast is an Event we Like!

My colleague at Prudential's Haverford Station office is hosting a delightful-looking event for prospective home buyers Saturday Nov 19, from 5-7pm in Merion Station.

I don't usually promote other agents' events, but R5Realty is all about informational empowerment and the synergy of potent forces including:  Roasted Pig, Beer, Info about:

*Understanding the Current Real Estate Market
*Advantages of Buying Over Renting

*Exploring Financing Options





Aging Wright Masterpiece and October's Home Prices in Lower Merion and Narberth (Under One Million).

Wright's SunTop Homes. Four separate dwellings on common axis  

Four private residences share a common lot and axis in this Frank Lloyd Wright designed residential structure at Sutton Rd and Spring Ave. in Ardmore.
Built in 1939 and dubbed the Suntop Homes, the dwelling labeled 156 Sutton Ave.  (left in photo), sold this October for $387,000.  With 2 beds, 2 baths and about 1650 sf of craftily carved living space, the home's angular interiors prompted one client to remark:  "It's like living on a boat" 
.
Lower Merion & Narberth: October's Home Sales Under One Million Dollars

Street Address	Beds	Bath	Last Price	Sold For	Lower Merion
209 Harrogate Rd (twin)	2	1	$219,000	$200,000	Wynnewood
212 Simpson Rd	3	2	$275,000	$260,000	Ardmore
211 Delmont Ave  (twin)	3	2	$275,000	$265,000	Ardmore
226 Crosshill Rd	3	1	$299,900	$287,500	Wynnewood
1046 Montgomery Ave	3	1	$309,000	$310,000	Narberth
467 Conshohocken State	6	3	$325,000	$320,000	Bala Cynwyd
9 Heckamore Rd  (twin)	5	2.1	$339,000	$325,000	Bala Cynwyd
103 Crosshill Rd	3	2.1	$374,500	$340,000	Wynnewood
38 Franklin Ave	4	2.1	$359,900	$342,000	Bryn Mawr
200 Fairview Rd	3	1.1	$399,000	$345,000	Narberth
1508 Hampstead Rd	3	1.1	$369,900	$345,000	Wynnewood
1060 Lemar Cir	3	2	$399,000	$365,000	Merion Station
517 Scott Rd	4	2.1	$415,000	$370,000	Gladwyne
310 Maplewood Rd	4	4	$420,000	$370,000	Merion Station
110 Grasmere Rd	3	2.1	$400,000	$385,000	Bala Cynwyd
156 Sutton Rd (twin)	2	2	$399,000	$387,000	Ardmore
234 Rock Glen Rd	4	3.1	$419,900	$395,000	Wynnewood
228 Sabine Ave	4	1.1	$418,000	$405,000	Narberth
306 Bryn Mawr Ave	5	2.1	$449,900	$440,000	Bala Cynwyd
616 Spruce Ln	3	2	$510,000	$465,000	Villanova
507 Haverford Ave	5	2	$489,000	$469,000	Narberth
21 W Lodges Ln	5	2	$474,900	$470,000	Bala Cynwyd
1236 Knox Rd	3	2.1	$495,000	$480,000	Wynnewood
112 Crosshill Rd	4	3.1	$519,500	$485,000	Wynnewood
1501 Willowbrook Ln	4	2.1	$549,900	$510,000	Villanova
415 Andrew Rd	4	2.2	$549,000	$549,000	Merion Station
1720 Riverview Rd	4	3.1	$599,000	$584,000	Gladwyne
406 Charles Ln	3	2.1	$600,000	$590,000	Wynnewood
23 Wiltshire Rd	4	3.1	$675,000	$610,000	Wynnewood
1313 Centennial Rd	4	3.1	$699,000	$675,000	Penn Valley
1111 Conshohocken State	4	3.1	$889,000	$805,000	Gladwyne
930 Mount Pleasant	3	3.1	$899,000	$810,000	Bryn Mawr
304 Brentford Rd	7	5.1	$1.15mill	$875,000	Haverford
800 Lafayette Rd	3	4.2	$995,000	$950,000	Bryn Mawr
425 Owen Rd	7	3.1	$1.059mill	$971,113	Wynnewood

Lower Merion First-Time Home Buyers: Affordable Main Line Family Homes

Spring Ave Ardmore for approx $1350 monthly

There is a Main Line for the rest of Us.
We're talking modest but comfortable 2-3 Bedroom single-family homes in Lower Merion in the $250,000 price range. For buyers with  good credit, steady employment history, and as little as about  $10,000 down, homes such as these can be purchased with an all-inclusive monthly payment of about $1850 via an FHA loan. This all-inclusive monthly payment is Only about $1350-$1450 for buyers who have approximately $50,000 available for a 20% down payment and conventional loan with the best rate.

The point here is not to tease or tempt anyone to stretch or challenge what is affordable and sensible. But it has come to our attention that many folks prematurely assume that fine Main Line homes and Lower Merion Schools are only for "Richie and Roberta Rich."

Lets look at the following examples of some quality single family Lower Merion homes currently on the market...

328 E. Spring in Ardmore (top right) is a delightful two-bed, 1000sf Cape Cod, with a large gorgeous backyard, off-street parking, and opportunity for expansion. Offered by Ogontz Global Realty at $249,500, this home could be purchased at list price with about $20,000 to cover down payment and closing costs. A sharp buyer's agent - like R5Realty.com's Ted and Heather - could very likely negotiate with the Seller to pay closing costs and reduce your funds needed to purchase down to only about $8500, with a total monthly payment of about $1850.



Duffy's Penn Wynne Carroll Listing: $9000 Down?

 Buyers with ability to afford about $50,000 at closing could reduce that monthly payment to only about $1350... These numbers also apply to Duffy Real Estate's $250,000 listing of 1026 Carroll Avenue in Penn Wynne. The Carroll house needs some work but with 3 beds, 2+ baths and nearly 2,000 sq ft., this is a well-priced Lower Merion home for an expanding family.

My favorite currely listed home in the Lower Merion&Main Line's under $300,000 club is Assist2sell's listing at 1243 Bryn Tyddyn in Gladwyne. This fascinating 1700sf bungalow is now offered at $275,000. Conventional buyers with an approx $55,000 down payment can own this retreat with all-inclusive monthly payments of about $1450. If you go the FHA-loan route, which requires less down but more per month, the numbers are $10,000 down and $2000 per month. To get this deal, your Buyer's Agent would need to negotiate for the seller to contribute about $15,000 toward closing costs, which is not an improbable proposition.

Assist2 Sell's  Gladwyne Cottage at $275,000

Again, the motive here is not to lure and to tempt folks to look beyond their means, or even to tout these specific listings. But if you have good credit and employment history, as well as about $8,000-10,0000 in down payment money, you too can join Mr. & Mrs. Richie Rich on the Main Line for less than $1500 monthly payment all-inclusive. For more current options in this price range, or to further discuss values, options or Buyers' assistance for these listings and others we welcome your call or email.

Low Balls are Long Shots in Western Philly Burb

Clients house-hunting in the Bryn Mawr to Wayne area recently asked if I knew of any properties listed at $500,000-$600,000 that could be bought for $385,000. In 2006 this would have been an absurd question..
But given the 2011 buyer's market and the National Headlines, it's completely fair. Frankly, not to ask would be akin to ignoring the Purple Elephant tap-dancing in the middle of the room.

So: Can you buy a single family home priced at 500k at more than 20% off list price on the upper Main Line? My gut reaction was No, but it'd be a damn shame to miss out on a great deal because my gut was incorrect.So I ran the numbers - for Radnor Township at least - and it turns out the gut was indeed correct this time.

Sellers of 500k-priced single homes in Radnor Twp. are definitely Not accepting low-ball offers which are greater than 20% off list price. In fact, in the past 18 months,  nearly 60 Radnor Township singles have sold between 300-400k, and only 1 sold at a 20% discount.  And  that sale was a cash deal for an investment, fixer-upper property that was eventually flipped and sold for more than $550,000.
On average, nearly all the sales in this price range and class in Radnor Twp. were discounted only about 6-8%, which is in line with common historical averages for typical List Price to Sold Price ratio.

Bottom line, is that  to pry a $500,000 single from a Radnor Twp seller of late, you would need to spend between $450-$475,000. We're very willing to write up a low-ball offer and couch it in terms that won't alienate a seller, but the odds of it coming to quick fruition are about one-in-a-hundred based on the figures indicated below.

What's a bargain hunter to do? Focus on a particular market, and begin watching homes that are significantly above (+20%) what you are willing or able to pay. Develop a relationship with a Realtor who monitors your target market daily, so he/she can alert you to price reduction as soon as they appear. By watching and waiting as Sellers come-down gradually in list price, you can be poised to strike once the price is within about 10% of your Final Buy Number.

Deep discounts happen, but they evolve over  time and are not coming in one big low-ball bite.

Discount Off List Price: Radnor Twp Singles Homes Sold for 300-400k Past 18 Month

Single Home	Town	Bed	Bath	Last Price	Sold For	diff	%off
580 Sinkler Dr	Wayne	4	2	$415,000	$335,000	80k	20.0
9 Radnor Way	Wayne	4	2.1	$400,000	$345,000	55k	13.7
644 S Devon Ave	Wayne	4	2.1	$359,900	$320,000	40k	11.1
534 Sproul Rd	Villanova	4	2.1	$420,000	$385,000	35k	8.3
939 Glenbrook Ave	Bryn Mawr	4	1.1	$339,000	$307,650	32k	9.4
307 W Eagle Rd	Wayne	3	1.1	$360,000	$330,000	30k	8.3
117 Fairfax Rd	Rosemont	3	1.1	$389,000	$360,000	29k	7.4
343 Sugartown Rd	Wayne	6	2	$375,000	$347,000	28k	7.4
413 S Devon Ave	Wayne	4	2.1	$409,000	$382,500	26k	6.3
4 Harrow Cir	Wayne	4	2.1	$425,000	$400,000	25k	5.8
108 Barcladen Rd	Rosemont	4	2	$375,000	$350,000	25k	6.6
101 Quaker Ln	Villanova	4	3	$399,000	$365,000	35k	8.7
123 Lowrys Ln	Rosemont	5	1	$399,999	$375,000	25k	6.2
1553 County Line Rd	Bryn Mawr	3	2	$359,900	$335,000	24k	9.4
412 Grange Rd	Wayne	3	1.1	$399,000	$377,000	23k	5.7
344 Rockland Rd	Wayne	3	2.1	$387,900	$375,000	13k	3.3
338 Overhill Rd	Wayne	4	1.1	$410,000	$390,000	20k	4.8
589 S Devon Ave	Wayne	5	2	$399,000	$380,000	19k	4.7
446 Upper Gulph Rd	Radnor	4	2	$399,000	$380,000	19k	4.8
162 Morningside Cir	Wayne	4	1.1	$384,000	$365,000	20k	5.2
347 Oak Ter	Wayne	3	2.1	$420,000	$400,000	20k	4.7
100 Morningside Cir	Wayne	4	1.1	$319,000	$300,000	19k	5.9
445 Iven Ave	Wayne	4	2.1	$399,000	$380,000	19k	4.7
119 Fairfax Rd	Bryn Mawr	3	1.1	$410,000	$392,500	18k	4.3
3 Rockland Cir	Wayne	3	1.1	$399,000	$382,500	17k	4.3
110 Petrie Ave	Bryn Mawr	5	1	$375,000	$360,000	15k	4.0
125 Fairfax Rd	Wayne	3	2	$415,000	$400,000	15k	3.6
614 Kirsch Ave	Wayne	4	1.1	$373,000	$358,000	15k	4.0
129 Fairfax Rd	Bryn Mawr	3	2	$364,900	$350,000	15k	4.1
149 Eaton Dr	Wayne	4	2.1	$349,900	$334,900	15k	4.2
121 Debaran Ln	Bryn Mawr	3	2.1	$410,000	$395,000	15k	3.6
170 Wentworth Ln	Rosemont	2	2.1	$349,900	$335,000	15k	4.3
241 Barcladen Cir	Bryn Mawr	3	1.1	$330,000	$318,000	12k	4.0
1565 County Line Rd	Bryn Mawr	3	2	$324,900	$315,000	10k	3.1
112 Locust Grove Rd	Bryn Mawr	4	2	$379,900	$370,000	10k	2.6
13 Devonwood Rd	Wayne	3	2	$399,999	$387,500	11k	2.7
2 Black Friar Rd	Bryn Mawr	3	2.1	$359,000	$350,000	9k	2.5
131 Conestoga Rd	Wayne	4	1.1	$379,000	$370,000	9k	2.4
2 Beatrice Dr	Radnor	3	1.1	$399,999	$394,000	6k	1.5
7 Devonwood Rd	Wayne	4	2	$373,000	$370,000	3k	0.8
127 Barcladen Rd	Bryn Mawr	3	1	$347,500	$344,000	3k	0.9
37 Devonwood Rd	Wayne	4	2	$349,000	$349,000	0	0.0
236 Barcladen Cir	Rosemont	3	1	$380,000	$390,000	0	0.0
172 Brooklea Rd	Radnor	3	1.1	$319,900	$320,000	0	0.0
78 Oakford Rd	Wayne	5	2.1	$349,000	$349,000	0	0.0
334 West Ave	Wayne	3	2	$372,000	$372,000	0	0.0
304 Rockingham Rd	Rosemont	3	2	$360,000	$360,000	0	0.0
201 N Wayne Ave	Wayne	3	2	$375,000	$375,000	0	0.0
520 Crestview Rd	Wayne	4	2	$360,000	$360,000	0	0.0
133 Fairfax Rd	Radnor	3	1.2	$374,500	$378,000	0	0.0
101 Drakes Drum Dr	Bryn Mawr	3	2.1	$399,000	$399,000	0	0.0
17 Longwood Dr	Wayne	4	2	$370,000	$370,000	0	0.0
428 Saint Davids Ave	Wayne	3	2	$320,000	$325,000	0	0.0
603 Kirsch Ave	Wayne	4	2	$339,900	$339,900	0	0.0
207 Highland Ave	Wayne	3	1	$385,000	$385,000	0	0.0
11 Rockland Cir	Wayne	3	1.1	$360,000	$365,000	0	0.0
365 Sugartown Rd	Wayne	3	2.1	$325,000	$326,000	0	0.0