Archive for the ‘Foreclosure’ Category

Keno Lane West Grove PA Foreclosure

October 25, 2009

Welcome to 6 Keno Lane – Danielle Mateu’s newest upcoming foreclosure in West Grove PA.

Recently, there have been fewer foreclosures in Delaware County PA as the activity appears to have become more concentrated in Philadelphia and down in Delaware.  To continue our foreclosure series, this is one of the latest of Danille Mateu’s foreclosures that is coming up in Chester County PA.

6 Keno Ln  West Grove PALocated in Penn Township, Keno Lane is a small cul-de-sac off Corby Rd just west of its intersection with Jennersville Rd.  This location affords the owner easy access to much of the region.  Just north on Route 796 (Jennersville Rd), Route 1 provides quick access toward Oxford to the west and West Grove/Kennett and Delaware County to the east.  Just to the west, Corby Rd intersects with Route 896 which leads to Lancaster to the northwest and Newark/ Wilmington DE to the southeast.

This is a nice example of newer Chester County ranch home construction from about 29 years ago.  Keno Lane itself is a 3 bedroom 1.5 bath one story ranch with a full unfinished basement.  The property is located right at the corner of Corby and Keno and the house is situated on the top of a rise over the intersection.  The video will provide a better look at the home itself:

The pricing for this house has not yet been set but overall in zip code 19390, there are currently 116 properties on the market with an average list price of $359,000 and 24 are under contract with an average list price of $258,000.  As has been seen throughout the area, both the activity and pricing have pulled back recently in this zip.  Activity reached a peak in 2006 with 185 closed transaction while the pricing reached a peak in 2007 with an average sales price of $312,00.  Both sales and prices have been drifting down for the last couple years resulting in 87 sales so far year to date in 2009 with an average sales price of $263,000.

keno HillThis appears to be a great opportunity to obtain a home in the area for a good price without being a major fixer.  As with all foreclosures any buyer should be prepared to put in money and time into the property before being able to move in.  A potential buyer will only be able to perform limited inspections and must be prepared to buy in as-is condition with solid financing.

As always, if you have any questions or would like to see the property as soon as it is available, please do not hesitate to contact me anytime.

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Drexel Rd Overbrook Foreclosure Philadelphia PA

July 17, 2009

Drexel Rd Foreclosure Overbrk Philadelphia PAWelcome to Drexel Rd located in the Overbrook Section of Philadelphia PA.  This is another of Danielle Mateu’s upcoming foreclosure listings.

The home is a nice relatively newer construction property located in Philadelphia. I wanted to include this home since it is also a great example of a rare six level split. The home is situated in a convenient location just two blocks south of Lancaster Avenue, and City Line Avenue is just a few blocks west. This provides easy access to the Main Line, downtown Philadelphia, and most of Delaware County both by street and rail connections.

The home itself is a 3 plus bedroom 3 bath split level home. As you will see in the video, you have plenty of space to possibly add additional bedrooms or reconfigure space to various uses. As with any foreclosure, there will be no disclosures, and any buyer should be prepared to do their own inspections to ascertain the present condition of the home. In any older property, there could be potential problems with deferred maintenance, environmental issues, and general wear and tear that a future owner must be prepared to address upon settlement, and several areas are apparent even on a quick inspection. The attached video will provide a feel for the flow of the property:

The real estate market in the immediate Overbrook area has generally followed the same sales pattern that we have been seeing in Delaware County. Activity in the immediate area peaked in 2005 with 14 single family residence sales (averaging $465,000), while the average sales price peaked in 2006 at $535,000 with 6 sales. Since then there were 8 sales in 2007 with an average price of $459,000 and 7 sales in 2008 at an average of $452,000.

Today, there are an additional 4 homes currently on the market with an average list price of $519,000, and no sales are pending. In 2009 year-to-date, there have only been 4 sales in the immediate area with an average price of $271,000. Two of these were also foreclosure properties with one selling for $219,000 and the second going for only $73,000. Drexel could be another lower cost property.

With its preferred location, generous space, and expected competitive price, this could be a great opportunity to move into the area. This is also another good example of the wide variety of foreclosure properties found in the area. As always, if you have any questions or need any additional information, please do not hesitate to contact me anytime.

(All statistics are per the TrendMLS System and believed accurate but not guaranteed)

Thinking of a Move? – Check the Foreclosures and Sheriff Sales

June 18, 2009

You may want to take a glance at the local Sheriff Sales and bank activity before you begin your move.

Fence Line Delaware County PAIn this market, every buyer and seller is being impacted by foreclosures in the area.  Although Pennsylvania and Delaware in general and the Philadelphia area in particular have not seen the overwhelming volume of foreclosures seen in states like California or Florida, we continue to see a steady stream of foreclosure properties on the market.

As a potential seller this has various impacts.  If you are facing foreclosure, the sooner you speak to your bank, the more options you may have.  You may be able to work out alternative loan possibilities or you may be able to sell your property as a short sale to avoid the financial hit and repercussions of a foreclosure.  If you are a traditional seller, you must be aware of the foreclosure and bank-owned property pricing and activity in your area so that you do not inadvertently price yourself out of the market before you even get started – potentially costing you additional time and money in the long run.

As a potential buyer, there are multiple ways to approach this market.  Some people are focusing on pre-foreclosure properties as they feel they can obtain the best value through a short sale.  Others do not want the uncertainty and time commitment of a short sale and prefer to wait until the property goes to foreclosure to either purchase at a Sheriff Sale auction or when it is listed for sale after foreclosure.  We are also seeing some of the best values outside the foreclosure arena as sellers may have the resources and/or need to sell at an equal or lower price through a traditional sale.

Regardless of the option you chose, it can be beneficial to understand the local foreclosure activity by researching the sales through the local Sheriff’s Office.  The sale specifics vary by county but can give you a general feel for the market and volume of future bank owned properties.  Please find below the direct links to the local Sheriff Sales listed by State and County:

Pennsylvania:

Delaware County PA SheriffBerks County
Bucks County
Chester County
Delaware County
Lancaster County
Montgomery County
Lehigh County
City of Philadelphia

New Jersey:

Burlington County
Camden County
Gloucester County
Mercer County

Delaware:

New Castle County

All the options for both the buyers and sellers have their benefits, but it is important that no matter which path you chose that you do your research to understand the market and the advantages/disadvantages of buying through each different channel.

As always, if you are thinking of a move or need any addtiional information, please do not hesitate to contact me anytime.

Bedminster Square Foreclosure in Bucks County PA

June 11, 2009

Bedminster Square Foreclosure Bucks County PAYesterday I had the chance to visit one of Danielle Mateu’s foreclosure listings in Bucks County PA.

This was a nice newer home located in Bedminster Square.  Bedminster Square is a newer community currently still under construction by Pulte Homes located in Bedminster Township just east of Dublin PA north of Dublin Pike.  It is a nice community of mixed single family and town-homes centered on a great open square.  The community is conveniently located with many shared amenities.

This home on Pipers Inn Dr was built about 4 years ago and shows 2976 sqft on the tax records.  It is a nice 4 bedroom 3.5 bath home with full unfinished basement.   Large hardwood floored center hall opens to a formal living room/dining room, separate den/study, and a great open family room – kitchen area with a fireplace toward the rear.  There is a separate laundry room and two car garage with all homes having rear alley entrances.  There is a separate door off the kitchen ideally positioned to add a deck in the future.  The video shows some details:

Since the community is still under construction, home prices for the most part have been set by the builder with limited resales.  The town-homes have averaged in the high $200K to mid $300Ks per the information on the TrendMLS System while the single family homes have ranged from the high $300Ks to mid $400K range.  Pipers Inn is listed for $360,000 and compares well with the recent activity.  The least expensive sale shown on the MLS for a single family home in 2008 was $378,000.

As with most foreclosures, this property does need work starting with the fact that all the carpeting has been removed and must be replaced by the new buyer.  Significant funds may be required after closing prior to being able to move into the property.  There is no disclosure and all offers must be reviewed by a Wells Fargo or Wachovia rep prior to being submitted.  Buyer will also be responsible for the U&O.

Compared to the other homes in this series, this is the first newer construction that we have seen and presents a great opportunity for buyers in the area.  After reviewing the comparables and allowing for the necessary expenses to bring the house up to standards, a buyer should be able to obtain a great value.

As always, if you have any questions or need any additional information, please feel free to contact me anytime.

Edwards Dr Foreclosure in Brookhaven PA

May 9, 2009

Edwards Dr Foreclosure Brookhaven PAToday we are in central southern Delaware County PA for the next example from Danielle Mateu’s foreclosure homes.  The Borough of Brookhaven is located on Route 352 just south of Middletown/  Media and north of the City of Chester.  Although settled in 1682, this area was part of Chester and Middletown Township before being incorporated in 1945.  Today it is a smaller borough with over 8500 people and 3600 residences.

This foreclosure home is located just southeast of the intersection of Route 252 (Edgmont Av) and Brookhaven Rd, the original center of the borough, on Edwards Dr.  It is a nice 3/4 bedroom, 1 bath Cape on a nice residential street just a block from the intersection.  This appears as an average solid foreclosure that will need additional work, but it is not a ground up restoration as seen in some other properties.  It is also the first cape that we have seen in the series.  As with any foreclosure, a buyer should be prepared to do their own inspections to determine the present condition and invest in some significant work from the outset.  This property has a nice addition on the rear with a small shed and large parking area in the back yard.  The video shows the details:

For the most part, real estate values have remained fairly stable in the immediate area.  Sales activity peaked in 2007 with 19 homes sold at an average $209,000 sales price, while sales prices peaked in 2008 at $211,000 with 12 sales.  So far in 2009 there have been 5 sales with an average $207,000 sold price.  Prices have been above $200,000 since 2005.

Edwards is now listed for $179,000 which appears competitive to the sold homes.  Today, there are also 2 additional homes pending that have an average list price of $184,000 and 5 homes currently on the market with an average list price of $199,000 so at least in the short term, we could see average prices easing to the $200,000 range.

As always if you have any questions, need any additional information, or would like to look at any properties, please do not hesitate to contact me anytime.  I look forward to hearing from you.

(All statistics from the TrendMLS System and believed accurate but not guaranteed.)