Glenhardie Condominiums Market Update – Tredyffrin Township Wayne PA

The Glenhardie Condos continue to be a prime residential choice for those looking in the King of Prussia / Wayne PA area.

The Glenhardie Condominium complex is a great larger residential condominium community located in Tredyffrin Township Chester County with a Wayne PA address. They are located just north of Swedesford Rd and west of Route 422. This location has immediate access to Route 202, Route 422, and I-76 providing great commuting options throughout the greater Chester County, Montgomery County, Delaware County, and Philadelphia areas. Being just minutes from the King of Prussia Mall, Valley Forge National Park, and much of the Main Line, they offer an endless array of entertainment and dining options.

The Glenhardie Condominiums were originally built between 1968 and 1970. Today, there are 20 buildings with 459 one bedroom and two bedroom units offering a nice range of housing options. Most of the one bedroom units are just over 800 square feet while the two bedroom units start at 100 square feet. There are some larger units and townhouses throughout the complex. The community has been developed in a nice open arrangement preserving the trees, open space, and privacy that are difficult to find today. With an optional membership in the adjacent Glenhardie Country Club, residents have instant access to a golf course, pool, and all the club amenities. The community is part of the Tredyffrin/Easttown School District.

Please be sure to check out the complete area and development history written by some members of  the community by clicking here.

As seen throughout the region, prices have fallen a bit in the last few years but have remained stronger than seen in most locations. Using the 2 bedroom units for comparisons, the pricing and activity peaked between 2005 and 2007 when the yearly units sold ranged from 14 – 18 units per year and the average price peaked at over $180,000. Since then we have seen both a reduction in prices and activity. In 2008 there were 12 sales averaging $175,000, in 2009 12 sales for $171,000, in 2010 5 sales for $167,000, and so far in 2011 4 sales for $152,000. There are also 4 homes currently on the market with an average asking price of $188,000 and 2 properties under contract averaging $199,000 – so it appears the 2011 pricing average will be rising.

With its superior location, easy commuting options, schools, and multiple entertainment options, the community should remain a stable and popular choice in the area for years to come.

David Henke
Long & Foster Real Estate Inc – Devon,PA/Bear, DE
Office: 610-225-7400/Direct: 610-618-0808
www.DelawarePAHomes.com  

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

Local Delaware & Chester County Communities in the News

Local Chester & Delaware County communities continue to rank well in local best places to live categories!

The Philadelphia Magazine has just released their “15 Most Family Friendly Philly Suburbs” and Delaware and Chester County both rank well. The magazine looked at the schools, populations, crime, and all the intangibles that can make a great community.

The locations highlighted in our immediate area include:
Wayne PA
Upper Providence PA
Swarthmore PA
East Marlborough PA

Be sure to read the entire article for their complete descriptions and be sure to take a look at all their local neighborhood information.

David Henke
Long & Foster Real Estate Inc – Devon,PA/Bear, DE
Office: 610-225-7400/Direct: 610-618-0808
www.DelawarePAHomes.com  

Condos Go Upscale In Delaware County PA

Average condominium prices continue to rise in Delaware County PA.

An interesting trend is appearing in the Delaware County sales statistics, average condo prices have continued to rise even as activity has slowed.

Delaware County has always had a wide range of condominium options throughout the county with prices ranging from well below $100,000 to an upper end “traditionally” in the $600,000 range with some few exceptions above the $1,000,000 level. Like much of the county, the existing individual complexes have seen the same rise and fall in prices and activity seen throughout the housing market.

While the county wide average sales numbers have seen the same pattern, the average sales prices for all county condos have continued to rise at a steady pace. This reflects a variety of new high end projects that have been developed.  Particularly with the addition of Terrazza in Newtown Square, Athertyn in Haverford, and Louella in Wayne, the new upscale developments are pushing the amenities and associated pricing to levels more often seen in the city. This is creating more options, more competition, better amenities, new standards, and better housing that will benefit the area for years.

Delaware County PA Condominium Sales Activity
Year      Average Price    Total Sales
2011          $230,000                29           June only
2011          $225,000                122         through June
2010          $222,000                310
2009          $211,000                365
2008          $192,000                377
2007          $190,000                508
2006          $180,000                475
2005          $178,000                485
2004          $160,000                499
2003          $139,000                483

So.. the next time you are in the market for a new home, before you make any firm decisions where you are going to live, please be sure to check out all your options. Even in this market, development continues and the new home options just might pleasantly surprise you.

David Henke
Long & Foster Real Estate, Inc
Devon PA/Wilmington DE
Direct:610-618-0808 – Office:610-225-7400
www.DelawarePAHomes.com 

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

Happy New Year 2010!

Happy New Year!  Welcome to 2010!

Welcome to Pennsylvania!

Welcome to Delaware!

Welcome to the Brandywine area!

Thanks to everyone for a great 2009 and looking forward to the New Year.  Just a few reminders as we head into 2010:

– The $8000 Credit for First Time Homebuyers is still available.
– A $6500 Tax Credit is available for resale buyers.
– To get the credits, homes must be under contract by April 30 and settled before the end of June 2010.
– Now is the time to strategize to make the most of this opportunity.  As we close in on the end of April, expect the inventory to drop again with possibly rising prices.

As always, if you have any questions, do not hesitate to contact me anytime.  Enjoy the New Year!

Wayne PA – Now One of the Classic Towns of Greater Philadelphia

Congratulations to Wayne PA – Delaware County’s newest member of the Classic Towns of Greater Philadelphia.

On October 1, the Delaware Valley Regional Planning Commission (DVRPC) added nine more towns to its Classic Towns of Greater Philadelphia Marketing initiative. Wayne is now one of twenty towns in the initiative that “is designed to promote the Classic Towns as great places to live, work, and play.”  The Classic Towns initiative tries to highlight each town individually while promoting the entire region.  Toward that end, they are working to “identify niche markets, invest in and build on quality of place, create new partnerships, and thinking regionally while acting locally” as they support the region’s older suburbs.

Wayne joins Media and Lansdowne as the third Classic Town in Delaware County PA.  With settlement beginning in the late 1600s, Wayne PA was one of the earliest communities in the area.  Growth increased in the mid 1800s as developers and investors began non-agricultural development along the then new railroad between Philadelphia and Harrisburg.  Over time, the area developed from farmland, to country getaway, and finally to one of the best suburbs in the greater Philadelphia area.  Today, Wayne is recognized as a prime residential community now located in Radnor Township with great schools, excellent housing, low crime, a central business district, and residents dedicated to its future.

As Wayne Council President, Thomas Masterson Jr, mentioned in their press release: “The Classic Towns initiative helps draw attention to what a great place Wayne is to live and raise a family”.  With all its amenities, history, and great location along the Main Line, it should remain a prime location for years in the future.

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

Wayne PA Station SEPTA R5 Rail Line Radnor PA

Welcome to Wayne PA.  This station is on the SEPTA R5 Regional Rail Line just west of the Blue Route (I-476).

With a prime location on the Main Line, the Wayne SEPTA stop is one of only four R5 rail stops in Delaware County.  The R5 Regional Rail Line parallels the Main Line from downtown Philadelphia to Downingtown/ Thorndale.  This line is still served by Amtrak but the nearest Amtrak stop is a few stations to the west in Paoli or just a bit further east in Ardmore.

This is an ideal commuter station with some commuter parking on both sides of the track and with plenty of space for picking up and dropping off passengers.  It is also within easy walking distance of many single family homes to the north and the multitude of condominiums and apartments in the area.  Wayne is also a prime shopping, commercial, and restaurant destination.  The video will provide a better feel for the area:

Wayne continues to be a prime real estate market.  As in most areas, the Wayne, zip code 19087, hit its peak sales activity in 2004 with 168 sales as the average price first moved above the $600,000 mark.  Prices continued to rise as sales tended down through 2007.  In 2005 there were 165 sales averaging $695,000, in 2006 144 sales with an average price of $689,000, and finally prices peaked at an average of $778,000 in 2007 with 157 sales.

In 2008, sales fell to 113 homes with an average price of $757,000 and have continued the slide this year with 55 sales year to date at an average price of $607,000.  Today, there are an additional 76 homes on the market with an average list price of $1,097,000 and 19 homes are under contract with an average list price of $924,000 (the average sales price should be rising as these settle).

With its prime location, diverse array of housing options, great eating and shopping options, and good rail links, Wayne should continue to be one of the preferred commuting and housing destination on the Main Line for years to come.

As always, should you need any additional information, please feel free to contact me anytime.

Luxury in Suburban Philadelphia

Quick Market Update:

The top end luxury home market continues at a leisurely pace as we close out the year.

In Delaware County Pennsylvania for the last quarter of 2008 (Oct 1- Dec 31), only eleven sales in the $1+ Million price range were recorded in the TrendMLS Delaware County Market Statistics as of 12/30/08.  Many of these properties were new construction which were placed under contract well before the recent financial market turmoil. 

Only two existing homes had settlements during the quarter – both in Radnor Township: Wayne PA 19087 – both settled just above $1.3M

 There are currently an additional 155 homes available on the market in this price range reflecting an average asking price of $1,804,000 with an average of 195 days on the market.  Last year there were 29 settlements during this same time period.

Looking forward: As interest rates remain low and the financial markets become more stable, we expect there to be increasing activity as we proceed through 2009.  Demand appears to be rising due to the below average sales pace. Both buyers and sellers are ready but remain out of the market.  I would expect this to begin to correct in the medium term.

(All information per TrendMLS System. Information believed correct but not guaranteed)

Trains & Trolleys for Suburban Philadelphia

One of the great (and least often appreciated) things about a long established city is its well developed public transportation network.  Philadelphia and its suburbs are no exception.

Before the widespread use of the automobile, one of the key advantages that came with city living was its easy access to public transportation both within and around the surrounding area.  Philadelphia has always been at the forefront of transportation development.  Originally dependent primarily on river transportation, it quickly benefited from early road, rail, and canal development due to its prime East Coast location.  This was hastened by the state when Pennsylvania created the Main Line of Public Works which opened in 1834.

Beginning in the 1840s, Philadelphia continued to build on its strong East Coast position, as the Pennsylvania Railroad, headquartered in Philadelphia, developed one of the finest rail systems in the world.  This provided easy access for Philadelphians and their businesses to connections throughout the country.  The railroad was a major economic force until its eventual demise in the 1970’s. 

Today, rail remains a critical transportation component both locally and regionally.  In Delaware County, the original Main Line still runs across its northern border through Havertown and Radnor townships.  Running along its southern border, the all important Northeast Corridor continues to connect the major northeast coastal cities from Boston, through New York, Philadelphia, Wilmington, Baltimore, and down to Washington, DC. 

Concurrently with the development and growth of intercity rail, demand grew for local transportation options as well. These were answered by the development of local train, trolley, and other light rail options. The first horse drawn public transportation appeared in 1831, the first passenger train service arrived in 1832, the first electric trolley line arrived in 1892, and the first bus lines followed in 1923.  Over time, these merged, went out of business, or were replaced by other forms of transportation until the final consolidation by the government with the advent of SEPTA.

SEPTA was founded in 1964, and by 1983 it had responsibility for all the public transportation systems within the Philadelphia region. Today it is the 5th largest public transportation system in the country.  According to SEPTA’s web site, the system includes, rail, light rail, bus, and trolley systems spanning 316 stations/bus terminals, 2664 vehicles, almost 9000 employees, and has a 325 million annual ridership.   The system covers Delaware County with 2613 Septa stops including 54 rail stops on 3 regional rail lines and multiple trolley/high speed rail lines.    These rail connections are concentrated in the eastern, northern, and southern areas of the county while the central and western sections are primarily accessed through bus service.

Today this network provides easy commuting options both within the county and to downtown Philadelphia and continues to be a major benefit and draw for people living, working, and enjoying all that the area has to offer. In the future, I will be highlighting major stops of these rail lines to provide a better feel for the individual communities and their development.

Local Finds: Random Pieces – Wayne, PA

It happens to all of us. 

You downsize from a five bedroom house to a three bedroom condo.  You change from a two story colonial to a multi-story contemporary.  You get your first home and the two bedroom apartment furnishings with the egg crate shelves just don’t make it.  In each case, you need a change of furniture.

Sometimes you need an entire house, at other times you may need just an accent piece – but you always have the same problems with where to go for the new furniture and what to do with the old.  Well now, beyond all the new furniture store options and rather than trying to wade through a thrift store, you have another alternative to consider.

Hidden in Wayne and open only once a month is Random Pieces.  Whether you are buying or selling, you may want to give Chip a call.  He can explain it best:

Located behind 120-122 Lancaster Ave in Wayne, they open once a month so buyers can come and peruse the latest finds.  It can be an eclectic collection ranging from single item tables or sideboards to full furniture sets and everything in between.  Items vary but they try to maintain a mix for every room in your home.  They can also buy your quality furniture from you to ease the transition if you may be moving, downsizing, or may simply need a change.

Considering a move?  Thinking of something a little bit different?  Need to get rid of some of the existing furnishings? Trying to save some money?   Random Pieces may be a good place to start – and they are local!

Just the Stats

Delaware County, Suburban Philadelphia, Wayne Homes

One of the most frequently asked questions is: What’s going on in the market? 

In answer to this question, I’ve prepared a quick statistical update on the current market in Delaware County PA.  Bottom line: Due to the existing political and economic climate, activity has decreased substantially, but overall the prices and market are holding up reasonably well.

First the numbers:

Delaware County Statistics as reported from the TrendMLS system:
        

 

 

Several Observations:

-Sales activity has slowed dramatically: YTD Sales down 23+%, Oct Sales down 28+%, and Oct Pending down 37+%
-Listing activity has remained fairly constant with no rise in inventories.
-Sales have dropped faster than listings so there has been an increase in the number of days on the market.
-Prices overall have drifted slightly downward, but the number above seems skewed by the change in the mix of sold homes.
-The luxury market (here noted as homes listed for greater than $1M) has dropped by over 73%.
-The low end of the market (conforming loans) has remained strongest.

In Summary:

Overall the activity in the market is down and seems to have also shifted toward the lower price ranges.  Prices at the top end are drifting down, while prices on the low end are stable or rising.  The prices are moving toward the mean.

Mortgage and credit issues remain critical to each transaction with many last minute changes coming from the lenders.  Once the mortgage and credit markets loosen a bit more, activity should begin to build across the board.

The good news: If a property is priced correctly in comparison with the recently settled homes in the area, there are motivated, well qualified buyers that have the means and will to make the offers and move today.

I will do another overall update next month.  These numbers are based on Delaware County, but if you ever need any information on a particular property or different county just west of Philadelphia, please feel free to e-mail or contact me anytime.