Posts Tagged ‘Lansdowne’

Union Ave Foreclosure in Upper Darby Lansdowne

February 1, 2009

Almost every discussion we have today in real estate eventually turns to short sales and bank owned properties.  We’ve all heard the radio ads and the cocktail chatter of finding your dream home for $29.99 per month with no money down.  The reality can be quite different.  Yes – there are some great values out there but the low prices often simply reflect the condition.

Union Av Lansdowne Upper Darby PAAs in every market, the suburban market just west of Philadelphia PA does have its share of foreclosure listings.  The condition of these bank owned properties run the gamut from move-in condition to gutted shells.  To demonstrate the wide range of properties currently available (and the conditions found in these properties), I will be taking video of the interiors of some of the local foreclosures to provide you with a better feel for the market.  These homes have all been listed in our office with Danielle Mateu who has worked with several institutions for years in the foreclosure market throughout the Philadelphia region.

The first is Union Avenue in Lansdowne Pennsylvania (Upper Darby Township).  This property is a great twin listed for $84,900 with 4 bedrooms and 1 bath.  As with most bank owned property, this twin is being sold in as in condition and there are no utilities currently in the property.  Any potential buyer must be preapproved and/or have proof of funds before any offers will be presented.  Although not shown in the video, it does have a finished basement with a separate laundry area (since the utilities were off, it was too dark to shoot in the video).  The home has a nice open floor plan with hardwood floors throughout.  On the second floor, there are three bedrooms and a bath with a potential fourth bedroom in the finished third floor.  I think the rest can best be shown by the video (don’t worry, I’ll be more stable and efficient in the future):

As for the local real estate activity: looking at the immeditate surrounding areas in Lansdowne, Upper Darby, and East Lansdowne, there are 36 twins and row homes currently on the market with an average list price of $118,000.  There are an additional 5 properties currently pending (avg price $99,000), and 19 homes have settled since October 1 at an average list price of $96,000.  In all of 2008, using the same criteria, there were 62 sales in the area with an average settled price of $97,000 so the market in the immediate region has remained fairly stable and Union appears competitively priced.  These properties have run the spectrum from small row homes to large gracious Victorian twins.

So thank you for taking a look.  Next week, I’ll add a foreclosure in Tredyffrin Township currently listed for $649,900 to provide you with an upper end property for comparison.

As always, if you have any questions, need any additional information, or would like to view any of the homes, please do not hesitate to contact me anytime.

The Stats – What Now for Delaware County?

January 14, 2009

Slowly but surely we are beginning to move in the right direction.

After a tough October and November throughout Delaware County Pennsylvania, the numbers in December began to look a bit more robust.  Although down, all the numbers are improving from the last couple of months.  Overall, both units sold(339) and homes put under contract(253) were down 14% from December 2007, while new listings(388 ) were down approximately 7%.  Average sold prices were down over 8% from 2007, but I would say this reflects more the mix of homes sold and the realities of the current financing1708 Massey House Marple Township PA rather than a major shift in pricing. Countywide, average days on the market remains a bit higher at 78 days on the market, but time on the market varies widely depending on the price range as seen from the Luxury Market report. 

Again, we are seeing a wide range of activity on a more local level.  In Newtown Square PA, the number of homes sold(16) were up 23% from last year (with prices up 23%) while the homes put under contract(5) declined 45%, and newly listed homes(5) fell 61%.  Next door in Marple Township PA, homes sold (6) declined 60% (with prices down 3%) with 6 new homes under contract (down 40%) and 9 new listings (down 18%).  Across the county in Lansdowne PA, homes sold during the month (9) declined 18% with an 8% price decline, while new pending (5) and new homes listed (10) both increased 25% from 2007.

Bottom line: We are getting there. 

After a rough fourth quarter, it does look like we are trending back to a more stable market, but I expect the market to remain in a bit of a holding pattern until we see the new adminstrations’ plans.   In the short term, the overall unsettled economy will probably keep a rein on both prices and activity, but this remains one of the best buying opportunities we have seen in years with lower home prices, more inventory, and incredible financing for well qualified buyers.  In addition, we have seen some move up activity as homeowners have taken advantage of the available financing and reduced prices to expand their options.  Once financing becomes more available for the larger loans, this could help to accelerate the activity.