Suburban Philadelphia Real Estate News

Overall home sales activity continued to decline in 2011, but the rate began to recover toward the end of the year.

As of January 1 2012, available homes for sale declined slightly as compared to January 1 2011 while homes under contract rose - boding well for the housing market as we enter 2012. In addition, while yearly sales continued to decline to a rate 9% below 2011 and 19% below 2010, the gap in activity began to close as the sales rate began to rise toward the end of the year. (Check out the last Update in July here)

As of January 1 each year:
Year:  Homes on the Market | Homes under Contract | Homes Sold
2012:            :3133                              464                           4072
2011:            :3210                              414                           4476
2010:            :2750                              495                           5030

2012 Vs 2011
Change:       -2.4%                            +12%                         -9%
2012 Vs 2010
Change:       +14%                            -7.3%                        -19% 

Positive News: With lower inventory and more homes under contract, we may be past the bottom of the market. There continues to be a large unsatisfied pent up demand with people who want to move and plenty of inventory available to satisfy the demand. In addition, the financing rates have never been lower for those who qualify.

Negative News: We still have a relatively anemic sales rate. The key will continue to be if anyone can "afford" to move. Both buyers and sellers continue to have problems selling their current properties, obtaining satisfactory appraisals on their sales and purchases, and, most critically, obtaining satisfactory financing to move.

Bottom Line: Today continues to be one of the best times to move seen in years. Prices are down across the board, inventory is up in most market segments, and financing rates are at record lows. Although existing homeowners may see lower prices on their sales, they continue to benefit from lower purchase prices. Investors can lock in the current low financing rates to earn higher income yields for years to come. When confidence returns to the marketplace, both prices and interest rates could rise quickly.

As always, feel free to contact me anytime with all your real estate needs and questions.

Open House this Sunday January 8 from 2:00-4:00
at 690 S Bryn Mawr Avenue Radnor Township PA.

This Sunday we will be holding an Open House at 690 S Bryn Mawr Avenue. This home is located on the north side of Bryn Mawr Avenue just east of Route 320 / Sproul Rd in Radnor Township. This location provides almost immediate access to much of the Main Line as well as most of Delaware County. The home is also minutes from Route 476 with quick connections to I-95, the Philadelphia Airport, greater Philadelphia, and south to Wilmington.

690 Bryn Mawr is listed by Marie Gordon and has been reduced to $399,900. The home is a 3 bedroom 2 bath one floor ranch style property with over 1600 square feet built in approximately 1955. With hardwood floors throughout, updated kitchen, and over one acre of property, this is an ideal location for those looking for convenient one floor living.This home includes a great light open floor plan, one car garage, and basement.

The home is easily accessed from much of the area. From West Chester Pike and I-476 travel west to Rt 320 / Sproul Rd; turn north until you reach the intersection of Bryn Mawr Avenue; turn east to 690 Bryn Mawr. From Lancaster Avenue head south on Sproul until you reach Bryn Mawr Avenue and turn east.

If you are looking for convenient one floor living with immediate access to the Main Line, Chester County, and Delaware County with access to the Radnor schools, you should be sure to include this home in your search.

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)

Happy Halloween!

Time to eat candy - lots and lots of candy, dress up in costumes, and wander the neighborhood surprising your unsuspecting friends, neighbors, and family. Eat well and enjoy!

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

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)

Glenhardie Condo Open House Sunday October 23 2:00-4:00

This Sunday we will be holding an OPEN HOUSE at 91 Drummers Lane in the Glenhardie Condominiums in Wayne PA.

Glenhardie is a great larger condominium community located in eastern Chester County in Tredyffrin Township. It is adjacent to the Glenhardie Country Clubjust to the north of Swedesford Rd. This location is easily accessible off both Route 202 and Route 422 and is just minutes from the King of Prussia Mall. This allows easy commuting options into Philadelphia, West Chester, Wilmington, and most of Chester, Delaware, and Montgomery counties.

Built between 1968 and 1970 with almost 450 homes, Glenhardie offers a nice mix of one and two bedroom properties. Most one bedrooms average just over 800 square feet with the two bedrooms over 1000 square feet. This main floor unit listed by Marie Gordon is one of the largest 2 bedroom 2 bath designs with a nice outdoor ground level patio. The unit has been freshly painted, has newer kitchen cabinets, and new carpets. There is abundant closet space in both the master and second bedroom and both baths have been nicely updated.

This looks to be a great fall weekend - so be sure to take some time to enjoy the area and stop by 91 Drummers Lane on Sunday from 2-4. I look forward to seeing you and answering any questions you have on Glenhardie or the general area!

Directions: From Swedesford Rd and Old Eagle School Rd go east one block to Drummers Lane. Follow Drummers north to the entrance of Glenhardie. Take a right at the entrance to the third building on the left (building is up the hill around the curve. Address: 91 Drummers Lane, Wayne, PA 19087

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)

**** NOW REDUCED TO $117,000 ****

This Sunday, October 16, from 12:00 - 2:00, we will be having an OPEN HOUSE at 4109 Vernon Rd in Drexel Hill PA 19026.

Vernon Rd is located in Drexel Hill PA just south of Garrett Rd and west of Burmont Rd. This location provides easy access to Baltimore Pike, State Rd, and Township Line/Route 1 providing easy connections to most of Delaware County. It is also just minutes from I-476 to the west or I-95 and the Philadelphia Airport to the south for commutes into Philadelphia, Wilmington, or Norristown. Vernon is also just moments from great entertainment and dining options throughout the area. The home is less than three blocks from the SEPTA 102 Trolley Line Drexel Manor stop providing immediate access to 69th Street and Philadelphia.

Listed by Arleen Kelly, 4109 Vernon is a classic Drexel Hill Twin home. The property has three bedrooms and 1 bath. The living room includes a wood burning fireplace and opens to an enclosed front porch and light bright dining room. Upstairs you will find three bedrooms with a full ceramic bath. There is an unfinished direct walkout basement and a one car garage. It has been freshly painted outside and has newer tilt-in windows and hardwood floors throughout.

Vernon is competitively priced at $122,500. Drexel Hill twin homes in the immediate area have an average list price $136,000. There are currently 6 homes under contract with an average list price of $135,000, and there have been 16 sales at an average $126,000 final price.

With it's great location, multiple commuting options, and easy access to all the area has to offer, 4109 Vernon is a great home that should be included in any visit to the area.

***Be sure to stop by this Sunday from 12-2***

Directions: From Township Line Rd/Route 1 or State Rd go south on Burmont to Garrett. Proceed west on Garrett two blocks to south on Drexel to right on Vernon. From Baltimore Pike, go north on Garrett until you reach Drexel and turn right to Vernon.

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)

Open House this Sunday September 26 from 1:00-3:00
at 690 S Bryn Mawr Avenue Radnor Township PA.

This Sunday we will be holding an Open House at 690 S Bryn Mawr Avenue. This home is located on the north side of Bryn Mawr Avenue just east of Route 320 / Sproul Rd in Radnor Township. This location provides almost immediate access to much of the Main Line as well as most of Delaware County. The home is also minutes from Route 476 with quick connections to I-95, the Philadelphia Airport, greater Philadelphia, and south to Wilmington.

690 Bryn Mawr is listed by Marie Gordon for $415,000. The home is a 3 bedroom 2 bath one floor ranch style property with over 1600 square feet built in approximately 1955. With hardwood floors throughout, updated kitchen, and over one acre of property, this is an ideal location for those looking for convenient one floor living.This home includes a great light open floor plan, one car garage, and basement.

The home is easily accessed from much of the area. From West Chester Pike and I-476 travel west to Rt 320 / Sproul Rd; turn north until you reach the intersection of Bryn Mawr Avenue; turn east to 690 Bryn Mawr. From Lancaster Avenue head south on Sproul until you reach Bryn Mawr Avenue and turn east.

If you are looking for convenient one floor living with immediate access to the Main Line, Chester County, and Delaware County with access to the Radnor schools, you should be sure to include this home in your search.

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)

Thornbury Hunt continues to be one of the most stable communities in Thornbury Township PA with low home turnover and relatively stable pricing.

Located in Thornton Thornbury Township, Thornbury Hunt is a great community of single family homes in western Delaware County PA. The subdivision was built just north of Glen Mills Rd with entrances off Westtown Rd to the west and Thornton Rd to the east. This location places it about equidistant from Route 926 / Street Rd to the north, Baltimore Pike / Route 1 to the south, and Route 202 to the west. These provide easy access throughout Delaware County and Chester County with easy commuting into Philadelphia and Delaware.

Thornbury Hunt was built by Toll Brothers in the early 1990s. The first homes were completed and listed in the tax records in 1990 with the bulk of the homes being completed by 1995. Construction generally began on the Westtown Road side along Fox Brook, Colts Neck, and Heatherstone and moved east toward Thornton Rd. The majority of the homes included 4 bedrooms and 2.5 baths but a few larger homes were expanded to 5 bedrooms and 3 plus baths. Square footage ranged from below 2700 to over 4000 square feet. As in many Toll communities, the lot sizes averaged between a third and half acre surrounded by common land.

Prices and activity in Thornbury Hunt have remained fairly stable since the average sales prices first reached over $500,000 in 2004.With low property turnover, sales have ranged between 1 and 4 properties per year. Average sales prices reached $503,000 in 2004, $543,000 in 2005, $523,000 in 2006, and peaked at $595,000 in 2007. In 2008 they fell to $565,000, then to $524,000 in 2009, and $525,000 in 2010.  This year there has been one completed sale for $568,000 and one property is currently on the market with an asking price of $564,000 (there are no pending homes).

With an expected stronger market and more stable pricing environment, Thornbury Hunt should continue to have stable home values and strong demand. With its central location, it should remain an in-demand community for many in the Chester County / Delaware county area - be sure to include it in your home search.

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)

Unionville has two great events coming up in the next few weeks: the Plantation Field Horse Trials and the Unionville Community Fair.

The 4th Annual Plantation International Field Horse Trials will be held September 16-18. This 3 star world class event will be located just west of Unionville north of Route 82 / Doe Run Rd (The equestrian sport of eventing is one of three disciplines represented at the Olympics). Entrance to the Trials will be off Apple Grove Rd. 

The competition will start with dressage on the 16th followed by cross country Saturday, and show jumping on Sunday.

This year a portion of the proceeds will benefit the The Barn at Spring Brook Farm and the Cheshire Land Preservation Fund. There will also be a trade fair, Kid's Corner, food, and sponsors tent. All the various activities are scheduled to finish up by early Sunday afternoon.

The Unionville Community Fair and Farm Show will be held two weeks later on September 30-October 2. Hosted by Landhope Farms and now in its 87th year,this is the largest fair in Chester County. The Unionville Fair will be filled with contests, exhibitors, vendors, a horse show, a rodeo, and pageant - all highlighting the agricultural products, handcrafts, and arts in the local area. The Unionville Community Fair supports the Barn at Spring Brook Farm and the Chester County Food Bank.

Be sure to take some time to visit both events and enjoy more of what our community has to offer!

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

The next Delaware County Household Hazardous Waste Event is this Thursday, September 15.

Just a quick reminder that the last two Delaware County Household Hazardous Waste program events are just around the corner.

This Thursday, September 15, the county will be holding an event at Rose Tree Park on Route 252 just north of Route 1 (1521 N Providence Rd). Then the final event for the county will be held on Saturday, October 15 at the Upper Chichester Township Municipal Building at 8500 Furey Rd. Both events will run from 9:00 to 3:00, and they will both be accepting computers, printers, faxes, and portable televisions.

It's a great chance to clean up and clear out.

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