Suburban Philadelphia Real Estate News

Note: Property Now Has Accepted Agreement

Welcome back to Upper Darby.  Now we are looking at a property that is about the same size as Union Av but needs more work throughout.  This foreclosure is located just north of Lansdowne Borough in Drexel Hill Upper Darby.  Fairfax Rd runs through Drexel Park past the adjacent trolley tracks across Garrett Rd and south toward Lansdowne.  This property is just two blocks south of Garrett Rd.

Fairfax is a 3 bedroom 1.5 bath twin with a full unfinished basement and a separate one car garage.  This is another of Danielle Mateu's properties and as with most foreclosures, this is an as-is property and the buyer must be preapproved or have proof of funds.  The seller is also offering up to 3% toward closing costs.  It does appear to need work throughout so any buyer must be prepared to put significant work into the property from the outset.  The details can best be seen in the video:

Compared to the recent activity in the area, this appears to be a great value. Considering just twins over the last six months in the immediate area, those that sold have averaged $152,000 while the average price of those currently on the market is $148,000 (there are 7 now pending with an average price of $145,000).  For all of 2008, twins had an average sale price of $156,000.  To date no properties have sold for less than $100,000, but two of the pending properties were listed for less than $100,000 and there are two additional homes currently listed (including this one) for less than $100,000.  We would expect these properties to set new lows for the area as we have seen in other parts of Delaware County. 

This property is a good example of a foreclosure that needs work but is not a ground up rebuild.  As I have mentioned before, bank owned properties do come in all price ranges, conditions, and areas so you do have some flexibilty whether you are looking for an investment or a new home.  I will keep you updated periodically as new examples come on the market.

As always, do not hesitate to contact me with any questions or comments.

(All statistics from TrendMLS System and believed correct but not guaranteed)

Note: Property now has accepted agreement.

Now we move up quite a bit in price level from the Union Ave Lansdowne Upper Darby foreclosure.  As I mentioned when looking at the Union property, foreclosures do come in all price ranges and conditions.  Whether the property is worth $10,000 or $10 million, if the owner has financial difficulties, the home can become a bank owned property.  This is another of those cases.

Valley Rd is a custom home foreclosure situated in Paoli, PA Tredyffrin Townshipon 2.6 acres being offered for $599,900 (just reduced!) and currently listed by Danielle Mateu. 

This is a 4 bedroom home with 3 full baths and 2 partial baths and is located in the Tredyffrin/Easttown School District. The same purchase conditions apply as seen on most bank owned homes in that the property is offered in as-is condition, the buyer must be preapproved, and there will be additional corporate addendums at offer acceptance.  It includes a finished basement, many upgrades, rear deck, and a spacious open floor plan on both levels.  The video shows it best (note that there is wallpaper on the second floor, not graffiti or damage):

There is a wide variety of housing in the immediate area with recent sales ranging from a $312,000 former 1886 Schoolhouse to a $2+ million 8500 sqft estate home on over 7 acres.  Currently there are 5 homes on the market with an average price of $740K and 10 properties have settled in the last year with an average sales price of $978,000 (no pending properties).

This is a great example of the variety that may be found in bank owned properties.  With over 4700 sqft (per the tax records), Valley Rd appears to be a tremendous value.  At this level, it could offer a great chance for a new buyer to come in and reconfigure/upgrade to their own custom specifications.  Depending on the expenses involved, it could also work for a contractor or builder who may try to upgrade and flip it.  In either case, it is important to remember that this is an as-is sale so any buyer must do their due diligence carefully. The property appears to have already been remodeled once and still shows six bedrooms on the tax records.

Thank you again for taking the time to visit.  As always if you have any questions, need any additional information, or would like to see the property, please feel free to contact me anytime.  More to come soon.