Suburban Philadelphia Real Estate News

The Delaware County PA Sheriff's office has produced a brochure on "How to Save Your Home from Foreclosure" which provides excellent background information on the foreclosure process.

This foreclosure information was put together by Sheriff Joseph F McGinn and the Delaware County Sheriff's Office and is a nice concise explanation of the process, the options, and the contacts for anyone who may find themselves having a problem with affording their home payments.  It is by no means all-inclusive but affords a quick overview of what is available in the area for Delaware County PA residents.  It is not yet on their website so I have reproduced the information here - see attached.

The key point to remember for anyone facing the possibility of foreclosure is to not ignore it but reach out, learn, and obtain as much information as possible as soon as you realize there may be a problem.  There are many resources and options available and they are being expanded and changed on a daily basis.  The key is to learn what is available and take advantage of them before a small problem gets worse.

I would like to thank the Sheriff's Office for permission to reprint the information.  For questions, please contact Sheriff Joe McGinn or the Delaware County Sheriff's Office located at 201 West Front St, Media PA  19063 - Phone: 610-891-4296 or on the web at www.co.delaware.pa.us/sheriff .

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

Welcome to 6 Keno Lane - Danielle'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.

Located 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, 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.

This 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 be notified when the property can be shown, please do not hesitate to contact me anytime.

Welcome to Drexel Rd in Philadelphia PA.

This is one on Danielle Mateu's upcoming foreclosure listings. The home is a nice relatively newer construction property located in the older Overbrook Section of Philadelphia. I wanted to include this home as Drexel 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 three 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 will 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 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 great example of the wide variety of foreclosure properties found in the area.  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)

Yesterday 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 off Dublin Pike. It is a nice community of mixed single family and townhomes 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 with 2976 sqft per 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 Sysytem 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 an excellent 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 do not hesitate to contact me anytime.

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

Today 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 and representative of many homes in the area.  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.)

Foreclosure Preview:

Yesterday I had the chance to preview an upcoming foreclosure listing in the Winding River subdivision just north of Phoenixville Pennsylvania in Chester County.  Please be forewarned that this is a rougher video and the home has only been partially cleaned out, but this will provide you with a better idea of how the properties appear before they are put on the market.  You can hear some of the workers in the background.  This property should be updated and priced in the next week or so.

River View Circle is another of Danielle Mateu's foreclosures located just north of downtown Phoenixville off Black Rock Rd in the Winding River subdivision.  This area of Phoenixville is surrounded on three sides by the Schuylkill River.  Winding River is adjacent to the Black Rock County Preserve and the Upper Schuylkill Valley County Park.  It is minutes from downtown Phoenixville, Royersford, and Spring City and has easy access to Route 422 to the north and Route 29 heading south towards Malvern.

With no inspections having been performed, River View is another property that appears on the surface to be in basically good shape needing mostly cosmetics.  Situated on a cul de sac street, it is a 4 bedroom, 2.5 bath single family Colonial on almost a half acre within the Winding River Community of about 100 homes.  Per the tax records, it contains just over 3100 square feet of living space with a finished recreation room on the lower level, a nice sun porch off the back, and a nice level backyard for recreation or entertaining.  This is best seen in the video:

Like other real estate in Chester County, the Winding River subdivision has recently experienced a drift down in prices.  Priced in the $330-$340,000 range in the 2003-2004 time frame, prices rose rapidly until they topped out with an average price of $436,000 in 2006 with 4 sales.  Since then they dropped to a $409,000 average price in 2007, $364,000 price in 2008 (3 sales including one low priced foreclosure), and $371,000 in the last six months (2 sales).  This mirrors the price trends we have seen in many other local areas.

Unlike the earlier foreclosure videos in this series, this provides some idea of how the properties can appear before they are cleared to put on the market.  Much of the material left in the house had already been removed to the garage when this was shot.  In some properties you can find quite a bit of damage left by the former tenants, but this appears to be in OK shape although any buyer should still be prepared to make a thorough inspection and plan for unexpected items - particularily since you have no utilities to test any of the systems.  Again, once this is on the market, like other bank owned properties, this sale will be an as-is sale, the buyer will need to be pre-approved, and the corporate addendums will be required. 

As always if you have any questions, need any additional information, or would like to see any properties, please feel free to contact me anytime.  I am still keeping an eye out for a heavy fixer just for contrast with the recent videos.

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

Today, we have another of Danielle Mateu's foreclosures but this time located a bit farther north in Havertown, Haverford Township PA in northeast Delaware County. 

This twin is located just north of Darby Road and two blocks east of Eagle Rd in central Havertown.  This is an excellent location within easy walking distance of the commercial area along Darby and Eagle Roads and just blocks from the Haverford Middle and High Schools.  It also provides convenient access to the SEPTA Route 100 High Speed Line for commuting toward Norristown or Center City Philadelphia.

Hastings Ave is a 4 bedroom 1 bath twin with a partially finished basement and detached two car garage.  The home has a newer kitchen, newer bath, replacement windows, front porch, and rear deck. This property is in better condition than most bank owned properties but will still require some light TLC. As with most foreclosures this is sold as-is and corporate addendums and preapproval will be required.  The video shows it best:

This is a newer listing having only been on the market for 6 days, but it appears well priced for homes in the immediate area.  Currently there are 6 homes on the market on the surrounding streets including both twins and single family properties with an average list price of $270,000.  This pricing is roughly in line with the past six months sales that have had an average sales price of $274,000.  In all Haverford Township there are currently 43 active twins with an average $245,000 list price.  Thirty-eight twins have sold over the last six months with an average $226,000 sales price.

Unlike the other foreclosure properties that we have previewed, this demonstrates the good condition that can be found in some of these properties.  Although this is bank owned, its condition is really more reflective of a private owner type property, and it appears to need mainly cosmetic work.

As always, should you have any questions or be considering buying or selling in the area, please do not hesitate to contact me anytime.

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