Suburban Philadelphia Real Estate News

Cedar Grove Farms is a private smaller community of single family homes located just off Cedar Grove Rd in Marple Township Broomall PA.

Cedar Grove Farms is located just south of Cedar Grove Rd in Marple Township/ Broomall PA.  The development is about midway between Sproul Rd/ Route 320 and Newtown Street Rd/ Route 252.  This provides the residents immediate access to Media, Newtown Square, and Broomall and very easy commuting options along Route 1,  Route 3/ the West Chester Pike, and The Blue Route/ I-476.

Cedar Grove Farm is a newer community with the majority of homes completed between 1990 and 1994.  The development includes over 125 homes averaging 3500-4000 sqft but with sizes ranging over 5,000 sqft.  Most properties include 4-6 bedrooms with 2.5+ baths, full basements, and 2 or 3 car garages.  The lots are generally less than half an acre.

This is a very stable area with a relatively slow turnover of properties, and it has not seen the steep rise and fall in prices experienced by some nearby home developments.   Activity peaked in 2003/2004 when there were five sales each year and prices rose from an average sales price of $568,000 to $660,000.  Since then prices have largely remained in the low $600,000 range.  There were 3 sales averaging $628,000 in 2005, 4 sales averaging $666,000 in 2006, 1 sale for $740,000 in 2007, 1 sale for $510,000 in 2008, 1 sale for $675,000 in 2009 and 2 sales year-to-date 2010 averaging  $631,000.  Today there are 5 home on the market with an average list asking price of $632,000.  No homes are currently under contract.

With it's great location, stable neighbors, and reasonable pricing, Cedar Grove Farms should remain a popular mid-price choice in Broomall for years to come.  Activity should begin to pick up as real estate activity in general begins to turn around creating additional move up/down buyers in the region. 

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

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

As expected, the market is quickly returning to the mean as the effects of the tax stimulus disappear in our collective rearview mirror.

Since the last update based on the July 3 statistics, we have seen some interesting shifts:

Since July 3, 2010:
-  Total Active properties are up 5%
(from 3,620 to 3,803 homes on the market)
-  Total Pending properties are up 3.1%
(from 620 to 639 homes under contract)
-  Total Sales are up 7.1%
(from 2600 to 3030 homes now sold year-to-date)

If we compare this to the same date Aug 14, 2009, we see:

Compared to same time last year through August 14, 2009:
-  Total Active are up 16%
-  Total Pending are down 22.7%
-  Total Sold are up 7.1%
-  Total Combined Pending & Sold are up 0.3%
(vs a combined total of up 7.8% on July 3, 2010)

Bottom Line:

At this point for Delaware County PA, it would appear that the stimulus simply moved sales to earlier in the year without really increasing the market.  Total Sales are now basically in line with the 2009 rate.  With current pendings down 22% from last year, total sales will quickly fall behind the 2009 rate.  In addition, a declining sales rate combined with an increasing inventory points to a buyers' market and continued price pressure throughout the market.

Next Up:

We still have the traditionally strong sales months of September and October directly in front of us so activity could easily pick up short term which would quickly help to ease any pressure on prices.  With the continuing low interest rates, this remains an incredible opportunity for anyone looking at buying and holding long term.  Prices could still decline short term, but over a multi-year time frame, this could be an historic low combination of prices and interest rates.  We are already seeing strong turnarounds in some pockets across the country.

As always, if you have any questions or comments, please feel free to let me know anytime.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

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

The National Park Service is offering Free Admission to many of its sites this weekend.

It's August as the hot and steamy summer rolls on.  The beach, the mountains, the sports, and the summer chores have all been done but now you are looking for something different before the days of camps, sports, and school return in just a few weeks.

Time to take advantage of the FEE FREE National Park Weekend August 14 & 15.

During the year the National Park Service offers 5 separate days or weekends when they eliminate their entrance fees to a variety of National Parks across the country.  This upcoming weekend, August 14 and 15, is one of those times and it looks like it should be an excellent weekend to take advantage of this offer.

The Philadelphia region has 6 National Park sites as well as Hopewell Furnace National Historic site located just across the Chester County - Berks County border in French Creek State Park.  Most of the sites, including the  Independence National Historic Site, the Edgar Allen Poe Home, Gloria Dei Church, the Deshler-Morris House, and the Thaddeaus Kosciuszko National Memorial, are normally free although they may require tour reservations.  In addition, both Valley Forge and Hopewell Furnace will have free admission this weekend.

This is a great time to take some time, learn some history, and enjoy more that the area has to offer.  Further afield, there are also many sites is New Jersey, Maryland, and other parts of Pennsylvania offering free admission including Steamtown in Scranton.  Enjoy!

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808 www.DelawareCountyPennsylvaniaHomes.com

The Gables at Chadds Ford is a great dining choice when visiting the attractions in the Chadds Ford PA area.

The Gables at Chadds Ford is located on Route 1 in Pennsbury Township Chester County just moments west of Chadds Ford and the Brandywine River Museum and several miles east of Longwood Gardens.  This location provides immediate access from Kennett Square, West Chester, and Wilmington and is convenient to much of the area from Route 1, Route 52, and Route 202.

Established in 1997, the restaurant is situated in the restored barn on one of the oldest farms in the area.  The name pays honor to both the barn itself and the original home.  The home was first constructed in 1745 but remodeled in the late 1800s in the Victorian style including the addition of 23 gables.   The barn housing the current restaurant was built in 1897.  It has gone through several uses culminating in its present role as a fine dining experience.

The Gables has a strong history and great reputation.  Jack McFadden is the current proprietor and has been involved in several well known restaurants in the area.  We recently had the opportunity to stop by and enjoy dinner after visiting one of the local movie theaters.  The barn itself contains a nice bar area near the entrance, white tablecloth dining, and an open air patio section located in a portion of the original foundations.

The food was excellent and the service was great.  We had the opportunity to try the salmon, crab cake, and filet mignon all prepared perfectly and well  presented.  It was particularly appreciated that the menu had a separate selection of lighter fare as well as the option to order a petit entrée of the main entrees which were well proportioned themselves.

If you live in the area or are just visiting some of the local attractions, this is a great dining choice that should be added to your itinerary.  They are open for lunch Tuesday through Friday and open for dinner every night except Monday beginning at 5:30 (5 on Sunday).  Enjoy!

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808 www.DelawareCountyPennsylvaniaHomes.com

Springfield Township PA street trees and residents to benefit from PECO Green Region Grant.

In May, PECO awarded $150,000 in PECO Green Region grants to 20 municipalities in the greater Philadelphia area.  These grants have been awarded yearly since 2004 to provide for projects for open space preservation, conservation, and improvements.  PECO works with its parent, Exelon Corp, the Natural Lands Trust, and conservation organizations to review applications and decide grant recipients.

This year five of those recipients were located in Delaware County.  Thornbury, Folcroft, Haverford, Concord, and Springfield each received grants this year.  The grants varied between $5,000 and $10,000 per municipality and will cover an array of projects.

Springfield Township plans to use its funds to purchase 200 bare root trees.  Since 1958, Springfield's Shade Tree Commission has worked with residents to maintain shade trees and street trees in the township.  Residents can apply to the township for these trees.  Participating residents would be required to attend a presentation on the tree's proper care and maintenance.

Once again, local government and corporations are working together to improve our environment .

So now that the tax incentives have expired and the bulk of the settlements did make their original June settlement date goals, where are we today?

Overall it looks like the tax incentives shifted the timing of many purchases but did not create a large boost in traffic.

Looking at the statistics for 2010 year-to-date and comparing it to the same time frame last year, the numbers show several interesting trends.  (The numbers are based on July 3 statistics to allow for delayed sales reporting.)  In 2010, there were 620 pending home sales vs 852 pending in 2009 for a 27% drop.  At the same time, properties that had closed rose from 2135 in 2009 to 2600 in 2010 for a 21% jump in closed properties.  Combining both the pending and settled properties through July 3 for both years, we saw a 7.8% total jump in sales activity for the year through July 3.

We also saw a jump in homes currently available on the market.  In 2009 at this time, there were 3275 homes listed as on the market in the TrendMLS System, while in 2010 there were 3618 for a 10% rise in overall inventory. This also marked an increase of 31% from the inventory low seen in January.

Bottom Line for a year-to-year comparison based on July 3rd numbers:

- Total Active Inventory: +10.5%
- Total Pending Inventory: -27.6%
- Total Sold Inventory: +21.8%
- Total Sales Activity (Pending + Sold): +7.8%

At best, the incentives increased overall activity by 7.8% over last year while largely simply shifting settlements to occur prior to the June 30 tax incentive expiration date.  At the same time, there has been a significant increase in overall inventory which could continue an overall weak pricing environment.  Looks like a great time to be a Buyer while Sellers will need to remain very close to the market to be sure to position their properties correctly.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808 www.DelawareCountyPennsylvaniaHomes.com

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

HAPPY 4th of JULY 2010!

Enjoy the perfect weekend and spend some time with friends and family.

Reminder: This may be one of the best opportunities we have ever had to purchase properties.  Interest rates are at historic lows, inventories are up, prices have fallen, and for the first time in a year buyers are not operating under an artificial time frame.  If one is ready to buy today, this could be your best chance yet to find the perfect home with low rates, lower prices, and less competition.  Please feel free to call anytime with questions.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

It's just about time for a quick Marcus Hook PA Homes Market Update with a bit of history.

Located just over the state border from northern Delaware along the Delaware River in lower Delaware County PA, Marcus Hook is one of the original industrial Pennsylvania river towns.  This area between New Castle Delaware and Philadelphia PA was one of the original growth areas that drove our nation from its beginnings.  The Swedes arrived first, followed by the Dutch, and finally the British including William Penn who landed just a few miles north along the Delaware River in Chester PA.

Agriculture was the original business at its founding, but Marcus Hook has always been a key trading/marketing area.  In the 1700's it was an early port while traveling toward Philadelphia and at various points played roles in the Revolution, the Battle of 1812, the Pirate trade,  and the road and rail development along the coast but all relied on its key location along the Delaware. Although at one point it was considered a resort area,  over the ensuing years, Marcus Hook has become a major industrial area growing from fishing and shipping based industries toward major manufacturing and oil refinery based businesses.  It has always benefitted from its key location in the center of the major industrial development between Philadelphia and Wilmington.

Today, it is home to two major refineries located on either side of the historic downtown area with a pleasant park along the riverfront.  It's population peaked in the 1920s with over 5000 residents but today it is a community of approximately 2500 residents.  It continues its history of community support with its strong resident involvement in its various boards, commissions, and committees and the local Marcus Hook Preservation Society.

Recent real estate activity has followed the trends seen in much of Delaware County.  With approximately 730 residential properties listed in the tax records for Marcus Hook PA, there is a nice mix of mostly row and twin homes in the borough with a few singles found throughout.  It is a very stable community with relatively low turnover of properties.  With its long history, there are properties from the 1700s through the new single family homes being built close to the riverfront park.

Real estate activity peaked in 2006 when there were 37 sales at an average price of $78,000.  For the next two years, prices continued a bit higher while activity mellowed with 33 sales averaging $87,000 in 2007 and 31 sales averaging $90,000 in 2008.  In 2009 there were only 16 completed sales at an average sales price of $80,000.  Today there are 31 homes on the market with an average asking price of $97,000, 4 homes under contract averaging $50,000, and 11 homes have sold in 2010 with an average sales price of $78,000.

With its prime location, industrial base, and community involvement, Marcus Hook PA should continue to be a stable home for years in the future.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808 www.DelawareCountyPennsylvaniaHomes.com

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

The Cobblestones at Thornbury and the Carriages at Thornbury are both great housing options in western Delaware County PA

Built by Toll Brothers, the Cobblestones at Thornbury and the Carriages at Thornbury are both tremendous housing options for anyone looking in the Thornbury PA area.  They are located just off Cheyney Rd about mid way between Route 926/ Street Rd and Route 1/ Baltimore Pike.  This location provides prime access for commutes into much of Chester, Delaware, and New Castle Counties including West Chester, the King of Prussia area, Philadelphia, and Wilmington.

The combined Cobblestones and Carriages communities have about 125 total homes, according to the tax records, including about a dozen twin homes on Chelsea Court.  The single family homes were largely completed between 1996 and 1998 with construction finishing up through 1999.  The bulk of these averaged from 2400 to 3200 sqft although some properties ultimately ranged over 4000 sqft when finished.  The homes were built on lots averaging just over a quarter acre.  The twins averaged between 2600 and 3000 sq ft and were originally built between 1996 and 1997.  The community also has its own pool located just off Chelsea Ct.

The prices originally ranged from the mid $200,000s to the mid $300,000s and up depending on options and sizes.  Since being completed in 1999, the community has seen a dramatic rise in sales prices with prices peaking in 2007/2008 at an average sales price of $620,000.  Prices then declined in 2009 with only 2 sales averaging $553,000.  This year there have been no sales and 4 properties are currently on the market with an average asking price of $563,000.

With its prime location, great amenities, and strong pricing, the Cobblestones at Thornbury and the Carriages at Thornbury should continue to be great choices for those looking for a smaller community in a semi rural area but still have immediate access to all the region has to offer.  As always, feel free to contact me anytime with questions.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

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

Welcome to National Flag Day 2010.

Flag day was first recognized in 1885 in Wisconsin.  It was in 1891 that it arrived in Pennsylvania when it was celebrated at the Betsy Ross House in Philadelphia.  It continued to spread through various organizations and states until it was officially recognized by Woodrow Wilson in 1916.  June 14 became National Flag Day when an Act of Congress was signed by President Truman in 1949.

The date was based on the Flag Resolution of 1777 passed by the Marine Committee of the 2nd Continental Congress.  The resolution established the 13 stripes and 13 stars but did not specify any particular design for the stars.  Since that time the flag has had multiple designs as the nation grew with the current design having been in place since July 4, 1960 with the addition of Hawaii.

Take some Time, Honor the Country, and Enjoy the Day!

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com