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)