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.)