Suburban Philadelphia Real Estate News

I just wanted to pass on a reminder from the Home Builders Association of Chester and Delaware Counties that the new EPA Renovation, Repair, and Painting ( RPP ) rule will be effective on April 22, 2010.

From the EPA website:

"Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children.

To protect against this risk, on April 22, 2008, EPA issued a rule requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning. Under the rule, beginning in April 2010, contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and must follow specific work practices to prevent lead contamination."

The EPA RRP Rule covers any work for pay that disturbs 6 square feet or more in the interior or 20 square feet or more of lead based paint on the exterior.  As with most government mandates, consumers should expect increased costs and time associated with any of this work in the future.  "By April 22, 2010, firms must have "Certified Renovators" assigned to jobs where lead-based paint is disturbed."

In our day-to-day activities, it is important to note that this does apply to Property Owners of Rental Housing.  It also can impact all the associated groups such as Contractors, Homeowners, Tenants, Realtors, Property Management Firms, and Training Providers so it is essential that individuals be aware of the new rules and general requirements.  For more information or questions on the EPA RPP Rule (Renovation, Repair, and Painting), be sure to check out the EPA Website.  You can also find more general information on their site at their Lead Home Page.

This is important information for this region as there are many homes and buildings built prior to 1978 that could potentially contain lead based paint.  EPA fines per violation are $37,500 so it is important not to ignore the potential consequences of not following these new regulations.  The National Association of Realtors Site also has a great Lead Paint Renovation Rule Compliance Guide answering the most frequently asked questions.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Direct: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.

Situated just southeast of West Chester and west of Newtown Square PA sit the two adjacent Thornbury Townships with one located on the western edge of Delaware County and the second adjacent to it in Chester County.  Thornbury Township was originally organized as one larger unit in 1687 with just six families.  In 1798 as Chester County split from Delaware County, the local landowners had the option to join either county.  This resulted in the unusual split and boundary-line through Thornbury township today.  Now both township buildings are next to each other just off the main campus for the Cheyney University of Pennsylvania.

Originally this area was largely an agricultural community consisting of scattered larger landholdings.  Over the years, the area was slowly subdivided and has lost much of its agricultural activity.  Today, it is a largely suburban community containing a wide range of housing options.  It has also been one of the largest beneficiaries of the tremendous growth in new construction that we witnessed since the turn of the century.

Thornbury Township Delaware County is the larger of the two areas.  It contains the three small villages of Cheyney, Thornton, and Glen Mills.  The real estate market has been very active here recently driven primarily by the continuing growth of new housing in the area.  This building activity has included everything from town-homes through to large single family estates.  Sales activity actually peaked back in 2004 with 109 sales at an average price of $583,000.  Since then activity has dropped fairly consistently with 81 sales in 2005, 61 in 2006, 68 in 2007, 47 in 2008 and 22 year to date in 2009. 

Pricing has been more varied as new home communities have impacted the market.  Prices averaged $615,00 in 2005, then $598,000 in 2006, $666,000 in 2007, and $650,000 in 2008.  Year to date in 2009, this has dropped further to an average of $554,000 with only 22 sales.  In addition, there are now 55 additional homes on the market with an average asking price of $751,000 and just 2 pending with an average price of $497,000.  With the large number of active listings and only two under contract, it is difficult to gauge the future market direction.

In Thornbury Township Chester County, the market has followed a bit different path.  Pricing spiked in 2004 as the average price jumped from $393,000 in 2003 to $472,000 in 2004.  Since then it has bounced to $449,000 in 2005, $517,000 in 2006, $548,000 in 2007, and back to $535,000 in 2008.  Activity has remained more stable with 39 sales in 2004, 49 in 2005, 39 in 2006, 41 in 2007, and 45 in 2008.  Interestingly, the economy has slowed the activity quite a bit with only 7 sales year to date but new construction is pushing up the average price to $614,000 so far this year with 5 additional homes pending at an average price of $711,000 and 27 homes currently on the market at an average list price of $723,000.

Both communities remain popular due to their ideal location and wide variety of housing options.  Located just off Route 202, Route 352 / Chester Middletown Rd, and Route 926 /Street Rd, the townships afford quick access to West Chester, Wilmington, the Main Line, and Philadelphia through a wide range of commuting options.  If you are considering a move in the area, these are both great options.

As always, if you have any questions or need any additional information, please do not hesitate to let me know anytime.

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

Quick Market Update:

The top end luxury home market continues at a leisurely pace as we close out the year.

In Delaware County Pennsylvania for the last quarter of 2008 (Oct 1- Dec 31), only eleven sales in the $1+ Million price range were recorded in the TrendMLS Delaware County Market Statistics as of 12/30.  Many of these properties were new construction which were placed under contract well before the recent financial market turmoil. 

Only two existing homes had settlements during the quarter - both in Radnor Township: Wayne PA 19087 - both settled just above $1.3M

 There are currently an additional 155 homes available on the market in this price range reflecting an average asking price of $1,804,000 with an average of 195 days on the market.  Last year there were 29 settlements during this same time period.

Looking forward: As interest rates remain low and the financial markets become more stable, we expect there to be increasing activity as we proceed through 2009.  Demand appears to be rising due to the below average sales pace. Both buyers and sellers are ready but remain out of the market.  I would expect this to begin to correct in the medium term.

(All information per TrendMLS System. Information believed correct but not guaranteed)