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.)