Note: Property Now Has Accepted Agreement
Welcome back to Upper Darby. Now we are looking at a property that is about the same size as Union Av but needs more work throughout. This foreclosure is located just north of Lansdowne Borough in Drexel Hill Upper Darby. Fairfax Rd runs through Drexel Park past the adjacent trolley tracks across Garrett Rd and south toward Lansdowne. This property is just two blocks south of Garrett Rd.
Fairfax is a 3 bedroom 1.5 bath twin with a full unfinished basement and a separate one car garage. This is another of Danielle Mateu's properties and as with most foreclosures, this is an as-is property and the buyer must be preapproved or have proof of funds. The seller is also offering up to 3% toward closing costs. It does appear to need work throughout so any buyer must be prepared to put significant work into the property from the outset. The details can best be seen in the video:
Compared to the recent activity in the area, this appears to be a great value. Considering just twins over the last six months in the immediate area, those that sold have averaged $152,000 while the average price of those currently on the market is $148,000 (there are 7 now pending with an average price of $145,000). For all of 2008, twins had an average sale price of $156,000. To date no properties have sold for less than $100,000, but two of the pending properties were listed for less than $100,000 and there are two additional homes currently listed (including this one) for less than $100,000. We would expect these properties to set new lows for the area as we have seen in other parts of Delaware County.
This property is a good example of a foreclosure that needs work but is not a ground up rebuild. As I have mentioned before, bank owned properties do come in all price ranges, conditions, and areas so you do have some flexibilty whether you are looking for an investment or a new home. I will keep you updated periodically as new examples come on the market.
As always, do not hesitate to contact me with any questions or comments.
(All statistics from TrendMLS System and believed correct but not guaranteed)