Note: Property Now Has Accepted Agreement
Almost every discussion we have today in real estate eventually turns to short sales and bank owned properties. We've all heard the radio ads and the cocktail chatter of finding your dream home for $29.99 per month with no money down. The reality can be quite different. Yes - there are some great values out there but the great prices often simply reflect the condition.
As in every market, the suburban market just west of Philadelphia does have its share of foreclosure listings. The condition of these bank owned properties run the gamut from move-in condition to gutted shells. To demonstrate the wide range of properties currently available (and the conditions found in these properties), I will be taking video of the interiors of some of the local foreclosures to provide you with a better feel for the market. These homes have all been listed in our office with Danielle Mateu who has worked with several institutions for years in the foreclosure market throughout the Philadelphia region.
The first is Union Avenue in Lansdowne Pennsylvania (Upper Darby Township). This property is a great twin listed for $84,900 with 4 bedrooms and 1 bath. As with most bank owned property, this twin is being sold in as in condition and there are no utilities currently in the property. Any potential buyer must be preapproved and/or have proof of funds before any offers will be presented. Although not shown in the video, it does have a finished basement with a separate laundry area (since the utilities were off, it was too dark to shoot in the video). The home has a spacious open floor plan with hardwood floors throughout. On the second floor, there are three bedrooms and a bath with a potential fourth bedroom in the finished third floor. I think the rest can best be shown by the video (don't worry, I'll be more stable and efficient in the future):
As for the local real estate activity: looking at the immeditate surrounding areas in Lansdowne, Upper Darby, and East Lansdowne, there are 36 twins and row homes currently on the market with an average list price of $118,000. There are an additional 5 properties currently pending (avg price $99,000), and 19 homes have settled since October 1 at an average list price of $96,000. In all of 2008, using the same criteria, there were 62 sales in the area with an average settled price of $97,000 so the market in the immediate region has remained fairly stable and Union appears competitively priced. These properties have run the spectrum from small row homes to large gracious Victorian twins.
So thank you for taking a look. Next week, I'll add a home in Tredyffrin Township currently listed for $649,900 to provide you with an upper end property for comparison.
As always, if you have any questions, need any additional information, or would like to view any of the homes, please do not hesitate to contact me anytime.
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