David Henke Realtor (r) Homes Just West of Philadelphia PA

Just a couple of quick SEPTA Update points for residents and those visiting the region:

If you need access to public transportation on only a day-to-day basis, SEPTA has now added 3 new passes: the One Day Independence Pass, the Family One Day Independence Pass, and the One Day Convenience Pass. The primary differences between the Convenience Pass and the Independence Passes are that the Convenience Pass can not be used on the regional Rail Lines and is limited to only 8 trips. The Independence Pass only places limits on the regional Rail Lines prior to 9:30 AM.

All three passes are designed to make using the system as easy as possible. If you only need access to the SEPTA system while visiting for a short time, these options allow more flexibility then the traditional Weekend Passes or weekly TransPass and TrailPass. For all the options and costs, be sure to check the SEPTA site.

Also be aware that SEPTA is now beginning the projects approved under the American Recovery and Reinvestment Act. Funding has been approved and awarded for various projects across the region so be prepared for some possible disruptions in your daily routines. The complete project list covers everything from Station Renovations to basic Yard and Right of Way work. Many of the projects have been discussed in a recent article from the Delaware County Sunday Times. A key change to note is the upcoming closure of the Route 101 and Route 102 trolley lines for up to a year as the entire line is upgraded.

SEPTA continues to provide many transportation options throughout the area to serve the needs of the local residents. With these changes both to fares and the physical system, this service should be in better shape for years to come with better equipment and service.

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

Briarcliffe PA and Westbrook Park PA continue to be popular and stable housing choices.

Briarcliffe Darby Pa was last visited here back in March. Since that time, the local pricing has actually strengthened although the activity has remained leisurely. The average prices for 2009 have climbed 4% from the early 2009 sales to an average settled price of $144,000. Activity has remained slow with only 26 settlements year to date with an additional 12 under contract, but this activity could surpass the overall 2008 numbers.

Compared to activity to the same date in 2008, prices have risen 1.6% while activity has fallen 33%. These numbers are comparable to what we have been seeing throughout the county. The prices are also a bit higher due to several single family homes entering the mix. If the market remains under pressure, we could see some additional pullback in prices as the year progresses. Inventory remains reasonable with 33 homes currently on the market (twice the level seen in March) with an average list price of $152,000 and an average of 133 days on the market.

Westbrook Park Upper Darby/ Clifton Heights PA has also continued to hold its own. There have been 24 sales year to date 2009 at an average price of $152,000 exactly matching the average for 2008. As seen above sales activity declined 31% from the rate seen at this same time last year. Pricing however has also remained basically stable falling from $153,000 in 2008 at this point to $152,000 this year.

Days on the market have also climbed from 94 days on average in 2008 to 119 average days today. Like Briarcliffe, this rise is not unreasonable, but the trend, should it continue, will lead to solid pressure to reduce prices. There are now 21 homes on the market versus the 14 homes in January. This seems reasonable on a seasonal basis.

Both communities continue to have solid sales and remain within the price range of many first time buyers. The activity could remain solid through the first part of October as potential buyers align themselves to take advantage of the $8,000 First Time Home Buyer Tax Credit. Pricing after that point will depend on the actions emanating from Washington DC and the overall economic situation.

As always, should you have any questions or need any additional information, please do not hesitate to contact me anytime.

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

Located in southern Delaware County along the New Castle County DE border curve, Bethel Township is a convenient, popular, mostly residential community. It is bordered by Concord Township to the west and Aston and Upper Chichester to the north and east.

Bethel Township was incorporated from Concord Township in 1683. Founded as a largely agricultural community, it has been a traveling crossroads for years as the region has developed. Foulk Road (Rt 261) travels generally north-south through Bethel Township while Naamans Creek Rd runs east-west along the southern edge and the Conchester Highway (Rt 322) crosses the township to the north. With this easy access, Bethel has also become home to businesses such as the Booth's Corner Farmers Market originally founded in the 1930s.

More recently, the area has seen tremendous residential growth with multiple new home developments and several age restricted communities. As in any area impacted by new construction and growth, the real estate statistics are a bit more difficult to interpret here than in more stable areas. It is difficult at best to get a feel for the underlying sales pace as new communities are built. Pricing is also affected as the final recorded sales price on new homes can often be higher than the initial advertised asking prices reflecting additions and upgrades during construction. Both of these issues appear in the numbers for Bethel.

Going back to 2002, Bethel Township experienced 91 sales with an average final sales price of $259,000. This quickly rose over the next few years with 91 sales in 2003 at $322,000, 134 sales in 2004 at $399,000, 122 sales in 2005 at $424,000, and finally 109 sales in 2006 at an average final sales price of $476,000. From 2003 though 2006, the average final sales price ranged from 99.8-102.6% of the average asking price.

In 2007, the average sales price pulled back to $428,000 with 118 sales and then fell to $403,000 with 87 sales in 2008. So far this year, the average sales price has risen a bit to $434,000. Today, there are also an additional 54 homes on the market with an average asking price of $433,000 and 15 properties are under contract averaging $383,000.

Due to its great location, Bethel Township should continue to see additional growth, but with the market downturn, this should be accompanied by reduced new home construction in the short term. Due to the demand, pricing should remain fairly stable in the area, although the mix of sales could change quite a bit with reduced construction activity.

As always, please feel free to contact me anytime with questions or if you are considering moving in the area. (Also note: effective July 1, 2009, the US Postal Service has changed the Zip Code for the area from Marcus Hook 19061 to Garnet Valley 19060 so you may find businesses and properties listed under various addresses.)

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

Traveling from the 69th Street Terminal to Norristown, the SEPTA Route 100 High Speed Line passes much of the Main Line. This is a brief overview of the Villanova PA SEPTA Station.

This station is conveniently located just south of Lancaster Avenue across from the main section of the Villanova campus. It provides easy access by foot or automobile to much of the campus. The next stop to the east is the Stadium stop and is the preferred station for sporting events. The station also has parking available on both sides of the track and provides plenty of additional space for dropping off or picking up passengers.

To the south of the tracks is a nice residential area of mostly single family homes. This is a very expensive area with the most expensive current listing in Delaware County located just a short drive down Ithan Avenue. Villanova is also the first station to the east of the Blue Route, I-476. The video will provide a better feel for the immediate area:

Real estate is high in the immediate area, but the averages can be greatly affected by a few large dollar sales. Activity has remained fairly constant recently ranging from 23 sales in 2003, to 26 in 2004, then 20 or 21 for 2005 thru 2008. So far this year, there have been 8 completed sales with 2 more currently under contract. There are an additional 8 currently on the market with an average list price of $2,333,000.

The average sales price has seen more volatility. Prices averaged $658,000 in 2003, rose to $705,000 in 2004, then $850,000 in 2005, $828,000 in 2006, $916,000 in 2007, and then fell to $718,000 in 2008. This has once again risen to $913,000 in 2009. In the immediate area, the highest dollar sale recently occurred in 2007 at $2,775,000 but this could be surpassed soon since 2 homes are currently listed well in excess of this amount with one at $4,199,000 and a second at $9,500,000.

Villanova PA is a popular, stable, and convenient area and is expected to remain this way. This station is an easy and convenient stop both for the college and the local residents as they travel to and from the area. As always, if you need any additional information, don't hesitate to let me know.

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

Welcome to Drexel Rd in Philadelphia PA.

This is one on Danielle Mateu's upcoming foreclosure listings. The home is a nice relatively newer construction property located in the older Overbrook Section of Philadelphia. I wanted to include this home as Drexel is also a great example of a rare six level split. The home is situated in a convenient location just two blocks south of Lancaster Avenue, and City Line Avenue is just a few blocks west. This provides easy access to the Main Line, downtown Philadelphia, and most of Delaware County both by street and rail connections.

The home itself is a three plus bedroom 3 bath split level home. As you will see in the video, you have plenty of space to possibly add additional bedrooms or reconfigure space to various uses. As with any foreclosure, there will be no disclosures, and any buyer should be prepared to do their own inspections to ascertain the present condition of the home. In any older property, there will be potential problems with deferred maintenance, environmental issues, and general wear and tear that a future owner must be prepared to address upon settlement, and several areas are apparent even on a quick inspection. The attached video will provide a feel for the flow of the property:

The real estate market in the area has generally followed the same sales pattern that we have been seeing in Delaware County. Activity in the immediate area peaked in 2005 with 14 single family residence sales (averaging $465,000), while the average sales price peaked in 2006 at $535,000 with 6 sales. Since then there were 8 sales in 2007 with an average price of $459,000 and 7 sales in 2008 at an average of $452,000.

Today, there are an additional 4 homes currently on the market with an average list price of $519,000, and no sales are pending. In 2009 year-to-date, there have only been 4 sales in the immediate area with an average price of $271,000. Two of these were also foreclosure properties with one selling for $219,000 and the second going for only $73,000. Drexel could be another lower cost property.

With its preferred location, generous space, and expected competitive price, this could be a great opportunity to move into the area. This is also another great example of the wide variety of foreclosure properties found in the area. If you have any questions or need any additional information, please do not hesitate to contact me anytime.

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