Radnor, PA

People will use the term "that is expensive" very liberally without actually thinking if this is what they really mean. There is a difference between expensive and highest priced. Just because something is highest priced does not necessarily mean it is expensive, if the product is providing value then the cost is irrelevant. You can buy a low-priced product that is expensive because you are continually having to replace it.

Yesterday, I was looking at sales data for the last quarter of 2011 for various townships in our area of the Main Line. In Radnor township the highest priced home to sell was $2,900,000, many people would say that is an expensive home, but actually I found another home that was much more expensive priced at $675,000.

Why was the home for $675,000 more expensive, because looking at price per sq foot, this lower priced home cost a LOT more than the average price per square foot for the township, by $123 per sq foot and $21 per square foot more than the highest priced home in the township. I am presuming for the buyer the home provided the value they were looking for from the location and the lifestyle the home was going to allow them to enjoy and that outweighed the extra cost, and maybe they did not consider it expensive because of the value they were going to receive from the home.

So remember next time, cost is not the same as value, and higher price does not necessarily mean the house is expensive, you really need to look at it in several different ways to decide if this home is the right one for you and if the price is right. Good luck and if you need help looking along the Main Line for homes that are priced right give us a call.

There are lots of opportunities for buyers in the Main Line market right now, inventory is high, prices are being reduced and mortgage rates if needed are low. If buyers are willing to make compromises to their needs and wants they can certainly find and buy a home from what is on the market today. Sellers are motivated to sell and willing to negotiate with reasonable buyers.

There are some interesting facts from the December report from Credit Suisse indicating signals are still mixed but improving. As we all know by now real estate is local and this report looks at local markets, bringing these reports together for a national picture. Some of these are large areas and prices can go up in one development whilst they fall elsewhere in a township, so you really need to drill down and find what is happening in your specific local area and using a professional full time Realtor allows you to do this.

Year end pricing seems to have tempted some buyers off the fence, these being investors, and typical owner occupiers and first time buyers, these latter are possibly being tempted by lower prices as rental rates rise in some areas. We have noticed locally that rentals are getting snapped up very quickly leaving little if anything for renters to see let alone rent. Sellers have brought prices down to try and move homes that might sit vacant over the winter and these lower prices have been tempting to many buyers especially with low interest rates still being obtainable. At year end many homes expired or withdrawn from the market as sellers chose to have their homes off the market over the holidays or listing contracts simply came to an end. Many of these sellers are right now feeling tired and exhausted by the current market but the drop in inventory has allowed many economists to point to a rosier picture. I know locally that out inventory absorbption rate dropped significantly with the year end sales and the loss of inventory as homes expired or were withdrawn.

One of the biggest problems at the latter end of the year has been low appraisals, and even with signs of an improving market prices are still under pressure when homes are being appraised many of these low appraisals are derailing transactions and can be questioned with what is actually happening in the market and prices buyers are willing to offer for homes.

In the Philadelphia market, the report was not so rosy, but locally on the Main Line we have seen an uptick in activity and whilst prices are still under pressure and inventory is still high there are buyers looking for homes if they willing to make compromises in their wants they can find good deals.

Here are a few interesting Radnor real estate facts.

As of December 15th there are one hundred and forty six homes that are active listings available for purchase in Radnor Township. Forty-one of those properties are priced above $1 million; twenty eight are priced between $1-2 million; seven are priced between $2-3 million; three are priced between $3-4 million; one is priced between $4-5 million; one is priced between $6-7 million and three are priced above $7 million. The most highly priced property today is a six bedroom single family home priced at $7.9 million. The lowest priced home is a one bedroom apartment priced at $135,000.

What types of home make up this list? Nineteen homes are apartments priced from $135,000 to $1,187,266; two are town-homes priced from $299,900 to $539,900; six homes are twins priced from $199,000 to $289,000; one hundred and eighteen homes are single family with the lowest priced being $300,000 and the highest priced being $7.9 million.

These homes are listed by fourteen different brokers from different offices around the Main Line, not all of them are within Radnor Township borders.

Open House this Sunday September 26 from 1:00-3:00
at 690 S Bryn Mawr Avenue Radnor Township PA.

This Sunday we will be holding an Open House at 690 S Bryn Mawr Avenue. This home is located on the north side of Bryn Mawr Avenue just east of Route 320 / Sproul Rd in Radnor Township. This location provides almost immediate access to much of the Main Line as well as most of Delaware County. The home is also minutes from Route 476 with quick connections to I-95, the Philadelphia Airport, greater Philadelphia, and south to Wilmington.

690 Bryn Mawr is listed by Marie Gordon for $415,000. The home is a 3 bedroom 2 bath one floor ranch style property with over 1600 square feet built in approximately 1955. With hardwood floors throughout, updated kitchen, and over one acre of property, this is an ideal location for those looking for convenient one floor living.This home includes a great light open floor plan, one car garage, and basement.

The home is easily accessed from much of the area. From West Chester Pike and I-476 travel west to Rt 320 / Sproul Rd; turn north until you reach the intersection of Bryn Mawr Avenue; turn east to 690 Bryn Mawr. From Lancaster Avenue head south on Sproul until you reach Bryn Mawr Avenue and turn east.

If you are looking for convenient one floor living with immediate access to the Main Line, Chester County, and Delaware County with access to the Radnor schools, you should be sure to include this home in your search.

David Henke
Long & Foster Real Estate Inc – Devon,PA/Bear, DE
Office: 610-225-7400/Direct: 610-618-0808
www.DelawarePAHomes.com

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

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