Quote:
Originally Posted by PhillyRising
Ok I had a poor choice of words. That part of Delco isn't Essington...for sure. If they were selling townhomes for 800K where I live I'd think it would be odd.
The older single home housing stock that is literally across West Chester Pike that sits on more land aren't commanding 800K. That's why it seems odd to me.
It will all look nice when it's done but the prices just seem out of whack. The Newtown Walk units at Ellis are reselling only in the 600's. They need to have a ton of bells and whistles and top of the line finishes on the inside and have community amenities like pool and gym for these prices to try to justify the prices. The single homes across West Chester Pike are going for 400-600K but they have land.
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People like new. New homes in that area rightfully sell well, and from what I read re-sales have been mostly at a premium.
Per the last sentence, where are you referring to? I see a few older singles and split-levels on nearby Brookside Road recently sold for mid/upper $500s. But they were modest in size, needed updates, and still commanded relatively high price per square foot costs, which doesn't prove anything from an affordability standpoint. Most singles listed in the $400-$600k range are ranchers, small cape cods, and colonials that need work.
Quote:
Originally Posted by PhillyRising
I also wasn't insulting Newtown Square. I like working there. I would live there as well if I felt like moving. I just don't see how they can command that much money for a townhouse there that crammed in on that development. They are sitting between a hotel/shopping center and a corporate campus/apartments and along side Route 3. They are not a few miles away up in the horse country estates. Newtown Square isn't Radnor. It's mostly a very nice middle class and well kept township that has some expensive real estate on the north side of it, but has mostly a lot of middle class housing that soon going to become unaffordable thanks to these homes pushing up prices. I could see 600K at most but not 800K. I'm there four days a week. I think I can comment on some place where I spend a good part of my week. I literally work hundreds of feet away from these home and go past them every time leave the parking garage to go home from work. How often are you there?
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Not Radnor, but getting closer. I also wouldn't categorize Newtown Square as mostly middle class.
The median sale price for a home is well over $700k, and median household income ~$123k. I would categorize Newtown Square as largely upper middle class, pockets of middle class, and a growing wealthy populous.
It's a conveniently located area, generally beautiful, good amenities, major corporate presence, minutes from other desirable towns, great public schools, top-tier private schools, and home to prestigious country & golf clubs.
You may not find $800k townhouses worth it, but certainly not a shocking price for that area. Real estate is expensive everywhere, especially in desirable suburbs.
Some interesting links.
1.
https://www.realtor.com/realestatean...re_PA/overview
Real estate map of Newtown Square. Expensive real estate is present in many areas, not just the North side of town.
2.
https://www.redfin.com/zipcode/19073/housing-market
General housing states for the township.
3.
https://www.census.gov/quickfacts/ne...typennsylvania
Recent census stats.
4.
https://www.realtor.com/realestatean...quare_PA/sby-6
Current real estate listings in the township.
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