House hunt for good school district (apartments, leasing, condo)

[briantroutman]

I’m in Media, and I can’t comment on actual selling prices, but if they’re anywhere near asking prices, $350K isn’t going to buy you much in Media’s current real estate market.

Everyone has a different definition of “nice”, but it seems like the current going rate for a tired twin with ’70s paneling and an avocado kitchen or a mauve shower/bath is around $300-350K. Anything with some updates (new/refinished floors, remodeled kitchen, etc.) is likely over $400K and probably closer to $500K.

I know we’re not allowed to link property listings, but hopefully indirectly referencing a property is allowed: A twin in the borough was recently listed for sale as-is and “needing TLC"—photos make it look like an absolute disaster—and the asking price is about $300K.

So borrowing a old phrase from Gimbel’s, if you’re house shopping in Media and want to “select, not settle”, you’d better come with about a half a million-dollar budget. It’s a great town with great schools and transit access, as more people discover that, home prices continue to climb upward.

[phl_commuter]

Originally Posted by briantroutman

I’m in Media, and I can’t comment on actual selling prices, but if they’re anywhere near asking prices, $350K isn’t going to buy you much in Media’s current real estate market.

Everyone has a different definition of “nice”, but it seems like the current going rate for a tired twin with ’70s paneling and an avocado kitchen or a mauve shower/bath is around $300-350K. Anything with some updates (new/refinished floors, remodeled kitchen, etc.) is likely over $400K and probably closer to $500K.

I know we’re not allowed to link property listings, but hopefully indirectly referencing a property is allowed: A twin in the borough was recently listed for sale as-is and “needing TLC"—photos make it look like an absolute disaster—and the asking price is about $300K.

So borrowing a old phrase from Gimbel’s, if you’re house shopping in Media and want to “select, not settle”, you’d better come with about a half a million-dollar budget. It’s a great town with great schools and transit access, as more people discover that, home prices continue to climb upward.

Thanks. Will the market bust ?

[MarketStEl]

Originally Posted by phl_commuter

Thanks. Will the market bust ?

I don't think we're headed for a bust, but we could see a correction down the road.

What I think may be more likely is that the gears of the housing market seize before the correction. It's not just, or even so much, that prices are headed skyward, but more that inventory is plunging. Nationwide, there's less than a month's supply on the market. That's partly because owners of existing homes are now reluctant to put them on the market because they fear they won't be able to afford a home on the next rung up the ladder because of the recent runup.

That could cause some havoc.

[cpomp]

Originally Posted by phl_commuter

Thanks. Will the market bust ?

And most Philadelphia suburbs never reached their pre recession peak, so I think many desirable suburbs (Media is a big one), will certainly continue to climb. Nothing drastic, but I could see those older twins and rowhomes inching toward the $500k mark over the next 5 years if trends in Media continue.

New construction in the borough has become pretty inflated though, especially if you find a rare brand new single family home.

[DonegalGuy]

"That puts Morton, Swarthmore, Wallingford, Rose Valley and Media within your commuting reach. Whether you can find something in any of these communities for <$350k is another story. Wallingford-Swarthmore, Rose Tree Media and Marple Newtown all rate highly among this region's school districts. (Morton is separated from the rest of the district, but children there attend Wallingford-Swarthmore schools.)"


Just to clarify - Residents of Morton Borough are part of the Springfield School District. The four municipalities which make up the Wallingford-Swarthmore School District are Nether Providence Township (aka Wallingford), Swarthmore Borough, Rose Valley Borough and Rutledge Borough.

[rowhomecity]

Havertown.

Haverford Twp. schools. Higher taxes. But it is why home prices have been a bit more attainable.

[MarketStEl]

Originally Posted by DonegalGuy

"That puts Morton, Swarthmore, Wallingford, Rose Valley and Media within your commuting reach. Whether you can find something in any of these communities for <$350k is another story. Wallingford-Swarthmore, Rose Tree Media and Marple Newtown all rate highly among this region's school districts. (Morton is separated from the rest of the district, but children there attend Wallingford-Swarthmore schools.)"


Just to clarify - Residents of Morton Borough are part of the Springfield School District. The four municipalities which make up the Wallingford-Swarthmore School District are Nether Providence Township (aka Wallingford), Swarthmore Borough, Rose Valley Borough and Rutledge Borough.

Thanks for the correction. I had the wrong disconnected borough.

[phl_commuter]

Thoughts on stucco ? Is stucco from 1950s bad ?

[chessimprov]

Originally Posted by phl_commuter

Thoughts on stucco ? Is stucco from 1950s bad ?

I saw a few bad posts on stucco. If you don't know how to maintain it, then I'd just avoid personally if you can.

[chessimprov]

Bridgeport is a good place to consider.