Villanova tops chart for priciest home sales
Villanova first in state for high-priced home sales in past year, Gladwyne second
RADNOR » Looking to relocate to Villanova? You’d better be willing to dig deep into your bank account because Villanova 19085 is the most expensive zip code in Pennsylvania to buy a home, according to the website Property Shark.
Property Shark writer Eliza Theiss said the company’s data analysts compiled all residential transactions in Pennsylvania between August 2016 and July 2017, “taking into account condo, co-op, single- and the two-family homes, with all package deals excluded.”
It then determined the median sale price for every zip code in the state.
There can be changes from year to year in which town is on top, she said, depending on “a number of factors.”
“Of course there are some zip codes, neighborhoods (and) clusters of affluence that retain their status, more or less, from year to year, but not necessarily in the exact same position,” Theiss said. “Sometimes numbers can be skewed if a high number of new developments come online in a concentrated area. For example, New York (statistics) were skewed earlier this year from their more traditional rankings by a large number of new condo projects going on the market in Brooklyn neighborhoods. With the growing trend of urban redevelopment fueled by millennials looking to live in 24/7 neighborhoods, we’ve seen cities where zip codes that, a few years ago might have been nowhere near the top 50, climb up among the priciest ones due to large-scale redevelopments. Real estate being what it is, there are a lot of variables that can affect rankings from year to year and it depends a lot on the region we’re looking at. In the case of Pennsylvania, we were expecting Main Line suburbs and Philadelphia to be among the most expensive zip codes; Philadelphia, for its economic importance and sheer size and Main Line suburbs due to their long-standing status as enclaves of affluence.”
In Property Shark’s rankings, Gladwyne came in second, although it had Pennsylvania’s largest residential transaction in the past year of $5.85 million for a mansion at 1447 Waverly Road. Merion Station was third, Haverford, fourth, and Berwyn, fifth on
the Property Shark list.
Some local Realtors were not at all surprised that Villanova topped the chart.
Scott Furman termed Villanova “wonderful.”
He recently sold a house there before it was even listed because another agent saw a coming soon sign on the front lawn and called him.
The house, which he said was “a fixer upper” on Wooded Lane, settled for $535,000 on Aug. 10. The Villanova neighborhood is very attractive because of the excellent school district and proximity to highways and public transit to Center City, the airport and shopping, either locally or at the King of Prussia Mall.
“People like the feel of community in the little towns on Lancaster Avenue,” he said.
Houses in that $500,000 price range are selling well, while with more expensive houses it can be more difficult to find the right buyer, he said. One 10,000-squarefoot house that Furman listed had been with three or four previous brokers, he said. It has an elevator, high ceilings and “exquisite” finishings.
“Some of the market might be getting away from that,” he said. “It’s a lot to maintain . ... Often times people can’t get what they paid for them.” But the “best bargains are in the higher end of the spectrum,” Furman added. “You can proportionately buy a lot more for your money.”
Real estate in “Center City is so expensive,” said Furman. “The Main Line homes are a bargain. We have phenomenal schools. You compare us to New York and Washington, D.C., and those surrounding communities, we’re a bargain.”
John Duffy, who has been selling real estate here for 45 years, was bullish on the Main Line market but somewhat skeptical of the rankings. Various factors can skew a ranking, including how many properties change hands and whether less expensive condos are included with much more expensive larger homes and “what goes on the market at a particular time.”
“Villanova had a couple of houses in the $3 million range,” said Duffy. “That’s how Villanova got to be number one.”
However, the housing inventory is down right now and real estate prices are increasing, he said.
“Since the downturn in 2007 and 2008, we’re seeing a gradual return in values up to a point prior to 2007 downturn,” he said. But there is still “a slowdown (in sales) of properties over $1.5 million or $1.6 million.”
“It hasn’t come back,” said Duffy. “The $2 millionplus properties are just not as marketable as they had been prior to 2007.” However, lately, “there seems to be a lot more consumer confidence.”
As for Villanova, “it’s a great area,” Duffy said. “But is it better than Bryn Mawr or Haverford? They’re all pretty much equal.”
For her part, Theiss agreed that “good school districts or a high number of private schools or proximity to universities can have a major influence on attracting wealthy buyers to a certain area.” Also, “neighborhoods with long-standing prestige or celebrity residents also tend to make it into our expensive zip codes — such as New York’s TriBeCa. In other cases it can be proximity to resorts, like Colorado’s prestigious ski resorts and water frontage is always a big draw. Another big draw that can push a zip code up is proximity to jobs, especially highpaying jobs. So areas with a high concentration of tech, biotech, life sciences, financial and banking jobs will attract higher-end buyers and more luxury developments (are attractive).”