Packer Park Cul-de-sac VS. Packer Park “Main Street” PART 2

1pp  Our February 1st Blog titled, “Packer Park Cul-de-sac VS. Packer Park “Main Street”,   discussed which type of Packer Park Homes sell for more and are more desirable, homes located on a Packer Park Cul-de-sac or main street homes in Packer Park, we wanted to try to dissect the findings of our research a little further…..

As a reminder the results of our data crunching were as follows:

*Since there are many more main street homes than cul-de-sac homes in Packer Park, the number of main street sales was more than double the number of cul-de-sac home sales over the two year period examined in our evaluation.

*SALE PRICE: The average sale price for the cul-de-sac homes was $336,000. The average sale price for the main street homes was $320,000. (close to a 5% difference)

*PRICE PER SQUARE FOOT: The average price per square foot for the cul-de-sac homes was $291 per sq’. The average price per square foot for the main street homes was $277 per sq’.

*DAYS ON MARKET: Average days on market for the cul-de-sac homes was 222. Average days on market for the main street homes was 82. A HUGE difference!!!

But WHY???

We feel the main factor creating these numbers is Supply and Demand. Many of us often disregard how important this simple economic law is. Supply and demand although a simple theory is amazingly important… Supply and demand is the key indicator in todays Real Estate market in my opinion. Center City Philadelphia and the surrounding neighborhoods are experiencing price appreciation and an increased pace of sales because the inventory of homes for sale is almost 20% less than this time last year and is actually at its lowest point since 2006!!!!

Think of it this way…how many buyers are there in our market place right now? Thousands and Thousands…. if there were only two homes for sale in the city, how much would those homes sell for with a thousand buyers fighting over them??? the answer is ALOT!! That is supply and demand…

One of the main factors why Cul-de-sac homes have sold for 5% more than main Street homes and have a price per square foot much higher than the Main street homes is supply and demand… There are always 200-300% more main street homes for sale at any given time then Cul-de-sac homes in Packer Park.

There are other reasons as well but none as Obvious as this.

Currently there are only 9  homes for sale in Packer Park between 250k and 400k..!! If you are looking to sell now may be the time! If you are looking to buy, don’t waste anymore time!!

Cul-De-Sac VS. Main Street, Which type home sells for more in Packer Park?

3135 Olympia For years my colleagues and I have argued over which is more valuable, desirable and in more demand…. Packer Park homes located on one of its historic and scenic Cul-de-sac’s or a Packer Park home that sits on a wide and bright main street in the neighborhood like 17th or 18th….?  They both have their advantages….

We have done our research and compiled data to settle the age old packer park debate.. Cul-de-sac or main streets in Packer Park….

Here is how we arrived at the conclusion. We evaluated every 2-story Packer Park home that has sold and settled in the last 2 years- located east of 20th street. We did not include fixer uppers, only above average condition to excellent condition homes.

All of the homes had private parking or the ability to make their yard a parking spot. All of the homes had central air and all but one of the homes was 1152 square feet.

The results are as follows:

Since there are many more main street homes than cul-de-sac homes in Packer Park, the number of main street sales was more than double the number of cul-de-sac home sales over the two year period examined in our evaluation.

SALE PRICE: The average sale price for the cul-de-sac homes was $336,000. The average sale price for the main street homes was $320,000. (close to a 5% difference)

PRICE PER SQUARE FOOT: The average price per square foot for the cul-de-sac homes was $291 per sq’. The average price per square foot for the main street homes was $277 per sq’.

DAYS ON MARKET: Average days on market for the cul-de-sac homes was 222. Average days on market for the main street homes was 82. A HUGE difference!!!

What do these numbers mean??? Stay tuned for our follow up Blog Post on this topic…Jim Onesti Prudential Fox & Roach Realtors 215-440-2052

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Thank You PackerParkLiving.com Followers!!

Thank you to all of our readers and followers…2012 was a great year for http://www.PackerParkLiving.com!! Our Blog had over 14,000 views in 2012! And remains a premier Real Estate Blog in Philadelphia and THE favorite site for all Packer Parkers…  Thanks Again!! Packer Park Living.com 

4,329 films were submitted to the 2012 Cannes Film Festival. This blog had 14,000 views in 2012. If each view were a film, this blog would power 3 Film Festivals

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3143 s.18th Street SETTLE’S for $370,000 !

We just settled 3143 s 18th street in Packer Park for $370,000, which is a very strong comparable sale for other sellers in the area worried about their home appraising at or above the agreed upon sale price. 3143 s. 18th is 2-story, 3 bedroom, end of the row Packer Park Beauty!

We continue to get top dollar for our Packer Park listing!! Our marketing plan has a long track record for producing excellent results!

There are many reasons why 50% of all packer park homes sell through Prudential Fox & Roach R3ealtors

Contact us today for a free, no obligation estimate of value on your home.

Jim Onesti, The Mccann Team, Prudential Fox & Roach Realtors

215-440-2052     http://www.PackerParkLiving.com

PS  Your home may be worth more than you think!

New Charter School being built in Packer Park?

cropped-kate_devlin_2012_jo-ppblog-4.jpgRumor has it that a  brand new charter school is being built at 2301 Penrose Avenue in Packer Park, South Philadelphia’s premier neighborhood. The site of the new school is at the location of the former Par 4 Bar on Penrose avenue.

The Philadelphia Performing Arts Charter School is building a charter school for high school students grades 9-12. The project should be ready by September of 2015.

This is great news for the packer park Neighborhood! The new construction building should be a handsome structure. We will have renderings of the proposed building shortly. stay tuned for more details..