2013 Philadelphia Region’s Most Expensive Homes

Let’s face it, 2013 is pretty much over.  With Christmas falling on a Wednesday and New Year’s Eve and Day following shortly thereafter, there are only about 8 “real” work days left.  So, it seems like a perfect time to take a look back at the 2013 real estate market.  In particular, let’s take a look at the ultra high-end sales in the market.*

The Philadelphia Metro Area (Philadelphia, Montgomery County, Bucks County, Delaware County & Chester County) had its fair share of heavy hitters this year.  In total there were 20 sales over $3,000,000 and there are currently five sales pending over that amount.

The Coyle Group - Bucks County MansionBucks County posted a $3,300,000 sale with the property at 6356 Meetinghouse Road, in New Hope.  In this case, the price gets you a 20-year-old, 12, 376 Sq Ft, Colonial situated on 92.78 acres.  A perfect little “country” getaway home for New Yorkers.

 

 

The Coyle Group - Villanova MansionIn the Villanova section of Delaware County there was a $4,000,000 sale at 265 Abrahams Lane.  What’s interesting is that price was achieved at auction, down from the original $7,695,000 list price.  Looks like a pretty good deal for the 12-year-old, 10,268 Sq Ft, Mansion sitting on 9.90 Main Line acres. 

 

The Coyle Group - Philadelphia Rittenhouse Mansion

 

At $4,200,000 cash, the “McIlhenny” Mansion, at 1914-16 Rittenhouse Square was the highest sale in Philadelphia.  This mansion faces Rittenhouse Square and is built on five property lots.  The 8,600 Sf Ft structure was listed as being “in need of complete restoration.”  Kind of pricey for a fixer-upper but, that being said, there is nothing else like it in Philadelphia.  New owner Bart Blatstein just received the “go ahead” from the planning commission for renovations to the historic property.

 

 The Coyle Group - Chester County Mansion

Saddle up!  If you like privacy, views and horses, and you happen to have $5,000,000 lying around then you could have purchased the property at 2300 Hilltop View Road, in Chester County.  This 27-year-old, 10,061 Sq Ft, Converted Barn sits on 143.70 acres.  This is a true equestrian property with 14 stalls, paddocks, indoor riding ring, tack room and abuts 800 acres of preserved land. 

 

The Coyle Group - Montgomery County MansionThe honor of being the most expensive home in the Philadelphia Metro Area for 2013 goes to 648 Creighton Road, in Villanova.  This Tudor Mansion is over 80 years old and boasts 13,464 Sq Ft of living space situated on 3.13 acres, in Lower Merion.  This is a classic Main Line residence with a $5,700,000 price tag to prove it.

 

 

The Coyle Group’s team of Philadelphia appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy and Tax Appeal.  If you need a guest speaker at your next sales meeting, please give us a call.  We would welcome to opportunity to speak to your group and field any appraisal related questions you may have.  For more information please visit our website at www.TheCoyleGroupLLC.com  You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

* Only sales advertised in the MLS were included.  No private sales were used.  Photos are courtesy of TReND MLS.

 

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Zillow vs Appraiser 2013

 Zillow vs TCG

“Zillow told me that my home is worth…”

Appraisers across the USA hear those words at least once a week from well-meaning homeowners.  What many homeowners don’t realize is that Zillow, while a very useful tool, is not always the best indicator of the actual value of their home.  A Zillow Zestimate is not an appraisal.  In fact, if homeowners use Zillow to help them price their home for sale, they could be leaving thousands of dollars on the table, as we will show you.

Below is a chart of 18 randomly selected appraisals that The Coyle Group completed in the past 3 months.  The houses are located throughout Philadelphia, Montgomery, Bucks, Delaware and Chester County.  The chart is a comparison of our appraised value and the Zestimates produced by Zillow.  Keep in mind that our appraisals have the benefit of a full property inspection by a human being and nuanced market knowledge.   Zillow’s Zestimates rely on public records, complex algorithms and no physical inspection of the property.  Here are the results: 

Maple Glen Colonial Appraisal: $430,000 Zillow: $351,050

22.48%

Conshohocken Single Appraisal: $370,000 Zillow: $329,924

12.14%

Collegeville Cape Cod Appraisal: $364,000 Zillow: $355,012

8.65%

Bryn Mawr Mansion Appraisal: $2,000,000 Zillow: $1,662,317

20.32%

Lafayette Hill Colonial Appraisal: $550,000 Zillow: $470,806

16.82%

Chestnut Hill Colonial Appraisal: $635,000 Zillow: $686,018

7.44%

Gladwyne Cape Cod Appraisal: $745,000 Zillow: $697,428

6.82%

Condo – The Murano Appraisal: $575,000 Zillow: $458,870

25.30%

Art Museum Condo Appraisal: $280,000 Zillow: $257,852

8.59%

Condo – The Dorchester Appraisal: $345,000 Zillow: $339,499

1.62%

South Philly Row Appraisal: $110,000 Zillow: $157,378

30.10%

Berwyn Colonial 1 Appraisal: $750,000 Zillow: $886,168

15.37%

Berwyn Colonial 2 Appraisal: $1,200,000 Zillow: $1,153,633

4.02%

Doylestown Townhouse Appraisal: $325,000 Zillow: $294,410

10.39%

Fishtown Row Appraisal: $225,000 Zillow: $211,700

6.28%

Villanova Mansion Appraisal: $2,450,000 Zillow: $2,544,935

3.73%

Mount Airy Twin Appraisal: $285,000 Zillow: $324,137

12.07%

Roxborough Row Appraisal: $245,000 Zillow: $235,076

4.22%

As you can see there are some pretty dramatic deviations between Zestimates and the appraisals.  Based on our appraised values Zillow under valued 13 of the properties.  In some instances Zillow was almost right on, take for instance the condo in The Dorchester.  They were only off by 1.62%…that’s pretty good if you ask me.  For the condo at The Murano, they were off by more than 25%…waaaay off!  On average, Zillow under-valued the properties by 12.39%.

In the case of the South Philly row, the Zestimate was over by more than 30%.  However, I can’t fault Zillow on this one.  The property was really dated and needed a great deal of work.  But this does illustrate how having a full interior inspection of a property can lead to more accurate values.  Also, the Mount Airy twin was over-valued by 12%…but this doesn’t surprise me, everyone in Mount Airy thinks their home is worth more than it is.  Just kidding.

Now imagine that you’re a homeowner getting ready to sell.  You hop on your computer, plug-in your address and Zillow says your home is worth $300,000.  Based on our findings, if Zillow under-values properties 12.39% on average, you (the homeowner) could potentially be leaving $37,170 on the table.  That’s serious money!

This illustration underscores the importance of consulting with a knowledgeable real estate agent or Certified Real Estate Appraiser.  Getting a Pre-Listing Appraisal prior to putting your home up for sale and knowing the true market value of your home can save you time, money and effort when it comes to selling. 

As for Zillow, keep in mind that it is a tool…a starting point.  It’s great for neighborhood data, graphs, general sales information or for seeing what your new neighbors paid for their house.  It’s probably not the best place if you’re looking for assistance with making definitive decision or properly pricing your home for sale.

If you want to know more about our Pre-Listing Appraisal services or have any real estate appraisal related questions please visit www.TheCoyleGroupLLC.com.  You may contact us directly at…215.836.5500 or appraisals@coyleappraisals.com

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