Archives for August 2011

“Team Up For Turf” Fundraiser For District Turf Fields

August 11, 2011 by admin

Driving past this sign at the High School over the past several days, I have wondered what a Turf Field is all about, and why is it necessary to have a fundraiser.

The Wallingford Swarthmore School District is in partnership with the school community to raise funds for the installation of two state of the art turf playing surfaces at King Field and the girl’s lacrosse/hockey field on South Providence Road. The goal is to raise $1,500,000 from community and corporate sponsors.

With their current natural grass surface, King Field and South Providence Road Field usage is limited to approximately 200 hours per year which restricts practices and prohibits their use during rain or snow. Turf fields could increase the use to 2,000 hours per year and allow spring sports to practice outdoors and compete when late spring snow and rain would have prevented field use. The upgraded turf fields could potentially attract larger district events, state tournaments and other large sporting events, and bring additional revenue to the district and the community.

The plan is to install the new playing surfaces in two phases. The goal of Phase 1 is to have the turf field installed at King Field by March 1, 2012, and Phase 2 is shooting for installation at the South Providence lacrosse/hockey fields by September 1, 2012.

To date the fundraising effort has raised over $263,000, and on August 17 at the Old Mill – Team Up For Turf will be hosting a end of Summer BBQ with food, drink entertainment, and Silent Auction to be held from 7:00 PM to 10:00 PM.

For additional Turf Field information, and to learn more about the fundraising efforts visit Team Up For Turf.

Mortgage Corner – Mortgage Insurance

August 9, 2011 by admin

Private Mortgage Insurance (PMI) Options

PMI Options Private Mortgage Insurance also known as PMI is a lender requirement for any borrower who puts less than 20% down on a home purchase utilizing conventional financing. The purpose of PMI is to protect the lender in the event of a default by the borrower. The benefit to the borrower is that they can get a mortgage with 5% or 10 % down.

The cost of mortgage insurance varies based on the loan to value percentage, debt ratio, credit score, and property type. Much like homeowners insurance, the rates vary from company to company. Many lenders have contractual agreements with several mortgage insurance companies so that they can have flexibility in both product and pricing. One interesting thing to note about mortgage insurance is that there are options for a borrower that should be explored.

Lender Paid MI

Many borrowers can avoid mortgage insurance by accepting a slightly higher interest rate and having the lender absorb the cost of the mortgage insurance.

Single Premium MI

Borrowers can pay the mortgage insurance premium (instead of monthly) at the time of settlement. The cost of the insurance can be financed, and this often results in a significantly lower monthly mortgage payment.

Piggy Back Loan

In the industry, this is called an 80/10/10. A borrower puts down 10% of the purchase price. The lender makes 2 loans. The first loan is 80% of purchase price, and the second loan (typically a home equity loan ) is for 10% of the purchase . Mortgage insurance in not required in this scenario- as neither loan exceeds 80% of sale price.

Monthly MI

This exactly as it sounds. A borrower pays a monthly premium (with their mortgage payment ) until they have a 20% equity stake in the property.

So, how does one decide which path to take here ? It really depends on several factors. One big factor is projected time in the home. The best thing for any borrower to do is to sit down with a reputable lender who can customize a loan for you.

It’s a great time to buy a home in the Delaware Valley

Steve Madonna

Weichert Financial Services

smadonna@weichertfinancial.com

610-566-2045

NMLS # 140438

110 Cameron Drive – Sproul Estates – Wallingford, PA – Sold In 1 Day

August 3, 2011 by admin

110 Cameron Drive

110 Cameron Drive, a 4 bedroom 2.5 bath totally renovated split level settled today – August 3, 2010. Sales price was $309,900.

Welcome Herb and Peggy Seifert who are moving from Wayne, PA to our Wallingford community.

Selling for the asking price with no seller concessions, 110 Cameron Drive is an example of a home priced correctly for market conditions, and being thoroughly prepared for showing. After been seen by a limited number of prospective buyers – one – this home was under contract in less than 24 hours.

Renovated Kitchen

Nether Providence Elementary School Overhaul Plans Unveiled

August 2, 2011 by admin

Nether Providence Elementary School

The Wallingford Swarthmore School District currently has one major renovation and expansion project underway at Wallingford Elementary School, but the design team behind the project is already looking ahead to an overhaul of another district facility.

Architect Kevin Godshall, a partner in Godshall Kane Architects LLC, of Ambler, presented the Wallingford-Swarthmore School Board with his firm’s vision for the future of Nether Providence Elementary School at its July meeting.

The proposal calls for tearing down a 1939 wing at the Nether Providence Elementary School located on Moore Road, retaining sections that came later and constructing an addition at the rear. The addition would sit on part of the current parking lot, and would reduce the number of parking spots from 150 to 76.

A major goal of the project would be to upgrade classrooms to about 800 square feet to accommodate modern day educational standards, and would also entail keeping separate bus and parent drop-off areas, leaving the playing fields intact, adding a service road on the north side of the building, and incorporating renewable energy features, such as geothermal heating and cooling.

Reynolds Construction Co., who has served as the district’s contractor for the Wallingford Elementary and Strath Haven Middle School projects, estimated the Nether Providence Elementary work would cost about $16.5 million, $5.8 million for the school addition, $5.7 million for renovation work, and $3.6 million of other costs.

A tentative schedule calls for work to commence in the summer 2013.

Wallingford Real Estate Review- July 2011

August 1, 2011 by admin

: Blue Route From Bullens Lane At Dusk

WALLINGFORD REAL ESTATE

July marked the first time this year that sales increased over the same month of the previous year, with 12 Wallingford homes sold in July 2011 as opposed to 11 sales in July 2010. Another encouraging trend was the average Days on Market was down substantially from previous months to 40 days. For the first six months of the year Days On Market averaged 182 days, so the drop to a 40 day average is significant. Coupled with the increase in the ratio of list price to selling price this indicates that seller pricing is coming into alignment with the market – proper pricing is reflected in shorter a marketing time and sale prices which closely reflect the asking price.

The percentage of sales price to original list was up to a strong 95.21%, and the corresponding measure of sales price to last list price posted at 96.55%. On the other hand the average sales price was down to $291,325, a drop of 23.0%.

There were 12 Wallingford homes sold during the month of July 2011.

WALLINGFORD HOMES SOLD – JULY 2011

Address	Bed	Bath	Price	Settled
114 Governors Drive	3	1.5	$227,000	07/01/11
1113 Putnam Blvd	3	2.5	$205,000	07/13/11
919 Winding Lane	3	2.5	$435,000	07/14/11
26 Cedar Road	4	1.0	$219,900	07/15/11
6 Kershaw Road	4	2.5	$545,000	07/15/11
115 Ridley Drive	3	1.5	$192,500	07/15/11
215 East Rose Valley Road	3	2.0	$392,000	07/21/11
705 Raleigh Court	2	1.0	$71,500	07/21/11
1044 Putnam Blvd	2	2.5	$204,900	07/29/11
409 Sheffield Drive	3	1.5	$265,000	07/29/11
209 Fox Lane	5	2.5	$510,000	07/29/11
607 Georgetown Road	3	1.5	$229,000	07/29/11

These 12 Wallingford homes were on the market an average of 40 days, with the average sold price representing 95.21% of the original asking price, and 96.55% of the last asking price.

919 Winding Lane was only on the market for 5days, while 115 Ridley Drive was on the market 125 days.

Conventional financing was utilized in 7 transactions, and 5 utilized FHA financing.

There were no distressed homes sales – Short Sales or Foreclosures reported.

A Seller Assist was utilized in 6 of 12 Wallingford homes sold, ranging from $525 to $11,000

114 Governors Drive – $7,850

26 Cedar Road – $1,500

6 Kershaw Road – $9,000

115 Ridley Drive – $5,500

1044 Putnam Blvd – $11,000

409 Sheffield Drive – $525

Wallingford July 2011 Activity vs July 2010

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2010	11	$378,200	53	94.36%	95.97%
2011	12	$291,325	40	95.21%	96.55%
	9.0%	– 23.0%	-24.5%	0.85%	0.58%

SWARTHMORE REAL ESTATE

There were 7 Swarthmore homes sold during the month of July 2011.

SWARTHMORE HOMES SOLD – JULY 2011

Address	Bed	Bath	Price	Settled
105 Cornell Avenue	5	2.5	$476,000	07/06/11
10 Ogden Avenue	4	2.5	$975,000	07/06/11
517 Walnut Lane	6	4.2	$854,000	07/13/11
228 Benjamin West	3	2.0	$310,000	07/13/11
10 Woodbrook Lane	4	4.5	$900,000	07/15/11
801 Yale Avenue #1123	2	2.0	$154,000	07/22/11
303 Elm Avenue	5	4.51	$1,010,000	07/28/11

These 7 Swarthmore homes sold for an average price of $688,429, and were on the market an average of 15 days, fetching 96.77% of original asking price, and 97.22% of last asking price.

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