Market Conditions in Devon>Question Details

Jeff Olderman, Home Buyer in Devon, PA

I'm considering purchasing condo in Old Forge Crossing in Devon, PA (1 BR, 1st floor, very

Asked by Jeff Olderman, Devon, PA Thu Aug 21, 2008

nicely maintained). It is a FSBO & I know the current owner indirectly. My question: I am thinking of living in the condo for 6-12 months & at that time would like to rent it. Can any relators out there give their opinion regarding the invenstment value of a condo at Old Forge? Is there a good demand for rentals in this development? Have condo values here tended to rise with the market? (I have some concerns because, although it is a lovely maintained property, it is an older development & was wondering if that diminished its value relative towhat else is out there locally)..
Thanks

Help the community by answering this question:

Answers

6
Sure by now you have made a decision, however prices in Old Forge have fallen over the last two years, a lot of pressure on prices from Chesterbrook. Also Old Forge is one of the only currently approved FHA condo developments so purchasers can get FHA financing easily. Rental prices are stable but not increasing either. We have sold many units in here acting for both buyers and sellers.
0 votes Thank Flag Link Tue Feb 22, 2011
Jeff, I live (rent) in Old Forge Crossing. They are getting $925 to $975 for rentals. When selling one, it depends on how much work the unit needs. Some are remodeled very nicely and some are not upgraded at all and they are approximately 32 years old.

I moved into my rental in 2007. I like it ALOT. I love the people, but I had to pay my landlord half because the washer broke and it was rusted and molded and very very old. Then the stove blew, and I paid my landlord half to get a new one. He replaced the verticles (they were rotting off the hooks) and he painted for me, that's about it.

I am considering buying my unit, but since living there for 3 years, it really needs a new bathroom, including toilet, vanity, bathtub, tile, floor and the closet is old. It needs new rugs and new sliding glass doors and a new bedroom window. So I would negotiate my price down to around $140 for this one - I have a one bedroom, one bath condo. Hope this info helps.
0 votes Thank Flag Link Thu Aug 19, 2010
Jeff, I live (rent) in Old Forge Crossing. They are getting $925 to $975 for rentals. When selling one, it depends on how much work the unit needs. Some are remodeled very nicely and some are not upgraded at all and they are approximately 32 years old.

I moved into my rental in 2007. I like it ALOT. I love the people, but I had to pay my landlord half because the washer broke and it was rusted and molded and very very old. Then the stove blew, and I paid my landlord half to get a new one. He replaced the verticles (they were rotting off the hooks) and he painted for me, that's about it.

I am considering buying my unit, but since living there for 3 years, it really needs a new bathroom, including toilet, vanity, bathtub, tile, floor and the closet is old. It needs new rugs and new sliding glass doors and a new bedroom window. So I would negotiate my price down to around $140 for this one - I have a one bedroom, one bath condo. Hope this info helps.
0 votes Thank Flag Link Thu Aug 19, 2010
get a rent comparable appraisal done before you buy.
0 votes Thank Flag Link Wed Aug 27, 2008
Jeff,

I would do a little more research in that community. Go this weekend and walk around and ask some of the neighbors mulling around outside.

Do you have a buyers agent ? If not, get one... an expert in Devon. That person will certainly be able to service you best and help negotiate the deal with the FSBO.

Good luck ! We are strong proponents of owning investment properties - see our site below for more info.
0 votes Thank Flag Link Fri Aug 22, 2008
Jeff,

I have sold several units at Old Forge. The market is stable and expected rent should be $800. Without knowing much more, it's difficult to assess the viability of the purchase as a rental.
0 votes Thank Flag Link Thu Aug 21, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer