1346 Wooded Way, Bryn Mawr, PA 19010. Why has this home been on the market for so long?

Asked by The Home Seeker, Philadelphia, PA Wed Jan 26, 2011

The pics look nice; what's the drawback? Without having been through the home, it looks very charming and unique. I am curious to hear from people who have been through it; what did you think of it? I see that the description now lists the property as a short sale.

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5
Jeanette DiL…, Agent, Bryn Mawr, PA
Thu Jan 27, 2011
BEST ANSWER
This property has been on and off the market many times since 2004. While it has the distinction of having an award winning historic preservation/renovation, the inventory of multimillion dollar luxury homes in Lower Merion Township alone far exceeds the number of qualified, interested buyers. Now it's a short sale which will require specific expertise on the part of the buyer agent and listing agent to negotiate this transaction to it's completion. There are only a handful of agents who would, or even could, take on the specific challenge of this property and bring it to a successful conclusion. That being said, there is no doubt in my mind that this property represents a fantastic opportunity to the right buyer with the patience to get through the process.
Web Reference:  http://www.jdiluco.com
1 vote
Cape, Both Buyer And Seller, Bryn Mawr, PA
Tue Jun 14, 2011
The property was listed for sale for more than $5M around 2004. It rented to Coach Larry Brown for as long as he was with the 76ers basketball team. Then came the real estate doldrums.

This is an extraordinary and unique property located on perhaps the best spot (end of a cul de sac) on the best street in the best neighborhood on the main line. Very private setting with great views. However, most people aren't clever enough to understand what the architect was trying to when he put so many rooms on the lower level. Unlike the +$2.5M “McMansions” on Wooded way, the owners of the “Barn” spared no expense in building the house. Incredibly fine workmanship and the best masonry, stone, mechanical, electrical, plumbing, cable, internet, and fixtures available. The grounds are also tastefully and creatively done. The property sits on a ½ acre, adjacent to 27 acres of the Harriton Farm preserve.

There's a huge master bedroom suite on the second floor and a nanny suite. The first floor also has a bedroom suite. It appears that the architect intended bedrooms for lower level as well? I believe that most people who have the means to buy such a house are Philistines like me and just don't appreciate what a genius the renowned architect Richard D. Wesley is! (To be fair to him, he entered the Barn in the competition and won the 2005 Lower Merion Historic Preservation Award and the property is now listed on National Register of Historic Places.

Although the price would indicate a short sale, the bank is not interested in selling for less than the $2.7M mortgage. If you have further questions or interest, please call Bill (me) at 610 520 1624 to arrange for a tour. I'm a business associate of the owners.
0 votes
Steve Sisman, Agent, Media, PA
Thu Jan 27, 2011
Good morning The Home seeker, short sales are for the patience buyer and the willing to work harder real estate agent. If you are interested in purchasing a short sale property, I can help. Please contact me. Thanks, Steve
0 votes
Shannon Diio…, Agent, Media, PA
Thu Jan 27, 2011
What Laurie said is so true. Sometimes these short sale properties sit on the market so long because many buyer agents tend to shy away from short sales in general. Or it could be that the home was originally priced too high, causing it to sit on the market much longer than necessary. Either way, you could stand to get a very good deal if you are in a position to purchase under these circumstances. Best of luck to you!
0 votes
x, , Bryn Mawr, PA
Thu Jan 27, 2011
The last sentence to your question is truly the answer. Short sales can be a very difficult transaction for all parties included. Not always, but a majority of the time. A typical closing takes place within 30-60 days of a signed agreement. With short sales, it can literally take months and months. A trying time for the buyer. They are not for the feint of heart. That being said, you stand the chance of buying a great house for potentially much less than market value. IF you're able to wait the process out, then it might be worth considering. If you're still interested in the home, it's very important to align yourself up with a knowledgeable buyer's agent who's worked with short sale properties before. Good luck!
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