I’ve been reading in quite a few places about the price of real-estate in Conshohocken. There is some serious discussion about the price of homes in the 19428, in particular the price of single-family homes. I’ve noticed on both Facebook, Twitter and on some YouTube Videos by a local Real Estate Agent, that a $600,000 home in Conshohocken is possible.
I”m not sure what the issue is. Rising real-estate prices is good for everyone. It helps home owners and it raises the tax base. Of course, the problem with rising prices is gentrification, a RE bubble and salaries not keeping pace with home prices, thus preventing people from buying.
But, this is not what I wanted to talk about in this post. I wanted to address this $600,000 house debate. I think the problem is not this magic number, because it’s not a problem. The real number that potential buyers and sellers fail to recognize is the price per square foot. If they build a 5000 sq foot house and charge $600,000, whats the issue? Of course, this is not likely to happen in Conshy. The real number everyone needs to look at is price per square foot.
Lets pull up the most expensive residential single-family home in Conshohocken, 229 West 7th Ave. (http://www.realtor.com/realestateandhomes-detail/229-W-7th-Ave_Conshohocken_PA_19428_M44672-64928) 2800 square feet, 4 bed rooms, 4 bathrooms. $185 per square foot
Now lets look at Park View, which is a new development located at 352 West 7th Ave. (http://www.realtor.com/realestateandhomes-detail/352-W-7th-Ave_Conshohocken_PA_19428_M44829-09560) 2600 square feet, 3 bed rooms, 2.5 bathrooms. $156 per square foot
Lastly, I’ll grab two more traditional Conshohocken homes. 314 West 3rd Ave (http://www.realtor.com/realestateandhomes-detail/314-W-3rd-Ave_Conshohocken_PA_19428_M44163-22386?row=1) and 351 West 5th Ave. Both are 3 bed rooms, 2 bathrooms and both are about 1300 square feet. Both are about $190 per square foot.
So, from the most expensive home in the Borough to more reasonable homes, the price of the home are pretty close at an average of $180 per square foot.
It seems, as the homes get smaller, so does the price per square foot. 101.5 West 7th Ave (http://www.realtor.com/realestateandhomes-detail/10112-W-7th-Ave_Conshohocken_PA_19428_M33338-95573?row=1) is a 2 bedroom, 1 bathroom row home with 900 square feet. This home costs $233 per square foot.
The Grande has some units for sale. These condos have deeded parking, are very new construction, a pool, easy walk to trails/trains, etc. Here is one (http://www.realtor.com/realestateandhomes-detail/350-W-Elm-St-Ste-3215_Conshohocken_PA_19428_M45195-24129?row=1) that has 2 bedrooms, 2 bathrooms and is 1200 square feet. Premium facility, premium price. These homes cost $291 per square foot.
Lastly, you have a small single family home. The house at 343 West 6th Ave (http://www.realtor.com/realestateandhomes-detail/343-W-6th-Ave_Conshohocken_PA_19428_M44443-46374?row=1) has 2 bedrooms, 1 bathroom and is 900 square feet. This home costs $278 per square feet.
So, for the small homes in the Borough, the average cost per square foot jumps to an average of $270 per square foot.
To close this post out, let’s take the average price per square foot on the small home and apply it to the square footage of the largest home ($270/foot x 2800 sq ft = $756000). So, this shows that the best bargains in the Borough are in the larger homes and it also shows that the $600,000 price ceiling is not only achievable, it might already be here.