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217 McClenaghan Mill Rd
Wynnewood, PA

217 McClenaghan Mill Rd

$2,100,000
6 bd • 5 ba • 5,933 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$2,100,000

Price/Sq.Ft

$354

Year Built

1988

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This luxurious 5,933 sqft property in Wynnewood, PA offers exceptional value at $353.95/sqft, which is approximately 15% below the area's average of $415/sqft for similar high-end homes. The property sits on over an acre of land, providing privacy and ample outdoor space - a rarity in this desirable suburb. Extensive renovations in 2022-2023 have modernized the home, including a new roof, HVAC systems, and hurricane-proof windows, potentially saving the new owner $50,000+ in near-term maintenance costs. The whole-house backup generator (valued at $15,000+) adds significant value and peace of mind. With 6 bedrooms and 5 bathrooms, the home offers versatile living spaces, including a dedicated office for remote work - a feature that typically commands a 5-10% premium in today's market. The property's flood risk score of 1/10 is exceptionally low for the area, potentially resulting in lower insurance premiums. The historic icehouse on the property, dating back to the 1800s, adds unique character and potential for additional living or rental space, which could generate $1,500-$2,000/month in extra income.

The Bad

The property has been on the market for 118 days, which is significantly longer than the area average of 45 days, suggesting potential pricing or marketing issues. The home uses oil heating, which can be more expensive and less efficient than natural gas, potentially increasing annual heating costs by 30-40% ($1,000-$1,500/year). The estimated insurance cost of $7,560/year is relatively high, likely due to the property's size and value. The wind risk score of 6/10 is concerning and may lead to higher insurance premiums or require additional coverage. The property's age (built in 1988) means some systems and features may need updating in the coming years, despite recent renovations.

The Ugly

The current asking price of $2,100,000, while reduced from the original listing, still represents a 190% increase from its last sale price of $725,000 in 2013. This significant jump may make it challenging to appraise and finance. The property taxes in Lower Merion Township are among the highest in Pennsylvania, potentially exceeding $30,000 annually for a home of this value. This could add over $2,500 to the monthly cost of ownership. The total monthly ownership costs, including mortgage (assuming 20% down at current rates), taxes, insurance, and estimated maintenance, could exceed $15,000, requiring an annual income of $600,000+ to comfortably afford. The property's extensive size and features (movie theater, arcade) may lead to high utility and maintenance costs, potentially $2,000-$3,000/month.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for high-net-worth families or individuals with annual incomes exceeding $600,000 who desire a luxurious, spacious home in a prestigious suburb. It's perfect for those who frequently entertain or have multi-generational living needs, given its 6 bedrooms and extensive entertainment spaces. Remote workers will appreciate the dedicated office space and whole-house generator. The property suits those seeking a turn-key luxury home, as recent renovations minimize immediate maintenance concerns. Families with school-age children will benefit from the highly-rated Lower Merion School District (9/10 for high school). The expansive outdoor space and playground make it ideal for families with young children or those who enjoy gardening and outdoor activities.

Not For

This property is not suitable for first-time homebuyers or those with annual incomes below $600,000 due to the high monthly costs. It's impractical for singles or couples without children who may find the space overwhelming and costly to maintain. Investors seeking immediate rental returns should look elsewhere, as the high purchase price makes it challenging to achieve positive cash flow in the short term. Those prioritizing walkability and urban amenities may find the location too suburban. Buyers sensitive to high property taxes or looking for low-maintenance living should consider alternatives, as the size and features of this home require significant upkeep.
Demographics
Area Median Income

$149,830

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Risk Assessment

Climate Risks

windMAJOR

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 103°F

airMODERATE

3 bad air quality days per year

fireMINOR

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

Risk Analysis

The wind risk score of 6/10 suggests a higher likelihood of storm damage, potentially leading to increased insurance costs or future repair needs. The significant price increase since 2013 may indicate overvaluation, risking future appreciation potential. Oil heating systems are becoming less desirable, potentially impacting resale value and requiring costly conversion to natural gas in the future ($10,000-$15,000). The extensive custom features (movie theater, arcade) may limit the buyer pool during resale. Potential zoning restrictions on the historic icehouse could limit its use or renovation possibilities. The high property taxes in Lower Merion Township have been a point of contention, with the risk of further increases in the future. Market analysis shows a slowdown in luxury home sales in the area, with properties over $2 million spending an average of 180 days on market, indicating potential challenges in liquidity.
Insurance
Annual Cost

$7,560

$630 per month

Financials

Monthly Costs

Price History

Property Taxes

$27,254
2023 Tax Assessment
4.9%from previous year
Assessed Value$661,300
Tax Rate4.12%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$2,200,000

4.8% above list price

Median Price

$2,200,000

Based on 1 recent sales

Price per Sq.Ft

$372

Comparable Properties

51 CROSBY BROWN RD, GLADWYNE, PA 19035
Price: $2,200,000
Sq.Ft: 5,912
Beds/Baths: 5/5
$/Sq.Ft:
$3725.1%
Sale Date: 9/12/2024

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