Score
0Wynnewood, PA
217 McClenaghan Mill Rd
2.1M
6 beds
5 baths
5,933 sqft
6 bd • 5 ba • 5,933 sf
This analysis was generated 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
Property History
Price History
Ownership Timeline
$725,000Cash Purchase
Jun 7, 2013Leslie BankoffLeona Binnfield
Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Oct 19, 2009Wendy P Bankoff, Leslie BankoffLeslie Bankoff
Intrafamily Transfer
Non-Arm's Length Transactions
Property Taxes
$27,254
2023 Tax Assessment
4.9%from previous year
Assessed Value$661,300
Tax Rate4.12%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
High
9.0/10
ExcellentFinancials
Monthly Costs
Market Rent (6 bed)
Get a detailed estimate on Zillow$1,490
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$2,100,000
Price/sqft
$354
Layout
6 bd•5 ba
Days on market
118 daysat time of analysis
Stats in the Area
Based on 1 comparable properties nearby
Average Price
$2,200,000
4.5%
Your price is 4.5% below average
Median Price
$2,200,000
4.5%
Based on 1 recent sales
Price per Sq.Ft
$372
4.9%
Your price is 4.9% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 51 CROSBY BROWN RD, GLADWYNE, PA 19035 | $2,200,000 | 5,912 | 5 | 5 | $3725.1% | 9/12/2024 |
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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