Something For Everyone In South Kensington
BY DANIELLE WHITE (www.danielle.searchphillylistings.com)
Finding a four bedroom home in Philadelphia can be at times challenging. The need for interior living space in a metropolitan area becomes necessity when you have multiple people living under one roof. Recently working with clients that were looking to expand their brood. We found that to upgrade them from a three bedroom one bath home to four bedroom two bath home they were priced out of their favorite neighborhood. So we widened our search and found everything that they were looking for blocks from their original must have locale. As always I am fully committed to listening to my clients lifestyle wants and needs but also helping them broaden their scope to find them the best investments.
Just north of Girard in the rapidly developing and appreciating South Kensington neighborhood, I am finding great homes on the market with essential “space to grow into”. Below I have detailed three homes with coinciding links that tick all boxes having ample living space, (all 4 bed 2+ baths) with great outdoor patios and excellent projected appreciation. I love this neighborhood for my buyers not only for the amount of square footage available to them, but also for the creative opportunities that forward moving neighborhoods provide. These homes are all in proximity to each other and to hubs like the Frankford Avenue commercial corridor and the Front Street metro lines. All three homes still qualify for a mortgage program called The Community Reinvestment Act Program (CRA) to give home buyers incentive to move into gentrifying urban areas. Federally backed, the loan has no income cap requirement, 3% down, you pay no private mortgage insurance, and $2,500 towards closing. (This link has general information on this type of loan.)
1634 N. 3rd Street
First up 1634 N 3rd Street, a brand new construction home by Stonewall Contracting, known for their contemporary and stylish renovations. Just reduced to $359,900, this open concept home has all of the high end finishes that buyers are looking for. The master bedroom has cathedral ceilings and a private dual vanity bath. It has a two tiered back patio with beautiful hardscaping for BBQ’s and then a second tier for a garden or perhaps even grass! The home is 10 year tax abated with hardwood flooring throughout and modern open metal staircase. It really has that wow factor!
2144 N 2nd Street
The second home was fully rehabbed with traditional finishes in 2013, 2144 N 2nd Street is 18 foot wide and 2,000 square feet giving you ample space to move right in. The home gets great light, has high ceilings, and beautiful hardwood floors. Brand new to the market at $259,900K the second floor laundry makes throwing a load in the wash easy. And we can all appreciate not having to lug a wash basket down a few flights of stairs. Needing a few tweaks the back patio is generous and perfect for lounging and BBQ’ing in the summer months. The basement is clean and expansive giving you the opportunity to refinish and add instant equity to the home. My favorite thing about this home though is that it is blocks from Norris Square, a block to block open-space park, which is becoming a highly sought after area of Kensington.
1714 N 3rd Street
Another fantastic opportunity with most of the work being done for you and awaiting your design touches is 1714 N 3rd Street. With newly updated electric, plumbing and a new roof all done in 2016 this home has desirable traditional bones and is ready for cosmetic updates. Priced at $209,900 and less than a block from 1634 N 3rd Street, this opportunity is priced to sell! Homes that need a bit of work like this one fit the criteria for a 203K loan. This FHA rehab loan, also referred to as a renovation loan, enables homebuyers and homeowners to finance both the purchase or refinance along with the renovation of a home through a single mortgage. This type of financing is helping people expand their homeownership opportunities and giving buyers more options to find homes in the neighborhoods that they like and then design the home to fit their needs. (For more information about the program, check out the FHA site here.)
If you have interest in either of the financing options that I mentioned above, the Community Reinvestment Act Program or an FHA 203K loan. Just let me know and I will put you in touch with a mortgage representative who can talk to you in depth about your financing options and see if you qualify for either type of loan. As always give me a call if you are looking to buy a home and would like to chat more about neighborhoods in Philadelphia like South Kensington. I am here for you.