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455 And 461 W Chestnut Hill Avenue
Philadelphia, PA 19118
$3,125,000
Conventional
Property
Bedroom
8
Bathroom
5
Property Type
Conventional
Square ft
11360
Property Description
Every year, Americans scramble to the UK to walk the streets filled with history, and tour fine old houses. Why bother when you can own one of those fine homes, right here, in Philadelphia. Once in a generation opportunity to own one of the most significant properties in the city, "Binderton" was designed by Cope & Stewardson Architects (also designed for University of Pennsylvania and Princeton). The house was started in 1903 and finished in 1906. The renowned landscape architecture firm of the Olmsted Brothers was engaged to handle landscape, hardscape, and garden design. During their ownership, the present owners purchased 461 W Chestnut Hill Ave. (which had been subdivided from the original plot many years earlier) demolished the modest house that existed , and expanded the property and gardens, and redesigned the driveway. Situated on the quietest street in Chestnut Hill and surrounded by homes of equal caliber, Binderton stands out with its brilliant red brick construction and distinctive Jacobean Revival (or Jacobethan) style , with shaped parapets, and intricately designed chimneys. In most places, the house is designed only one room deep and was built linearly, near the property line at the high side. The brilliance of the Olmsted Brothers work is apparent in the brick walkway that rises elegantly from Towanda Street up a gradual hill with a low step every 20 feet or so. From the stone patio, enter the front door into the formal entry hall with main staircase at the back. The foyer is filled with natural light from two sides, a fireplace, a powder room, and a large coat room with window. Again from the entry hall, walk into, what was called in 1906, the "Ladies' Parlor", a sunny, elegant sitting room with big windows and a fireplace. The formal living room with two distinct seating areas, beamed ceiling , and wood burning fireplace can be accessed from the "ladies' parlor" or directly from a hallway. The exterior door off the living room leads to an open air loggia with tiled floor and finished ceiling. To the left of the front door, head to the formal dining room with fireplace, elegant crystal chandelier and room for a second dining table! The kitchen has everything you want. From the front hall, head through the butler's pantry with lighted cabinetry, porcelain sink , and dishwasher: a great spot to set up the bar on party nights. Further on you reach the supersized chef's kitchen with two sinks, three ovens, a six-burner range, banquette seating for conversation while prepping dinner, stools at the counter for breakfasts on a busy day, and a big table at the end of the house for casual dinners. Off the kitchen is a huge pantry area and laundry room. Beyond the kitchen end is a glassed in garden porch that will serve myriad functions that make daily living more convenient. Head up the carved and turned staircase and turn left at the top to reach the primary suite, that includes the bedroom with fireplace and door to second floor balcony, a cozy sitting room, great for reading or streaming late into the night, a beautiful, bright corner office/den, and a spacious bathroom with two sinks and walk-in shower. On the second floor to the right of the main stair are four additional bedrooms, two of which share a jack-and-jill bath ; and two others that share an additional hall bath. The third floor has three bedrooms, a full bath, and a large central room, perfect for play or privacy. The 1.6 acres that surround the house defy description. Mature trees, abundant perennial beds, lush lawns, and garden rooms; one prettier than the next. The main focus in the summer is the pool area. Exquisitely private with its walled garden, and elegant brick veranda, it is here where you can escape from the sun and the world. Built to span the ages, Binderton will pass to someone who loves grand old houses and understands stewardship.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1906
MLS Number
PAPH2329244
Location
Address
455 and 461 W CHESTNUT HILL AVENUE
City
PHILADELPHIA
State
PA
Zip Code
19118
County
PHILADELPHIA (NORTHWEST)
Listing
Provider
Elfant Wissahickon REALTORS, original listing
Name
Elfant Wissahickon REALTORS
Phone
(215) 247-3600
Office Name
Elfant Wissahickon-Chestnut Hill
Office Phone
(215) 247-3600
Agent Name
Janice Manzi

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.