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506 High Street
Odessa, DE 19730
Melissa Scott with Real Broker LLC, original listing - (888) 543-4829
$450,000
Conventional
Property
Bedroom
1
Bathroom
½: 2
Property Type
Conventional
Square ft
2178 Square Feet
Property Description
Own a Piece of History – Old St. Paul’s Church in the Heart of Historic Odessa! Transform this church into a home! Step into the timeless elegance of Old St. Paul’s Church, a beautifully restored Greek Revival-style treasure built in 1854. Nestled in the heart of historic Odessa, Delaware, this architectural masterpiece exudes history, charm, and endless possibilities. This 3,500+ sq. ft. landmark offers unparalleled versatility—whether you envision it as a church, antique shop, school, community center, or even a one-of-a-kind residence, the zoning provides incredible flexibility for its next chapter. The first floor features a spacious conference and meeting room, a full kitchen, an oversized office, and two half bathrooms. With a little vision, this could be transformed into a home. Upstairs, the breathtaking sanctuary boasts a stunning balcony, oak pews, and soaring ceilings that highlight the building’s grand design. Hand-crafted stained glass windows, each over 16 feet tall, fill the space with vibrant light, while gleaming hardwood floors, a dramatic chandelier, and new wall sconces add to the historic charm. Despite its rich past, the building is fully equipped with modern comforts, including central air conditioning and heat. One of its most remarkable features is the exquisite Tracker organ, built in the mid-1880s and encased in a magnificent walnut cabinet, making it a true musical treasure. This is a once-in-a-lifetime opportunity to own a historic gem with unmatched character and limitless potential. Don’t miss your chance to write the next chapter for this extraordinary property!
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1854
MLS Number
--
Location
Address
506 HIGH STREET
City
ODESSA
State
DE
Zip Code
19730
County
NEW CASTLE (NEWARK)
Listing
Name
Phone
(302) 373-5930
Office Name
Office Phone
(888) 543-4829
Agent Name
Melissa Scott
Agency Phone
(855) 450-0442

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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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Foreclosure Listings Increasing

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.