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155 River Drive
Lancaster, PA 17603
$895,000
Conventional
Property
Bedroom
5
Bathroom
Full: 3, ½: 1
Property Type
Conventional
Square ft
4114 Square Feet
Property Description
Nestled on a tranquil three quarters of an acre lot in the scenic School Lane Hills neighborhood of Lancaster, this enchanting 1940s Colonial Revival home blends timeless elegance with modern convenience. Surrounded by majestic, mature trees, the property is accessed through a gated entrance and features a circular driveway with ample parking. The outdoor spaces are equally impressive with a spacious flagstone patio equipped with built-in speakers, creating a wonderful retreat. The lower-level patio includes a built-in granite table for entertaining, while the upper-level patio provides additional seating and a grilling area. Inside, the home exudes warmth with hardwood and tile flooring, bathed in natural light. The custom kitchen, overlooking the lush backyard, is a chef’s dream, featuring top-tier appliances such as a Wolf gas cooktop, two Bosch wall ovens, a built-in dishwasher, and a Sub-Zero refrigerator with custom paneling. Adding a touch of luxury to the kitchen are granite countertops, radiant heated floors, and underlit cabinetry. Adjacent to the kitchen is the dining room with built-in storage, a butcher block coffee bar, and a cozy sitting area. The graceful living room boasts a carved wood fireplace with a marble hearth and space above for a TV. A bright sunroom, adorned with stunning Italian tile, is a peaceful spot for reading or dining, and opens directly to the back patio. The office/family room, also with patio access, features rich wood paneling, built-in bookshelves, and a warm wood fireplace insert, making it the ideal space for both work and relaxation. On the second level, there are five bedrooms, three updated bathrooms, and a laundry room with a wall-mounted ironing board. Each bedroom has its own thermostat for personalized comfort. The owner’s suite serves as a serene retreat complete with two walk-in closets and a spa-like bathroom featuring double sinks, a tiled walk-in shower, custom cabinetry, and a cozy sitting nook. Two additional bedrooms are perfectly suited for guests, with two adjacent bathrooms and a private staircase leading to the main level. The finished lower level is versatile space for a rec room, TV area, games, or a home gym. It also opens to a storage room with a Bilco door for outdoor access. Additional storage and hookups for a second washer and dryer can be found in the utility room. A large first-floor storage area with a garage door opens into a mudroom with radiant heated floors and a closet that could double as a pantry. Additional highlights include built-in speakers throughout much of the main level, security cameras surrounding the property, and a whole-house gas-powered generator that activates automatically during power outages. Conveniently located near dining, shopping, entertainment, Downtown Lancaster, Lancaster Country Day School, Franklin & Marshall College, and Buchanan Park, this historic home presents an outstanding combination of classic charm and modern amenities. Schedule a showing today to discover what an exceptional property this is!
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1940
MLS Number
--
Location
Address
155 RIVER DRIVE
City
LANCASTER
State
PA
Zip Code
17603
County
LANCASTER (WEST)
Listing
Name
Phone
(717) 291-9101
Office Name
Office Phone
(717) 291-9101
Agent Name
Anne M Lusk
Agency Phone
(717) 291-9101

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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.