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5049 Spruce Street
Philadelphia, PA 19139
$750,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
4515
Property Description
This Walnut Hill corner Victorian is an absolute knockout property–with standout historic details, two enormous units to choose from for an owner’s unit and two smaller yet charm-filled rental units, there’s massive potential for any type of investor. All the utilities are separate, there’s coin-op laundry in the basement and all kitchens were updated with white flat-front cabinets and white appliances, including dishwashers in the larger units. Unit 1F is a three-story apartment bigger than many rowhomes. The private entrance from the curved front porch leads to a wide vestibule with original marble walls and penny tile floor. The first floor offers graciously sized living and dining rooms with breathtaking details like ornate walnut inlays in the oak floors, two bay windows, unpainted coffered lincrusta ceiling and unpainted wood crown molding and intricately detailed chair rail. The kitchen at the rear has two oversize windows and is large enough to eat in. The star of the show is the extra-wide turned staircase with a soaring oversized arched window. There are four bedrooms and two baths spread equally across the second and third stories, which have the same proportions and grace as the main floor. Two units share a back entrance and common hallway. Unit 3R is another option for an owner’s unit. It’s a bilevel apartment that is technically a 3-bedroom but has the potential to be used as a 5- or 6-bedroom, or add a kitchenette for an au pair suite on the upper loft-style level. Historic charm is abundant in this unit, including lincrusta in the hallway, original mirrored closet doors and a bathroom with original subway tile. The main level has two connecting bedrooms, a room with three windows that could be a living room or another bedroom, and a cute slate tiled kitchen. Upstairs is the converted attic lined with dormer windows and featuring two skylights. Beyond the massive open room is a true bedroom with a large connected den and full bath with step-in shower. Unit 2R is a sweet unit with lincrusta hallway, a large bedroom with three windows, a vintage bath with step-in shower and a passthrough window between the living room and slate tiled kitchen. Unit 1R has a charming private side entrance complete with a vestibule and a curved transom window, curved vaulted plaster ceilings, bay window with built-in bench seating and a bedroom with a walk-in closet. The Walnut Hill location puts Malcolm X and Barkan parks within walking distance, has tons of convenient dining and coffee options including neighborhood faves like Saad’s, Honeysuckle Provisions, Manakeesh Bakery, Cotton’s Place, Toast Cafe and Reanimator Coffee, and is a quick jump to Cedar Park and Center City.
Property Information
Lot Size
-- square ft
Property Type
MultiFamily
Year Built
1925
MLS Number
PAPH2361528
Location
Address
5049 SPRUCE STREET
City
PHILADELPHIA
State
PA
Zip Code
19139
County
PHILADELPHIA (SOUTH)
Listing
Provider
Elfant Wissahickon REALTORS, original listing
Name
Elfant Wissahickon REALTORS
Phone
(215) 247-3600
Office Name
Elfant Wissahickon-Rittenhouse Square
Office Phone
(215) 893-9920
Agent Name
Holly Mack-Ward

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HUD Foreclosures

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.