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542 Queen Street
Philadelphia, PA 19147
$1,799,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
5244
Property Description
The crown jewel of Queen Village is well known by all for its unparalleled grandeur and towering cathedral windows. The prestige of this home begins with its beautiful brick façade with black wrought iron adornments and a double thick facia that resembles a crown that soars above neighboring homes. This grand home of over 5,000 square feet pulls out all the stops. Immediately upon entering, there is a formal reception room with rich wood paneled wainscotting, a hidden wet bar, and a gas-burning fireplace that creates an intimate gathering place for guests. On the first floor, you will also find an office/library featuring wood columns at the threshold, a beautiful staircase with antique finials and a custom-made stair runner from Belgium with brass hardware, a full marble bath with a walk-in shower, a laundry room with folding area, wet sink, and cabinetry, an oversized coat closet, followed by a back hallway with bonus/guest space and the 2 car garage, and an elevator. After ascending the stately staircase, you will encounter a charming, European-style atrium flooded with sunlight from the three skylights that can take you through French glass doors to the dining room or kitchen. The enormous, south-facing chef's kitchen with three oversized windows, wood floors, gleaming white/glass cabinets, stunning marble countertops that remind you of artic ice with tinges of blue, new commercial appliances (Viking, Subzero) walk-in pantry. When entering the formal dining room, you'll notice the majestic lead crystal chandelier, marble mantle, and wood burning fireplace. Around the corner, you will see a beautifully appointed powder room with crown molding. Completing the second floor is a grand living room that boasts a 14' high ceiling with stunning crown moldings, another wood-burning fireplace with a hand-carved Carrera marble mantle, a floor-to-ceiling built-in curio cabinet, and the beginning of those famous cathedral windows, newly crafted out of solid mahogany and approved by the Historical Society. Up the turned staircase, you will pass a stained-glass window arrive at the newly finished primary suite. Double doors that are seven and a half feet tall and open to a primary suite with floor-to-ceiling cathedral windows, fourteen-foot ceilings with crown molding, and wood floors. This ensuite encompasses an enormous walk-in closet with wood shelving. The spa-like bathroom boasts a crystal chandelier, a hand-crafted copper soaking tub, a heated Toto toilet, a large walk-in marble shower with marble tiled wainscotting, and a double sink vanity. After leaving the primary suite, you will pass through double French doors into the remaining third floor containing two bedrooms and another new marble bath with an oversized walk-in shower and heated Toto toilet. This home boasts four new, top of the line HVAC systems, a new 50-year rubber roof, two separate walk-in basements with tons of storage room, and an ELEVATOR that travels from the basement to the rooftop and GARAGE parking for 2 cars. This home is truly special and will delight even the most discerning buyer. Please note that we just had the interior of the home painted a soft white palette. It's spectacular.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1920
MLS Number
PAPH2337404
Location
Address
542 QUEEN STREET
City
PHILADELPHIA
State
PA
Zip Code
19147
County
PHILADELPHIA (SOUTH)
Listing
Provider
Kurfiss Sotheby's International Realty, original listing
Name
Kurfiss Sotheby's International Realty
Phone
(215) 794-1312
Office Name
Kurfiss Sotheby's International Realty
Office Phone
(215) 735-2225
Agent Name
Franz Rabauer

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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.