I Love the House...BUT... by Guest Author: Chris Reshetar

As a buyer in today’s housing market, one needs to be knowledgeable about distressed properties with so many short sales & foreclosures for sale.  These houses come in all shapes and sizes, and typically come in below the current market value.   Buyers are often looking for a good deal.  However, we in the housing industry often hear “I love the house, BUT....”.  It can sometimes be difficult for the buyer to see beyond the needed repairs.   

Renovation loans to the rescue.  

A renovation loan is a mortgage that allows the borrower to secure funds to repair or upgrade a property by financing the repair costs in.  The home is appraised at the “future value” based on the sales price of the home plus the costs of repairs per the agreed upon contractors bid.  The loan closes in its current unrepaired state.  Immediately after the loan closing the borrower and contractor can begin the renovation work on the home. 

There are 3 main types of renovation loans:

• FHA 203K Streamline Renovation loan (limited repair)
• FHA 203K Standard Renovation loan
• Conventional Renovation loan

The 203K Streamline program allows for repairs up to $35,000 with FHA specific allowable repairs.  No structural repairs permitted on the streamlined program.  

The FHA 203K Standard program has no minimum repair amount but is limited to the FHA loan limit for your area like all FHA loans.  However, a Standard FHA 203K loan can be used for more extensive repairs such a structural remediation.  This loan does required an FHA certified inspector to evaluate and approval all repaired items prior to occupancy.

These 2 FHA Renovation programs allow for the standard 3.5% down payment minimum and follow the traditional underwriting parameters as a regular 203B FHA loan.  The standard Upfront Mortgage Insurance Premiums apply (1%) as well as the monthly premiums.  This loan requires the buyer to occupy the property as their primary residence. 

414 Park Avenue ~  203K loan opportunity!

Here are just a few of the allowable repairs under this program:

·         Interior or exterior paint

·         New flooring

·         New appliances

·         Replace or repair siding and roofing

·         Replace or repair windows

·         Upgrade Kitchen and Bath cabinets and counter tops

·         Finish a basement, attic, or room above garage

The Conventional Renovation loan functions much like the FHA 203K loan, however this program can be used for both owner-occupied properties as well as investor owned.  Fewer lenders offer this program but it can be a great option in lieu of the 203K.

 

To find out more about the Renovation loan programs, please feel free to contact Chris Reshetar at chris@themortgagegenius.com or call 704-277-4463.  www.themortgagegenius.com

To learn how you can apply the Renovation Loan Programs to a home in Salisbury~Rowan County, contact Greg Rapp @ 704.213. 6846.

414 Park Avenue ~ A Restoration Artisan’s Victorian ~ $69,900 for 4,000 Square Feet of Living!

At the gateway to the Historic Park Avenue/Long Street Historic District, 414 Park Avenue with nearly 4,000 square feet of living space is everything the restoration craftsman wants in a historic Victorian. Like many Victorian homes of its day, 414 Park Avenue's exterior is graced with a wonderful wrap-around front porch and (2) sitting balconies.  The home features enormous rooms, hardwood floors, ample center hallways, and (8) fireplaces!  414 Park Avenue has a large back yard with a detached one-car garage.  

The North Long Street~Park Avenue Historic District was posted to the National Register of Historic Places on June 20, 1985.  The neighborhood features architecture from the late 19th and 20th Century Revival: Colonial Revival; American Movement: Bungalow/Craftsman; Victorian: Gothic.  The architecturally significant periods are: 1900-1924; 1875-1899; 1925-1949.  There are over 46 properties considered "Contributing Properties". 

This house, already a jewel in the neighborhood's crown, will be a masterpiece when its restoration and rehabilitation are complete.  A good portion of the home's restoration process has already been completed, yet there is more to do!  The renovated kitchen is delightfully large and sunny and features granite counter tops and wonderful lighting.  It opens with French doors to the renovated dining room (currently being utilized as a family room/den) with built-in china cabinet. The kitchen additionally features a walk-in pantry and rear mudroom that opens to a walled patio space that was once an enclosed room.  

The asymmetrically-massed house is sheltered by a shingled roof that is enlivened by a projecting pediment gable, a hip extension, and hip-roofed dormers.The terraced front lawn and wide central walk is enclosed with picket fencing. The concrete staircase from the city sidewalk to the front entry welcomes guest with a pergola at the gate. The over 500 sq ft wrap-around porch is straightforward in design without the more elaborate trimmings of the Victorian era. Windows in plain surrounds and a second floor balcony all complete the façade.

The first floor ceiling height reaches 11 ft. in most rooms. The center hall plan is finished with symmetrically molded surrounds, a turned baluster staircase, and original fireplace with its clean-lined mantel. Numerous original features still remain and include fireplace and mantels in many of the rooms.  

The terraced front lawn, with landscaping and large, shady old growth trees, is enclosed with picket fencing.  The staircase from the city sidewalk to the central entry walkway welcomes guests with a pergola over-structure at its gate.  The large back lawn includes a detached one-car garage.

Built as an elegant single-family residence, the property is presently occupied. 414 Park Avenue has (5) bedrooms, (4) baths (only one bath is operational). Home has NO Heat or A/C so it will need HVAC installed. The current owners use window heat and air units to heat and cool house.

This is a work in progress!  This c. 1900 property shows signs of its  history and the seller has priced it in relation to the average value of similar houses in the area with consideration for the work that needs to be finalized.  The listing price of $69900. reflects the remaining needed restoration vs. the grand scale of this 4000 square-foot home. The shingled roof is approximately 10-15 years old, and in good shape, apart from a flat roof with an intermittent leak in a rear bedroom that should be repaired. 

414 Park Avenue has tremendous potential to be a live/work property, provide rental revenue, or convert to a B&B or restaurant. The local community is willing to work with a new owner on redevelopment or improvements.  A preliminary cost budget for renovations can be made available by a preservation contractor.

414 Park Avenue is within walking distance to Historic Downtown Salisbury’s shops, restaurants, and galleries. The Park Avenue Historic District has been heavily invested in by the City of Salisbury with streetscapes, a central park, and adaptive reuse in the restoration of the historic Kesler Mills company stores.

Greg Rapp is showing this house in the "Buy History" event on August 28th.  If you  are not able to catch this annual event, contact Greg at 704.213.6846 to get a glimpse of the wonderful restorative potential that is 414 Park Avenue.

429 Park Avenue ~ Wonderfully Restored Victorian ~ History is in your future!

429 Park Avenue in Salisbury North Carolina is a shining example of how a house can be transformed and in doing so, transforms the neighborhood!

This circa 1900 Folk Queen Anne Victorian has been meticulously restored.  The current owners, Garth & Belinda Birdseye, have a knack for restoration and missed no details.  They not only have a passion for old homes, they spend much of their time delving into the restoration of these oft forgotten treasures.

The" restoration" of an old home is very different from a "renovation." The difference between a restoration or a renovation is the care and effort to keep things original. The 429 Park Avenue project is a full restoration/rehabilitation.  As an example, in a restoration the porch is built back to the porch it was originally. However, in a renovation a porch might be left as a sun room and just made to look up to date. Restoration uses materials that would have been used back in that time period such as heart of pine flooring, historically correct paint colors, etc.

Original features

429 Park Avenue architecturally is a one-story Queen Anne complete with many original features to the home.  Original heart pine floors, unique to this region, and original moldings have been restored in many rooms to a soft gleam.  (5) original coal burning fireplaces boast original mantels, beveled mirrors, tile work, and iron screens. Many original lighting fixtures are in place.  Of the (3) updated bathrooms, (2) still have their original deep porcelain claw foot bath tubs!  Many of the doors have original hardware.  What isn't original to the home, the Birdsey's had milled to match.

Perfect for entertaining

429 Park Avenue is a spacious dwelling with over 2300 square feet of living space.  In addition, a 500 square foot wrap-around front porch is the most identifying feature of this specimen home, a wonderful area for entertaining or just relaxing.  The porch is decorated in Victorian style with spindles and millwork. 

Through the front doors you'll find a large central hallway and an immense living room, all with 11-foot ceilings and large bay windows.  The hallway, with its large arched glassed transom, further takes you to the dining room complete with original built-in cabinetry.

An adorable kitchen has been completely renovated. It features all new appliances, bead-board walls, and a new ceramic tile floor.  Off the kitchen are a convenient breakfast room or mud-room ~ a sunny and cheerful back entry to the home ~ AND a walk-in pantry!

The gardens, recognized with the City of Salisbury's Landscape of the Month Award for June 2011, feature ever-blooming roses and 80-year old Japanese maples surrounded by period iron fencing.  A very private side yard is a wonderful place for al-fresco dining and entertaining.


Modern features

With an over 100-year-old home that features so many original details, you may fear that modern conveniences may be missing.  Not so!  The restoration of 429 Park Avenue included insulated walls, and entirely new heating/cooling systems.  The electric and plumbing systems have all been updated.  Garth and Belinda Birdseye renovated this home to live in, and to uplift the neighborhood, not to "flip" as is often done today. 

The home features (3) full bedrooms and (3) full baths.  The sun-bathed Master Bedroom has a master suite for a quiet sitting area.  The master suite could also be another bedroom or office space.  (2) of the bedrooms feature walk-in closets.  You won't find that in every 100+ year home!

The kitchen was completely rebuilt with high end cabinetry. new appliances, and easy-glide drawers.

Location, location, location

Click on the map to see a better location view

429 Park Avenue is located in one of Salisbury North Carolina's (10) historic districts ~ the Park Avenue/Long Street district in the heart of the city, just (5) blocks from historic downtown Salisbury, shopping, entertainment, art, and restaurants.  Less than (1) mile to the east you can hop on Interstate-85 and be anywhere in no time flat!  The I-85 junction holds more opportunities for shopping, restaurants, movie theatres, and services.  (3) blocks away is the Amtrak station ~ you are just a short train-ride away from Raleigh, the State Capitol. (1) block from the home is the charming Cannon Mills Park, named thus for the historic Cannon Mill (Kesler Mill) circa 1895 that was located to the east of Park Avenue. 

Price

You will not believe your eyes and ears when you hear the sticker price for 429 Park Avenue!  If you are thinking you cannot afford an original historic home with so many updated features, you are mistaken!  This house is an affordable gem that will reward its owners for years to come.  Let's call it reverse-sticker-shock! 

Call Greg Rapp today at 704.213.6846 to get your reverse-sticker-shock for 429 Park Avenue.  History is in your future!


For more photos and information, visit these web-pages:

https://www.facebook.com/home.php#!/media/set/?set=a.193121517399612.51193.100001052965053

http://www.oldhouses.com/cf/displaylisting.cfm?q_listingid=8367&searchlist=3956,8307,6351,8211,4765,8173,8328,8182,4149,8244,7322,5922,8074,2310,8397,8367,3912,6536,7115,6725,7640,7848,7993,8231,6594,632,8035&searchname=Listings%20In%20North%20Carolina&searchdest=%2Fcf%2Flistinglist%2Ecfm%3Fq%5Flistingstate%3DNC%26searchname%3DListings%2BIn%2BNorth%2520Carolina%26startrow%3D1%26maxrows%3D25