This month’s home is 8324 Hadley, a townhome in the Greenbrier development. Greenbrier and its counterpart Gramercy Park are 1960’s multifamily developments modeled, in “Disney” fashion, after Beacon Hill in Boston.
The developments feature efficiently designed two and three bedroom townhomes with guest and some reserved parking at the front of the units. Rear loaded detached garages are accessed by an alley in a configuration similar to most typical urban neighborhoods in the United States (see most of the city of Chicago for a Midwestern example). One of the greatest features of this type of plan is the rear yard formed by the units and their associated garages. This personal outdoor space is what separates the townhome from other forms of multifamily housing. This housing type is a nice balance of privacy, low maintenance and low utility costs.
The property is approved for HomePath Mortgage Financing & HomePath Renovation Mortgage Financing. A HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions towards closing costs are allowed. HomePath Renovation Mortgage allows a buyer to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation — up to 35% of the as completed value, no more than $35,000. Both are available for owner occupants and investors.
The prices of these units have been trending upward over the past year with typical asking prices in the high 90’s and selling prices in the high 80’s to low 90’s. The depressed asking price of $73,500 coupled with the availability of low cost money with very little down and no mortgage insurance costs make the property a good value, particularly to first time buyers and those without loads of liquid assets.
It does need some work. The wood at all openings could use paint, the storm door should be adjusted or replaced and the landscape must be tamed both in the front and at the rear. The flooring is less than desirable. The faux parquet floor (vinyl tile) on the main level is in good shape but it is vinyl tile. The remainder of the unit, including the basement and upper level bath is covered with carpet that has certainly seen better days. The kitchen is not the most attractive feature of the home, but it is serviceable. It would probably benefit from the reduction of the scroll designs. At some point a reconfiguration with new cabinets would be ideal.
As stated the units are very efficient. For the most part, the existing plan functions well. The living and dining areas are good sized and the bedrooms are large with ample closet space. The townhome has over 1200 square feet on the main and upper levels, more than enough space for a two bedroom unit. The full basement could easily accomodate another living room, bedroom (this would require modifications to one of the existing basement window openings to create code compliant egress) and full bath (the basement already has a half bath). The kitchen feels compact because it is enclosed. The upper level bathroom is small and the shared configuration requires an extra door that may be more of a liability than an asset.
Along with new flooring and paint throughout the below sketch suggests some minor remodeling (see orange areas). The main level would benefit from a new screen wall at the front door, the removal of the wall between the kitchen and dining room (initial exploration suggests that the wall is not load bearing) and the addition of a breakfast bar and/or serving counter. More significant changes are suggested at the upper level. A slight shift to the existing bath enlarges the existing walk-in closet in the master bedroom. The door from the restroom to the master bedroom would be infilled and a new master bath would replace the existing closets between the bedrooms. The new master bath has the potential to significantly increase the property’s value and would certainly improve the livability of the unit.
The property is open to offers by owner/occupants only for the next week or so and beyond that will be open to investors. It may sell below asking price but most likely will not be on the market much longer.