On The Market: An investment property blooms in Fairmount
The new kitchen now includes stainless steel appliances and custom cabinetry, as well as an adjacent powder room. The open-concept dining room and kitchen are connected to the living room through French doors.
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When Ethan Giller bought a recently foreclosed home in the Fairmount neighborhood of Philadelphia, he and fellow investors at Giller Realty weren't permitted to see more than the exterior of the three-story home.
"The building was sold without us even being allowed to see inside," he said.
The previous owner was still living in the home, and was able to remain there for a "fixed time" before being compensated to relocate, Giller said. And that was when the restoration work began.
"We typically buy properties that are in distressed condition," he said. "Either due to the seller's situation or due to the property condition."
The firm restained the original hardwood floors throughout and updated the kitchen and all four bathrooms. They also outfitted the property with new central heating and air.
Even without seeing the interior, Giller said they knew the neighborhood was a wise investment.
"Fairmount is a highly regarded Philadelphia neighborhood," he said. "Just to the north, the resurgence of Brewerytown continues."
Giller said likely buyers will appreciate the proximity to retail, bars and restaurants near the Museum of Art as well as the planned developments in Brewerytown including the Flying Fish Crafthouse, slated to open later this year.
They are also counting on the 1,680-square-foot home itself proving a draw.
"There's plenty of space for all types of buyers," he said. "From young professional couples to growing families to Baby Boomers looking to enjoy quaint, urban living in Fairmount."
The new kitchen now includes stainless steel appliances and custom cabinetry, as well as an adjacent powder room. The open-concept dining room and kitchen are connected to the living room through French doors.
Upstairs, three of the four bedrooms fill the second story of the home. A massive master suite with its own bathroom complete the third floor.
"People want the live/work/play experience which the city provides," Giller said. "The summer months are always a good time to be in the market for a new home."
The home is currently listed by Ryan McManus at Keller Williams Realty-Center City for $375,000.