What’s a “shell”? For some it’s a shiney piece found along the beach. For others it’s a blank slate that most Baltimore City area builders and investors can’t wait to get their hands on. You see a “shell” in the construction / real estate world is a house that is worth more once all the insides are ripped out. Builders will gut the walls, floors, and systems then rebuild the interior to fit more modern stardards. A good shell has nothing to do with number of baths or if the applainces work. For example a good shell in Canton is based on it’s location, the square footage and ablitily to provide a parking space. Most knowledgable builders are also applying for the Baltimore City CHAP tax credit. This process has to start from the beginning, before the demoltion begins.
Let’s take 626 S Curley Street, Balimore, MD 21224 for expample. This is a recently purchased shell in the Canton area. This is what the house looked like when the builder purchased it:
This is after demolition:
Here is a quick video to get a better idea of the word GUT!
Systems and framing are next for this one. I’ll be sure you update! Have a comment, see below. We love to hear from you!
Many people renting a home question if they are throwing their money away month after month by not buying a home of their own. First time home buyers are often shocked to learn that they could own their own home for less than what they are paying in rent right around the corner from their current residence.
Take 8013 Park Haven for example, this home is listed at only $149,000.00. I asked our preferred lender, Coastal Lending Group, if a first time home buyer is puts 3.5% down on a 30 year fixed mortgage, wha’ts their estimated monthly payment. Jon Vitak of Coastal Lending Group, responded that it would cost is less than $1100.00 a month. This makes buying a smart move especially when comparable rentals in the area run from $1,200.00 to $1,500.00 per month. Ask yourself: Why am I waiting to buy?
8013 Park Haven sits directly park side in a quiet Dundalk neighborhood in Baltimore County. It features 2 bedrooms, 2 full bathrooms, brand new stainless steel appliances, and new roof. This well maintained and affordable row home is the perfect starter house for first time home buyer or family. See below for some property photos. I help a lot of first time home buyers get into thier new home. If you’d like help, please contact me, Meighan Sweeney.
Ever wonder what these brand new CHAP tax credit houses looked like before all the highend finishes go it? It takes a skilled eye for sure. The builder for 2503 Foster Ave called me to list his new rahab. I told him that I’d like to come thru a take some construction pictures all throughout the process. I think Canton home buyers apprciate seeing what’s been hide the finished walls.
In 75 days 2503 Foster Ave will have:
3 finished levels
2 tier roof deck
Wood floors throughout
Kitchen with granite, stainless, wine racks, breakfast bar, free standing hood, and a beautful backsplash
Brick patio for enterianing
**** May 16, 2016 UPDATE ****
It’s almost GO TIME! I went thru 2503 Foster Ave, Canton’s latest CHAP tax credit renovation, this morning and took a few more pictures to update the progress of the renovtion. I’m happy to report that drywall is up from top to bottom and the paint colors have been choosen. Brand new roof is on. The kitchen cabinets are in and hung. The wine rack was a nice addition! The tile in all 3 full baths is laid and looking sharp. I think most will be please with the large bedroom size as well as the tall basement ceiling hieght. The bi-level deck view…check it out for yourself. We will be active by June! If you’d like to see in now, call Suzie Coronel at 410-336-2569.
**** June 23, 2016 UPDATE ****
Live and on the market! 2503 Foster Ave is on the market at $374,900.00. This house shines on all 3 finished levels. Hopefully you have enjoyed watching the phases of this renovation, below are some of the finished pictures. It came out even better than I expected. These 100+ year old homes have so many challenges, it’s fun to watch this builder strategically layout the the floor plans. Let me know what you think, scroll up and leave a comment!
Would you like to see to take a private tour? If so please either call 410-336-2569 or email Suzie Coronel!
Current mortgage interest rates are at a 2 year low. If you haven’t looked into refinancing, now is a great time. FHA rates are as low as 3.25% fixed. Fannie Mae rates are as low as 3.5% fixed. VA rates are as low as 3.25%. Coastal Lending Group has the ability to “lock and shop” the interest rate. Prior to closing, as the market improves, you can capitalize on the improvements with a lower rate or higher lender credit!
If you purchased a home with me or you are a friend, you know that my preferred lender is Jon Vitak of Coastal Lending Group. I have included his contact information in the event you want to review your loan with him. Tell him CrabbyHomes sent you!
Whether you refinance your mortgage or not, the current market dictates that you should at least see what your options are considering the all-time low rates we are experiencing right now. See below where your loan fits in.
• If you have a 3.75% or higher interest rate on a FHA loan, you may qualify for a FHA streamline at 3.375% with no closing costs (the bank pays the closing costs).
o No appraisal
o No income required
o Lower reduced mortgage insurance on loans originated prior to Jan 2015 (Saves about $42 per 100K borrowed)
• If you have a Conv/Fannie Mae loan above 4%, you may qualify for reduction. Current rates are 3.5% fixed (80% Loan to Value or lower)
o If you pay monthly mortgage insurance, you may be able to lower your rate and remove the MI
• If you have a VA loan above 3.75%. You should qualify for a 3.25% fixed rate with all closing costs paid. VA IRRL (VA Interest Rate Reduction)
o No appraisal
o No income required
o No monthly mortgage insurance
Jonathan Vitak, Owner/President
3600 O’Donnell St, Suite 1F, Baltimore, MD 21224
410-276-3404 (office) email@example.com
In case you need some help with a few real estate terms.
Are you seeing a lot of developement along Eastern Ave in Highlandtown? We all are seeing it! I had the opportunity to meet with Amanda Smit-Peters a few weeks back. She’s a breath of fresh air for the commuity. Her excitement has proven to be contagious. I set up a meeting to discuss one of my commercial store fronts for sale at 3711 Eastern Ave, Baltimore MD 21224. The property sits in the middle of the high traffic Eastern Ave. I am getting a lot of calls from investors out of the DC area. Most aren’t familiar with the on-going development on Eastern Ave. Meeting with Amanda was much needed.
Since 3711 Eastern Ave is a store front with commercial space on the ground level and an apartment on the upper level, I wanted to be sure I had a good understanding of the popular facade grant program that Highlandtown Main Street assists in. Amanda was able to get me a very informative PDF of the Facade Grant Program. The process seems fairly straight forward and Highlandtown Main Street is eagar to help. But here is what I find most important:.
Key points of the Facade Grant Program :
1. It’s for the exterior facade.
2. It offers UP TO $3000 of matching money and free design help! (ex. If the total cost of the project is $5000, you will be reimbursed $2500)
3. Like any grant program: YOU MUST APPLY AND BE APPROVED BEFORE starting the project.
4. You will need 2 estimates for the work you are wanting done. (**see below for some suggested contractors I’ve found)
5. Once approved, you have 30 days to start the project.
6. Keep all documentation and receipts.
3711 Eastern Ave is for sale, listed at $149,000.00.
Join in the redevelopment of Highlandtown. Own a storefront on the road most traveled by. This Eastern Ave jem has one of the best showcase windows on the street. Come to the immediate area and witness the new development surrounding it.
The commercial space is updated with exposed brick, wood floors, tin ceiling, a full bathroom, and CAC. The property has 1br apartment upstairs featuring a full bath, 1 bedroom, a living area, full kitchen, and a stacked W/D. Building offers 2-3 car parking in back. Building is correctly zoned B 2-3.
Below are a few pictures of 3711 Eastern Ave.
Please contact me if you need more information or would like to schedule a showing.
**Below is some helpful info on contractors that are familiar with the process and construction:
-Fastsigns in Dundalk (ask for Jim or Angel)
–Signarama in Fells Point
For the other work needing to be done, it’s recommend that you contact your Main Street office for assistance.
Highlandtown Main Street will also help on a sign/awning design, just call their office!
The MOST IMPORTANT part of this process is APPLY & GET APPROVED with the Main Street office BEFORE BEGINNING ANY WORK! (or you may not be eligible for a 50% reimbursement)
If you have other questions, contact me at 410-336-2569 or suzie@CrabbyHomes.com
Let me show you what great things you can do with 3711 Eastern Ave!