Historic Twin Home Purchased in West Philadelphia After Being Outbid in Mount Airy

In a significant real estate transaction, Kate Sheppard, a 41-year-old editor, and her husband Deen Freelon, a 44-year-old communications professor, have purchased a historic home in West Philadelphia for 0,000. The property, a 2,800-square-foot twin house built in 1898, offers four bedrooms and three and a half bathrooms, appealing to the couple’s need for ample space as they transition into their new life in the city.

The couple embarked on their house hunting journey with a clear intention of relocating to Philadelphia from Durham, North Carolina, motivated by Freelon’s new position at the University of Pennsylvania. Sheppard had expressed a desire to move only to Philadelphia or remain in Durham, prompting Freelon to secure employment in the city and test Sheppard’s commitment to relocate. With a goal to move by summer 2024, Freelon began commuting to Philadelphia on weekdays while Sheppard explored potential homes.

The search was driven by their family needs, which included two children and a preference for a home accommodating their lifestyles. A key requirement was a house with at least four bedrooms and three and a half bathrooms, including a half bath on the main living level. They also desired a spacious kitchen and a basement with high ceilings to suit Freelon’s height. While some of their preferences required flexibility, such as being open to homes that needed renovations, they categorically ruled out properties with swimming pools.

Despite the strong demand for housing in their preferred neighborhoods, particularly Mount Airy, Sheppard and Freelon encountered significant challenges finding a home that met their criteria. After being outbid on a property not far from Chestnut Hill by a staggering 0,000, they broadened their search parameters to West Philadelphia, aligning better with Freelon’s work commitments.

Their eventual find was a charming residence located in the West Philadelphia Streetcar Suburb Historic District. It boasted tasteful renovations alongside historical details, including original doors and a stunning stained-glass window at the entrance, which drew the couple’s immediate interest. High ceilings and abundant natural light from windows on three sides of the house further enhanced its appeal.

The final negotiation for the property was competitive, with the house listed at 0,000. After thorough deliberation, the couple agreed to offer ,000 above the asking price amid multiple bids, eventually reaching a sale price of 0,000. To finance their new home, the couple utilized various funding sources, including a forgivable loan of 0,000 from the University of Pennsylvania, which does not require repayment if they remain in the house for ten years. They put down an impressive 2,000, representing over 30% of the purchase price, and secured a 30-year fixed mortgage with a 6.875% interest rate.

Although the couple purchased the home in April 2023, they chose to delay their move until July to allow their children to finish the school year. Transitioning to their new neighborhood has proven positive, with Sheppard expressing gratitude for the warm welcome they received from their new neighbors, contrasting sharply with their experiences in their previous community. The couple looks forward to building their life in Philadelphia, embracing both the challenges and joys of their new environment.

This transaction reflects the growing trend of families moving into urban settings for better opportunities, affirming that real estate continues to be a dynamic and evolving field.