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| Small Initial Price Tag for Vast View and Potential |
Tucked aside multi-million dollar estates higher on the hill, this hammered and thrashed 4-bedroom cliff-side home overlooks Gladwyne's winding Mill Creek Rd and the Mill Creek Valley.
When our Multiple Listings Service reported this 2200sf house at 803 Mill Creek sold last week for $110,000, it became the Lower Merion first single-family home to sell for under $125,000 since 2003 (as recorded by MLS).
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| Shown: Just some of the 25 steep steps from Street. |
803 Mill Creek has many challenges, which is why the recently bank-owned dwelling has lain fallow for many years. Prior to selling last week for $110.000, the house and cliff-carved and tree-tangled plot was sold in late 2006 for $345,000. By fall 2008, the property was back on the market for $489,000. Less than two years later it was foreclosed upon and marketed at $274,9000, as a bank-owned-home in December of 2010.
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| Rear of house and hot tub Face a Densely Wooded Hillside. |
The Bank's list price dropped to $229, 900 in January 2011, then to 199,900 in February, before landing at $159,900 in March 2011. A month later the property was under contract to be sold in late June for $110,000.
A total rehabilitation is needed to make 803 Mill Creek habitable once again. And there are many challenges at hand, including a neglected 200-year-old building and a location carved nearly vertically into a densely wooded hillside about 30-40 feet above street level.
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| R5Realty Mini barely fits only Parking Slot on Mill Creek Rd. |
In addition, there is no driveway and only a small curb-cutout to squeeze a car or two in between the hillside and cars snaking along this beautiful, blind-curve portion of Mill Creek Rd.
So at what price your poison?
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| Gladwyne's Mill Creek flows nearby. |
Certainly, the logistics of conducting a hillside restoration on a small, winding road with little parking or space are daunting. But fully realized, 803 Mill Creek could become a cliff-side palace in a breath-taking setting.
We'll keep on watching this one
