Mount Airy Mansion’s $50K Drop Ignites House Hunt

Brooke Saylor, a 40-year-old COO, and John Giordano, a 47-year-old IT consultant, have found their dream home in Mount Airy, Philadelphia. The couple purchased a historic 3,700-square-foot, single-family residence, originally built in 1866, for $615,000. The property, boasting six bedrooms and three bathrooms, was listed at $625,000. Maurice McCarthy of OCF Realty represented the buyers.

A Shift in Perspective: From Renting to Owning

For John Giordano, the idea of homeownership had never been particularly appealing. At 47, he was content renting in Northern Liberties, and the prospect of taking on a mortgage for a typical rowhouse in his established neighborhood seemed less than ideal. His wife, Brooke Saylor, shared his sentiment, recalling his aversion to the concept: “He just couldn’t get down with the concept of paying property tax on a little concrete piece of sidewalk in front of your house.”

However, this perspective began to change as the couple started exploring Mount Airy. They frequently spent their weekends in the northwest Philadelphia neighborhood and Giordano found himself drawn to the area’s single-family homes. The appeal of larger yards associated with these homes made the idea of property taxes seem more justifiable. Giordano’s non-negotiable requirement was a detached house, and a garage was a close second.

Saylor, on the other hand, sought the antithesis of modern, new-construction townhomes. Her ideal home was something with history, character, and distinct rooms. She expressed her dislike for the prevalent “open concept” design.

The House Hunt: A Series of Discoveries

The couple formally committed to pursuing a move to Mount Airy on the Fourth of July. Just two days later, Saylor stumbled upon a listing that caught her eye. At this point, they hadn’t yet engaged a real estate agent or secured mortgage pre-approval, leading Giordano to describe their initial interest as casual: “We were not serious about the search.” Nevertheless, they decided to view the property on East Johnston Street. With a listing price of $675,000, it was outside their initial comfort zone, so they opted not to go inside.

Months passed, during which they engaged in what Giordano termed “looking, but not looking”—a casual perusal of listings. Then, in December, Saylor noticed the East Johnston Street house reappeared on the market with a significant price reduction of $50,000. This prompted them to actively seek representation and enlist an agent to show them the house. To ensure a thorough comparison, they also viewed two other properties in the vicinity. One on Midvale Avenue presented an unusual layout, while another on Lincoln Drive exhibited concerning issues such as cracks, peculiar finishes, and a yard that didn’t quite fit their needs.

The Captivating Charm of East Johnston Street

The East Johnston Street house, however, possessed the inherent character Saylor had been yearning for. Its layout was well-suited for their family, offering the potential for the children to have their own rooms on the third floor, while the remaining living spaces provided a sense of grandeur. Saylor described the experience as “beyond my wildest dreams,” while Giordano was struck by its sheer scale, calling it “just humongous, and it was ridiculous. It was decadent. It was a mansion.”

Despite its impressive presence, the house was undeniably old and imperfect. It required new windows, and several sets of shutters were missing. Internally, the floors were uneven, and the joists showed signs of rot. Saylor acknowledged the need for significant attention: “It definitely needed some love and TLC. But we just kept talking about how it is such an incredible opportunity. There’s so much room to improve it.”

Negotiating the Deal: From Offer to Inspection

When the couple revisited the East Johnston Street house for a second time, it was listed at $625,000. They decided to submit an offer at the full asking price but included a request for a $25,000 seller’s assist to help with closing costs. With no competing offers, the sellers accepted.

The subsequent inspection revealed more extensive issues than initially anticipated, despite the sellers having provided an engineering report. Their independent inspection highlighted structural work that went beyond the scope of the initial report. This discovery provided leverage for renegotiation. The sellers ultimately agreed to a further reduction of $20,000. This concession was split between a decrease in the purchase price, bringing it down from $625,000 to $615,000, and an increase in the seller’s assist for closing expenses.

Financial Foundation: Savings and Prudent Budgeting

Giordano and Saylor financed their purchase with a 10% down payment, amounting to $61,500. Their savings were the sole source of these funds, with no prior home sale or inheritance to draw upon. “Just regular old savings,” Saylor stated. Giordano attributed their financial readiness to their disciplined approach to budgeting. They prioritize home-cooked meals, limit discretionary spending, and diligently save any extra income generated from side ventures.

Their monthly mortgage payment is just under $4,000, a figure that aligns with Giordano’s crucial condition for purchasing a home: that it be less than their previous rental expenses. He emphasized the importance of this benchmark, stating, “Even if we’re only one dollar under, we’re still under it.”

A Swift Transition: Moving In

The couple officially closed on the property on March 3rd and moved in just two days later, a timeline that surprised many. Saylor, however, was prepared for the transition, having begun packing the very day their offer was accepted. Giordano recounted his wife’s dedication: “Every night after work, she would come home and pack boxes all on her own. She single-handedly packed a four-bedroom, two-bathroom house.”

Addressing Concerns: The “Money Pit” Worry

Giordano’s primary apprehension revolved around the house becoming a financial black hole. Friends in the construction industry had warned him about the extent of the issues, citing the uneven floors, rotting joists, and crooked foundations. For Giordano, each problem represented a potential cascade of bills. “I was just really scared it was going to be a disaster,” he admitted.

Conversely, Saylor has no regrets. She views the house as “just perfect” for their family and expresses a deep emotional connection to it, stating, “I’ve lived in homes that I’ve liked, but I’ve never felt this way about something. I feel like it’s a member of our family.”

The Restoration Journey: Embracing the Process

The renovation work commenced almost immediately after they moved in. The couple enlisted a contractor to address the sagging joists and reinforce the basement structure. Simultaneously, they embarked on a DIY project, transforming the utility room adjacent to the kitchen into a functional pantry.

This initial project provided a hands-on education in the realities of renovating a home over 150 years old. They encountered challenges such as irregular framing, where nothing was truly square, and the unexpected presence of stone that could render a nail gun useless. A task estimated to take an hour could easily stretch into four.

Despite these hurdles, successfully completing the pantry project has instilled a newfound confidence in the couple. “After the pantry, there’s nothing we can’t do,” Giordano declared.

Saylor’s immediate focus has been on creating comfortable and familiar spaces for the children. She and Giordano are intentionally avoiding hasty design decisions, preferring to allow the house to “speak” to them and guide their aesthetic choices.

Recently, they spent a tranquil evening on their porch, watching the sunset. It was a moment that encapsulated their motivation for undertaking this significant project. “The reason we came here is for these moments,” Giordano reflected.