Welcome to Bonvue Street on Observatory Hill. A traditional North Side Pittsburgh neighborhood with a renewed spirit. Phase 1 features five renovated homes for sale, being restored to their original glory, while at the same time updated for modern living. Phase 2, breaking ground in late 2018 will add five more restored homes to the street. Each home has new electrical and HVAC systems, hardwood floors, new kitchens and baths, garages, fenced yards and so much more is offered in each of these unique homes. Qualified owner occupants can get special incentives of $30,000 available from Pittsburgh's URA. All homes come with a 1-year builder's warranty.
Three Homes Left To Find Your Perfect Place
Soft 2nd mortgage incentives of $30,000 are available to income qualified buyers. These mortgages require no payments, charge no interest, and may not require full payback. By reducing the amount you borrow they act as a discount off the listed price. Owner occupants who don't income qualify are still able to purchase the homes at the listed price. Complete terms of the soft second morgtages are available for review.
If an owner chooses to resale the home, upon sale the proceeds will be used: 1) To payback the first mortgage on the property. 2) To payback the owner's original downpayment. 3) To payback the owner the difference between the balance on their first mortgage and the original loan amount (their equity). Once those item have been paid back to the owner, the proceeds are split, up to the amount of the outstanding Soft 2nd mortgage: 25% to the owner and 75% to the URA, if the owner has lived in the home over 5 years OR if the owner has not lived in the home at least 5 years, the proceeds are paid 100% to the URA. Profit over the outstanding amount of the Soft 2nd mortgage will be retained by the owner. If the sale does not result in enough funds to cover the soft 2nd mortgage, the balance is forgiven.
The URA offers Soft 2nd mortgages for buyers under 115% of the Area Median Income (AMI), based on household size. Income limits are shown on the chart below.
|Income Limit (115% AMI)||$58,450||$66,800||$75,200||$83,500||$90,200||$96,850||$103,500||$110,250|
The URA offers up to $3,000 of downpayment assistance for buyer's who make under 80% of the Area Median Income (AMI), based on household size. Income limits are shown on the chart below.
|Income Limit (80% AMI)||$40,700||$46,500||$52,300||$58,150||$62,750|
Talking with a lender and getting pre-approved is the first step towards purchasing. We are happy to work with any lender, or can make recommendations for lenders that are already familiar with our homes and the second mortgage program. Not sure your credit is ready to purchase? Several local organizations can meet with you and get you ready to buy, click here to learn more.
We are excited for you to join our community of homeowners. We hope that you will love living on Bonvue Street in Observatory Hill as much as we do. After so much work to make Bonvue Street a vibrant neighborhood, we want to make sure it stays that way. We hope you will help. All Bonvue Street homes must be Owner Occupied. In addition, covenants recorded along with your deed will help ensure that all the homes are well maintained and help support the home values of the neighborhood.
Bonvue Street on Observatory Hill is a traditional North Side Pittsburgh neighborhood just a close to Downtown Pittsburgh and located at the gateway to the North Hills and McKnight Road along the Parkway North I-279 corridor. Riverview Park, with its miles of trails, Allegheny Observatory, swimming pool and summertime concerts and movies is a highlight of the neighborhood. The neighborhood benefits from a short commute into the city, less than 5 miles to Downtown, the North Side and North Shore attractions and less than 3 miles to the McKnight Road and Ross Township shopping district.
First Niagara Bank
To McKnight Road and Downtown
First National Bank
Perrysville Ave at Franklin Rd FS
Perry Traditional Academy
Riverview Park Soccer Field
23 Bonvue Street, Pittsburgh, PA 15214
29 Bonvue Street, Pittsburgh, PA 15214
34 Bonvue Street, Pittsburgh, PA 15214
111 Bonvue Street, Pittsburgh, PA 15214
115 Bonvue Street, Pittsburgh, PA 15214