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3508 Prospect Street Nw
Washington, DC 20007
$15,995,000
Conventional
Property
Bedroom
8
Bathroom
7
Property Type
Conventional
Square ft
9086
Property Description
Thought to be designed by William Thornton, the architect of the U.S. Capitol, and long considered one of the most architecturally and historically significant properties in the city of Washington, Prospect House was built between 1787 and 1793 and sits high above the Potomac River at 3508 Prospect Street in Georgetown. This red brick Georgian-Federal house has been a show place for politicians and statesmen since Revolutionary War days, and is sited on nearly half an acre of beautifully manicured formal English gardens.  Among many renowned owners over the years, the property was the home of the first Secretary of Defense, James V. Forrestal, and during the Truman Administration Prospect House served as The White House Guest House for visiting dignitaries. Presidents Washington and Adams, the Marquis de Lafayette, the Shah of Iran, the President of France, and the poet Robert Frost have all been guests of Prospect House. The first floor of this 9,000+ square foot residence includes 12-foot ceilings; a formal entrance hall; a double parlor living room with twin Adams fireplaces, a Jefferson window, and a bay window overlooking the gardens; a banquet-sized dining room with a fireplace and river views; a gallery hall; an ample-sized eat-in kitchen, a powder room and a veranda.  Upstairs are 7 large bedrooms -- several with river views -- a sitting room and 5 full baths. A lovely library opening to the garden, a home office, an 8th bedroom and a full bath make up the lower level.  The property includes a 41-foot swimming pool and an octagonal watch tower where one of the early owners watched his boats come into Georgetown Harbor.  A three-car garage and additional parking for 3 cars complete this extraordinary offering. Prospect House has been well-maintained and improved by its current owners, who, in the last few years, have replaced the roof; the plumbing, heating and air conditioning systems; and rebuilt all of the windows.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1787
MLS Number
DCDC2129376
Location
Address
3508 PROSPECT STREET NW
City
WASHINGTON
State
DC
Zip Code
20007
County
WASHINGTON (NW)
Listing
Provider
Washington Fine Properties LLC, original listing
Name
Washington Fine Properties LLC
Phone
(202) 944-5000
Office Name
Washington Fine Properties, LLC
Office Phone
(202) 944-5000
Agent Name
KIMBERLY Gibson

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.