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287 Ray Point Lane
Lakemont, GA 30552
$5,995,000
Conventional
Property
Bedroom
6
Bathroom
10
Property Type
Conventional
Square ft
7775
Property Description
Inspired by the Adirondack Great Camps of the late 1800's and the Great Log Lodges of the American West, this enchanting three-story log house is like nothing else on Lake Rabun. The entire property is accessible with an elevator to all three floors and ramps to all exterior locations. There are 8 bedrooms in the main house and a separate guest suite in the carriage house. This stunningly furnished house is being offered FULLY FURNISHED, "turn key" with the watercraft included. There are currently beds to sleep 24 guests! This property is 2.1 acres, Fee Simple and zoned Vacation Cottage which permits rentals. There is parking for 10 cars on the property. The outstanding location and proximity to the main highway makes this property even more desirable. With paved roads from the main highway to the driveway it's approximately a 10 minute drive to the shops at Lakemont, 15 minutes to Clayton or Hall's Boathouse. Situated directly across from the Dike on Lake Rabun, there is no better viewing for the 4th of July fireworks than from Collins Cove! Custom designed by R.D. Davidson and the owners, masterfully constructed by Larry Gibson with only the finest materials, this house is one of a kind FABULOUS! Enter the front door from the stunning porte cochere or conveniently access by the kitchen door for unloading. The majestic Great Room with 24+ft ceilings, a 24ft tall stone fireplace, tree poles and captivating lake views is jaw dropping! This great room's open floor plan expands further with a wide covered porch that runs the length of the house. The deck's walkway connects to the pavilion style, 2 stall Boathouse with large sun deck and screened porch for ping pong or picnics while enjoying the lake breeze. Savor all the water sport activities the lake offers from the swim dock, the private sandy beach or boathouse. Collins Cove boasts one of the largest private coves and beaches on Lake Rabun. Adjacent to the Boathouse is the multi sports court for Pickleball, Badminton or Volleyball. A Firepit and outdoor shower round out the outdoor amenities. The house has two wells and water filtration system along with a "main level" generator to keep it running smoothly. All that activity stimulates the appetite but a Gourmet Kitchen is prepared to handle crowds with style. With custom made cabinetry and honed granite counters, Thermador appliances including a Thermador 4 burner range with griddle, two dishwashers, two sinks & ice machine, no one will be hungry. The Main Level has two bedrooms, the Primary bedroom suite and a large Bunk room with 4 sets of bunk beds & bath. Also a convenient Laundry room and half bath are on the main level. The Upper Level has 3 Bedroom suites, with two of bedroom suites boasting private balconies to enjoy spectacular views of the lake. The Terrace Level has a cozy entertainment room with fireplace and opens on to the spacious stone patio which leads to the firepit and sandy beach. There is a second Laundry room, and a multi-purpose room for either an office/computer or exercise room. Of the 3 Bedroom suites, two have beautiful views of the lake. If you have dreamed of owning a unique lake house and want the BEST of Lake Rabun, THIS IS YOUR DREAM COME TRUE and the house is FULLY FURNISHED AND INCLUDE THE WATERCRAFT!
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential
Year Built
2009
MLS Number
7364996
Location
Address
287 Ray Point Lane
City
Lakemont
State
GA
Zip Code
30552
County
RABUN
Listing
Provider
Atlanta Fine Homes Sotheby's International Realty, original listing
Name
Atlanta Fine Homes Sotheby's International Realty
Phone
(404) 835-9601
Office Name
Atlanta Fine Homes Sotheby's International
Office Phone
(404) 237-5000
Agent Name
Yetty Arp

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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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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.