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200 Park
Galena, IL 61036
$369,000
Conventional
Property
Bedroom
5
Bathroom
6
Property Type
Conventional
Square ft
1332
Property Description
Absolutely gorgeous Victorian located on Galena's picturesque East Side offering the stunning beauty, incredible detail, amazing history, and sheer elegance of yesteryear. For years the property was operated as the Queen Anne Guest House Bed and Breakfast, and appropriate licensing is still an option to operate as a B&B once again. Stunning main level features entry that opens to grand staircase and access to expansive screened porch with wood clad ceiling, large living room with bay window and alcohol gel fireplace insert with period surround that opens to a second parlor with additional bay allowing for a flow between rooms that creates one large living space, a generous family room with adjacent full bath, spacious dining room, and well-appointed kitchen with lots of cabinetry, parquet floors, and access to rear secondary staircase. Second level houses four distinct and beautifully decorated guest bedrooms of varying sizes, each with their own private full bathrooms, one with a whirlpool and others with clawfoot style tubs/showers. Attic level of house features huge storage closet and additional living area and bedroom (previously used as Owners' Quarters), full bathroom, and turret room with views of the surrounding neighborhood and countryside. Additional details include electric fireplaces in bedrooms, ornate stained-glass windows, original etched glass griffin front door, beautiful wood floors, ornate woodwork throughout, two sets of pocket doors, and covered side/rear porch. Park Avenue location offers close proximity to Main Street, Galena via two pedestrian bridges as well as The Galena River Trail, small boat launch, and Grant Park. Property is being sold with much of the furniture and to be transferred via separate bill of sale (list of inclusions available). "Seller agrees to credit buyer $5000.00. at closing for exterior painting allowance."
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
--
MLS Number
202302629
Location
Address
200 Park
City
GALENA
State
IL
Zip Code
61036
County
JODAVIESS
Listing
Provider
Coldwell Banker Network Realty, original listing
Name
Coldwell Banker Network Realty
Phone
(815) 777-6500
Office Name
COLDWELL BANKER NETWORK REALTY
Office Phone
(815) 777-6500
Agent Name
DAMON HEIM

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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.