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2515 Waterbend Drive
Elkhart, IN 46514
$1,750,000
Conventional
Property
Bedroom
5
Bathroom
5
Property Type
Conventional
Square ft
7718
Property Description
This splendid five-bedroom, five-bath, 7,718-square-foot home stands on a 1.32-acre peninsula with 386 feet of St. Joseph River frontage in Haines Lexington Landing, elegant landscaping, mature trees, and a design that provides water views from every room, a tower with tall arched windows, several balconies, a patio, and an outdoor kitchen/patio with a pergola at the seawall. The house has been thoroughly upgraded in recent years with new plumbing and electricity, including wiring for a generator; two heaters and air conditioners for zoned control; Andersen windows and doors upstairs; luxury vinyl plank floors; and a fresh white-painted color scheme. The main level has a foyer with a spiral staircase; sunken large living area with built-in cabinets and shelves, arched windows, and patio access; a window-walled pool room with vaulted ceiling, exposed beams, a workout room, and a bath; a kitchen with an island with bar seating, a recessed ceiling, stainless appliances, stone counters, and tile backsplash; a dining area with panoramic views; a primary bedroom with large closets, arched windows, and patio access; a primary bath with garden tub, standup shower, and twin vanities; and a laundry. Upstairs are a library/office, a bedroom with ensuite bath, two other bedrooms, a recreation room with a fireplace, and another bath. The bedrooms and recreation rooms have private balconies. Downstairs are a family room with a fireplace, a bonus room, and a bath. The property includes a manufactured concrete pool and waterfall with a bridge near the patio, an attached three-car garage, a new pool room HVAC and dehumidification system and pool epoxy, and a circle driveway. The outdoor kitchen grill and refrigerator; the pool table; the two-year-old hot tub; the office cabinetry; the wine chiller; the pool equipment, including a new high-efficiency pump and filter; and a 4,000-pound Shore Station lift with a new cover are included in the sale.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1990
MLS Number
202332558
Location
Address
2515 Waterbend Drive
City
Elkhart
State
IN
Zip Code
46514
County
ELKHART
Listing
Provider
RE/MAX Results, original listing
Name
RE/MAX Results
Phone
(260) 490-1590
Office Name
RE/MAX Results-Goshen
Office Phone
(260) 490-1590
Agent Name
Chantel Boone

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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.