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438 Norway Road
Harrison, ME 04040
$879,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
2290
Property Description
Here is a property to remind us that under all is the land. Beautiful scale in every way; the owners have loved and respected this property and are now making it available to someone who will love it as they have. Documented as one of the oldest homes in the area, this 1835, forty-six-acre farmstead has stood the test of time. The central part of this home is Brick, and the ell and barn are traditional posts and beams with white clapboard. The home features many 19th-century details and has approximately 2,300 square feet of living space. The first floor consists of an expansive 21' x 16' great room with a vaulted beamed wood ceiling with views of the pool, fields, and forest. Additionally, it has a 15' x 13' formal dining room, large eat-in kitchen, laundry room, large bedroom with a walk-in closet, full bath, office, and mud room. The 2nd floor offers two large bedrooms and a full bath. There is a small single, detached garage; however, the barn... What an amazing, meticulous structure! It stands tall and needs absolutely no attention. The floor is cement and can withstand as many cars as you wish to park. A large workshop area, three horse stalls, three original stand-up/tie-up horse stalls, and a separate attached 'boat storage' garage. One could park an entire antique car collection in this barn! The in-ground swimming pool... When was the last time you experienced a pool with views? It's private and has sweeping views of blueberry fields, forest, and the foothills of the Mount Washington Valley. The forest has approximately two miles of hiking and horse-riding trails. The Farnsworth brook borders the easterly side of the property, where you will also find the springhouse, which provides an additional water source for the house. According to a June 2023 timber evaluation document (on file), approximately 36 acres of forested land is currently valued at $60,000. 3-phase power is available at the street, opening alternative uses for this property.
Property Information
Lot Size
46 acre(s) square ft
Property Type
Residential
Year Built
1837
MLS Number
1585747
Location
Address
438 Norway Road
City
Harrison
State
ME
Zip Code
04040
County
CUMBERLAND
Listing
Provider
Locations Real Estate Group, LLC, original listing
Name
Locations Real Estate Group, LLC
Phone
(207) 805-1811
Office Name
Locations Real Estate Group LLC
Office Phone
(207) 805-1811
Agent Name
Michael Fitzgibbons

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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.