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1818 Washington Avenue
Portland, ME 04103
$875,000
Conventional
Property
Bedroom
5
Bathroom
3
Property Type
Conventional
Square ft
2455
Property Description
A rare find in the North Deering area of Portland. This 1800's colonial is conveniently located a mile from Northgate Shopping area and allows easy access to the turnpike. This inviting 5 bedroom,2 1/2 bath home has been lovingly cared for by the same family for 57 years. The entry porch with fieldstone floor tiles and built in benches gives direct access to the kitchen. The kitchen has hardwood floors and custom cabinets that include a wall of pantry storage. The dining room and living room welcomes you with a fireplace, brick hearth, wood wainscoting and beams. The original front staircase walls have been meticulously hand painted by a local muralist, depicting the area around the house and Portland. The cozy den has a wall of windows and a wood stove. On the second floor there is a center hallway leading to 2 full baths and 5 bedrooms, two of which have fireplaces. A sunroom is situated on the back of the house allowing for the warmth of the afternoon sun and a view of the landscaped back yard. A large breezeway connects the sunroom to the attached 2 bay garage that includes loft storage and a rear storage room. Enjoy the days and evenings on the large deck surrounded by mature trees. The expansive yard includes a brick walkway that leads to a seating area under a crabapple tree overlooking a lily pond located in the back corner of the property.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1800
MLS Number
1581880
Location
Address
1818 Washington Avenue
City
Portland
State
ME
Zip Code
04103
County
CUMBERLAND
Listing
Provider
Distinctive Properties, original listing
Name
Distinctive Properties
Phone
(207) 415-6657
Office Name
Distinctive Properties
Office Phone
(207) 772-4554
Agent Name
Peter Adams

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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.