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541 Pendleton Point Road
Islesboro, ME 04848
$1,575,000
Conventional
Property
Bedroom
7
Bathroom
5
Property Type
Conventional
Square ft
4131
Property Description
This distinguished and elegant Dark Harbor cottage is nestled close to the village, near to the shops and private club activities. The cottage sits prominently on an acre and a quarter of land, with sunrise and sunset views from most every room, and a sprawling lawn which leads you to over a hundred feet of water frontage on Ames Cove. There is plenty of room for family and friends, with as many as seven to nine bedrooms - most with water views, four full bathrooms and a half bath and laundry. The gracious light filled living room, with fireplace and window seat, has French doors leading to the waterside covered porch, and is perfect for entertaining or simply relaxing. The cozy sitting room, with wood stove, fills with morning light from over Dark Harbor pool. The formal dining room is ready for entertaining with the full support of the kitchenette, kitchen, and pantry. There is also a casual dining and gathering area at the back of the home looking west over the water. If there isn't a need for up to seven to nine bedrooms, you may set up the rooms as an office, game room, art studio, or most any type of space you desire. And with robust broadband internet of 1GB upload/download there's plenty of bandwidth even with a full house! Built circa 1910 this cottage is rich in original architectural details throughout including beautiful millwork, wainscoting, paneling, coffered ceiling, built-ins/shelving, fir wood floors, painted wood floors, cast iron tubs and sinks, antique fixtures and hardware, leaded glass oval windows, remarkable trim work. Please view our 3D Tour and Floor Plans for a more immersive view of this property.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1910
MLS Number
1587486
Location
Address
541 Pendleton Point Road
City
Islesboro
State
ME
Zip Code
04848
County
WALDO
Listing
Provider
Legacy Properties Sotheby's International Realty, original listing
Name
Legacy Properties Sotheby's International Realty
Phone
(207) 780-8900
Office Name
Legacy Properties Sotheby's International Rea
Office Phone
(207) 780-8900
Agent Name
Michael Lynch

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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.