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863+867 Main Road
Islesboro, ME 04848
$1,500,000
Conventional
Property
Bedroom
3
Bathroom
1
Property Type
Conventional
Square ft
5592
Property Description
Own a part of Islesboro history! Durkee's General Store has been an integral part of island life serving the community for 70+ years. Currently run as a grocery store, Durkee's General Store offers groceries, meats, a deli section, a selection of prepared foods, produce, household and automobile items, beer, wine, hard alcohol, cigarettes, and lottery. The third and current owner has run a successful business for 35+ years and is ready to pass the torch to the next owner to continue to operate as a grocery store or whatever else your imagination can dream up! The store includes a full kitchen, for take out or options for a cafe and options for a seating area inside or outback of the store on the lawn. The large basement under the store offers storage. Included with the property is a house with a 3-bedroom 1-bath apartment with a large kitchen and living room that extends to a porch in the warmer months, all on the second floor. Plus a bonus room for an office, study or exercise room. Enjoy your coffee on the deck off the kitchen looking out over fields and forest. Below on the first floor is a two bay garage that historically was the home of the fire station. Keep them as a garage or convert them to more retail or living space. Next to the garage bays is what could be a 1 bedroom 1 bath apartment or the first floor/family room for the upstairs. The bathroom plumbing has been roughed in and partially completed. The two living spaces could be combined with a staircase or kept as separate units. Set on a combined 17.3± acres, there is parking on 1± acres on the west side of the road, which also includes a fire pond. The store and house sit on 16± acres on the east side of the road, which is a mixture of field and forest. Stay connected with 1-gigabyte connection speed internet. Endless possibilities await the next owner! Also listed as commercial, see mls: 1575437. International 4700 freight truck and store equipment included with sale.
Property Information
Lot Size
17 acre(s) square ft
Property Type
Residential
Year Built
1950
MLS Number
1575443
Location
Address
863+867 Main Road
City
Islesboro
State
ME
Zip Code
04848
County
WALDO
Listing
Provider
Cates Real Estate, original listing
Name
Cates Real Estate
Phone
(207) 701-5600
Office Name
Cates Real Estate
Office Phone
(207) 701-5600
Agent Name
Virginia Hess

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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.

Free Foreclosure Listings

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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.