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69 Mills Road
Kennebunkport, ME 04046
$1,595,000
Conventional
Property
Bedroom
5
Bathroom
4
Property Type
Conventional
Square ft
4050
Property Description
In the desirable village of Cape Porpoise, this five-bedroom, four-bath property is perfect for a family retreat, or for a rental or bed & breakfast inn. The private patio off the kitchen and wrap-around covered porch offer fresh air enjoyment. The separate cottage has many potential uses: a writing or art studio, office, or an accessory dwelling unit. Inside, the primary bedroom with built-in closets, an en-suite bathroom, and a walk-in closet, hardwood flooring, natural light, and a cozy fireplace, is perfect for unwinding after a long day. The bathroom/bedroom suite has been recently created and includes granite countertops, modern vanity, and a sauna, and is connected to the media room below. The expansion of the primary bedroom suite opens onto a deck to view the picturesque marsh. A large entertainment room is one level below, and adjoins a sauna/bathroom suite. Other bedrooms also feature built-in closets, wooden flooring, and high ceilings. The living room includes large windows, hardwood flooring, and an attached deck, while the kitchen features a kitchen island, steel appliances, quartz countertops, a bar area, and an eat-in counter. Bathrooms have been upgraded with granite countertops, modern vanities, double sinks, and glass doors on tub or shower enclosures. The laundry room is in the second floor bathroom. In the sauna room there is enough room for gym equipment or for a home office. The media room, separate family room, and home office make this house a perfect fit for families who value space and function, or for an investor looking to attract vacation renters. Seven heat pump units offer efficient air conditioning and heating, supplemented by forced hot water heat and three fireplaces, two of which are propane. All new: roof, two-car garage, windows, siding and insulation make this a turnkey investment for a vacation rental or a year-round residence.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1970
MLS Number
1582423
Location
Address
69 Mills Road
City
Kennebunkport
State
ME
Zip Code
04046
County
YORK
Listing
Provider
Keller Williams Realty, original listing
Name
Keller Williams Realty
Phone
(207) 879-9800
Office Name
Keller Williams Realty
Office Phone
(207) 879-9800
Agent Name
Mark Birmingham

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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.