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11814 Park Heights Avenue
Owings Mills, MD 21117
$3,250,000
Conventional
Property
Bedroom
5
Bathroom
7
Property Type
Conventional
Square ft
11400
Property Description
Welcome to Three Ponds, a 14-acre estate tucked away in historic Caves Valley. The newly renovated Georgian home is perched on a hill overlooking fields, wooded areas, three ponds, and a three bedroom, three bath guest home. At over 10K square feet, the main house has 5 bedrooms, 4 full, and 3 half baths. This includes a private 1 bed/ 1 bath guest suite above the oversized 2 car garage. The home is fully wired for sound and has a state-of-the-art security/sound system as well as main level and bedroom level laundry rooms. The brand-new kitchen boasts a full-sized walk-in butler’s pantry, two large quartz islands, white oak floors, Wolf 6 burner range with griddle, grille, and 2 ovens, Subzero fridge, ice maker, coffee/wet bar, 2 dishwashers, custom shades, and French doors that open to the outdoor terrace which overlooks the valley. Perfect for entertaining, the main level also provides a lounge with wet bar, wine fridge, ice maker, wood burning fireplace, as well as an exterior door leading to the covered porch. Additional rooms include a formal living room, a family room, and a sunroom. The basement is finished with a half bath, playroom, and a finished flex room/dry storage with an egress to the exterior. Upstairs there are 4 bedrooms and 3 full baths including the primary which has a private deck with valley views, newly renovated bathroom and dressing room. The primary bath includes heated floors, infinity blue quartzite double vanity, heated marble floors, spa tub, marble steam shower with built in bench, dual shower heads, and a custom marble mosaic. The third floor is a sprawling finished flex space that could be used as a studio, playroom, gym, or even finished into more bedrooms. Just down the hill from the main house sits a pond-side guest house- outfitted with a full kitchen, laundry, 3 beds and 3 baths, wrap around porch and terrace that looks over the pond and back up the hill toward the main residence. Other exterior features include a fully fenced Zen garden, raised vegetable garden, and a fenced pasture/dog run.
Property Information
Lot Size
13 acre(s) square ft
Property Type
Residential
Year Built
1925
MLS Number
MDBC2079100
Location
Address
11814 PARK HEIGHTS AVENUE
City
OWINGS MILLS
State
MD
Zip Code
21117
County
BALTIMORE (TOWSON)
Listing
Provider
Monument Sotheby's International Realty, original listing
Name
Monument Sotheby's International Realty
Phone
(703) 935-9889
Office Name
Monument Sotheby's International Realty
Office Phone
(410) 525-5435
Agent Name
Cindy Conklin

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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.