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118 E Idaho Street
Virginia City, MT 59755
$795,000
Conventional
Property
Bedroom
4
Bathroom
3
Property Type
Conventional
Square ft
2269
Property Description
The Sanders House is an oasis of refinement in the historic town of Virginia City, Montana. It was built in the 1860s and is reputedly the oldest frame-built home in the state. The 4-bedroom, 3-bath home has been lovingly maintained by its only four family owners and features hand-grained woodwork, wood floors, and cast hardware. The interior has been updated with modern amenities, including a custom kitchen with AGA appliances, bathrooms, and utility systems. Unique features include a beautiful stone sunroom with fireplace, and the old icehouse has been converted into a climate-controlled wine cellar. The two bedrooms on the main level share a bathroom, and the two upstairs bedrooms each have en suite bathrooms. The home has a large parlor with bay windows looking out onto the manicured landscaping, which includes old-growth flowering trees and perennials. The guest house is located directly behind the home and has one bedroom, ¾ bath, and kitchenette. The generously sized barn with large loft was restored using original timbers and siding and was awarded the National Trust for Historic Preservation's prestigious Preservation Award. The quiet and historic neighborhood is within walking distance of the lively downtown boardwalk and open-air exhibits. National Forest Service and Bureau of Land Management (BLM) lands are right down the street, and Virginia City has easy access to the old mining roads that wind through the Gravelly Range Mountains and Alder Gulch. Recreational activities (horseback riding, hiking, biking, and touring) are plentiful, and there is access to world-class fishing in the rivers, streams, and lakes of the area. The home's history is documented in the Library of Congress' Historical America Building Survey and it played an important role in the founding history of Virginia City and the state of Montana.
Property Information
Lot Size
-- square ft
Property Type
Other
Year Built
1860
MLS Number
382327
Location
Address
118 E Idaho Street
City
Virginia City
State
MT
Zip Code
59755
County
MADISON
Listing
Provider
Engel & Völkers Ennis, original listing
Name
Engel & Völkers Ennis
Phone
(406) 581-6283
Office Name
Engel & Völkers Ennis
Office Phone
(406) 581-6283
Agent Name
Lincoln Roberts

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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.