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83 Pettit Place
Princeton, NJ 08540
$2,689,000
Conventional
Property
Bedroom
5
Bathroom
5
Property Type
Conventional
Square ft
6094
Property Description
Experience the height of luxury living! Situated on pristine, sprawling grounds, this prestigious, custom built brick-front home is nestled in a spectacular cul-de-sac location backing to private, serene, woods! Stunning features include: Brazilian cherry hardwood floors on 1st level, oak wood floors on 2nd level, most rooms with elegant crown molding and ceiling detail, custom archways (some with stately columns), an abundance of tall windows, extra large floor molding, dual staircases, and all bathrooms with marble or granite floors. Seen through the oversized Palladium window, a stunning Swarovski crystal chandelier grabs your attention as you enter the grand, 2-story foyer with its intricate ceiling design, dual coat closets, and distinctive circular staircase leading up the 2nd level where the hall overlooks both the foyer and family room. The elegant, formal living room offers a coffered ceiling and a handsome double-sided gas fireplace, which backs to the sunroom, and boasts a granite surround flanked by columns. The formal dining room proudly displays a glistening Swarovski crystal chandelier and wainscoting panels. The expansive, 2-story family room and gourmet kitchen are open to each other and designed to be the heart of the home with oversized windows allowing for abundant natural light and breathtaking views. The family room is warm and inviting with a gorgeous gas fireplace flanked by French door entry to the huge deck and floor to ceiling windows, and high ceiling with dual skylights. Modern and sophisticated, the kitchen features a dazzling alabaster marble chandelier, handsome cherry wood cabinetry, sprawling granite counters with complimentary granite backsplash, generous size eat-in area surrounded by windows and access to the back deck, and a granite floor. The partial 2-story library is bright and sunny with a wall of windows and recessed lighting, plus high-end details such as cherry wood paneling, built-in bookcases, and a unique wooden spiral staircase. Don’t miss the convenient 1st floor bedroom with a full ensuite bath, plus the sunroom surrounded by windows and a fabulous feature wall with a gas fireplace with stone surround reaching up to the ceiling! Upstairs, you’ll find a generous size sitting area with a bay window before entering the exquisite master bedroom...a private oasis with 5 walk-in closets, dressing area with vanity and mirror, amazing double-sided gas fireplace, tray ceiling with recessed lights, and a large sitting room with French door access to the balcony! The ensuite bath features a luxurious whirlpool tub, dual vanities, and stall shower with floor to ceiling granite tile surround. There are 3 additional beautiful bedrooms on this level all with tray ceilings, ceiling fans with lights, and ample closet space; a private bath attached to one of the bedrooms with a tub/shower combination; plus a Jack and Jill bath with a stall shower with granite tile surround, and skylight. The vast walk-out basement with tall, 10’ ceilings has rough plumbing done for an additional bathroom. This well upgraded home is located minutes from downtown Princeton for easy access to restaurants, shops, trains to NYC and Philadelphia, and award winning Princeton schools.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1998
MLS Number
NJME2041690
Location
Address
83 PETTIT PLACE
City
PRINCETON
State
NJ
Zip Code
08540
County
MERCER-TRENTON (NORTH)
Listing
Provider
RE/MAX of Princeton, original listing
Name
RE/MAX of Princeton
Phone
(609) 921-9202
Office Name
RE/MAX of Princeton
Office Phone
(609) 921-9202
Agent Name
James Datri

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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.