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83 Lake Street
Cooperstown, NY 13326
$750,000
Conventional
Property
Bedroom
4
Bathroom
3
Property Type
Conventional
Square ft
3556
Property Description
This distinctive Cooperstown rambler is an excellent example of a true mid-century classic American home. Situated on over 6 acres near Otsego Lake and the Otesaga Hotel, this single-story brick home offers an open concept layout in a tranquil wooded setting. With 4 bedrooms, 3 full bathrooms, a home office space, and a spacious stylish deck, this home is perfect for comfortable living and entertaining. Centered on an elegant living room with its handsome black brick hearth and doors to the inspired minimalist deck, the north wing offers 2 guest bedrooms, the home office, and a guest full bath. The primary suite at the end of the hall is a private retreat with its own bath, hall of closets and bedroom with doors onto that lovely deck. The formal dining room welcomes with bespoke red fabric wall treatments and a wall of glass looking out on to the wooded acreage. A well-designed kitchen with chef's dream peninsula, copious solid-surface counter space, and freshly painted glass-door cupboards is a joy. The spacious family dining space, with its own wall of glass windows, looks east towards the deck. Access to the deck from this room makes for easy seasonal outdoor living and adds to the overall charm this room engenders. A sunken family room, a library-themed guest bedroom, and yet another full bathroom plus a convenient laundry and storage room completes this wing of the home. The full basement provides ample storage, and there is more in the detached 2+-car garage off the paved private driveway. The wooded acreage is fantastic, creating that much-welcome sense of total privacy, and the yard has an invisible fence installed to protect your four-legged family members. This home is within walking distance of the Leatherstocking Golf Course and Otesaga Hotel, the Farmers' Museum and The Fenimore Art Museum. Close to the center of town and its shops, bars, and restaurants, and, of course, The Baseball Hall of Fame. Just up the road is the renowned Alice Busch Opera Theatre home of the Glimmerglass Festival. Ideally located does not do justice to the way this home is positioned in the world of Cooperstown, New York - it's close to everything. And yet, in this setting, you will feel a great sense of privacy.
Property Information
Lot Size
6 acre(s) square ft
Property Type
Residential
Year Built
1965
MLS Number
151144
Location
Address
83 Lake Street
City
Cooperstown
State
NY
Zip Code
13326
County
OTSEGO
Listing
Provider
Keller Williams Upstate NY Properties, original listing
Name
Keller Williams Upstate NY Properties
Phone
431-2540
Office Name
Keller Williams Upstate NY Properties
Office Phone
431-2540
Agent Name
Susan Muther

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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.