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1742 County Highway 22
Richfield Springs, NY 13439
$325,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
2079
Property Description
Once called "Murphy's Farm" this beautifully and lovingly maintained period home, 1840, has its original charm amongst the continued updates. Formal entrance foyer leads to a living room on the left. The living room, with the original hardwood floors, cascading period built-ins, has a fireplace (propane insert for efficiency) and lovely custom French doors to the rear gardens. The original hard wood floors, windows and molding throughout the house remains. To the right of the foyer is a sitting room with an entrance door from the side porch. Open and inviting, the sitting room steps up to the kitchen with plenty of cupboards, a pantry, laundry and first floor full bath. The formal dining room is off the kitchen with a fireplace (propane insert) and a back staircase to an upstairs office or Nanny's room. A door from the hall entrance to the back staircase, also leads to the back gardens. The center hall foyer has a custom curved staircase, which was later added. Stunning curves take you to a sweet landing, three bedrooms with eyebrow windows and another full bath. The master bedroom is spacious with a large closet. The home sits on 1.68 acres and has views of the meadow, also part of this offering, of 6.66 acres across County Road 22. Neither property is zoned Agricultural. This lovely home is situated just minutes to the center of Richfield Springs, State Route 20, with Canandarago Lake, grocery shopping, seasonal Farmer's Markets, coffee shops and restaurants. The State Route 20 corridor heads west to Syracuse and east to Albany. Additionally, heading south, this home is approximately 10 miles to the historic village of Cooperstown, with its world-renowned Baseball Hall of Fame, Otsego Lake, Glimmerglass Opera Festival and the restaurants, shops and boutiques. The undeniable period charm is outstanding, and the grounds and perennial gardens are inviting and relaxing. There is also great potential for substantial rental income, from All Star Village in Oneonta and the Cooperstown Dream Park. Both seasonal baseball summer camps with the need of accommodations, beginning the end of May until Labor Day. The property has not been lumbered and there is additional income in the desirable trees on the vacant 6 plus acre property across the road. A must-see property.
Property Information
Lot Size
8 acre(s) square ft
Property Type
Residential
Year Built
1840
MLS Number
11196899
Location
Address
1742 County Highway 22
City
Richfield Springs
State
NY
Zip Code
13439
County
OTSEGO
Listing
Provider
LAMB REALTY, original listing
Name
LAMB REALTY
Phone
Office Name
LAMB REALTY
Office Phone
Agent Name
Nancy Angerer

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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.