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502 East Texas Street
Calvert, TX 77837
$500,000
Conventional
Property
Bedroom
4
Bathroom
3
Property Type
Conventional
Square ft
3588
Property Description
The Drennan–Doremus–Burnitt House, constructed in 1875, is a 2½ story Victorian home situated on six lots, two corners, spanning .792 acres with huge oaks in Calvert’s Historic District. The architecture is an example of a 20th century structure remodeled to a Colonial Revival style featuring examples of Classical architecture. Abundant period features adorn this 3,855 sq. ft home and include original wood floors, 14' high ceilings on first story, formals, library/study, built-ins, pocket doors, moldings, floor to ceiling windows, and four fireplaces. The upstairs rooms located at the west and north sides of the house, each have an accessible small porch. The porches feature small Ionic columns enriched with stylized Palladian windows, set into the gables with elaborately carved pediments over the entrances and grouped, one-story classical columns. Outdoor sitting area offers shade for afternoons and a separate 2 car carport/work shed. Dr. George McClendon built the house and sold it to Calvert merchant, John H. Drennan, in 1899. Drennan's wife was the granddaughter of Robert Calvert for whom the town was named. This historic home in one of the state’s largest historic districts on the National Registry and blocks from the 8-block historic business district on Main Street filled with shopping, winery, bakery, coffee shop and eateries. This home is within daily commuting to Bryan/College Station, home of Texas A&M University and many other major employers.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1875
MLS Number
24003009
Location
Address
502 East Texas Street
City
Calvert
State
TX
Zip Code
77837
County
ROBERTSON
Listing
Provider
Polansky Realty, original listing
Name
Polansky Realty
Phone
(979) 229-3892
Office Name
Polansky Realty
Office Phone
(979) 567-3508
Agent Name
Brenda Farmer Van De Walle

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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.