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721 S Lee St
Alexandria, VA 22314
$1,995,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
--
Property Description
Incredibly rare opportunity for an incomparable home situated on one of Old Town's most picturesque and sought after blocks. This custom home features a stunning addition completed in 2020 to intentionally preserve the character of 1880, when the home was originally built, while seamlessly tripling the home's size with today's conveniences. The addition was thoughtfully designed and constructed by one of Old Town's premier local builders and preservationists, Bill Cromley. Unique floor plan featuring 4 bedrooms and 3 full baths on upper level including two ensuite bedrooms. Bright and open main level ideal for those looking for fewer levels and stairs than the typical Old Town home. From the front entrance you are welcomed by the living room with original fireplace and built-ins. Once through the living room the addition offers open living between dining, kitchen and family room with wall of glass and French doors overlooking 15ft x 15ft brick patio and sizable back yard. Two separate entries add to the convenience including gated side alley with covered entry door and only one step inside! The home also features: 2 wood burning fireplaces, wide plank heart pine flooring throughout, original trim detail, custom elegant white Kitchen with statement ""Tapestry Blue"" La Cornue gas range as its centerpiece, custom built ins including mudroom ""locker area"" off side entry, custom lighting, primary suite with walk in closet, double vanity and beautiful curbless marble shower. Secondary suite has 2 large closets, original fireplace, built ins/desk area, and private full bath. Hall bath has period correct claw foot tub, beadboard trim, and marble floor. Dual zone HVAC(both units 2019). Incredibly convenient to everything Old Town has to offer! Down the street from Windmill Hill Park, Jones Point Park, GW Parkway path, King St, 5 miles to DCA airport, and only 7 miles to DC.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1880
MLS Number
VAAX2033234
Location
Address
721 S LEE ST
City
ALEXANDRIA
State
VA
Zip Code
22314
County
ARLINGTON
Listing
Provider
Long & Foster Real Estate, original listing
Name
Long & Foster Real Estate
Phone
(888) 536-0216
Office Name
Alex/OldTown HistoricDistrict
Office Phone
(888) 536-0216
Agent Name
Chris White

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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.