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502 Wakefield Circle
Staunton, VA 24401
$899,900
Conventional
Property
Bedroom
5
Bathroom
5
Property Type
Conventional
Square ft
5444
Property Description
502 Wakefield Circle is an exceptional home that combines the warmth of southern hospitality with the timeless beauty of a French country home. From the moment you step inside, you will be transported to a world where rustic charm, contemporary appointments and understated elegance come together. This home, custom built in 1972 & recently fully renovated has been meticulously designed to cater to those who appreciate originality, attention to detail, and a sense of elegance. Every aspect of the design has been carefully considered, leaving no stone unturned. From the architectural features of the French Country lion head Spanish cedar front door, to the hand painted sink by Koehler and DaVinci shingle roof this home is truly one of a kind. While the interior is exquisite, it is the outdoor area that is the creme de la creme of this home. To the rear of the home, you will find an outdoor living area that brings the inside outside and has been thoughtfully designed and customized to provide a year-round living experience enjoying the beauty of all four seasons. The architecture of the this outdoor retreat seamlessly blends with the main home and natural surroundings, creating a harmonious and inviting retreat. The covered back porch provides a perfect view for overlooking the gorgeous lush flower gardens and salt water heated pool. Adjacent to the pool is a 24 ft. tall open outdoor living room. It includes a full bath with standing shower, vanity & toilet. The interior is perfect for entertaining w/ a kitchenette for food & drink prep with gorgeous soapstone counters, an original farmhouse sink along w/open shelving for storage. The interior is wired w/ electric and ready for your outdoor entertainment. The focal point of the space is the wood burning fireplace creating moments with the family for s’more making in the fall and pool parties in the summer. Moving inside, you are greeted with a kitchen like no other. With its impeccable attention to detail, luxurious finishes, and top-of-the-line appliances, this kitchen is like no other and has been carefully crafted to not only be visually stunning but also highly functional with a 6 burner Blue Star commercial range and convection oven, Miele appliances and a Perlick beverage refrigerator that holds up to 16 bottles of wine. The Kohler stainless steel sink, with its ample size, provides both practicality and style and sits in the middle of the grand walnut top island offering not only a beautiful centerpiece but also lower cabinets for storage. The white cabinets w/ pull-out drawers and soft close add to the functionality & aesthetic appeal of the kitchen. A separate pantry w/ built in shelving for even more space, mudroom/laundry room w/ front load W/D complete the space. Throughout the home, you'll find hardwood floors, adding warmth & elegance to the overall design. In the dining area, a Swarovski Crystal chandelier casts a soft glow, creating a welcoming ambiance for leisurely gatherings. The unique layout of this home offers a private primary suite with a separate seating area where you can enjoy your morning coffee w/ views of the Blue Ridge mountains. Additionally, the en suite bathroom features double bowl vanities, soaking tub, & separate shower. There are 3 additional bedrooms and 2 full baths as well as large living room and family room with gas fireplace on the main level. The large lower level boasts 2500 sq. ft of space with an exercise room, a large family room with wood burning fire place, home office, workshop room and potential for in law or au pair suite with full bath and ample storage including built in cabinets, and 2 large utility rooms. Oversized garage can house 2 cars and lots of space for storage. The second level of garage could be used as a second living space or in-law suite. Inquire with agent about purchase of 2 adjacent lots.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1972
MLS Number
VASC2000264
Location
Address
502 WAKEFIELD CIRCLE
City
STAUNTON
State
VA
Zip Code
24401
County
AUGUSTA-STAUNTON-WAYNESBORO
Listing
Provider
Name
Compass
Phone
(202) 491-1275
Office Name
Compass
Office Phone
(202) 386-6330
Agent Name
Amy Wease

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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.