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738 Leigh Mill Road
Great Falls, VA 22066
$2,850,000
Conventional
Property
Bedroom
3
Bathroom
5
Property Type
Conventional
Square ft
4800
Property Description
This property is a spectacular bucolic 8.43 acre equestrian property located just off Georgetown Pike near the Village of Great Falls. The privacy and tranquility of this property cannot be beat. Located at the end of a country lane winding past beautiful estates and mature trees framing the road. The stately traditional brick colonial with a circular drive and four car detached garage with an attic is handsomely sited at the entrance of the property. The property includes a full service guest house, 6 stall barn, two run in sheds, 4 paddocks, a lighted riding ring with gravel walkway from the barn and thoughtfully fenced and crossed fenced. The house feels like a country home with wide-planked wood flooring and trim throughout, four wood burning fireplaces in the main living areas and a gas fireplace in the primary suite. The owner's suite has a luxury bath and large custom walk-in closet with a second laundry nook containing a stacked washer and dryer. In addition to the primary suite, there are two en suites with updated baths. One of the highlights on the main level is a huge family room with a cathedral ceiling, walls of windows, custom wood paneling and a wood burning fireplace. The formal living room has custom wide plank tongue & groove heart of pine flooring and solid cherry beams with a stone-faced wood burning fireplace and French doors to a large screened porch. The formal dining room also has a wood burning fireplace and custom wood flooring and high end wallpaper. At the other end of the main level, there is an expansive great room with a hand-stacked stone fireplace, wet bar and custom cabinetry on three walls. The main level is complete with an updated kitchen and adjoining breakfast nook, cozy library, two half baths and a mudroom/laundry room with doors to the front and backyards. The walkout lower level is ready for the new owners to finish for their lifestyle. There are scenic views from every window on the main and upper levels. Outside the house there are brick walkways to the barn, a fire pit and a tree fort. The guest house features a two story family room with brick fireplace, eat-in kitchen, full bath and lofted bedroom. This space is perfect to rent or Airbnb, offer to guests for added privacy or provide a barn manager for on site accommodations. The center-isle barn includes 6 generous stalls with water, a wash stall, feed room, a hay loft, and environmentally controlled tack room with sink. The barn is well lit and has been in continuous use and is full operational.
Property Information
Lot Size
8 acre(s) square ft
Property Type
Residential
Year Built
1972
MLS Number
VAFX2162450
Location
Address
738 LEIGH MILL ROAD
City
GREAT FALLS
State
VA
Zip Code
22066
County
FAIRFAX (NORTH)
Listing
Provider
Washington Fine Properties LLC, original listing
Name
Washington Fine Properties LLC
Phone
(202) 944-5000
Office Name
Washington Fine Properties, LLC
Office Phone
(703) 317-7000
Agent Name
Marianne Prendergast

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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.