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2227 Penny Ln
The Plains, VA 20198
$19,600,000
Conventional
Property
Bedroom
6
Bathroom
5
Property Type
Conventional
Square ft
--
Property Description
Oakendale Farm, ca. 1938 is the epitome of an exquisite Virginia Hunt County Estate. Located within minutes of Middleburg, Virginia, its 435 acres are in prime Orange County Hunt territory with potential for incredible ride-out. From the Manor house to the meticulously manicured gardens, grounds, dependencies, and the hundreds of acres of surrounding pastures with protected view-sheds, Oakendale is in a class of its own. The entrance to the estate is from a quiet country road, 5 minutes south of historic Middleburg. Once inside the gates, the first drive to the left leads to the courtyard of the manor house, a second courtyard with private office and guest house, and a third courtyard which features the custom greenhouse, and the oversized and heated 5 bay garage with a spacious second floor entertainment room. Next to the garage is a 105k generator which provides back-up power to the manor house and most of the other buildings in these courtyards. MANOR HOUSE: Designed by renowned architect, William Lawrence Bottomley and constructed by master builder, W. J. Hanback, the Colonial Revival stone manor house is sited perfectly to enjoy the commanding views of the estate and surrounding countryside from the Bull Run to the Blue Ridge Mountains. One enters the Foyer (15’ x 14’), to its beautiful, curved staircase, and wide board walnut flooring which carries throughout the formal living areas. To the right of the foyer, wide steps lead down into the anteroom, and then into the gracious Living Room (36’ x 18’6”) with walk-in bay window and French doors to the back gardens. Once again from the foyer, a hallway leads into the very handsome paneled library (16’ x 16’), with fireplace, French doors opening to gardens, and a curved reading nook surrounded by windows. The hallway then leads to the elegant stone terrace with seating walls surrounded by boxwood gardens designed to draw attention to the expansive and protected views. From the terrace one has access to the pool (60’ x 40’), pool house with covered terrace, grill, wet bar, showers, and changing rooms. Returning to the home, the next room from the foyer is the banquet sized dining room (20’ x 18’) which includes an intimate dining area surrounded by windows. Just beyond the dining room is a very private garden room perfect for taking afternoon tea. The room to the left of the front door houses 2 coat closets and leads to the elevator and the butler’s pantry. From here one enters the Kitchen (20’ x 17’), which features a 6 burner Viking Range with Viking Hood. The workspace is open to the light filled breakfast room (12’6” x 9’) surrounded by windows. Beyond the kitchen is the laundry area, steps to both the upper and lower levels, and a side door, which leads to the courtyard shared by the 2-story office and guest house. The second level of the manor house offers a magnificent primary suite complete with bedroom (21’ x 17’), private porch for breathing in the glorious views, sitting room (20’ x 16’), exercise room/dressing room (12’ x 9’) and 2 full baths. The remainder of the second level offers: bedroom #2 (17’ x 16’) with private bath, bedroom #3 (15’ x 10’) w/private bath, & a 2 bedroom suite (11’ x 9’ & 12’ x 8’), full bath, & sitting room w/ kitchenette. This suite has access to the back stairwell. Oakendale Farm consists of 2 tax parcels: 333.19 acres and 102 acres, both parcels are protected by an easement with the Virginia Outdoors Foundation. IN ADDITION TO THE MANOR HOUSE OF OAKENDALE, DEPENDENCIES INCLUDE: • 2-story office with porch • Guest house w/3 bedrooms and terrace • Farm manager’s house • 5+ car garage • 8 stall courtyard barn w/double wash stall, office, laundry & one-bedroom apartment • Barn for 2 horse trailers • Equipment barn with 8 bays (3 climate controlled) • Bank barn & Creamery • Stunning greenhouse • Pool & pool house • Historic Log Cabin on the 102 ac. Listing provided by: Thomas and Talbot
Property Information
Lot Size
435 acre(s) square ft
Property Type
Residential
Year Built
--
MLS Number
11254094
Location
Address
2227 Penny Ln
City
The Plains
State
VA
Zip Code
20198
County
FAUQUIER
Listing
Provider
National Land Realty, Washington, DC, original listing
Name
National Land Realty, Washington, DC
Phone
(855) 384-5263
Office Name
National Land Realty, Washington, DC
Office Phone
(855) 384-5263
Agent Name
Judy Allen

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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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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.