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130 Mcfee Street
Lewes, DE 19958
GREG WOOD with Jack Lingo - Lewes, original listing - (302) 227-3883
$2,400,000
Conventional
Property
Bedroom
5
Bathroom
Full: 4
Property Type
Conventional
Square ft
4100 Square Feet
Property Description
Here's a unique property with a tie to Lewes' industrial past. The original section of this house dates to the early 20th century when it was the home of the Fred L. Myers Company, a local brush manufacturing business that would later become Hocker Manufacturing after moving to Kings Highway ( currently The Brush Factory Stores ). In the 1970's, the factory was converted to a single family home and was significantly expanded in the 1990's to encompass over 4,100 s.f. of living space on nearly an acre of land. While the living areas in both the old and new sections are open and inviting, the four/five bedrooms offer privacy for guests and family members alike. The previous owner was an architect who masterfully combined the old and new spaces, but provided double doors to separate the structures into two distinct spaces, both with two bedrooms and two full baths, as well as two kitchens. With this in mind, the house could easily be used a as a bed and breakfast or for use by an extended family. The large yard, one of the biggest in-town parcels is beautifully landscaped and private. You could easily add a garage in the side yard and a pool in the back yard and still have space left over. The adjacent lot at 128 McFee can be available as well.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1932
MLS Number
--
Location
Address
130 MCFEE STREET
City
LEWES
State
DE
Zip Code
19958
County
SUSSEX
Listing
Name
Phone
(302) 227-3883
Office Name
Office Phone
(302) 227-3883
Agent Name
GREG WOOD
Agency Phone
(302) 227-3883

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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.