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11531 154th Ave
Cedar Key, FL 32625
$1,250,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
1878
Property Description
TOP-OF-THE-LINE HOME on 1.66 WATERFRONT ACRES IN CEDAR KEY. Walk in the front door and your eye will fly across the expansive open floorplan with vaulted ceiling to a room-wide series of sliding glass doors leading to a comfortable screened deck with Kalamazoo hybrid grill and hood to sparkling Gulf waters beyond. A private dock runs out to a boat house with both water and electricity available. Add a lift for your boat or a deck and enjoy breakfast in gentle sea breezes while the sun rises. Inside this over-the-top house, you'll cook with top of the line Miele appliances combined with custom wood cabinets and Cambria white quartz countertops. Relax on cool evenings in front of a beautiful 3-sided safe-to-touch DaVinci glass fireplace and backlit glass hearth. River-recovered wood floors run throughout the house, with wood-grain ceramic tile in both bathrooms. All interior doors are special-order solid wood. Non-toxic wood sealers were used throughout the house. Silent “Big Ass” fans circulate the air. The home was fully renovated in 2018-2019 and now includes a whole house generator, new electric panel box, a tankless water heater and a whole house reverse-osmosis water treatment system. Downstairs, the house has two large automobile bays plus another with a workshop/storage area and room for a golf cart beside the golf cart charger. The garage doors were replaced in 2021 with insulated heavy-duty steel doors with infinity glass windows and electric door openers. The property is comprised of three platted lots with the home sitting on the center lot. Big oaks with swaying Spanish moss grace the first and second lots and an assortment of untouched natural trees and other vegetation grow on the third lot. A pair of great horned owls are frequent visitors to the third lot. A pair of ospreys annually raise their young in their nest in a tall pine tree near the house on the first lot. Flocks of white pelicans often float across the shallow waters near the dock. White ibis fly overhead each day as they go out in search of food and return to nest. As the owner says, the view is always changing. And what a delightful view it is!
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1985
MLS Number
790461
Location
Address
11531 154th Ave
City
Cedar Key
State
FL
Zip Code
32625
County
LEVY
Listing
Provider
Cedar Key Realty, Inc., original listing
Name
Cedar Key Realty, Inc.
Phone
(352) 543-9899
Office Name
Cedar Key Realty, Inc.
Office Phone
(352) 543-9899
Agent Name
Doris C Hellermann PA

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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.