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485 West Lake Drive
Athens, GA 30606
$4,200,000
Conventional
Property
Bedroom
7
Bathroom
9
Property Type
Conventional
Square ft
9365
Property Description
Exuding casual elegance, this stunning Estate sits on over 2.2 manicured acres with an original 1920's stone cottage. Boasting Historic charm, the original structure seamlessly adjoins the newly constructed main residence which is marked by incredible decorator selections throughout. Designed with entertaining in mind, the main house was built in 2017 offering a functional floor plan with a spacious kitchen open to the family room. Ten foot ceilings are located on both the main and upper levels, with 12 foot coffered ceilings in the main living space. This graciously sized room is accented by a large wall of built-ins which flank a gas log fireplace, as well as a casual dining area. The gourmet kitchen is equipped with professional grade appliances including a 6 eye gas Wolf stovetop, double wall ovens, & a full size Sub Zero refrigerator & freezer with a center glass front Wine Cooler. A large island is great for everyday bar seating & offers an additional prep sink, while the walk-in pantry features a coffee station & wood shelving for overflow storage. A mud room & office are located just off of the kitchen & are accented by brick floors laid in a herringbone pattern & offer 4 built in lockers & storage cabinets. Custom cabinets, filing drawers & a desk adorn the beautifully designed office space. The graciously sized owner's suite is located on the main level and features vaulted shiplap ceilings & opens into a gorgeous bathroom with two vanities with marble countertops, soaking tub & a large shower with three shower heads. A walk-in closet boasts a storage island & mirrored, hidden shoe shelving. A secondary laundry room is accessed from this closet which has both a utility sink & custom drying racks. Upstairs is home to three additional bedrooms, each with an en suite bath with walk in showers. These bedrooms have new carpet & custom designed closets. Also located on the upper level is a large flex space & the main laundry room with granite countertops, storage closets, utility sink & a working desk. A beautiful pecky cypress ceiling allows for the visual transition from the kitchen to the formal dining room, which beautifully connects the home to the Historic stone cottage. The stone wall from the original structure is the transitional focus in the vaulted dining room. Iron clad floor to ceiling windows offer an abundance of natural light, with the opposing wall providing access to the rear yard and stone patio. The vaulted ceilings with cypress beams adjoins the old structure with the new home, & provide a seamless flow between the two. The original stone structure has vaulted ceilings on the main level with a spacious great room, anchored by a stone surround, wood burning fireplace, private guest suite with sitting room, powder room & scullery. An old world feel is conveyed by vertical shiplap walls, exposed roof rafters, & custom iron railing. Upstairs is home to a corridor of built-in shelving overlooking the family room & two secondary bedrooms sharing a beautiful marble bath. Wide plank hardwood floors span both levels. Additional entertaining space is provided at the terrace level with a rec room with designated areas for billiards, lounging space & dining area with a custom wet bar. Brick accent walls & cypress columns offset the fully equipped service area. There is also a full bath featuring a large steam shower & an exercise room with a mirrored wall & gym floor. The carriage house above the oversized two car garage offers a full kitchen in addition to a private guest suite with living space, bedroom and bathroom, which could easily double as a private home office. Outdoor entertaining is made easy with a built-in grilling station, covered stone patio & cozy screen porch! The property offers extreme privacy, a beautiful grassy area for entertaining and multiple driveway options for entry. The house has been carefully sited to maintain an active lifestyle & privacy in the heart of Athens!
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential
Year Built
2017
MLS Number
1016571
Location
Address
485 West Lake Drive
City
Athens
State
GA
Zip Code
30606
County
CLARKE
Listing
Provider
Chastain, Jenkins & Leathers, LLC, original listing
Name
Chastain, Jenkins & Leathers, LLC
Phone
(706) 559-4520
Office Name
Corcoran Classic Living
Office Phone
(706) 559-4520
Agent Name
Mary Catherine Smith

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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.