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1316 S Nancy Street
Bloomington, IN 47401
$675,000
Conventional
Property
Bedroom
4
Bathroom
3
Property Type
Conventional
Square ft
2594
Property Description
Stunning Mid Century Modern designed by local architect Elaine Doenges. The entrance to the home is a large room with floor to ceiling windows facing the front and rear decks. It could be a sitting area, office, or additional space for dining or entertaining. To the right of the entrance is a free standing wood cabinet that acts as a divider from the spacious living room. The cabinet doubles as a coat closet at the entry and a storage cabinet in the spacious living room. Beyond the divider in the vaulted living room is a floor to ceiling wall of limestone. The adjoining wall has a large triple window that follows the vault to the ceiling. Opposite this is a fireplace with limestone wall and adjoining window which continues around the corner and joins two more large windows facing the rear deck and back yard. Entry and kitchen are hardwood. Opposite the living room is the kitchen as well as the bedroom wing. There is a door in the entry as you enter the kitchen which provides access to the huge, covered rear deck with outdoor fireplace. This is a perfect space for dining and could accommodate several guests. As you enter the kitchen there is a counter with cabinets above and below and a wall of cabinets that extends to the rear door. Opposite this is an island with double sink and dishwasher as well as plenty of space for stools and dining. Behind the island is a built in oven, cooktop, counter space and refrigerator. At the opposite end of the kitchen is a large dining space with hardwood floors. All cabinetry, trim and hardwood flooring is original. Behind the kitchen is the bedroom wing with 2 bedrooms and a bath off the hall and a primary suite at the end with private bath, double closets and bookshelves. Floors in the primary bedroom are parquet. Off the dining area adjoining the kitchen is a door leading to an entrance to the garage, an outdoor deck and a staircase leading to a studio with full bath and closet. There is a door to the front yard off the deck so the studio can be accessed without entering the main home. A staircase leads to a large studio space. Built in bookcases separate the stairs from the studio. A double window is at the top of the stairs and transom windows continue on the same wall. This space is above the 2 car garage. The garage and studio space were added later.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1960
MLS Number
202416793
Location
Address
1316 S Nancy Street
City
Bloomington
State
IN
Zip Code
47401
County
MONROE (County)
Listing
Provider
Becky Wann Real Estate Services, original listing
Name
Becky Wann Real Estate Services
Phone
(812) 323-5204
Office Name
Becky Wann Real Estate Services
Office Phone
(812) 323-5204
Agent Name
Becky Wann

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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.