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765 Richpond Rockfield Road
Rockfield, KY 42274
$775,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
--
Property Description
Boutique Destination in South Central Kentucky, just minutes off I 65, 1 hour appx north of Nashville TN, and 1.5 hours south of Louisville KY. Event venue, outdoor ceremony sites, Historic 2800 sq ft barn venue, fresh breezes without direct sun/heaters for cool nights. Wood designed shutters, canvas sides on the vintage style wood dance floor with tin roof, white stringed lights throughout. The Stables offers 5 horse stalls currently, space for more stalls in the same barn. Tin roof tunnel with 175 yo gates/doors as the sides between barns provides undercover horse walk, nighttime storage for farm equipment and path to each side of the venues. The large high ceiling stall barn was built for expansion upwards for more floored space as an apartment or office Level compact parking adjacent to your public venue sites all around the farm. The main Brick former home at front of entrance houses offices, laundry facilities, storage space, event holding rooms, and a Licensed kitchen with grease trap, 3 sink compartment, 3 refrigerators, expansion wood shelving for kitchen items and storage, china, serving pieces, 2 stoves, microwave, and attic fan for ventilation. 2 hot water heaters, central a/c. In addition, the brick ranch style building houses a caretaker's place separate from rest of commercial permitted space. Attached is the dining room, where we hosted numerous events nightly, live music, and the first bar in the county, alcohol license end of 2020, specially built wood bar, and a back bar with fridge. The 10x20 handicap accessible restrooms are heated/air, tin sides, unique wood doors w/weight/pulley system. All the land is level for handicap accessible, no steps, easy walking paths, and level parking. The patio can have seating up to 75, has a bonfire, crank wheel hook for cook pots over fire, large tvs, wireless speakers, large long bar tip top covers your cooking area, is in the middle of the venue next to bathrooms. Two (2) septic tanks with lateral lines, underground electric to back of farm w/electric stations on posts. Owners paid WRECC for a second line off pole; but had not installed a second electric box in the barn. Water line (3/4") runs from water main to the back of the farm with 2 farm hydrants on line. The property zoned commercial, was agritourism, KY Proud. The property has monthly horse stall/pasture rentals, belongs to horse motels, harvest host, approved 6 official campsites, perfect for glamping tents.
Property Information
Lot Size
6 acre(s) square ft
Property Type
Commercial
Year Built
1963
MLS Number
RA20234922
Location
Address
765 Richpond Rockfield Road
City
Rockfield
State
KY
Zip Code
42274
County
WARREN
Listing
Provider
Coldwell Banker Legacy Real Estate Group, original listing
Name
Coldwell Banker Legacy Real Estate Group
Phone
(270) 782-2250
Office Name
Coldwell Banker Legacy Group
Office Phone
(270) 782-2250
Agent Name
Tim Page

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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.