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52 & 2-4 Main & State Streets
Ellsworth, ME 04605
Tacy Ridlon with Ellsworth, Maine, original listing - (207) 667-7423
$1,600,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
9425 Square Feet
Property Description
The first two buildings in a group of buildings known as the Peters Block, the corner building built in 1837 by Andrew Peters and the adjoining building built by John Hubbard totaling 9,425 square feet, have historical and architectural significance. Joined by a common wall, the State St. building has a first-floor entry and reception area, conference rooms and a kitchen. The second floor houses several office spaces, some with original tin walls and bead board wainscoting and fireplaces. The most notable feature is the third floor ballroom with original domed tin ceiling and walls, and fireplace. The Main St. building has more office space with a graceful curved wall on the corner adding architectural interest on the brick exterior as well as the interior spaces. There is a large storage area on the third floor and on the fourth floor the attic space has interior brick walls and the original exposed framing. The ground floor corner space tenant owns a very successful restaurant. At the rear of the property is ample parking with 80 ft. on Union River, and a few steps from the River Walk along the shore. With endless possibilities and a prime river front location in the heart of downtown Ellsworth, this property offers a rare opportunity for investors or businesses to be a part of the town's interesting past and it's vibrant future.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Commercial Sale-Business
Year Built
1837
MLS Number
--
Location
Address
52 & 2-4 Main & State Streets
City
Ellsworth
State
ME
Zip Code
04605
County
HANCOCK
Listing
Name
Phone
(207) 812-7908
Office Name
Office Phone
(207) 667-7423
Agent Name
Tacy Ridlon
Agency Phone
(207) 667-7423

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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.