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178 Johnson Point Road
Penobscot, ME 04476
$2,900,000
Conventional
Property
Bedroom
4
Bathroom
8
Property Type
Conventional
Square ft
5062
Property Description
Located 5.5 miles up the Bagaduce River from Penobscot Bay and Castine, this one-of-a-kind home sits on over 10 acres of woodlands and fields with 600' of waterfront on the dynamic Johnson Point Narrows. Harbors seals swim through the ever-changing tidal current to sun themselves on nearby granite ledges. The well-maintained dock features a 10' x 36' float, making for easy boating access to explore the diverse wildlife of this unspoiled estuary. This high quality habitat is heavily used by migrating waterfowl, wading birds, and other wildlife. Bald eagles nest within view at a nearby island.In 1980 the original log home was lovingly restored, and in 1998 a contemporary addition was created to provide spacious, open living/kitchen/dining with a fabulous master suite with a sitting area above. Then, in 2010, a custom 2,500 sq. ft. art studio was constructed that would be perfect for any number of home businesses or and recreational activities. Ample natural light from the large clerestory windows above is complimented by additional linear, full-spectrum fluorescent and LED track lighting to create a soothing even light for any activity. The cottage at the waterfront provides a spectacular close up view of the river and is ideal for guests to totally 'let go' and take in the sights and sounds of the river wildlife and moving water. In addition to the rolling lawns and various gardens, there are two wood sheds, a lawnmower shed, garden shed and a well-established campfire area, plus the suspended two-story tree house. All are all well-maintained and provide special spaces for enjoyment. This is your chance to move to a totally private and serene setting while still be able to have a large home business or studio on the water. With 4,600 sq ft in the main house, a radiant-floor heated 2,600 sq ft. studio, plus the 380 sq ft cottage, for a total of 7,500 sq. ft. of heated living space, this property is something special.Newly paved driveways and exterior
Property Information
Lot Size
531,432 sqft square ft
Property Type
Residential
Year Built
1980
MLS Number
1558265
Location
Address
178 Johnson Point Road
City
Penobscot
State
ME
Zip Code
04476
County
HANCOCK
Listing
Provider
Better Homes and Gardens-The Masiello Group, original listing
Name
Better Homes and Gardens-The Masiello Group
Phone
(800) 741-1540
Office Name
Ellsworth, Maine
Office Phone
(207) 667-7423
Agent Name
Steve Shelton

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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.