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686 Waterford Road
Waterford, ME 04088
$699,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
14000
Property Description
A once in a lifetime opportunity to bring this historic Inn back to its glory days. This is a spectacular 10 room Inn with full dining. Spacious owner's quarters, a separate large 1 bedroom cottage built in 1990's. Picture postcard setting in the Historic Village of Waterford Maine. The Inn Built in the 1790's is perfectly situated in the famous Lakes Region of Western Maine. LAKE HOUSE as it is called is listed on the National Register of Historic Places with Elegant Greek Revival façade, with a two story front porch that faces the tranquil Village Green. This famous inn has 8 guest rooms each with private baths that capture the peacefulness of the surroundings in the lakes region. The property includes a 2 bedroom owners quarters on the top floor of the Inn, two parlors, fireplaces, casual dining room, a ball room, commercial kitchen, garage, storage, a large landscaped lot with gazebo and lots of herbs, perennials and fruit trees with front porches on both floors. The Lake House is the anchor building in the National Historic District of Waterford Flats village across from Keoka Lake where Hollywood celebrities such as Micky Rooney, Judy Garland, Deanna Durbin and others have stayed The property also includes a detached 924-square-foot guest cottage and a lattice gazebo. The Lake House has been a private residence for many years and would be perfect for bed & breakfast, weddings, or for small business seminars/meetings. Historic Maine Inn, Restaurant , Bed and Breakfast Waterford Maine. Rest and relax in the idyllic charm of the Lake House. Located in the foothills of the White Mountains of Maine, the Lake House is surrounded by white clapboard houses, all of which are listed on the National Registry of Historic Places. Enjoy the cry of the loons on Lake Keoka, the peacefulness of the surroundings while enjoying breakfast on the porch. Lake House has been featured in Downeast Magazine, Food & Wine, Yankee Magazine, Travel Guide Editors Pick, Travel &
Property Information
Lot Size
1 acre(s) square ft
Property Type
Commercial
Year Built
1797
MLS Number
1558773
Location
Address
686 Waterford Road
City
Waterford
State
ME
Zip Code
04088
County
OXFORD
Listing
Provider
Keller Williams Realty, original listing
Name
Keller Williams Realty
Phone
(207) 879-9800
Office Name
Keller Williams Realty
Office Phone
(207) 879-9800
Agent Name
John Eccles

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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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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.