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144 Main Street
Frostburg, MD 21532
Pam Terry with EXP Realty, LLC, original listing - (888) 860-7369
$195,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
--
Property Description
This exquisite brick mansion has a commanding view over Main St. and Bowery St. It immediately catches the eye and captures the heart of nearly everyone who passes by it. Past and present, it is still intriguing and beautiful. Excellent Investment opportunity for business or residential with flexible zoning. Circa 1855, the architectural style of this elegant home is “Greek Revival / Italianate” which is somewhat rare in Allegany County. It is listed on the National Register of Historic Places. Built of solid brick, 11 wythes thick, it is a true “fixer upper.” Once a fine home in its day it is one of only a few homes like it (as far as brick and architecture) that still exist on Main Street in Frostburg’s Historic District. The current owners have done ALL THE HEAVY LIFTING to the exterior and foundation. This was a monumental undertaking that took months. Using historically correct lime- based mortar, fresh tuckpointing of the stone foundation and brick exterior walls have all been completed recently. The oversized, solid granite front steps were repurposed from a building in Connecticut. A new stone veneer retaining wall runs the entire width of the property. This unique gem anxiously awaits a creative, compassionate new owner with vision and an open mind. Although it will require a complete restoration, a beautiful blank canvas awaits! With a thoughtful and sympathetic design, embellish the interior with crave-worthy modern amenities & fixtures. Given a second chance, it can become a newly curated blend of history, architecture and modern convenience that will last another 100 years! Spread the wings of imagination over the 3500 square feet of large rooms, soaring ceilings and natural light! A new gas, Hot water boiler was installed in 2021 and the cast iron radiators and wood floors keep the space comfy and cozy in the cold months. The property is eligible for financial Incentives such as grants and tax credits because it is listed on the National Register of Historic Places. Flexible zoning (Residential/ Office ) and “Opportunity Zone” sweeten the possibilities even more! Subject to approval. Architects, Attorneys and Artists ! Hunting for a creative space with a prominent, professional vibe? This is it! #Urban Downtown meets Quiet Small Town! Near restaurants, shops, groceries, W. Md. Scenic RR, Frostburg State University and the Gap Trail. Your creativity will soar with the huge windows and tall ceilings! Natural light pours into the space! Step out both front windows onto 2 balconies and watch Main St below! Many original, architectural features are still intact: stained glass windows, fireplaces w/original mantels, original doors and trim with antique hardware, original 6/6 wavy glass windows, recessed interior wood shutters, wood floors, tall base moldings and paneled wainscoting, pressed tin ceiling, arched opening with pilaster, love the vintage chandelier and the huge gold gilded mirror! Homes like these are one-of-a-kind, rare and irreplaceable! Give this one a second shot at life—whether as a home or business! Perhaps an Inn / Air BnB or Bed n Breakfast, Boutique Hotel, Event Venue, Coffee and Clothing Boutique! There are so many possibilities! There’s room for an apartment upstairs and offices / retail downstairs! Live above and work below! Convert to apartments for income producing opportunity! Parking lot in the rear for 10 cars (to be verified)
Property Information
Lot Size
0 acre(s) square ft
Property Type
Commercial Sale-Other
Year Built
1855
MLS Number
--
Location
Address
144 MAIN STREET
City
FROSTBURG
State
MD
Zip Code
21532
County
ALLEGANY
Listing
Name
Phone
(301) 697-1442
Office Name
Office Phone
(888) 860-7369
Agent Name
Pam Terry
Agency Phone
(888) 860-7369

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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.