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433 Hanover Street
Luke, MD 21540
Daphne Reeve with Keller Williams Flagship of Maryland, original listing - (410) 729-7700
$599,950
Conventional
Property
Bedroom
16
Bathroom
Full: 13, ½: 1
Property Type
Conventional
Square ft
11274 Square Feet
Property Description
Your very own mountain retreat close to Wisp ski resort. This grand estate includes two homes on 3 acres nestled close to the North Potomac river in Western Maryland. This is a one of a kind unique property with so many possibilities for a multi family home or commercial use for offices, care home, or a Bed and Breakfast. High speed internet available for remote workers. The main house, formally the New Page Club House, used for entertaining guests from all over the world. No expense was spared on features in this estate with its grand front porch looking towards the mature trees and well kept lawn. Approximately 6,800 sq ft 3 energy efficient HVAC units, original hardwood floors and decorative accents throughout. There are 10 bedrooms and 9 bathrooms, 5 bedrooms are en-suite, 2 bedrooms Jack and Jill, opening countless possibilities for passive income. The chefs kitchen has a professional stainless steel 6 burner stove with a double oven and grill, with a large walk-in pantry and a 3 part stainless steel sink. The bright formal dining room with a stunning stained glass window and a 12 ft dining table can convey with the sale. The spacious living room and family room have 12ft ceilings and each have their own beautiful fireplace. The sunroom, off of the Livingroom, overlooks the mountains. The grand entrance opens the ceiling to the second floor perfect for the most magnificent family Christmas tree. Bonus rooms on the first floor include an office, 3 additional entrances with reception area and for rainy days, enter the kitchen through a spacious mud room with plenty of space to hang your coats. There are two access stairs to the second floor and another to the third floor bedrooms with stunning views of western Maryland mountains and local wildlife. The master suite has a fireplace, bath with a separate shower and linen cupboard. The finished basement boasts an exclusive stone flooring, a fireplace with high grade wood accents and geometric decorative leaded glass windows throughout, including a separate bar with its very own custom made gantry to match with candle light fixtures to accent the renaissance style of the massive entertainment space. The Laundry room and under stairs storage is also a bonus. There’s plenty of room for receptions, family reunions or play space with an exit to the outside. This home is ready for you to add your own special touches The annex home is no less impressive with its welcoming front porch perfect to unwind with your morning coffee. Approximately 4,000 sq ft of living space in need of HVAC installation. The large living room and dining room with original features such as hardwood floors, a fireplace and custom built-in cabinetry below the Victorian bay windows, meticulously crafted, creating a unique tailored piece for this special home. 6 spacious bedrooms 4.5 bathrooms on the 2nd and 3rd floors, The charming kitchen offers plenty of cabinet space, pantry, a breakfast bar and built-in hutch. The adjacent laundry room has raised floor for your washer dryer and a built in ironing board cupboard. 1st floor powder room and bonus storage/coat cupboard Outbuildings with garage spaces, a workshop, storage throughout, a theater room with a projector and sound system which could convey, possibility of a repair/renovation to a 4 bedroom apartment above the garage, electric and water is accessible in all outbuildings. This gem has excellent investment potential for rental income, less than 25 minutes drive from Deep Creek state park, nearby hiking, boating and Wisp ski resort, 25 minutes to Frostburg University with the added bonus of the Bay Runner Shuttle that runs to BWI. The possibilities in such a special property are endless; student housing, a residential home for veterans or seniors, corporate retreat, vacation rental, Bed and Breakfast, Offices or an amazing home for an extended family. Plenty of room in the parking, accommodates at least 20 cars, or parking for boats and RVs.
Property Information
Lot Size
3 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1910
MLS Number
--
Location
Address
433 HANOVER STREET
City
LUKE
State
MD
Zip Code
21540
County
ALLEGANY
Listing
Name
Phone
(410) 729-7700
Office Name
Office Phone
(410) 729-7700
Agent Name
Daphne Reeve
Agency Phone
(410) 729-7700

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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.