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10708 Alloway Dr
Potomac, MD 20854
$3,295,000
Conventional
Property
Bedroom
7
Bathroom
Full: 7, ½: 2
Property Type
Conventional
Square ft
--
Property Description
Situated on a gorgeous premium 2.28 acre lot in sought-after Potomac Falls, this magnificent custom-built brick colonial estate home, with 9'+ ceilings and over 10,000 sq ft of living space throughout three finished levels, includes a pool and pool house, tennis court, a circular drive, and 4-car garage parking, all impeccably maintained and loved by the current owners! Enter into the gracious 2-story foyer with marble flooring; to the right is the 17'x 21' library with custom built-in shelves and cabinets, a formal powder room, wet bar, and an elegant 21'x 26' formal living room with fireplace. To the left of the foyer is a 17'x19' formal dining room with a gas fireplace, a 20'x 20.5' family room with a wood-burning fireplace, the serious cook's kitchen with an enormous island, premium cabinetry, top-of-the-line appliances, granite tops, and the adjacent breakfast room with tons of storage/pantry closets. The main level has a renovated laundry/mud room with garage access, a 2nd powder room, two staircases to the upper level, and a fabulous 13.5'x 32' sunroom with skylights and walls of windows for views of the lushly landscaped backyard and the pool house! The upper level encompasses an extraordinary 19'x 24' primary bedroom suite with a gas fireplace and two beautifully renovated and appointed primary baths, one on each side of the dressing room, and closets galore. The 6th bedroom (which could be another family room or office) that is close to the primary bedroom suite, has a gas fireplace, an ensuite full bath, and a walk-in closet. Four other spacious bedrooms, with generously sized closets, and two additional full baths complete the upper level. The recently renovated lower level has a family room with built-in storage/shelving, a recreation/party/game room with a wet bar, a 7th bedroom with ensuite bath, a hobby/media room, an exercise room, another full bath, and two oversized storage/utility rooms. There are so many outstanding amenities throughout this stunning home! In addition to the exquisite flooring, moldings, and fine finishes, the home has a well-maintained slate roof, 5 HVAC systems (forced air heat and central air), a Kohler whole-house generator, and a (2019) 75-gallon water heater. The private backyard has a serene slate terrace, a tennis court, and a walkway to the oversized in-ground pool with diving board, gas pool heater, and automatic Polaris pool sweep, and the pool house with open entertaining space, a fully equipped kitchen, storage closet, changing room/full bath with shower, and a storage/utility room for pool equipment, etc....
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1978
MLS Number
--
Location
Address
10708 ALLOWAY DR
City
POTOMAC
State
MD
Zip Code
20854
County
MONTGOMERY (CENTRAL)
Listing
Name
Phone
(888) 536-0216
Office Name
Office Phone
(888) 536-0216
Agent Name
Jamie Coley
Agency Phone
(888) 536-0216

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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.