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5600 Wisconsin Ave #ph19d
Chevy Chase, MD 20815
Jamie Coley with One Bethesda, original listing - (888) 536-0216
$4,500,000
Conventional
Property
Bedroom
3
Bathroom
Full: 4, ½: 2
Property Type
Conventional
Square ft
--
Property Description
Magnificent 5,285 sq ft. penthouse, with its substantially wide, wraparound terrace and sensational east/north/west views from every room, is not to be missed! From the welcoming foyer to the open 2-story living room (with gas fireplace, walls of glass, electric shades and sliders to the expansive terrace), the cozy family room, formal dining room, a huge gourmet kitchen with island and breakfast room, laundry room, multiple closets, a powder room, and onward to the spectacular primary bedroom suite (with multiple walk-in closets, 2 primary full baths, plus the huge bedroom chambers and sitting room area), there are so many outstanding and gracious amenities throughout this beautiful home. Stairs to the upper level lead you to the wide hall art gallery overlooking the living room, a powder room, library/office (with another gas fireplace), multiple large storage closets, plus 2 other bedrooms with ensuite full baths and walk-in closets. Beautiful hardwood floors, recessed lighting and many custom built-ins throughout. Set amidst 17+ acres of lushly landscaped grounds, you'll experience elegant, resort-like living in the most luxurious condo complex in Chevy Chase/Friendship Heights. Amenity-rich, the gated community enjoys 24-hour security, beautifully landscaped grounds/gardens, tennis courts, a 3-story clubhouse with indoor & outdoor pools, party rooms, a state-of-the-art fitness center, racquetball, basketball court, billiards & ping pong room, aerobics room, and the list goes on and on. All within a leisurely stroll to a plethora of shops, dining options, and the Friendship Heights Metro Station!
Property Information
Lot Size
0 sqft square ft
Property Type
Residential Common Interest-Condominium
Year Built
1988
MLS Number
--
Location
Address
5600 WISCONSIN AVE #PH19D
City
CHEVY CHASE
State
MD
Zip Code
20815
County
MONTGOMERY (SOUTH)
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 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.