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743 Munson Avenue
Traverse City, MI 49686
$4,199,900
Conventional
Property
Bedroom
7
Bathroom
6
Property Type
Conventional
Square ft
5109
Property Description
The historical Hannah Lay Beach House, built in 1927, is a spectacular 7 bed/5.5 bath Cape Cod style home which boasts 235’ of private, sugar sand East Bay frontage along Traverse City's Miracle Mile! Upon entry, you are greeted by a spacious living room with high beamed ceilings and a dual-sided stone gas fireplace. A beautiful kitchen with gleaming countertops and ample cabinet storage is adjoined to the dining area, surrounded by windows. Beyond the living room into the water-facing family room is the opposite side of the stone fireplace, a handsome wet bar, and panoramic water views. The views continue with an expansive Primary bedroom boasting a traditional bay window, large walk-in closet and a private en suite bath featuring a dual vanity and a tiled corner shower-for-two. A large, designated laundry hosts a charming built-in window seat and separate exit point. On the west side of the home is a sizable guest bedroom with water views, full hallway bath, and a mudroom, connecting to the carriage house via a breezeway. The upper levels overlook the living room below and host 3 roomy guest bedrooms, an office space, and two full baths as well as an upstairs stackable washer and dryer. Connected by the breezeway is a 2 bed/1 bath carriage house and garage. The space is light and airy with charming dormer windows, peaked ceilings, glossy wood floors, and a kitchenette. 2 additional bedrooms share a full bath. The 3-car garage hosts multiple closets and storage rooms, as well as a mudroom and half bath. The rear of the home hosts a custom stone patio facing the deep powdery beach and shimmering water of East Bay. This incredible home is perched on nearly 1-acre, and is in a prime location mere blocks way from downtown TC's best dining, shopping, beaches, and entertainment!
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1927
MLS Number
1920825
Location
Address
743 Munson Avenue
City
Traverse City
State
MI
Zip Code
49686
County
GRAND TRAVERSE
Listing
Provider
Re/max Bayshore Properties, original listing
Name
Re/max Bayshore Properties
Phone
(231) 941-5600
Office Name
REMAX Bayshore - W Bay Shore Dr TC
Office Phone
(231) 941-4500
Agent Name
Robert Brick

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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.