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72 Chimney Rock Road
Hovland, MN 55606
Moe Mossa with Savvy Avenue, original listing - (612) 490-1268
$985,000
Conventional
Property
Bedroom
3
Bathroom
Full: 2, ½: 1
Property Type
Conventional
Square ft
3150 Square Feet
Property Description
This elegant Clarence Kemp/Dale Mulfinger home is located an easy eighteen miles northeast of Grand Marais in the creative enclave of Hovland, a bohemian village that is a haven for artists, writers, and musicians. Here you can hike, forage, fish, snowshoe, ski or simply enjoy the tranquility of an oasis away from the crowds. The property boasts quality maple woodwork throughout – from the flooring on the main level to the timeless lines of the cabinetry and stairways, you’ll be drawn to the light filled spaces. All new stainless-steel appliances were added in 2023. The granite counters and smart appliances in this well-appointed kitchen with breakfast bar seating, invite the culinary enthusiast. The large primary ensuite on the upper level boasts an abundance of closet space, and an alternate main level bedroom with a vaulted ceiling enjoys the warmth emanating from the two-sided Finnish fireplace in the great room. The lower level includes a stunning custom-built library, and a guest bedroom with a half bath. This exquisite Lake Superior home has an attached two car heated garage with workbench, and a three-season porch that serves as a mudroom and a summer greenhouse. Large windows floor to ceiling lakeside invite the outdoors in. Walk out the lower level to the basalt ledge rock shoreline for gatherings around your own bonfire or take in the stars while soaking in the hot tub. The Chimney Rock development is a highly sought-after neighborhood that includes community septic, buried electric, and broadband Wi-Fi. The home is heated with wood and hot water heat from dual sources (propane and electric boilers). The homeowner’s association ensures the maintenance of the community roads and septic systems, allowing you to focus on the serene and artistic atmosphere of your surroundings.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2004
MLS Number
--
Location
Address
72 Chimney Rock Road
City
Hovland
State
MN
Zip Code
55606
County
COOK
Listing
Name
Phone
(612) 490-1268
Office Name
Office Phone
(612) 490-1268
Agent Name
Moe Mossa
Agency Phone
(612) 490-1268

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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.