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400 & 402 University Avenue
Missoula, MT 59801
$1,800,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
3031
Property Description
Think new. Think historical. Think beautiful. Think open and simple layout and fixtures. Just two blocks from the University of Montana’s main entrance and on one of the neighborhood’s grandest streets, you'll find a one-of-a-kind property with not one, but two impressive residences. Welcome to 400 and 402 University Avenue. 400 University Avenue is a 1910 classic brick home on a corner lot, and it has been totally renovated. The 2021 restoration retains early 1900s architectural details but has established the home as a truly modern living space. The restoration followed professional architectural plans that included moving the original staircase to open up passage on the main floor and adding new bathrooms, a galley kitchen, eye-catching windows, and more. You won't find a more modern flow and interior design that also preserves a classic Craftsman feel. A brand new double garage with an Additional Dwelling Unit (ADU) adds many options for the future owners of this property. As you walk through the front door to the 1700+ sqft main level, you step into an entryway open to both the living room and dining room. From the dining room, you move through a five-foot opening (which can be closed by a set of double pocket doors) to a brand new kitchen featuring large east facing windows, stainless appliances, an abundance of custom cabinetry, granite countertops, and marmoleum flooring. Two nice-sized main-floor bedrooms feature beautiful wood trim and generous closet space. One bathroom with zero-step shower and one half bathroom complete the main level living space. Under-the-stairs storage is an added bonus. Finally, the new laundry/mudroom addition is located at the back of the house off the kitchen, and leads to a back entry. Upstairs features a spacious bedroom suite with full tub/shower bathroom, plus a bonus room/office, a sitting area, and under-the-eaves storage areas.The 1697 sqft unfinished basement houses mechanicals and offers lots of potential for maybe a wine cellar, sauna, home gym, or whatever you choose. Current use is as storage space. In addition to new sewer and water lines and connections, all of the mechanical–plumbing, electrical, HVAC, appliances–were installed new in 2021. Seller is providing a recent independent home inspection, which confirms the home's and it's mechanical systems' excellent condition. Outside, a stunning wrap-around porch facing University and Hilda Avenues invites you to relax and chat with friends and neighbors. It provides an outdoor living room and an entertainment space. Between the house and garage/ADU is a stamped concrete patio that offers a private area for grilling and more. 402 University Avenue is a brand new, beautifully appointed, 592 sqft, one bedroom, one bath Additional Dwelling Unit (ADU) located above the 713 sqft detached, double garage. The finished, heated garage can serve either the main house, the ADU, or both. Additional off-street parking adjacent to the alley and garage allows room for two more vehicles. (Rare and nice having 4 offstreet parking spots in the U area!) Each dwelling qualifies for 2 City U Area residential parking permits making a total of 8 available spots for this property. DVG Architecture plans are available upon request. Koach Construction, LLC did a fabulous job bringing these architectural plans to life. Irene Easton, Divine Design, provided interior design touches. High ceilings and quality finishes are found throughout both homes. The house is wired for security cameras. Wiring also allows shared internet service for the two dwellings, if desired. This property was intentionally designed to be the perfect home for aging in place. See the extensive list of improvements in associated documents. BONUS: Seller is willing pay up to $50,000 (Fifty thousand US dollars) towards buyer's loan interest rate buy down/closing costs. Walk, bike, or take public transportation everywhere from the property. This heart of Missoula location is not only steps away from campus, but also convenient to downtown, the Clark Fork River, hiking trails, shopping, bakeries, Hip Strip restaurants, cafes, brewpubs, medical facilities, schools, churches and all amenities offered in our wonderful city. Enjoy the online tour, but in-person or "live", "real time" virtual viewing will be the best way to fully appreciate this property. Make an appointment to see 400 & 402 University Avenue soon. You'll be glad you did.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1910
MLS Number
30013707
Location
Address
400 & 402 University Avenue
City
Missoula
State
MT
Zip Code
59801
County
MISSOULA
Listing
Provider
ERA Lambros Real Estate, original listing
Name
ERA Lambros Real Estate
Phone
(406) 532-9200
Office Name
ERA Lambros Real Estate Missoula
Office Phone
(406) 532-9200
Agent Name
Vickie Honzel

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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.