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159 Woodland Rd
Madison Boro, NJ 07940-2725
ZANDER OLDENDORP with COMPASS NEW JERSEY, LLC, original listing - (973) 310-6816
$2,695,000
Conventional
Property
Bedroom
5
Bathroom
Full: 5, ½: 1
Property Type
Conventional
Square ft
--
Property Description
Welcome to this stately center hall colonial residence at 159 Woodland Road, Madison, NJ. This modern home offers a tremendous amount of living space, situated on a generous .44 acre lot that sits behind a stone wall. In 2002 the home was fully renovated and had several additions, the current owner installed a brand new kitchen and reconfigured the space in 2016 with further updates in 2019 and 2023. The first floor offers a formal dining, living room, office with den, mudroom and large kitchen with breakfast table that opens to a vaulted ceiling family room. Off the kitchen you are invited into the backyard with a covered porch that looks over 2 patios and a private yard that provides a serene outdoor retreat. The home boasts 5 bedrooms and 5.1 baths, offering plenty of room for comfort and privacy. The expansive finished basement offers endless possibilities for entertainment and storage, catering to your lifestyle needs. The basement also has a full bathroom and room to add a bedroom. With a prime location in Madison, this property offers a perfect blend of modern luxury and timeless elegance. Whether you are seeking a spacious home for entertaining or a tranquil sanctuary for daily living, this residence is sure to captivate. Don't miss the opportunity to make this impressive property your own.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1940
MLS Number
--
Location
Address
159 Woodland Rd
City
Madison Boro
State
NJ
Zip Code
07940-2725
County
MORRIS
Listing
Name
Phone
(973) 310-6816
Office Name
Office Phone
(973) 310-6816
Agent Name
ZANDER OLDENDORP
Agency Phone
(973) 310-6816

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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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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.