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6 Prudence Ln
Mendham Twp., NJ 07945
DEBRA ROSS with KL SOTHEBY'S INT'L. REALTY, original listing - (908) 719-2500
$2,899,000
Conventional
Property
Bedroom
5
Bathroom
Full: 4, ½: 3
Property Type
Conventional
Square ft
--
Property Description
Nestled in eastern Mendham's Washington Valley, this stunning custom home offers a blend of sophistication and modern luxury. Built-in 2007 with updates in 2014 and 2019, the home sits on 3 level acres bordering serene parkland, yet just moments from vibrant downtown Morristown. The cedar and natural fieldstone exterior, with a dramatic circular driveway, is inviting. Inside, the 5-bedroom residence is a testament to fine craftsmanship. Extensive custom moldings, millwork, six-panel wood doors, and hardwood floors flow throughout the home. The light-filled, thoughtfully designed floor plan is ideal for both large parties and intimate gatherings. A spacious gourmet kitchen features top-of-the-line appliances, ample workspace, and seamless access to the home's indoor and outdoor entertaining spaces. The second-level primary suite is a retreat, boasting a stone wall with fireplace, sitting room, sumptuous bathroom, and dual custom closets. Each additional bedroom is en-suite, ensuring privacy and comfort. The home's lower level boasts a rec room, exercise room, media room, wine cellar, and powder room. Outdoor living reaches new heights with a heated pool and raised spa with waterfall, a gas fire pit, grilling station, and open lawns. Additional features include a 3-bay attached garage, a carriage house with 2 garage bays with an unfinished second level. Enjoy proximity to award-winning schools, equestrian facilities, world-class golf courses, shopping and dining, and NJ Transit
Property Information
Lot Size
3 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2007
MLS Number
--
Location
Address
6 Prudence Ln
City
Mendham Twp.
State
NJ
Zip Code
07945
County
MORRIS
Listing
Name
Phone
(908) 696-8600
Office Name
Office Phone
(908) 719-2500
Agent Name
DEBRA ROSS
Agency Phone
(908) 719-2500

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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.