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4555 Elwood Rd
Cincinnatus, NY 13040
John Myers with WHITETAIL PROPERTIES REAL ESTATE LLC (NY), original listing - (217) 285-9000
$529,900
Conventional
Property
Bedroom
3
Bathroom
Full: 3
Property Type
Conventional
Square ft
2560 Square Feet
Property Description
A perfect mix of antique and modern awaits in this beautiful late 1800's barn conversion with its open layout and country chic designed by a professional architect. The sun-filled, open layout includes many original hand hewn beams and gorgeous floors made from locally sourced pine, blue stone at the entries, along with additional antique relics and hand crafted features throughout *see the hay pulley system in the peak of the cathedral ceilings. The wall mounted buffet in the dining area was designed by the renowned architect I.M. Pei, per the Seller. Great meals are waiting to be made in the high end kitchen with granite counters, blonde maple shaker cabinets, and stainless steel appliances. There 3 bedrooms and 3 full sized bathrooms: two of the ample sized bedrooms are located on the main floor, each with its own full bath, and a huge primary bedroom is in the loft with its own ensuite bathroom. Sliding glass doors in the living area and one bedroom both lead to a large deck off the back of the house , overlooking the creek, meadows, and woods beyond. The house is heated with forced air propane furnace and cooled with Central Air. Additional room for family, friends or consider a rental unit / Airbnb opportunity with the 20 ft x 24 ft Guest house with front deck, featuring 1 bedroom, 1 bath and open living area. The land consists of 8 acres of tillable ag fields, currently in hay with large areas of meadows and brushy undergrowth, ideal habitat for local wildlife, particularly whitetail deer. The property slopes gently up from Wells Creek, with 1914' of frontage crossing through the property behind the barn, and up to the wooded area in the back. There are trails cut in providing access, with great hunting, including a tower stand that stays, and all kinds of outdoor enjoyment opportunities. There are two small ponds as well. Amenities are available close-by with Taylor located just 4 miles away, and Cincinnatus in 6.5 miles. Additional shopping, restaurants and entertainment are available within a 20 mile commute to Cortland, or an hour to either Syracuse or Binghamton. NYC/George Washington Bridge is just 3.5 hours away. This is a great opportunity to own a very unique property that embraces our agricultural history balanced with modern amenities and comfort and offers a year round home, vacation getaway and income potential with the farmland and guest cottage.
Property Information
Lot Size
63 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1900
MLS Number
--
Location
Address
4555 Elwood Rd
City
Cincinnatus
State
NY
Zip Code
13040
County
CORTLAND
Listing
Provider
WHITETAIL PROPERTIES REAL ESTATE LLC (NY), original listing
Name
Phone
(217) 285-9000
Office Name
Office Phone
(217) 285-9000
Agent Name
John Myers
Agency Phone
(217) 285-9000

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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.