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109 Chimeneas Place
Chapel Hill, NC 27517
Gretchen Castorina with Compass -- Chapel Hill - Durham, original listing - (919) 999-8482
$2,850,000
Conventional
Property
Bedroom
4
Bathroom
Full: 4, ½: 1
Property Type
Conventional
Square ft
7675 Square Feet
Property Description
A rare masterpiece beckons discerning owners who value a lifestyle of subtle luxury, a seamless blend of indoor and outdoor living, and privacy. Attention to detail is evident in this architect-designed home with nearly 7,700 sf over three levels from primary living on the main to the curated theater experience on the top floor. Two accessory buildings--a guest house and studio/flex space--provide additional options for relaxation, guests or caregivers on 1.6+ acres. The craftsmanship begins with the herringbone brick semi-circular driveway and iconic dual porches spanning the width of the house. Ten foot ceilings throughout the first and second floors, abundant windows and French doors with dazzling views of the pool are a few of the many highlights in this stunning, light-filled home. The kitchen is a culinary dream, outfitted with high-end appliances, two parallel islands and generous space for crafting meals, entertaining, and casual dining. The primary suite on the main is an oasis for relaxation and rejuvenation, tucked away from the main living and entertaining areas. The expansive space features serene views and additional sitting areas. A unique feature is the private entrance to the side yard for hot tub/spa visits or late night /early morning pet needs. Three additional bedrooms with ensuite baths plus family room, office and craft/play space shape the second floor. The third floor is a private haven for the state-of-the-art theater experience and gym/fitness/meditation space. Explore multiple options for study and offices, crafts and play. Other must-have details include an Otis elevator to all three levels, plus two (main and kitchen) staircases. Additional features are a whole house sound system, custom book and display shelves throughout and amazing storage including the finished, conditioned walk-in attic/flex space. The oversized side-entry three-car garage has a seamless (zero) entry into the home. A natural gas generator and the whole house surge protector provide peace of mind. All buildings are grounded with copper cable. The heated pool is a shimmering turquoise focal point, both beautiful and functional. The secluded 4-person hot tub/spa is a rejuvenating retreat for minds and muscles. Thoughtfully situated on the 1.6+ acres are the guest house and studio, both fully conditioned. The 460 SF guest house has a fireplace, Murphy Bed, full bath, entertaining bar area and peaceful views of the pool. The 320 SF two-room studio features pocket doors and access to the walking trails on the property. The landscape design offers serene, private views from inside the home and throughout the grounds. The fully fenced backyard is a secluded haven for nature lovers with specimen plantings, significant flowering trees and shrubs, and a shade-filled path meandering to multiple seating areas. Maximize Chapel Hill living in The Reserve, a highly-sought after neighborhood with broad avenues and cul-de-sac streets with limited traffic. Minutes to the 127-acre Parker Preserve, Mason Farm Trail, great for walking, running & birdwatching. In the highly regarded Carrboro HS district. Easy access to downtown Chapel Hill, UNC, hospitals, Research Triangle Park and Raleigh-Durham airport.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2003
MLS Number
--
Location
Address
109 Chimeneas Place
City
Chapel Hill
State
NC
Zip Code
27517
County
ORANGE
Listing
Name
Phone
(919) 951-5566
Office Name
Office Phone
(919) 999-8482
Agent Name
Gretchen Castorina
Agency Phone
(919) 999-8482

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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.