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303 Laurel Hill Road
Chapel Hill, NC 27514
Shannon Kennedy with Hodge&KittrellSothebysIntlRlty, original listing - (919) 800-0799
$6,250,000
Conventional
Property
Bedroom
5
Bathroom
Full: 5, ½: 2
Property Type
Conventional
Square ft
7757 Square Feet
Property Description
This extraordinary home, located in the historic neighborhood of Laurel Hill, is a true gem. What you see here is just a peek! Due to weather, the full photo shoot had to be postponed until March 10th. Please be sure to check back for the updated suite of photographs soon, complete with all of the beautiful new Visual Comfort light fixtures that the owners installed recently. Originally constructed in 1940, this lovely, elegant home at 303 Laurel Hill Road sits on a beautiful 2.79-acre lot, which is one of the original lots in the neighborhood, also known as Rocky Ridge Farm. The neighborhood was created in the 1920's by Dr. William Coker, the first Professor of Botany at The University of North Carolina at Chapel Hill -- and it was only the second subdivision in existence at the time. Dr. Coker created the neighborhood thoughtfully and with great care on the land that was originally his farm (Rocky Ridge Farm). With its rolling hills, tree-lined streets, and beautiful old rock walls, Laurel Hill is truly charming. Located to a short walk from campus, this home - renovated in 2015 by the current owners - has it all! Centered around a beautiful, grand staircase, you will find the lovely living room and elegant dining room that are original to the house. From the stately gallery, created during the renovation, there is wonderful flow to the house, which includes: 5 bedrooms (all en suite); 6 full bathrooms; 2 powder rooms; 2 offices; a fabulous family room and breakfast nook that both have direct access to the terrace. Made for entertaining, this home has a wonderful floor plan -- not only on the interior, but also on the exterior. Rounding out the first two floors are a chef's kitchen; a classic wet bar; a huge mudroom/laundry room/pantry area; an exercise room; and a state-of-the-art theater room. Above the 3-car garage, there is a beautiful 1-bedroom apartment, complete with: a gracious, corner bedroom, flooded with light, that has a full bathroom en suite, as well as a walk-in closet that includes dedicated space for a stackable washer and dryer. With a huge living room and a full-size kitchen, this 965-square foot apartment has the perfect layout. Set deep on the lot, this property includes a gorgeous boxwood garden; fabulous outdoor entertaining spaces; and a saltwater pool that looks like it was taken straight from the pages of Southern Living. With optimum privacy, the exterior landscape and hardscape also include delightful terraces for dining al fresco, as well as a hot tub and cabana area that feels as if you are at a fine resort! Adding to all of this fabulousness is a home that is run on high-end eco-friendly systems, including: geo-thermal units, solar panels, electric car connectors, and a system to retain rainwater for the garden. With its location in the heart of Chapel Hill, the owners of this home enjoy hearing the delight sounds emerging from campus: cheers from a baseball game at Boshamer Stadium; cheers from a football game at Kenan Stadium; and - if it is the weekend of the Carolina/Duke basketball game, it is even possible to hear (just barely) the sounds from inside the Dean Dome. With so many wonderful features - set on such a beautiful, historic lot - this home, tucked in the middle of Chapel Hill, is a must see!
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1940
MLS Number
--
Location
Address
303 Laurel Hill Road
City
Chapel Hill
State
NC
Zip Code
27514
County
ORANGE
Listing
Name
Phone
(919) 448-6664
Office Name
Office Phone
(919) 800-0799
Agent Name
Shannon Kennedy
Agency Phone
(919) 800-0799

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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.