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422 Westwood Drive
Chapel Hill, NC 27516
Wendy Tanson with NEST Realty, original listing - (919) 948-6378
$1,850,000
Conventional
Property
Bedroom
4
Bathroom
Full: 3, ½: 1
Property Type
Conventional
Square ft
5207 Square Feet
Property Description
A beautifully renovated historic home in charming and beloved Westwood, just moments to all of campus.This stately property is perched above the street on a lush half acre, replete with old growth trees and professionally landscaped gardens. This elegant home seamlessly blends timeless historic charm with modern updates. Expansive spaces include formal living room, cozy den, and study on the first floor, plus new sunroom with window surround showcasing the gorgeous grounds. A sublimely outfitted kitchen, new 2010, boasts DCS six burner gas range, shaker cabinetry, lush granite counters, large center island. and a breakfast nook, perfect for casual meals. For more formal occasions, the dining room is ready to impress. The curved oak staircase leads to the second floor, with an updated MBR featuring hardwoods, huge walk-in closet with laundry niche, and luxe bath with frameless shower, freestanding tub, furniture style vanities, and custom tiling. Secondary bedrooms are generously sized and full of natural light, with updated bathrooms to match! A third-floor suite with new full bath offers endless possibilities, perfect for teen, guests, nanny, or bonus room.The lower level completes the abundant interior spaces, with family room, fully decked out gym, big storage room, and art space. You'll love, too the two car garage (or 1.5 for large cars) with epoxy floors and mini split system. Outside, enjoy an expansive IPE bi-level deck, multiple garden areas, and a lush, level fenced yard—a true oasis in town. This rare home offers the perfect blend of privacy, contemporary amenities and timeless charm, all in one of Chapel Hill's most elegant and cherished neighborhoods.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1940
MLS Number
--
Location
Address
422 Westwood Drive
City
Chapel Hill
State
NC
Zip Code
27516
County
ORANGE
Listing
Name
Phone
(919) 971-7180
Office Name
Office Phone
(919) 948-6378
Agent Name
Wendy Tanson
Agency Phone
(919) 948-6378

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HUD Foreclosures

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.