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501 College Way
Urbana, OH 43078
V. Patrick Hamilton with RE/MAX Alliance Realty, original listing - (937) 652-1100
$229,900
Conventional
Property
Bedroom
4
Bathroom
Full: 2
Property Type
Conventional
Square ft
2563 Square Feet
Property Description
Nestled in the heart of Urbana's University District, surrounded by a collection of stately, historic homes, this timeless treasure has not graced the market in nearly 70 years. Overflowing with character and charm, this property is a dream come true for lovers of historic architecture. From the original hardwood floors and intricate woodwork to the ornate fireplace mantels and eccentric crown moldings, every corner of this home tells a story of its distinguished past. As you step into the grand foyer, spanning 27 feet, you are immediately attracted to the impressive staircase that serves as the centerpiece of the space. Above, fleur-de-lis crown molding adds a regal touch and continues seamlessly into the second-level grand hall. To your left, the foyer opens into an elegant living room, or parlor, featuring ornate gold crown molding and a stately fireplace with a mirrored mantel that reflects the room's rich details. On the right, a second, oversized living room commands attention with a floor-to-ceiling bay window, built-in glass-front bookcases, and a second elaborate fireplace mantel. Double 15-lite glass French doors lead from this room into a sunroom, or breakfast room, boasting walls of windows that overlook the wooded backyard. The dining room is a masterpiece in its own right, showcasing a third fireplace and also breathtaking hand-painted wall murals inspired by Charles Dickens' novels, with intricate detail that captures the imagination. Completing the main level are a functional kitchen, a full bath, and a screened-in patio with a built-in stone grill. Upstairs, the second level continues to impress with 3-4 spacious bedrooms and a bonus room that can be transformed into additional living space. Other features are the 2-car attached garage, partial basement and the close proximity to all the Downtown restaurants and shops. Bring your decorating ideas and journey into history making a perfect blend of elegance and character that rarely comes to market.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1900
MLS Number
--
Location
Address
501 College Way
City
Urbana
State
OH
Zip Code
43078
County
CHAMPAIGN
Listing
Name
Phone
(937) 869-1809
Office Name
Office Phone
(937) 652-1100
Agent Name
V. Patrick Hamilton
Agency Phone
(937) 652-1100

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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.