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580 Pedras Circle
Newcastle, OK 73065
$840,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
--
Property Description
Welcome to 580 Pedras Circle. Tucked away in a small, gated neighborhood in Newcastle - where custom-built luxury meets quiet, small-town living. Upon entering you'll be greeted by a true open floor plan creating an entertainer’s dream home. Within the primary living area, this home features 14-foot ceilings, a one-of-a-kind double-sided fireplace situated between the dining and living, and a open concept feel naturally leading you into the primary kitchen. The primary kitchen proudly displays an oversized island with a waterfall quartz countertop, quartz backsplash (which creates a seamless design throughout the kitchen), a custom bar, and a quaint breakfast nook. If the primary kitchen isn't enough, situated directly behind it is a secondary prep kitchen featuring double the storage space, a secondary refrigerator and microwave, and a designated spot for all your extra small kitchen appliances. The primary floor is also home to the oversized primary suite - which is complete with a stunning spa like en-suite with a free-standing tub, and an extensive custom-built closet. To complete the primary floor, you must see the moody home office highlighting gorgeous wood slats and a stunning drop-down light fixture. Once going upstairs you'll be greeted by a secondary living area with sliding doors leading to a second story outdoor balcony. The second floor is also home to three additional bedrooms and two full baths. Bringing modern and "homey" together in a rare and encapsulating manner. This home is truly unique with custom featuring throughout - including kitchen and bathroom cabinetry, modern wood slat accents, well thought out lighting design and placement, storage conscious built-ins, and a trendy but truly timeless design.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
2024
MLS Number
1105022
Location
Address
580 Pedras Circle
City
Newcastle
State
OK
Zip Code
73065
County
MC CLAIN
Listing
Provider
J. London, original listing
Name
J. London
Phone
(580) 704-4787
Office Name
Southwest OK Realty
Office Phone
(405) 494-0204
Agent Name
Jay London

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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.