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161 Preakness Way
Downingtown, PA 19335
Jamie Wagner with RE/MAX Action Associates, original listing - (inf) orh-omes xinpacom
$899,900
Conventional
Property
Bedroom
3
Bathroom
Full: 3
Property Type
Conventional
Square ft
2545 Square Feet
Property Description
With over $200k in upgrades, this home is BETTER than new construction! At five years young, you’ll find pride of ownership and attention to detail in every nook and cranny of this turnkey home—move right in! As you approach, you can’t help but notice the spectacular view from this premium lot offered by the adjoining open space—truly one of the best views in the entire community! Inside you’ll find a modern dynamic floorplan, with custom hickory hardwood flooring greeting you as you enter and drawing you further into the best of main-floor living! The large kitchen offers premium cabinetry adorned by stainless steel appliances, including a double wall oven and built-in gas range with stainless steel hood, and built-in microwave. The glistening sit-at granite countertops features a matching backsplash and will be a huge hit in the household and with the chef of the family. The dining room is spacious yet perfectly-sized for gatherings, and offers large deep-silled windows that provide abundant lighting. The living room boasts a soaring two-story ceiling with oversized ceiling fan and a wall-of-windows, bathing the area with plenty of natural light. This space is large enough for entertaining, yet perfect to cozy up to the gas fireplace for an evening of relaxation. Take the party outside--a door leads to the 22x19 oversized second-floor maintenance-free deck that provides a wonderful view of the open space! The expansive first-floor master suite is highly desirable and features a tray ceiling with oversized fan, a plentiful walk-in closet, and a full tile bath with double vanity and stall shower. The first-floor laundry room offers convenience, along with the first-floor study and generously-sized second bedroom with adjacent full hall bath. Upstairs, you’ll find a large loft area overlooking the great room that offers plenty of flexibility and additional options—perfect for a sitting area, home office set up, or play area. The special treat from this particular unit is the addition of a large CUSTOM 16x16 Bonus Room off of the loft. This spacious room adds additional space and flexibility that could include a fourth bedroom, office, or recreation room! A sizeable third bedroom and full tile bath rounds out this spectacular second floor. The full basement is expansive, covering the entire footprint of the home, providing plenty of storage options. The basement walks out to a custom hardscaped patio area and is ready to finish with roughed-in plumbing for a full bathroom. All this storage perfectly complements the oversized two-car garage that features an electric line pre-wired for your electric vehicle. No need to worry during power outages and other emergencies with the whole-house Generac generator, and the premium utilities will offer years of trouble-free service. This desirable Ferndale Huntingdon model built by Toll Brothers is part of the newer Preserve at Marsh Creek, a premium 55+ community in desirable Upper Uwchlan Township! Take advantage of everyting that the Preserve offers: Lawn care and snow removal; on-site clubhouse with outdoor pool, fitness center, catering kitchen, and gathering room; as well as recreation courts; and community walking trails! No need to wait for new construction—this is crisp and sparkling clean—move right in! This is a must-see home!
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2021
MLS Number
--
Location
Address
161 PREAKNESS WAY
City
DOWNINGTOWN
State
PA
Zip Code
19335
County
CHESTER COUNTY
Listing
Name
Phone
(inf) orh-omes xinpacom
Office Name
Office Phone
(inf) orh-omes xinpacom
Agent Name
Jamie Wagner
Agency Phone
(inf) orh-omes xinpacom

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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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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.