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220 Degrasse Lane
Johnson City, TN 37601
$2,800,000
Conventional
Property
Bedroom
4
Bathroom
8
Property Type
Conventional
Square ft
9500
Property Description
SPRAWLING LAKESIDE HOME IN JOHNSON CITY. Upon entering this home you will be greeted by gleaming marble inlaid floors and custom plaster arches. The formal living room on the right features inlaid wood floors and plaster grid ceiling. The dining room on the left features inlaid wood floors and coffered wood/plaster ceiling. The office is lined in mahogany and has a unique wood floor. The kitchen/great room features a wood burning fireplace, soaring ceilings and travertine/granite floors. Main level en suite with sitting area offer peaceful views of Boone Lake and surrounding mountains. French doors open on to the wrap around patio as well as the heated indoor pool. Full bath located off pool. Pool area is designed to withstand the humidity and the pool is heated by propane or heat pump. The second level features three large bedrooms all with attached bath two upper porches and an additional bath. There is spiral stairs to the lower veranda from largest bedroom. Across one porch is the billiard room with full bath. Go down the stairs to a four car garage, workshop and half bath. This 5 acre level lot is landscaped and partially fenced (back yard is completely fenced) boat dock with two boat slips and a lift on one side. Just minutes from I-26 or anything in the Tri-Cities. Two additional tracts available (approx. 14 acres) as well as a horse barn. All information deemed reliable but should be verified by buyer or buyer's agent. Owner/Agent * Billiard table, TV, Barstools to convey with purchase. Located in Devault Estates subdivision.
Property Information
Lot Size
5 acre(s) square ft
Property Type
Residential
Year Built
1998
MLS Number
9961254
Location
Address
220 Degrasse Lane
City
Johnson City
State
TN
Zip Code
37601
County
WASHINGTON
Listing
Provider
RE/MAX Checkmate Realtors Inc., original listing
Name
RE/MAX Checkmate Realtors Inc.
Phone
(423) 282-0432
Office Name
REMAX Checkmate, Inc. Realtors
Office Phone
(423) 282-0432
Agent Name
Ramona Cress

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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.