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501 Highland Avenue
Colonial Heights, VA 23834
Patrick Seay with Seay Real Estate, original listing - (804) 559-2665
$224,900
Conventional
Property
Bedroom
3
Bathroom
Full: 1
Property Type
Conventional
Square ft
1148 Square Feet
Property Description
This renovated ca. 1917 bungalow in Colonial Heights offers the charm of early twentieth century dwellings with modern amenities and upgrades. Situated on a corner lot, this lovely home with its attractive metal roof (installed in 2022) and welcoming front porch has great curb appeal. Upon stepping inside, one feels immediately at ease beneath the nine and a half foot ceilings, and the trim throughout bespeaks the skilled craftsmanship of its time. The capacious living room- the large windows of which constantly keep it filled with natural light- opens to a comfortable eat-in kitchen. Here one will find stainless steel appliances, granite countertops, an island, and ample cabinetry- just the type of space that lends itself incredibly well to the hosting of memorable soirees. Luxury vinyl planking spans the entire length of the house through its main rooms, which provides them with its acknowledged durability and style. To its immense credit, as well as to the relief of its future guests, this house has three spacious bedrooms- all of which are carpeted and have plenty of closet space. A large shed having been installed within the past few years, the sizable backyard would serve well as a sanctuary for the inveterate gardener. All of the appliances, which shall convey with the property, were installed in 2019 and are all in excellent working condition. For those inclined to spending time outdoors, this residence is located less than two miles from the fishing areas and walking trails of the Colonial Heights Appomattox River Trail System. In addition to this, being that I-95 is less than a mile away, one is able to drive to downtown Richmond in less than thirty minutes when departing from this residence, and the city of Petersburg may be reached in less than ten. To all who visit this picturesque home it will be readily apparent that it has been maintained quite well over the years- a fact that will provide great assurance for its future owner. For comfort, affordability, and charm, one needs to look no further.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1917
MLS Number
--
Location
Address
501 Highland Avenue
City
Colonial Heights
State
VA
Zip Code
23834
County
DINWIDDIE
Listing
Name
Phone
(804) 310-0499
Office Name
Office Phone
(804) 559-2665
Agent Name
Patrick Seay
Agency Phone
(804) 559-2665

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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.