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7167 Old Dominion
Mclean, VA 22101
$6,500,000
Conventional
Property
Bedroom
7
Bathroom
6
Property Type
Conventional
Square ft
5595
Property Description
Elmwood represents a unique opportunity to own a rambling estate and historic residence inside the Capital Beltway. The property includes a grand farmhouse, built in 1905, with an attached wing constructed in 1879. Together they form a seven-bedroom home, tied together with generous wrap-around porches and patios for entertaining. A four-room log cabin and other outbuildings are situated in their original historic locations near the main house. Two additional lots, each 1 acre, have been added to the original property bringing the total acreage to 8.02. Bedroom on main level with wheel-in shower A mile from McLean’s central business district, the residence is set back from Old Dominion Drive, accessed by a curving 700+ foot private driveway. The grounds feature significant mature hardwoods, pines, azaleas, and a formally landscaped entrance courtyard with fountain. Distinguished television journalist Roger Mudd and his wife acquired the property in 1972 and through significant restoration, made Elmwood their family home for almost fifty years. Originally part of the Fairfax Land grant, “Elmwood” has been a working farm and family estate since the early 18th century. The original house was built in 1850 by Spencer Mottrom Ball but was destroyed during the Civil War. After the War, Ball’s son William Selwyn (“Selly”) returned to Elmwood, building the log “Bachelor’s Hall” in 1876 and a larger house in 1879. In 1900, John McLean, owner of the Washington Post, was granted a charter to build The Washington and Old Dominion railroad from Rosslyn to Great Falls. McLean bought rights of way along what would eventually become Old Dominion Drive, and the Ball family Family sold access through Elmwood; the stop there was then called “Ball’s Hill." The surrounding public roads - including Ball’s Hill Road, Mottrom Drive and others - capture some of the property’s history.
Property Information
Lot Size
6 acre(s) square ft
Property Type
Residential
Year Built
1905
MLS Number
VAFX2036290
Location
Address
7167 OLD DOMINION
City
MCLEAN
State
VA
Zip Code
22101
County
FAIRFAX (NORTH)
Listing
Provider
Name
Compass
Phone
(202) 491-1275
Office Name
Compass
Office Phone
(202) 448-9002
Agent Name
Mark McFadden

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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.