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11589 Lake Newport Rd
Reston, VA 20194
Mark S. Wilson with Reston, original listing - (888) 536-0216
$1,100,000
Conventional
Property
Bedroom
3
Bathroom
Full: 2
Property Type
Conventional
Square ft
--
Property Description
Nestled in the heart of Reston, Virginia, there exists a charming 3-bedroom, 2-full-bath home on a 1/4 acre lot that holds the promise of countless cherished memories. As you step through the front door, you're greeted by original hardwood floors in the entryway leading into an inviting 2 story family room bathed in natural light streaming through double sliding glass doors that frame the backyard wooded landscape. The open floor plan seamlessly connects the bright sunroom to a cozy dining area, where gourmet meals and heartfelt conversations are destined to unfold. The kitchen, though modest in size, is the heart of the home. It's a space where culinary magic happens, where the aroma of freshly baked cookies fills the air and the sizzle of Sunday morning bacon dances in the background. Two main level bedrooms, each have its own unique character, offer a sanctuary for rest and rejuvenation. A full bathroom between these two bedrooms is perfectly located for easy access. The primary bedroom suite extends the entire top level boasting roofline vaulted ceilings and skylights for extra lighting. It is a haven of tranquility. The primary bath invites you to unwind in a large soaking tub with double sinks that brings a sense of relaxation. But the story doesn't end here. The house boasts an unfinished walk-out basement, a blank canvas waiting for dreams to be realized. Imagine a cozy entertainment space, a home gym, or even an artist's studio. The possibilities are as endless as your imagination. The 1/4 acre lot surrounding the house is a canvas of nature's beauty. A sprawling backyard offers the perfect setting for summer barbecues, gardening ventures, and starry night stargazing. Mature trees provide shade on warm days. This house is more than just a dwelling; it's a place where life's most precious moments unfold. It's a home where stories are written, memories are made, and love resides. It's a place where the past and future converge, creating a timeless safe space for those lucky enough to call it their own.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1984
MLS Number
--
Location
Address
11589 LAKE NEWPORT RD
City
RESTON
State
VA
Zip Code
20194
County
FAIRFAX (NORTH)
Listing
Name
Phone
(888) 536-0216
Office Name
Office Phone
(888) 536-0216
Agent Name
Mark S. Wilson
Agency Phone
(888) 536-0216

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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.