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481 Stoney Creek East
Nellysford, VA 22958
$1,200,000
Conventional
Property
Bedroom
4
Bathroom
3
Property Type
Conventional
Square ft
4545
Property Description
Custom-built, architect-designed home featuring a fusion of styles, from the country-inspired front elevation transitioning to an Italian-influenced rear terrace. The main level features 10’ ceilings and 8’ doors. Grand foyer leads to formal dining room with a stunning domed ceiling and wainscoting. The heart of the home is the open kitchen and living room, both connecting to a covered deck with golf course views. The kitchen boasts dark oak cabinetry, granite counters, a prep island, and a butler's pantry nook. A breakfast bar connects the kitchen to the living room, where a marble hearth and antique mantel appoint the open gas fireplace shared with the adjacent den. Primary suite occupies the entire 2nd floor, complete with a private deck, massive closet, and adjoining room with bedroom/nursery/office potential. The luxurious primary bath offers two water closets, two separate vanities, a large shower, and a jetted tub. The basement offers two spacious bedrooms, a full bath, and a large entertainment room with a stone fireplace. All the rooms open to a covered slate patio with golf course views. Sauna in basement. A detached 3-car garage is accessible from the covered front porch. Set back from the road for privacy.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1997
MLS Number
653060
Location
Address
481 STONEY CREEK EAST
City
NELLYSFORD
State
VA
Zip Code
22958
County
NELSON
Listing
Provider
Montague Miller and Company, original listing
Name
Montague Miller and Company
Phone
(434) 973-5393
Office Name
MONTAGUE, MILLER & CO. - WESTFIELD
Office Phone
(434) 973-5393
Agent Name
KYLE OLSON

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HUD Foreclosures

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.