Home for Sale at 89 Under Mountain Road, Canaan, CT 06031

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89 Under Mountain Road
Canaan, CT 06031

Liza Reiss with Elyse Harney Real Estate, original listing - (860) 435-0120

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Property Details

List Price:	$3,325,000
Beds:	3
Baths:	Full: 3
Status:	Active
SqFt:	2796 Square Feet
Agency:	Elyse Harney Real Estate
Agency Phone:	(860) 435-0120

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Description/Comments

Lot Size:	58 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	2022
Notes:	Architecturally Designed Modern Home newly constructed in 2022. This Private & Chic Modern 3 Bedroom & 3 Bath Home is absolute perfection throughout! No detail has been overlooked! Every decision was made with great thought and with the highest quality craftsmanship. The property is magical with a brook at the edge of the property, tiered lawn areas, a mountain view, your very own private hiking trails at the back end of this stunning 58+ acre property, and 200 ft of new stone walls. The Kitchen has all Thermador appliances inclusive of a 99-bottle wine fridge and built-in coffee maker. The dining room and living room have accordion doors opening up to the terrace allowing for seamless indoor/outdoor living. Also on the first floor is a private office, laundry room, and a large bedroom with lots of storage and a full bath. The second floor has a luxurious primary suite, a 3rd bedroom ensuite, and a sitting room with a built-in library at the 2nd-floor landing. The Post & Beam Barn built in 2018 has 3 garage bays and and one entry bay. There is a full bath on the first floor, the entire barn is fully insulated with the heat on the first floor and finished space on the second floor. Loads of room for storage, a studio, or a home office. Close to private schools and all the amenities that the Litchfield Hills & the Berkshires have to offer!
MlsNumber:	--
ListingId:	24046258

Listing Provided By:	Elyse Harney Real Estate, original listing
Phone:	(860) 671-0288
Office Phone:	(860) 435-0120
Agent Name:	Liza Reiss
Disclaimer:	Copyright © 2024 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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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.

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.

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