Home for Sale at 33 Lords Meadow Lane, Old Lyme, CT 06371

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33 Lords Meadow Lane
Old Lyme, CT 06371

Tammy Tinnerello with William Pitt Sotheby's Int'l, original listing - (860) 434-2400

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Property Details

List Price:	$1,450,000
Beds:	4
Baths:	Full: 4, ½: 2
Status:	Active
SqFt:	5819 Square Feet
Agency:	William Pitt Sotheby's Int'l
Agency Phone:	(860) 434-2400

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Description/Comments

Lot Size:	4 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	2024
Notes:	Introducing the newest member of Lords Meadow Lane, a collection of new construction homes in Old Lyme. Located on a peaceful cul-de-sac, this newly constructed home offers an open-concept design that caters to both entertaining and busy family life. With 4 generously sized bedrooms and a finished upper level, this residence provides ample space for relaxation and privacy. As you enter the home, the open floor plan unfolds before you, seamlessly connecting the living, dining, and kitchen areas. The state-of-the-art kitchen, equipped with top-of-the-line appliances and a large center island, is a chef's dream and the heart of the home. The adjoining living space, with tons of natural light, invites you to unwind or host gatherings with ease. The primary suite on the main level, features a spa-like en-suite bathroom and a spacious walk-in closet. The additional bedrooms offer comfort and versatility, while the finished upper level presents endless possibilities as a bonus room - perfect for a home theater, gym, or playroom. Outside, the property boasts a serene backdrop for outdoor living and entertainment on the covered deck with gas grill and propane fireplace. The home's location in the charming town of Old Lyme provides a perfect blend of community and privacy, with easy access to local amenities and natural beauty.
MlsNumber:	--
ListingId:	24009021

Listing Provided By:	William Pitt Sotheby's Int'l, original listing
Phone:	(860) 867-6120
Office Phone:	(860) 434-2400
Agent Name:	Tammy Tinnerello
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.

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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Property Details

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Description/Comments

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HUD Foreclosures

Foreclosure Listings Increasing