Home for Sale at 7538 SPRING LAKE DR #A, BETHESDA, MD 20817

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7538 Spring Lake Dr #a
Bethesda, MD 20817

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Property Details

List Price:	$369,000
Beds:	2
Baths:	1
Status:	Active
SqFt:	--
Agency:	Long & Foster Real Estate

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Description/Comments

Lot Size:	--
Property Type:	Common Interest
Year Built:	1960
Notes:	Discover the allure of this expansive 2-bedroom, 1-bathroom condo nestled within the coveted Spring Lake Garden Condominium. Boasting one of the largest 2-bedroom floor plans on the property, this unit spans over 1347 square feet of meticulously renovated living space, offering a modern and comfortable lifestyle.Upon entering, you're greeted by a sprawling living, dining, and kitchen area unlike any other unit in the complex. The perfectly preserved parquet floors lead your eye back to a beautiful new kitchen. And talk about ample storage! This kitchen has room for more than one cook and every kitchen utensil, appliance, and pantry item you need. Brand new appliances, cabinets, sink, countertops, and flooring set this space apart.Unlike so many condos, this one comes with private outdoor space perfect for entertaining guests or unwinding in a serene setting.Centrally located, this condo provides easy access to key destinations such as NIH, Walter Reed, downtown Bethesda, and major commuter routes including I-270 and I-495. Residents enjoy the convenience of condo fees covering gas, water, grounds maintenance, and access to a host of community amenities.Spring Lake Gardens is renowned for its beautiful wooded setting and abundance of amenities. Residents have access to glistening swimming pools and a poolhouse, a vibrant community garden, car wash stations, plenty of parking, and scenic walking/jogging trails.
MlsNumber:	MDMC2126122

Listing Provided By:	Long & Foster Real Estate, original listing
Name:	Long & Foster Real Estate
Phone:	(888) 536-0216
Office Name:	Logan Circle
Office Phone:	(888) 536-0216
Agent Name:	John A Coplen
Disclaimer:	Copyright Â© 2024 Long & Foster Real Estate. 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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