Home for Sale at 6514 WESTERN AVENUE, CHEVY CHASE, MD 20815

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6514 Western Avenue
Chevy Chase, MD 20815

Margaret Babbington with Compass, original listing - (202) 386-6330

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Property Details

List Price:	$2,950,000
Beds:	7
Baths:	Full: 6
Status:	Active
SqFt:	5482 Square Feet
Agency:	Compass
Agency Phone:	(202) 386-6330

Map Details Show Map | Show StreetView

Description/Comments

Lot Size:	0 acre(s)
Property Type:	Residential-Single Family Residence
Year Built:	1939
Notes:	Located in one of the most sought-after neighborhoods in the region, we are proud to present this stunning top-to-bottom renovation by Monumental Construction, in collaboration with the design team at Rising Sun Co. This reimagined classic Tudor has been expanded and meticulously designed, showcasing elegance, modern luxury, and optimal functionality. Every detail has been thought out to ensure the best use of space, and a variety of living options. Upon entrance, you are greeted by a sun-lit foyer and an expansive open floor-plan with gorgeous herring-bone flooring. The gourmet kitchen, with premium appliances and finishes, is nothing short of spectacular. All the bedrooms are bright and spacious, with plenty of customized closet space. The upper level has multiple en-suites, including a breathtaking primary suite, featuring a spa-style bath and a private terrace with serene tree-top views. The lower level boasts a full kitchen, separate living and dining areas, and its own laundry room, ideal for multigenerational living. There is a garage and enough parking to comfortable fit 5 vehicles. The ultimate entertainment paradise, there are four levels of terraces looking over a massive landscaped backyard with a beautifully designed stone island patio, complete with an outdoor kitchen, and a pickle ball court. Other features include wood-burning fireplaces, dual climate zones, an entry-level en-suite, smart and energy efficient features, an office, and extra storage rooms.
MlsNumber:	--
ListingId:	MDMC2155870

Listing Provided By:	Compass, original listing
Phone:	(202) 386-6330
Office Phone:	(202) 386-6330
Agent Name:	Margaret Babbington
Disclaimer:	Copyright © 2024 Bright MLS. 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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