Home for Sale at 545 South Prospect Street, Burlington, VT 05401

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545 South Prospect Street
Burlington, VT 05401

Sarah Harrington with Coldwell Banker Hickok and Boardman, original listing - (802) 863-1500

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Property Details

List Price:	$885,000
Beds:	3
Baths:	Full: 2, ½: 1
Status:	Active
SqFt:	1766 Square Feet
Agency:	Coldwell Banker Hickok and Boardman
Agency Phone:	(802) 863-1500

Map Details Show Map | Show StreetView

Description/Comments

Lot Size:	0 sqft
Garage:	Garage
Property Type:	Residential-Condominium
Year Built:	1982
Notes:	Enjoy 7 acres of common land, views of the lake and Adirondacks, and association tennis courts and in-ground pool when you live at the desirable Overlake Condominium development in the heart of Burlington’s Hill Section! This rarely available 3-bedroom, 3-bathroom end-unit with a first floor primary suite combines comfort with unmatched accessibility. The owners have beautifully remodeled this condo including the kitchen and bathrooms. Hardwood flooring was added throughout the first floor, and some newer windows have been upgraded for improved efficiency. The sunken living room features a gas fireplace, creating a warm and inviting space to enjoy the views of the common backyard. Outside, a private deck offers a tranquil retreat, while the front, fenced-in courtyard boasts garden beds, flowers, fruit trees, and a place to relax and enjoy outdoor meals. Upstairs, westerly views provide a picturesque backdrop from one of the two additional bedrooms. An expansive 1,171 sq. ft. basement offers tons of storage. The detached 1-car garage with an auto-opener is conveniently located directly in front of the unit. Don’t miss the opportunity to own this stunning move-in-ready home, located across the street from the Burlington Country Club and UVM, and just minutes from UVM Medical Center, downtown Burlington, and I-89.
MlsNumber:	--
ListingId:	5026576

Listing Provided By:	Coldwell Banker Hickok and Boardman, original listing
Phone:	(802) 863-1500
Office Phone:	(802) 863-1500
Agent Name:	Sarah Harrington
Disclaimer:	Copyright © 2025 PrimeMLS. 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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