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5592 Formosa Way
Douglasville, GA 30135
$1,149,000
Conventional
Property
Bedroom
5
Bathroom
5
Property Type
Conventional
Square ft
6504
Property Description
This luxurious estate home is located in rural south Douglas County in the highly coveted development of Chestatee Farms on a very private 3.06 acres and is truly a RARE find! This newly renovated Hamlin Homes custom built, two owner, home was designed to impress and entertain. The total square footage of the home is 6,504 and that includes a fully finished window filled walkout basement. This home is only 45 minutes from Atlanta International Airport. Come experience the grandeur from the lantern lit driveway to the elaborate courtyard entry and stately 8' solid wood and wrought iron door entryway. The inviting foyer draws your eyes up and out to the open living room with two sets of double doors inviting you to the screened porch, creating expansive indoor/outdoor living space. The mantle is hand carved and the gas/wood burning fireplace envelopes the room in warmth and ambiance. This light-filled open floor plan is tastefully accented with generous moldings, coffered ceilings, built-in bookshelves and cabinetry, and gleaming restored hardwood floors. The chef's kitchen is a dream with an imported European farm sink, GE Monogram six burner plus griddle gas stove with dual ovens and a professional grade vent system. Also, the GE Monogram custom fridge with cabinet finish, Reverse Osmosis drinking water filtration system and large serving island area with prep sink are thoughtful upgrades. This gourmet kitchen is complete with a Butleras Pantry, upgraded granite countertops, Italian crackled subway tile backsplash, under cabinet and recessed lighting. Move easily from the kitchen, to the eat-in kitchen area and then to the open and welcoming keeping room. This peaceful retreat offers a vaulted bead-board ceiling with wood beams. Cozy up to a floor to ceiling stacked stone gas/wood fireplace. Gather around the table in the light filled dining room left of the foyer, convenient and open to the kitchen. The oversized owner's suite features restored hardwood flooring, a gas fireplace and a large bay window overlooking serene landscaping. The spa-like owner's bathroom is complete with expansive granite countertops, two sinks and an oversized jacuzzi tub, dual shower heads in the tiled shower and a huge custom built dressing room with hardwood flooring. The main level also features a large office with an Executive desk and integrated wall shelving and cabinetry; the perfect home office. Access the upstairs by an extra wide newly updated wrought iron staircase. A special feature of this level is the generous gaming/playroom/media area with large windows and hardwood floors. This level offers 3 more bedrooms and 2 additional bathrooms, one of which being a Jack and Jill, featuring tiled bath areas with mosaic subway glass tile accents around the tubs. The basement is fully finished with 2' x 2' stone ceramic tile flooring throughout, and offers a gym with a stacked stone wall, mirrored wall and rubber mat flooring for exercising. Natural light flows into the living and dining room areas, perfect for enjoying the gas/wood fireplace and an additional bedroom and full bath. The dining area opens to an outdoor oasis ready for an additional area for entertaining. The lower level also features a heated/cooled workshop and storage room. This home boasts numerous upgraded construction features including: oversized 3 car garage, 2 x 6 framing, 4,000 pound concrete driveway with flagstone entry and enlarged turnaround, 10' high ceilings throughout main level and basement, 9' ceilings on second floor, irrigation system, central vacuum system and 8' doors throughout main level. New updates include: a new HVAC Rheem Prestige system the main floor and basement, new paint throughout interior and exterior, restored hardwood floors throughout the home, upgraded security and irrigation systems, new water line from the street to the home, new lighting, new grout in bathroom and new laundry room. New AT&T fiber optic service available.
Property Information
Lot Size
3 acre(s) square ft
Property Type
Residential
Year Built
2007
MLS Number
7260338
Location
Address
5592 Formosa Way
City
Douglasville
State
GA
Zip Code
30135
County
DOUGLAS (COUNTY)
Listing
Provider
FRCC, Inc., original listing
Name
FRCC, Inc.
Phone
(404) 569-9077
Office Name
Flat Rock Realty
Office Phone
(404) 569-9077
Agent Name
Kellie Wiggins

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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.

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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.