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4938 S Passage Way
Nags Head, NC 27959
$1,395,000
Conventional
Property
Bedroom
6
Bathroom
7
Property Type
Conventional
Square ft
3458
Property Description
If you are looking for an upscale vacation rental investment property, “Sailfish Station” will have you hooked. This is a 6 bedroom, 6.5 bath home located in the Moongate community of Village at Nags Head. With over 3400 square feet, this quality built vacation property offers ocean views, a reverse floor plan, elevator, theater room, multiple en suite bedrooms, game room, private pool and more. The spacious top floor features cathedral ceilings, ocean views from the family room and its east sundeck, reclaimed pine floors, and an open floor plan. The kitchen is stylish with white cabinetry, stainless steel appliances, a wine cooler, and granite countertops. A large center island serves as a convenient prep area or as additional seating. The adjacent dining space can be configured for a large or small group offering just the versatility guests need. The upper level also features a media room where the gang can gather for a movie before heading off to the first of the 6 comfortable bedrooms. On this level is a spacious primary bedroom with a private deck and a luxurious en suite bathroom. Plank flooring, a double vanity and a separate custom tiled shower and bath create a true spa-like experience. This suite even boasts its own washer and dryer. The elevator will take you down to the mid-level where 4 more generous en suite bedrooms await, each with a well appointed private bath, and 3 with covered deck access. For convenience, another washer and dryer are here. And don’t worry about closet space- this property has closets galore! The final bedroom is found on the ground level along with a full bathroom. The adjoining game room is spacious and features durable tile plank flooring. A handy granite-topped wet bar and a refrigerator make enjoying a game of pool or a turn at the arcade game all the better without having to run to the kitchen for refreshments. Outside, a 24x10 private pool and hot tub will do the trick for those who take a break from a day at the beach. But it’s only a short 160 yards to the crosswalk for a morning beach stroll to watch the sun rise over the ocean or catch the dolphin playing in the surf. “Sailfish Station” is an upscale, quality-built vacation home with comfort and convenience in mind. The ocean views, thoughtful layout, custom touches and proximity to local restaurants and shopping make this property special. Located in the heart of Nags Head, owners and guests of this vacation property may enjoy the amenities of Village at Nags Head which include a community shuttle, ocean and sound accesses, Village Beach and Tennis Club, and more. Reel this one in now!
Property Information
Lot Size
10,500 sqft square ft
Property Type
Residential
Year Built
--
MLS Number
124829
Location
Address
4938 S Passage Way
City
Nags Head
State
NC
Zip Code
27959
County
DARE
Listing
Provider
Keller Williams Realty Outer Banks, original listing
Name
Keller Williams Realty Outer Banks
Phone
(252) 207-6588
Office Name
Keller Williams - Outer Banks
Office Phone
(252) 256-9661
Agent Name
Matt Myatt

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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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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.