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314 Fairy Tr
Lookout Mountain, TN 37350
$850,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
3913
Property Description
Strategically positioned amongst beautiful natural boulders on a mostly wooded lot, this multi-level contemporary home sits at the end of a quiet street in the heart of Lookout Mountain, TN just minutes from downtown Chattanooga. The home takes full advantage of the lush setting and boasts wonderful architectural details, including vaulted ceilings and an abundance of windows. The home also has a versatile floor plan, hardwoods and slate tile throughout most of the house, decorative lighting, leathered granite countertops, an open floor plan, convenient built-ins and great storage. The formal dining room is to the left as you enter the home, and a few steps down, you will find a large great room with a gas fireplace and a wall of windows overlooking the backyard which has a wet weather creek. The kitchen is open to the keeping and breakfast areas and has stainless appliances, including a gas cooktop, convection wall oven and microwave, a cabinet style Jenn Air refrigerator, soft close cabinetry, a pantry, under-cabinet lighting and a picture window to the great room below. The keeping area has a wood burning fireplace and sliding glass doors to the large screened-in porch, and the breakfast area has wonderful built-in shelving and a large window and would also make a great reading nook. On the far end of the main level, you will find a guest suite that has a living area, a bedroom, a full bath with stackable washer and dryer, multiple closets, a private covered deck, and separate access from the screened porch. This suite could easily be used as two bedrooms or converted to the primary suite. The current primary suite is on the second floor along with the laundry room and has a sitting area, a walk-in closet and the primary bath with dual granite vanity and a double shower with glass ceiling. The upper level has 2 additional bedrooms, each with lofts for study or play, and adjoined by a shared bath. The basement has a bonus or rec space with exterior access to one of the several decks. The home is at the end of the road and has street level parking area, as well as a driveway, and you will love walking through the massive boulders to get to the main entry. Simply a fantastic opportunity for the buyer seeking a unique home with a fantastic setting. Information is deemed reliable but not guaranteed. Buyer to verify any and all information they deem important.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1978
MLS Number
1391371
Location
Address
314 Fairy Tr
City
Lookout Mountain
State
TN
Zip Code
37350
County
HAMILTON
Listing
Provider
Keller Williams Realty Greater Downtown, original listing
Name
Keller Williams Realty Greater Downtown
Phone
(423) 664-1900
Office Name
Keller Williams Realty
Office Phone
(423) 664-1900
Agent Name
Jay Robinson

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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.