Massachusetts WATERFRONT For Sale RENOVATION OR TEARDOWN OPPORTUNITY Start Price USD 125,000.00 Current Price USD 125,000.00 Time Left - Bid Count 0 Buy It Now Price - Reserve Price - Start Time Tuesday, August 05, 2008 End Time Thursday, September 04, 2008 Location North Reading, MA See more about 'Massachusetts WATERFRONT For Sale' Description You are bidding on a beautiful piece of waterfront property on Martins Pond in North Reading, Massachusetts. * Due to unforeseen financial difficulties which prevented a previously accepted private offer from being completed by a prospective buyer, we are re-listing this property for sale.Home Description The home on this lot was severely damaged by the Mother's Day flooding of 2006.  This house is not habitable as it is and should be considered a complete renovation or tear-down opportunity to build your own house on a beautiful waterfront lot 25 miles from Boston, Portsmouth NH., Newburyport Ma., and  Gloucester Ma. The primary value of this property is the lakefront lot on Martins Pond in North Reading, Massachusetts and convenient location to major shopping, commuter rail lines and recreational facilities including golf courses, marinas and camping/hiking/fishing facilities at 3000 acre Harold Parker State Forest. (see: http://www.mass.info/north_andover.ma/parks/harold_parker_state_forest.htm ). Surrounded by Andover (home of world famous Phillips Academy), Wilmington, Reading, Middleton and  Lynnfield, our town of North Reading is in a highly desirable and much sought after location within five minutes of three major highways (Routes 95, 495 & 93) and within 30 minutes of two International Airports (Boston, Ma. & Manchester NH.).  Martins Pond offers fishing (Bass, Perch, Catfish), swimming and boating (all except jet-skis) and is home to a wide range of wildlife including; Otters, Beaver, Ducks, Muskrat, Geese, Blue Heron, Loons and Hawks.   In 2004, this property was appraised for $275,000 with the lot representing $135,000 of that total. This property is being sold "AS IS" and can be viewed in more detail at: http://www.zillow.com/HomeInfo.htm?zprop=57090570   (click on links)More information about Martins Pond can be found at:http://www.martinspond.org/about.htmMore information about North Reading, Massachusetts can be found at:http://www.northreadingma.gov Home Facts Public Facts Edited Facts Residence: Single family Single family Bedrooms: 1 1 Bathrooms: 1.0 1.0 Sq ft: 693 693 Lot size: 2,430 sq ft / 0.06 acres 2,430 sq ft / 0.06 acres Year built: 1939 1939 Year updated: -- 2004 # Stories: 1 1 Total rooms: 3 3 Basement: -- None/Crawl Space Roof type: Asphalt Asphalt Exterior material: Stucco Shingle View: -- Water Parking type: -- Off-street Covered parking spaces: -- -- Heating source: -- Gas Heating system: Other Forced air Cooling system: -- Wall Appliances: -- Dishwasher, Range / Oven Floor covering: -- Hardwood Rooms: -- Family room, Office Architecture: Other Bungalow County: Middlesex Parcel #: M:08=P:273 Zillow Home ID: 57090570 * Ebay's listing template only allows you to list your property size by 1/4 acre increments in the summary and not the exact amount where you saw 0.25 acres so disregard that. The lot size listed in the details, 2,430 sq ft / 0.06 acres , is correct.Legal Description: MAPNUM:000008 WARDNUM:00 BLOCKNUM:000273 LOTNUM:000000 UNITNUM:00000 At-a-Glance Features AtticBarbeque AreaCable ReadyCeiling FanDeckThings To Know:Our Property was bank financed under a standard 30-year mortgage which has been paid off and there are no liens on the property.Our property is currently insured under a standard homeowners policy and future owners should have no problem with coverage. The entire Martins Pond watershed area is considered a 100yr. flood zone so the property does require National Flood Insurance.The 2006 structural damage to our property was covered by Flood Insurance and future coverage for existing or future property owners are not compromised. It should be pointed out that damage to personal possessions is covered either by Homeowners Insurance or by a seperate rider attached to the National Flood Insurance policy and not under the N.F.I. policy directly.  Our property is currently serviced by Town Water and a private 750 gal. cesspool.The Town will be bringing in Public sewer to the entire Martins Pond area within the next 5-7 years.Our property is grandfathered into the Town's Zoning Laws and so can be replaced or rebuilt provided the existing foundation footprint is utilized "as is". This is why we have not done anything yet and have left the existing building standing. I must emhpasize that the dwelling remains "officially on record" as our current place of residence and actively on the Town's property tax rolls.. Building height in town is restricted to 35 feet. which would accommodate a two (2) story dwelling. Before we decided to sell the property, we were planning to either raise the existing building up onto a 6' foundation and renovate, or tear it down and erect a 3-bdrm, two-story home with a 9' attic sitting on a 6' foundation. (6' foundation +10' 1st floor +10' 2nd floor +9'attic = 35'). This would have provided us with appx. 1500 sq. ft. of living space. with full attic. In addition, we had planned to install a 2500 gal. "Tight Tank" which would cost appx. $5000 and accommodate our rebuilding plans. This would allow us to conform to Massachusetts Title V septic requirements at minimal cost using minimum space AND give us the option of either remaining separate from the upcoming Town sewer project or hooking into it. The existing septic system has never been Title V inspected so I do not know if it would pass the Title V inspetion or need to be replaced or repaired. I would surmise however, that it would not pass current laws "as is" because it is undersized which is why we were considering the "Tight Tank" option.  Utilizing this strategy, a traditional septic system/leech field and accompanying permit process would not be necessary. A "tight tank" is self-contained and requires periodic pumping (at appx. $150/per) but this cost is minimal and can be considered regular maintenance. We have had informal discussions with a General Contractor, a certified Title V septic system Inspector and the Town Building Inspector at our property site, as well as with the the Board of Selectmen  (off-site) in regard to our potential plans and they indicated to us that they saw no problems with them provided we received formal approval from the Town's various regulating agencies. (eg., Selectmen, Board of Health, Building Inspector, DPW, EPA, etc). I must emphasize that all rebuilding/reconstruction planning discussions were preliminary and informal though no one we talked with ever indicated to us that we would have a problem going forward, nor would a future owner of our property. Of course, we are not in any position to guarantee this and it would be up to future owners to investigate this for themselves and submit potential building development plans with the appropriate Town agencies for approval.There are currently no permits opened on the property in regard to any renovation/rebuilding plans, however we ARE actively preparing building plans and seeking all necessary approvals and permits for a 3bdrm, 2-story replacement  home on the existing site. An update to this listing will be provided when appropriate.  The Town has received a State Grant which will provide for the restoration of the shoreline and retaining walls for waterfront properties. This will cover the vast majority of the costs associated with this project and will enhance all waterfront properties as well as protect the shoreline from erosion. The cost to individual homeowners with waterfront is minimal (appx. $500) and should be completed for our property by the end of Aug 2008. This project is on-going and the first half of the project has already been completed. For more info, see: http://martinspond.localweb.com/blog/2006/09/grant-award-for-martins-pond-218000.html.Our property has an existing  dock and an application for a new dock required to conform to the shoreline restoration project  is in process. The three homes immediately abutting our property have all been completely renovated in the last three years which has dramatically enhanced the property values of our neighborhood.The road leading into our home (see picture below) is town maintained and services only our property and one abutter. This essentially provides us with a 200' private no-maintenance driveway.Our property sits appx. 500yds. from Clarke Park (see picture below), a family favorite, kid-friendly  playground, beach, picnic area, small-boat launch and host of  popular activities such as the Winter and Summer festivals, annual fishing derby, Concerts, Volleyball tournaments and Haunted Halloween extravaganza! Note: for some reason, neither Google maps nor Mapquest show the "East" or "lakeside" of Oakhurst Terrace and only show our road on the other side of Lakeside blvd. going away from the pond. If you view the picture below, or use the satellite view of Google maps, you will see our street and our house on the pond.We are offering this property for sale "AS IS" because our family is growing and we need a bigger home and don't have the time required to carry out our plans for either a complete renovation or replacement of the existing house with a more accommodating one. We have owned and lived in our property full-time, year round for 24 years and have loved it here. This is a full-time, year-round residential zoned neighborhood and not a seasonal one. Relaxing on the waterfront deck watching both ducks, waterskiers and canoes go by while feeling like you're on vacation somewhere instead of 25 miles from Boston  or the Ocean can't be beat! The school system is highly rated, recreational facilities abound and commuter rail service is close by. Sadly, our loss is going to be somebody's great gain.       Owner can be contacted at : Acepayday@yahoo.comPayment Terms:If you are indeed serious about this, you must first place an offer using the "buy it now" or "make offer" buttons on our Ebay listing page. This does not obligate you in any way but does allow Ebay to verify your identity as a serious potential buyer. Ebay does not share this information with us so your identity would still be protected until you chose to reveal it to us yourself. I hope you understand why this is necessary.As for payment method, our terms are as follows:Upon Seller's acceptance of an offer in writing, Buyer is required to provide within five (5) business days:- $1000 NON-REFUNDABLE DEPOSIT and Five (5%) Ernest Deposit of agreed upon selling price in the form of SEPERATE Certified Bank Checks payable to seller. ERNEST MONEY DEPOSIT will be held in an escrow account and credited towards full purchase price at closing. Though non-refundable, the $1000  deposit will be credited towards full purchase price at successful closing. If $1000 NON-REFUNDABLE DEPOSIT and Five (5%) Ernest Deposit are not received by seller withing five (5) business days of Seller's acceptance of an offer in writing, then seller reserves the right to rescind acceptance and cancel the transaction.   -  Remaining Balance Due at closing in the form of Certified Bank Check payable to seller with closing to be completed no later than 30 days from the date of offer acceptance by seller. If closing is not completed within 30 days from the date of offer acceptance by seller  without sufficient cause approved by seller, seller reserves the right to cancel the transaction, and, Five (5%) Ernest Deposit becomes non-refundable though WILL be credited towards full purchase price at closing, provided closing is completed within sixty (60) days from the date of offer acceptance by seller . These terms have unfortunately been made necessary to ensure that only serious bidders with the financial ability to complete this transaction within the time frame specified are considered.All details to be handled through our lawyer with specific information to be provided at appropriate time. Place a Bid!