LAKE LORRAINE AUCTION

NOTE: "PROPERTY SPECIFIC INFORMATION PACKAGES" AVAILABLE AT INSPECTION AT $15.00 EACH.

Luxurious log sided home built in 1992 on 7(+-) surveyed acres and 400' (+-) waterfront; wrap around porch, offering privacy, clear water, swimming, fishing, skating, canoeing and 7 income homes circa 1980.
The lake is 5+ acres surrounded by 18(+-) acres . 7 single bedroom leased homes wiith over $37,000 annual income & Laundromat. Excellent building lots.

The lake is listed in the New York State Department of Environmental Conversations' Gazetteer of Lakes, Ponds and Reservoirs.        LAKE DEPTH VARIES TO 20'.

LOG SIDED HOME: Fitted with R-30 insulation in side walls. 2,284 s/f Greatwood Log home measures 34' wide by 67' long plus an attached garage measuring 28' x 34' (952 s/f).

LIVING ROOM: 23' x 23' sunken octagon shaped

ELEVATED DECK: 10' x 54'.

FIREPLACES: Custom built two sided 9'5" w x 3'6" deep w/18" Vermont marble hearth; 2 marble shelves on one side and one on the other.
LIVING ROOM SIDE: Large firebox w/venting to draw cool outside air. The interior firebox floor has an ash drop to the basement clean-out box. Heatalator w/fans insure warm air flow; large brick opening for wood storage. The random size stone is multi-colored Corinth granite.
KITCHEN SIDE: White brick w/black mortar; large arched firebox w/built-in 22" x 33" dual gas grill w/4 separate burners. Track lighting for the BBQ grill.
Chimney caps have steel covers.

FRONT ENTRANCE: 3 Corinth granite curved steps match the fireplace.

KITCHEN: All extra tall solid wood cherry cabinets w/full overlay doors featuring a cathedral arch design. Glass doors over dishwasher area. Lazy susan, multiple roll-out drawers. 3' square cherry pantry cupboad w/2 shelves and 5 roll-out shelves. Custom counters and island are of "oatmeal" color Corian. This 6'+ x 8'+ island is lighted by a 3' 6" wrought iron wheel w/8 lights.

DINING ROOM: 11' 4" built -in cabinet w/pair of double glass door cupboards on each side of a large mirror w/full set of cupboards and drawers for storage below. Stained glass hanging lamps over the dining table, Full view of Lake.

BASEMENT: Walk-out (2,284 s/f) w/23 tall windows facing East & South towards the water of this beautiful lake. In addition, there is a full kitchen, full bath, wood stove, red & white brick fireplace and Electrolux central vacuum system installed in April of 2002.

FRAMING: 2" X 6" standard studs; 6" of fiberglass insulation; 1" of high R sheathing, steel hurricane corner wind bracing; 6 mil interior vapor barrier. THERE ARE 7 SKYLIGHTS THROUGHOUT THE HOME.

ROOF: 5/12 pitch w/Elk Prestique Plus 3 tab 40 year shingles.

WINDOWS: Hurd insulated, heat mirror tinted casement and awning style. Note: Vertical blinds remain.

EXTERIOR WALLS: Siding is 6"h. X 4.5" to 5" thick white cedar "half logs". 6" x 8" butt pass full log corners. All walls are rated R-30+. 24" overhang w/rain gutters & down spouts.

INTERIOR WALLS: Cedar "half logs" 6" h x 2.5" to 3" thick. Sheet rock in kitchen, all interior partition walls of the 2 bedrooms 2.5 baths and office (3rd. bedroom). Some interior walls of the living room, entry wall of the office and 1/2 bath are 1" x 6" T & G red cedar as well as all bedroom closets.

CEILINGS: Scissors truss rafters w/12" fiberglass insulation, 6 mil vapor barrier & 1" x 8" T & G knotty pine (except for 1/2 bath at mudroom and bathroom #2, which are sheetrock). The only flat ceilings with standard truss rafters are in bedroom #2 and a portion of the master bedroom. Ceilings are rated R-40 + energy efficient.

FLOORS: 12" ceramic tiles "Sahara Desert" color covers the 8' wide main entry, kitchen, mud room & laundry. White 6" ceramic tile w/2" contrasting color squares compliment all three (3) bathrooms. Plush carpet w/thick padding cover all bedroom and living room floors. Berber carpet covers the dining room and office (3rd. bedroom).

HEAT: 2 zone baseboard hot water oil fired Burnham furnace. Domestic hot water. (approx. 600 gallons of fuel annually). 1000 gallon storage tank is outside buried away from the North West corner of the garage. Easy access.

GARAGE: 34'w X 28' deep w/floor drain, sink, cupboards & workbench. Stairway to basement. 4 windows, 2 o/h doors 8'h x 9'w + standard walk through entrance. 3.5" insulation in walls & 6" in the ceiling over the garage. Pull-down stairway with access to storage over garage and the entire home.

PARKING PAD: 38' x 25' cement plus cement sidewalk to home's main entrance. There are two (2) rose colored retaining walls made from landscaping stone.

WELL: 116' deep w/99' of 1" pipe. Well flow is ten (10) gallons per minute.

SEPTIC SYSTEM: 1000 gallon tank w/6 laterals 50' each. System is automatically pumped 3 times a day to the leach field.

ADDITIONAL IMPROVEMENTS: 30' X 36' pole barn w/3 bays & steel roof w/12' high eaves. Ideal for storage of a motor home or other large vehicles and equipment. 2 large woodsheds for firewood.

                                                            INCOME HOMES

The 7 year-round Income homes are provided electricity by underground service to each uit. There are two (2) drilled wells with 5 and 10 gallon per minute flow respectively with water storage tanks and pumps housed in a basement under one of the structures. Several septic systems have all been approved by the Rensselaer County Health Department.

NOTE: In addition, there are four (4) buildings to be renovated for additional income or create a campground. A dumping station (never used) has been installed as has a laundromat
There is water, septic, electric and telephone near the carport at the front of the property. Could be used for new home or pavillion for weddings, BBQs etc.

UMLIMITED POTENTIAL!!

According to Department of HUD Flood Hazard Boundary Map No. H 03, Town of Pittstown, dated November 29, 1974, the subject property is NOT within a Flood Hazard Zone.

ZONING: Rural Agricultural (RA). Retail business has been approved for front of property. Development is one acre minimum w/450' between driveways.

TAX MAP ID: 383689   45.-3-15.1

TAXES: Rensselaer County & Town of Pittstown 2004                $5,411.15
School Taxes: Hoosick Falls Central School District 2003-2004 $7,302.48
NOTE: Taxes are on the entire property.

DEEDS: WARRANTY - FREE & CLEAR. NOTE: DEEDS WILL BE DRAWN BY ATTORNEY FOR THE SELLER FOLLOWING THE AUCTION AS PER SURVEY IN YOUR BID PACKET.

TERMS: $25,000.00 down payment on the entirety (Tract #1: Log Home & Tract #2: Lake & Income Units, $12,500 each) in cash or cashier's check made payable to the BUYER plus 12% Buyer's Premium in cash or personal check, accompanied by a bank letter of guaranteed payment, payable to CASH at "KNOCKDOWN". Additional payment of $50,000. on or before July 30, 2004 on the entirety or ($25,000. on each tract if sold separately. Time being of essence as to those payments. Balance in full at closing on or before October 19, 2004, "Time Being of Essence". SEE SAMPLE BANK LETTER ON WEBSITE.