Different Price Markets In Lake Nokomis Community

October 28, 2019

As of right now there are 72 active single family listings in Lake Nokomis.  Out of those 72 listings 27 are between $200,000-$300,000 and 23 of the listings are between $300,000-$400,000.  So about 70% of the market is between $200,000-$400,000.  Within this area there are neighborhoods where the median prices are a lot different.  For example, in Morris Park the median list price is $249,000 versus in Hale the median list is $416,000.  If I was looking for a deal I would be looking in Morris Park at $150,000 and if I was in Hale I would be looking for something around $250,000-$300,000.  Right now there is not a lot of upside in Morris Park though once you start thinking about it.

The median sales price is $230,000, which is lower compared to Hale, but only 3 homes out of 78 in the last 12 months sold for $300,000-$400,000 and only 1 for $400,000-$500,000.  So about 3% of the market is above $300,000.  So like I said, not a lot of upside right now if you are looking for an equity gain.  I like Hale because there are homes that sell for $400,000-$500,000 and a decent number that sell below $300,000.  Over the last 12 months 62 homes have sold in Hale, 12 under $300,000 and 45 have sold between $300,000-$500,000.  So that means there is a fair number of cheap houses and a good size number of more expensive houses.  If you can find a house that is big and low price, but there is the ability to add equity through cosmetics, then that can be a good move.  Or if there is a house that has a good foundation and there is the ability to add a second story or an addition, that could be an option as well.  

I have never done a second story addition, I have built new and have remodeled homes, but never added a second story.  I would like to try it.  If you pick the right house it could work out very well. When you are looking for a new home to buy these are important things to think about.  Buying a house is a big deal and you want to make a good purchase.  Buying a bad house and over paying is not a good situation to be in.  It can be very costly and a waste of time.  If you are going to purchase be sure to get a good home.  When I tour properties I am looking at all aspects of the home.  I am looking at the location on the street, what the neighbor homes look like, I check the elevation of the parcel, I analyze the condition of all the exterior component of the home and check the grading of the yard.  Basically I am looking for any problem areas on any part of the land or home.