Different Price Markets In Lake Nokomis Community

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.