Comment of the Day: 77019 Fixer Uppers

COMMENT OF THE DAY: 77019 FIXER UPPERS “I have a property in the 77019 area. I am undecided on what to do with it. I expect the property value is in the land rather then house in this instance above. $525K sounds about the going rate in that area for the house above. For the land alone my house sits on I could easily take half a million for it. It raises real questions, since anything I did to the property would not add to its value, if that makes sense. Just recently for instance I noticed that Croix are building on a lot which previously had a fabulous little bungalow on, which was in excellent condition and well restored, sadly Croix demolished it because the value was in the land itself. Sadly also the seller looks to have let it go for less than the land was worth. The house value becomes confusing in the whole value thing. I’ve noticed that builders even the ‘build on your own lot’ people are reluctant to help, give any advice, or take on the work – they want the land, it’s as simple as that. Rather than give it to those people I will probably end up restoring the property and living in it, but whatever is spent on it, it will not add anything to the value of the property which is a sad thing.” [David, commenting on Redo, Rinse, Repeat: Brun Bungalow, Makeover Magnet]

2 Comment

  • One view, is that there has to be some leveling of the playing feild, in order to establish, a trend of restoration in a older neighborhood. The city offers ordinances that restrict a lots size & setback. I live in a neighborhood that has deed restrictions & we have a height limitation. I believe our height limitation, has the potential of, establishing more restoration, adding value not only to the lot, but to the historical homes as well. I see this happening in Winlow Place.(Montrose)

  • There’s also the value added to YOU when you enjoy living in a space that functions well and pleases you esthetically. Factor in how many years you expect to stay in this property and maybe it will turn out that a $30K kitchen remodel makes sense after all.