[gkittelson]

So I just purchased a home in the Aksarben area after having lived downtown in the Orpheum prior. It's a small house (1,100 sq ft finished) on 62nd and center. I purchased it not because I'm overly in love with it but because of the "deal" it seemed to be in relation to other houses sold in the area and the new construction in the area (it's a block away from Broadmoor at Aksarben apartment complexes which rent for high $$$.

Basically my question is this, why are houses in this area selling for such a premium? Is it strictly location? I paid $70 per sq ft and when doing comprable sales search a lot of houses sold for $100+ per sq ft (and my house looks much nicer/more updated)

On the same token, my realtor said I would have no problem renting this house out for $1000+ a month (3 bed 1.5ba). Would you assume this to be accurate given the area for a nicely redone house of this size?

[laserdisque]

This is probably a pretty good time to get into that area. It is certainly up and coming.

[MountainMen]

What is a "redone house"?

[iamjacobm]

Not exactly a strong housing market right now. That is probably keeping the prices down.

I also agree, good time to get in that neighborhood.

[gkittelson]

Originally Posted by MountainMen

What is a "redone house"?

I just mean it's been updated. Some of the houses in the area are not fixed up, obviously having to gut a house and redo things would affect valuations and price per sq ft.

At 70k and approx $70 per sq ft my realtor was pretty surprised I took the bid. It was a hud foreclosure that was listed at only 65k and had been sold a few years earlier for 90k.

This is the first house I bought and I guess I realized location is pretty important. A house I had a contract on before was 170k and 3500 sq ft up in irvington (2008 build). Less price per foot, newer, bigger yard, but out in the sticks.