Laurie Manny

Kathi,

If you are that handy it sounds like you can handle all but the plumbing, electric and wall issues. Why don't you get quotes on those, estimate the cost of materials for the jobs that you plan to do yourself and see where you land. That should give you a clear financial picture.

Best of luck on your remodel.

Laurie Manny
Main Street Realtors
(562) 212-5420
http://www.lauriemanny.com - Fri Nov 7 2008, 18:01

Hi Kathi,

It has been my experience that whatever amount you plan on spending when you remodel or renovate tends to grow as the work happens. Often issues crop up that require other tradesmen and jobs that were not anticipated just to complete a small part of one portion of the remodel. Keeping the job costs down will depend on your choices of materials and labor. If you are renovating to sell you have to question whether the anticipated costs of the renovation are worth the effort. Will the condo sell for a price that will cover your initial and the renovation costs?

Is there a specific reason that you are flipping the kitchen and bath? If the costs are going to run high you might want to reconsider this option as a means to an end.

Has the HOA approved the changes and the removal of the load bearing walls? Is this all being done to code and with permits?

If you are 3/4 of the way through the job and costs begin to rise, can you finance additional cost or are you then stuck?

Laurie Manny
Main Street Realtors
http://www.lauriemanny.com/ - Fri Nov 7 2008, 12:40

I would be interested in knowing if the unit next to yours that went into escrow a week before yours has appraised yet and for how much. You are right when you say that the problem is that your lender's bank appraisal came back at $790,000. That is a rather large problem!

I would also be interested in knowing if the identical unit next door that appraised at $1,100,000 was appraised by somebody connected in any way to the developer, perhaps through their lender???

The choice to overpay is yours. If you are asking for an opinion I would say it is just nutz to overpay by that amount in any market.

Ask yourself this: "How long will I have to own this condo to be able to sell it and break even?"

Laurie Manny
Main Street Realtors
562-212-5420
http://www.lauriemanny.com/ - Mon Oct 13 2008, 07:57

There are homes in your price range in some Long Beach neighborhoods. Most are either short sale or bank foreclosures, not all of them are in bad condition. Many will need at least some work.

Its important to have a little perspective. The declining market has provided an opportunity for home ownership that didn't exist when prices were higher. Purchasing a home just about anywhere in Southern California at today's prices just hasn't existed for many years.

Many first time home buyers cannot handle the after purchase costs of upgrade. http://www.longbeachrealestatehome.com/buying-fixer-upper-ho…

If you think Long Beach may work for you, it would be our pleasure to assist you.

Laurie Manny
Main Street Realtors
Long Beach CA
562-212-5420
http://www.lauriemanny.com - Fri Oct 10 2008, 16:50

Catherine,

It depends on how much of a "fixer upper" this home is. If you need to sell it "now" then you need to price it to sell "now". Pricing this home in a competitive range with homes that are not fixer uppers would be a terrible mistake. Non fixer homes 3 bedroom, 1 bath in this area are currently selling in the low to mid $400's. Your home would need to be evaluated as to the extent of it being a fixer upper before any value could be attached to it.

Laurie Manny
Main Street Realtors
Long Beach California
562-212-5420
http http://:www.lauriemanny.com - Fri Oct 10 2008, 15:38

Hi Jet,

When the listing expires it is off the market until it is listed again. Once listed again it will re-appear on the MLS. Not all sites have full MLS access, mine does and it is updated on a regular basis. Feel free to search the MLS on my sites to check if the property has been re-listed.

Laurie Manny
Main Street Realtors
562-212-5420
http://www.lauriemanny.com/ - Tue Oct 7 2008, 12:38