In Lakeview, what is the modest new house market v. the renovated flooded modest home market?

Asked by Eks, Lakeview, OR Thu Oct 16, 2008

I've a repairable, raised, modest, cypress Cape Cod house (3 BR, 2 baths, 1940's) in Lakeview. I could repair; or tear down and build something slightly larger with the insurance proceeds that I have. I may move back to Lakeview, but if not, were I to sell the house, which route will yield the better selling price?

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ian cockburn, Agent, New Orleans, LA
Thu Oct 16, 2008
This has more to do with risk versus return.

Is this house on a slab or raised?
Is is completely gutted?
Was the roof replaced?
Did you apply to Road Home?

These are some of the questions you need to clearly know before you can begin to make a decision.

Your costs are irrelevant to the selling price. The minimum to renovate a 1200 SF gutted house is around $100K - $150K.

The most you could sell the house for renovated depending on a multitude of other variables such as finishes, air conditioning systems used, etc., you could possibly get $110 to $175 per sf.

Take a look on my website for a breakdown of possible costs, then call me if you have any other questions.
Web Reference:  http://iansellsnola.com
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craig miramb…, Agent, Metairie, LA
Thu Oct 16, 2008
Over the last year, with no other criteria,
A home in very good or excellent condition sold for an average of 148.00 per sq ft.
A new construction home for an average of 152.00 a sq ft.

My opinion is to go with the more cost effective job. They are very close.

If you would like more precise comps, email me, realtorcraig@cox.net
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