What will 400k get you in today's real estate market????

21,154
32
Joined Mar 13, 2004
I'm a sucker for that HGTV show "What You Get for the Money." I think it's very interesting to see how far certain amounts of money will goin various markets around the US....anyways, I came across this Yahoo article this morning....it's worth a look....the article will be continued in thelink at the bottom...

What will $400,000 buy in 2009? That all depends on what you want. And, more importantly, where you want it.

"You can get a small one-bedroom in Brooklyn, a Georgian mansion in Georgia, or a rambling ranch in Southern California," says Barbara Corcoran, real estate expert and founder of The Corcoran Group, a New York-based real estate firm.

This year, that money buys more: more space, more special features, more yard, and a better school district. "You definitely get an extra bedroom and bath in almost every market," says Corcoran.

At today's best rates, with a 30-year fixed mortgage, 10 percent down -- and excluding taxes, insurance, points and fees, and community dues -- a $400,000 price tag equals roughly $1,919 per month.

In 2009 buyers are enduring increasing scrutiny from lenders and are turning an equally keen eye on the condition of prospective properties. Sellers, courting fewer buyers in many markets, have stepped up their game. The result: buyers are finding more homes in better condition.

"People are paying attention to a lot more details when selling and that's the buyers' advantage," says Corcoran. Moreover, they're having home inspections, and repairs, completed before the homes go on the market.

At the $400,000 level, many real estate agents report that homes that aren't in great condition don't make the cut with potential buyers. Facing a wealth of choices and a dearth of competition, buyers will simply move on to a property that's move-in ready.

Adds Corcoran, "The bottom line is that every single one of us is getting more bang for our buck."

Here's a look at what $400,000 will buy in various markets, from big cities to small towns, metro areas and suburbs, all across the country:

1. What will $400k buy: Aberdeen, MD



Price: $396,000

Overview: This contemporary two-story was built in 1993 and sits on a 1.3 acre lot. Sunken great room overlooks dining room and kitchen with breakfast bar, oak cabinets, recessed lighting, built-in desk, microwave and eat-in area that features a view of yard with mature trees. Large study could be fourth bedroom. Master suite has double doors, walk-in closet and bathroom with shower. Finished basement features built-in oak bookshelves, full-wall entertainment center, corner fireplace, sleeping area and scrapbooking area.

Amenities
  • 4 bedroom/3 bath
  • 3,372 square feet
  • 1.3 acre lot
Features: Main floor laundry room, dining area with ceiling fan, mature landscaping, workshop, and three-car garage.

Listed by: Century 21 Investment Realtors

Price trend: In Aberdeen, $400,000 will buy a top of the line house, says Dar Burgard, broker/owner of Century 21 Investment Realtors. "They can buy new construction -- probably a three-bedroom, two-and-a-half bath, 2,400 to 3,400 finished square feet," she says. That would normally include granite counters, hardwood floors and a three-car garage with up to a half-acre lot, Burgard says. With established houses in the area, "You usually get more for your money," she says. The problem: There aren't that many on the market at one time. Buyers can also opt for an older home -- something 50 to 100 years old. "We have some really beautiful areas" with historic homes, she says. Lots are often larger, at least a half-acre or more, and often have features like grand oak staircases, leaded glass, French doors, large pantries and large formal dining areas, she says.

Prices have gone up slightly since last year, says Burgard. "But when you factor in the interest rates, you're going to get more even if the prices are slightly higher."

2. What will $400k buy: Atlanta



Price: $400,000

Overview: This 5,200-square-foot, chalet-style home on 13 acres was custom-built in 2001. The two-and-a-half story main level features an open great room with two-story windows, cathedral ceiling, exposed Douglas fir beams, pine walls and floor, stone hearth and forest views. The main living area opens to a dining area and kitchen with stainless steel appliances, stone countertops, recessed lighting, breakfast bar and stone backsplash. The master bedroom features pine paneling, multiple windows, sitting area, surround sound and lighted wall sconces. The master bath has a jetted tub set into stacked stone, an oversized double-head shower with stone walls and floors, double vanity and stone tile floor. This home also has a game room/den with stone hearth, recessed lighting, bathroom and wall mount for a flat-screen TV.

Amenities
  • 4 bedroom/3 ½ baths
  • 5,200 square feet
  • 13-acre lot
Features: Gas starters for the fireplaces, hot tub on the deck, three-car garage

Listed by: Eclipse Atlanta Realty

Price trend: With $400,000 in the metro Atlanta area, "you can get a lake-view property with five bedrooms and three-and-a-half baths built after 1998, in a swim/tennis/golf community," says Reggie Moon, owner/broker with Eclipse Atlanta Realty. "Another $400,000 purchase could be in the high-rise district of Buckhead (just north of downtown Atlanta)." For that Price, buyers could get a three-bedroom, two-bath in a building with a private elevator, pool, concierge and covered parking, he says. In the metro suburbs, $400,000 "could get four bedrooms, two-and-a-half baths on a half-acre lot" in a swim/tennis community that's less than 7 years old, he says. Buyers could get a 1920s fixer-upper in historic Grant Park with five bedrooms and three-and-a-half baths on less than a quarter of an acre, says Moon.

In 2008, median home values fell 13.1 percent to $149,500 in the Atlanta/Sandy Springs/Marietta area, according to the National Association of Realtors. Buyers are definitely getting more for the money this year, Moon says. "Atlanta home values have always been cheaper than the rest of the country."

3. What will $400k buy: Bangor, Maine



Price: $396,250

Overview: This 12-room colonial two-story was built in 2005. The formal entry has cathedral ceilings and a view of the second story balcony. The family room with hardwood floors opens to the kitchen, living room, and "a very large deck," says James "Jim" Stoneton, president of Coldwell Banker American Heritage Real Estate. A first-floor library could serve as a sixth bedroom. The kitchen, which opens to the deck, sports granite countertops, stainless steel appliances, an island, custom cherry cabinets and opens to the deck. The master suite bath includes granite countertops, a jetted tub, separate shower and a water closet.

Amenities
  • 5 bedroom/3 bath
  • 4,600 square feet (approximately)
  • 2 acres
Features: Fully finished basement with two bonus rooms, electric and oil heat, above-ground pool, tree-studded lot, attached two-car garage and detached two-car garage with unfinished bonus space.

Listed by: Coldwell Banker American Heritage Real Estate

Price trend: For $400,000 in Bangor, buyers will be looking at a home that is probably either colonial or Cape Code in style, says Stoneton. The price will buy either in town or out on some land, he says. At that level, expect granite countertops, hardwood floors, and plenty of interior trim. Finishes will be "good quality, but won't be top of the line," he says. At that price range, buyers are "more in the upper middle" of the pack, he says. In Maine, home sales fell 19.2 percent in 2008, according to the National Association of Realtors.

In Penobscot County (where Bangor is the county seat), median home prices decreased 7.2 percent to $135,000 in 2008, according to the Maine Association of Realtors.

About 35 miles from the Maine coast, Bangor is "a reasonably inexpensive place to live," says Stoneton. The typical $400,000 buyer will either be a transferred executive or a current resident who is upgrading, he says.

4. What will $400k buy: Branson, Missouri



Price: $399,900

Overview: Property description: This 7-year-old contemporary split-level sits right on the fairway in a gated golf and tennis community, says Carolyn Crispin, broker/salesperson with Coldwell Banker Hometeam Realty. The modern floor plan features a large, open great room/kitchen/dining area with cathedral ceilings, hardwood accent paneling, floor-to-ceiling bay window and hardwood floors. The kitchen has stainless steel appliances including a refrigerator, stove and microwave, and opens onto a patio that overlooks the fairway. The master bathroom includes two pedestal sinks and an enclosed garden tub accented with stone tile. Annual $1,700 dues cover gated security, maintenance of common areas, and use of the clubhouse with swimming, tennis, golf and workout facilities, says Crispin.

Amenities
  • 4 bedrooms/2 baths
  • 2,842 square feet
  • 1/4 acre (approx.)
Features: Great room with cathedral ceiling, dining nook with floor-to-ceiling bay window, oversized two-car garage, patio, and professional landscaping.

Listed by: Coldwell Banker Hometeam Realty

Price trend: In 2009, $400,000 will buy more house or a better view in Branson. For that kind of money, buyers have a choice, says Crispin. "Do they want to be on a private lot with a lake view or in a golf community?" she says.
At that price range, buyers will be looking at "the top half of the market," says Crispin. Three-plus bedrooms, 2,500 to 4,000 square feet, and -- whether new or older -- in very good shape, she says.

Most of the choices in that price range "will be fairly modern," she says. And at this price, an older home will be refreshed and updated. Lot sizes will generally range from a quarter-acre to an acre, depending on location and view. Home prices are down about 15 percent from last year in the Branson/Table Rock Lake area, says Kathy Clark, president of the Tri-Lakes Board of Realtors. Statewide, home sales are down 11.9 percent, according to figures from the National Association of Realtors. Since many Branson-area houses are second homes, market conditions in other locales are having a negative effect on the Branson area, says Crispin.



http://finance.yahoo.com/real-estate/article/107100/What-Will-$400,000-Buy-Today
 
11,897
768
Joined Feb 12, 2003
It's just crazy some of the taxes for property across the county's of the US.

At today's best rates, with a 30-year fixed mortgage, 10 percent down -- and excluding taxes, insurance, points and fees, and community dues -- a $400,000 price tag equals roughly $1,919 per month.


This is part of the problem with articles in here, way to totally disregard (what could be) huge expenses on the homeowner, and just looking at the closingprice.

It's like when folks buy a car then learn the cost of maintaining it and insurance and then have buyer's remorse.
 
31,944
1,010
Joined Jul 23, 2007
I got in on the real Estate collapse last November
purchased a 3 bed/2.5 bath - 2 car garage 4000 sq ft home for 275k when the yr previous it was a $450k house
I got a 30 yr fixed at 4.75. seller paid closing costs.
my Homeowners %!@ and insurance fees are an additional $350 /month


Lol I thought I was the only black dude who watches shows on HGTV
Curb appeal, house hunters, prperty virgins & International house hunters areDVr'd regularly
 
11,897
768
Joined Feb 12, 2003
I'm onto HGTV now, since I want a house in the next year or two.

I honestly despise the concept of a HOA due for a single family home. It really bugs me.
 
1,356
12
Joined Sep 17, 2007
I depends on where you want to live. Decent homes in Seattle start at $400,000+. In Mississippi you could buy on old Plantation house with 7 acres with cash tospare.
 
21,154
32
Joined Mar 13, 2004
Originally Posted by GUNNA GET IT

I got in on the real Estate collapse last November
purchased a 3 bed/2.5 bath - 2 car garage 4000 sq ft home for 275k when the yr previous it was a $450k house
I got a 30 yr fixed at 4.75. seller paid closing costs.
my Homeowners %!@ and insurance fees are an additional $350 /month


Lol I thought I was the only black dude who watches shows on HGTV
Curb appeal, house hunters, prperty virgins & International house hunters are DVr'd regularly


It's my 2nd favorite network outside of ESPN....on the real, International House Hunters got me thinkin'....
 
1,850
25
Joined May 10, 2007
Originally Posted by LazyJ10

It's just crazy some of the taxes for property across the county's of the US.

At today's best rates, with a 30-year fixed mortgage, 10 percent down -- and excluding taxes, insurance, points and fees, and community dues -- a $400,000 price tag equals roughly $1,919 per month.

This is part of the problem with articles in here, way to totally disregard (what could be) huge expenses on the homeowner, and just looking at the closing price.

It's like when folks buy a car then learn the cost of maintaining it and insurance and then have buyer's remorse.

Exactly. I hear my parents complain about this all the time (homeowners in CA).
 
31,944
1,010
Joined Jul 23, 2007
DoubleJs,
them Costa Rico houses are OUTLANDISH and theyre usually reasonably priced
I need one of those!
 
1,459
174
Joined Nov 7, 2002
Bought a 1930 Tudor that is pretty much a fixer upper on Long Island for just over 500k with taxes close to 12k

Put 20% down and got a mortgage of 5%.

Great neighborhood, great schools, great location.

Even at that high price it was considered a steal for this area.
 
2,631
10
Joined Jan 9, 2007
I watch HGTV on the reg for the home buying shows. I don't really mess with the home improvement joints cause I'm too lazy for that kind of stuff.


Gunna, where you at? 4000 sq. ft. for $275K? That's a pretty good deal.
 
2,062
10
Joined Oct 1, 2006
Me and my girl stay watchin HGTV we are trying to buy a house or conndo within this year so we watch prperty virginins house hunters my first place.


But man the process is a tough one and very stressfull
 
31,944
1,010
Joined Jul 23, 2007
Originally Posted by North Dade Represent

I watch HGTV on the reg for the home buying shows. I don't really mess with the home improvement joints cause I'm too lazy for that kind of stuff.


Gunna, where you at? 4000 sq. ft. for $275K? That's a pretty good deal.
yea a Sick deal.
Orlando. I wish I could find that kinda deal in Dade. My aunt house in Miami is like half my house size and she paid like 370 for it
 
2,631
10
Joined Jan 9, 2007
^ Yep, that's pretty sick for Orlando. You could easily pay 350 - 400K for 1800 sq ft in areas like Kendall, Gables, Miami Lakes, etc. I moved toCharlotte, NC a few years ago and don't regret it at all. Copped a 2100 sq ft, four bedroom home for $170K in a pretty nice neighborhood.
 
347
10
Joined Oct 5, 2003
I was just coming to say a helluva lot in atlanta..

From the AJC

The index reported home prices nationally tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percentsince peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.

Since cresting in 2007, metro Atlanta's average price has dropped 21 percent, compared to Los Angeles, where prices have plunged nearly 40 percent, or LasVegas, where average prices have been almost cut in half.

Local construction was at or near the top of the national charts during the past two decades and because of that metro Atlanta prices have never soared the waythey did in "bubble" areas such as Las Vegas, southern California or even Florida. In those areas, the bursting of the bubble has meant a moredramatic deflation in prices.

Still, the national index shows metro Atlanta prices are about where they were nine years ago, while prices are back to the levels of fall 2003 in Los Angelesand 2002 in Las Vegas.
 
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