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Most expensive house in the neighborhood

R

RU482

Lifer
We are moving back to Cedar Rapids, IA for my job. The southwest side of town isn't known for being the classiest side, but it's not the ghetto like parts of the SE side of town.

Anyway, after house hunting today, I fell in love with a 10 yr old house on a half acre lot. Hella nice interior, unique contemporary design, nice big concrete driveway. New garage tucked in the corner of the lot (my project garage, just like the current owner). screened in deck, big fenced in back yard, yadda yadda yadda.

Approx $210k. Easily a $250k+ house in the nice part of town. Everything else in town in this pricerange either has a small lot, needs updating, or something else.

Anyway, it assesses $50-$70k above anything else in the surrounding neighborhoods.
Not to downplay the neighborhood. It's very well kept and conveinient to school and about anything else. But my realtor warned me about having the most expensive house on the block.

As far as I can tell, things inthe neighborhood are on the upswing...judging by how well houses have been kept and what I've read about the schools and stuff. New grocery store and other things going in nearby can't hurt.

SO, anyone been burned in a situation like this???
 
I don't have anything useful to contribute, but I was riding my bike around town yesterday, and I grabbed a flyer off a house with a for sale sign in front of it. I tend to do this just to check on current housing prices sometimes.

Pic of flyer

This house is a mid-priced house for the neighborhood. Maybe I should move to IA.

Anyway, the thread title reminded me of that.
 
Originally posted by: Carbo
There's an old saying in real estate: buy the worst house in the best neighborhood.
Click to expand...

Very true, location, location, and location. Did I already mention location?

Best neighborhood > good > so so > bad neighborhood.
 
I guess you can take into account how long do you plan on sticking around at that house, if you're in it for the long haul then I wouldn't be to concerned about it being the most expensive house. Short term, you may take a bite, you may not.
 
You may not get much appreciation value for a few years.

If the market is not hot, your place will not accelerate with the rest of the neighborhood.

However, if you want he place as a home and not worrying about an investment, then that is what should count.

Just make sure that you do not overpay for the place.
 
What is the site you can look up home values? Try it out and see what it says about this place and the others near it.

 
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