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Part V - What You Get For The Money - AR style - $500,000

By Ryan Hukill - Edmond

Real Estate Agent with 405home @ ERA Courtyard 148333

February 25, 2007 03:30 AM

The past 4 days have shown us what $100,000, $200,000, $300,000, and $400,000 will buy in Edmond, Oklahoma. For day 5, we have a glamorous, almost new home in Oak Tree Park.

Here's what you get in Edmond, OK for around $500,000:

This 4 bed, 3.5 bath brick home was built in 2005. It has 2 living & 2 dining rooms in 4232 square feet MOL. It also has a 3-car attached garage, heavy composition shingle roof, zoned gas heat and zoned electric cooling. The description on the OKC MLS reads as follows:

Stunning home!The highest quality construction! Juprana Gaivoto 2'granite/Kitchen island!Granite in every bath & utility!Travertine stone flooring!Media room theater.Study with stressed wood flooring. safe room, Three zoned H&A.

This home closed in January, 2007 for $505,000 or $119.33 per square foot.

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (01/01/07) through (02/24/07). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy

Now it's your turn. Please share with us what $500,000 will buy in your market. I'll be back tomorrow to show you what you can get in Edmond for $600,000. See you all then!

www.YourOpenHouse.us

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Cynthia Sloop

Community Association Manager - Indianapolis, IN

Hey, now I like that beautiful home! I would imagine you could find that here in the Indianapolis Area too. Our area is very affordable.

Feb 24, 2007 11:47 PM

Michele Connors

The Overton Group, LLC Pitt & Carteret County - Greenville, NC

Your Eastern North Carolina Realtor

Very nice looking home, if it were here in Carteret County- double the price.

Feb 25, 2007 12:38 AM

Ryan Hukill - Edmond

405home @ ERA Courtyard - Edmond, OK

Realtor, Team Lead

Cynthis & Michele, thanks for your feedback!

Feb 25, 2007 02:18 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Beautiful home. If it were in McCurtain county would probably take a while to market. Most homes are $120,000 or below.

Feb 25, 2007 03:32 AM

Shannon Sims

Judy Burkett Realtors - Baton Rouge, LA

In Baton Rouge Louisiana that home would be about $170-$210 per square foot depending on location.

Feb 25, 2007 03:35 AM

MaryAnn Morrar ~ La Jolla

Coldwell Banker - La Jolla, CA

Wow - 4,232 sq. ft. 2 years old - Here in Fremont CA it would be in the $1,600,000 to $2,000,000 plus range depending on location.

Feb 25, 2007 03:46 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

I have heard nothing but good things about Edmud OK. However, I was wondering what is happening with property taxes in OK. Is their some type of protection for the homebuyer? Is there a cap? Here in NH we have no income tax, but we have a very high property tax! Obviously property taxes are a factor in determining how much one can buy. I grew up in Tulsa OK, but haven't been to Edmud --

Feb 25, 2007 04:09 AM

John Occhi

AZ Veteran Notary Services - Marana, AZ

Mobile Notary Public/Certified Loan Signing Agent

Ryan,

I love the approach - great idea. Hope you don't mind, but I am going to borrow it.

Do me a favor and post this to the group "Localism Beta " - I will leave this up as a great example of how to use Localism.

thanks again,

Now Have a Blessed Day,

John Occhi, Hemet REALTOR
www.JohnOcchi.com

Feb 25, 2007 04:40 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Ryan - what a great way to show off home values in your area. I missed the other posts, so will go back and check those out. The home you featured in this post would sell between $700,000 and $900,000 depending on location, here in the areas I service in and around Portsmouth New Hampshire.

AnnCummings.com

Feb 25, 2007 04:56 AM

Elena Thurston, Family Real Estate Specialist

Keller Williams Legacy One - Gilbert, AZ

Hmm. That home wouldn't exist in Az unless someone from OK had it built custom. :) Mostly because of the full brick facing, lack of stucco and huge pitched roof without tile. Perfect for those with snow though! But 2 years old, 4200 sq feet, assuming good location, a little more maybe 6-700k....

Feb 25, 2007 06:51 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Mmmm. That home would cost about $1,200,000 in my neighborhood. It would cost about $1,500,000 30 miles down the road in Fairfax County. It would cost about $2,000,000 a bit farther down the road in northern Fairfax County.

What do you get for $500,000 around here??

I have one on line at

http://activerain.com/blogsview/43457/Montgomery-County-Property-Preview

A world of difference. Interesting.

Feb 25, 2007 09:40 AM

Beth Larsen

RE/MAX Sedona - Sedona, AZ

Sedona Arizona

Ryan, this home is absolutely gorgeous. I'm guessing land must be much less expensive there than it is in my neck of the woods, but even so it seems as though your material and/or labor costs must be less as well. I would venture to say that a home of that size and quality in Sedona would start at about $1,100,000 to $1,500,000, depending on view, location and size of lot (possibly more). It would probably have a tile or flat roof though.

I could picture this style a little further north of us...it would be right at home in Flagstaff!

Interesting idea to run these comparisons. I'll be looking for the others!

Feb 25, 2007 10:19 AM

Ryan Hukill - Edmond

405home @ ERA Courtyard - Edmond, OK

Realtor, Team Lead

Wow, I want to thank you all so much for the responses. It took a few days to get some interest on these posts but I just love seeing the variation of home types & prices throughout the country so I'm glad it's finally catching on.
Most of the responses were explanations of what this particular house would sell for in your areas, which is always shocking, but I'd also be interested to see posts of what houses have sold in your area for the same price?
Joan, to answer your question, there is no cap on property taxes here. I've had several out of town buyers really surprised by our low property taxes in Oklahoma, however, we pay a 8.75% sales tax in most areas of Oklahoma and income tax also, so I guess they make up for it there. You know, the IRS is going to get their money one way or another. It seems like I heard a while back that one state doesn't charge any property tax at all, but that their sales tax was outrageous! Yes, Edmond is a great community, made up mostly of commuters. It's grown tremendously in the past 20 years. Back then, the population was somewhere around 8,000. Now it's over 80,000.
John, thanks for the encouragement. I don't mind at all. I added this post to the Localism group as you requested. I'm enjoying slowly populating the localism info for our area.

Feb 25, 2007 01:33 PM

Angela Wagner

Coldwell Banker Gundaker - Saint Charles, MO

I love watching What you get for the money and Flip this house. It is SO amazing to see what you get in the Midwest versus the coasts. I am shocked when someone got a great deal on a $400,000 home that has only 2bdr and a slab foundation with less that 1,500 sqft. I wouldn't mind getting a referral fee for some of those homes.

Feb 26, 2007 01:52 AM

Ryan Hukill - Edmond

405home @ ERA Courtyard - Edmond, OK

Realtor, Team Lead

Angela, those are a couple of my favorite shows also. The variance in property values is really amazing isn't it?

OK everyone, I've posted today's version for $600,000. Go check it out and please show us what can be bought in your area for the same price. Part VI - What You Get For The Money - AR style - $600,000

Feb 26, 2007 02:18 AM