"We-Might-as-Well" Remodeling

How Budgets Get Blown

I ran into someone at my open house last Sunday who explained how their remodeling budget doubled: as the project unfolded and the contractor(s) suggested ways to improve the original plans -- as well as correct problems that became apparent once the walls were opened up -- the owners repeatedly found themselves saying, "Might as well."

That's why remodeling veterans advise "doubling the timetable and tripling the budget" (or is it the other way around?).

On the plus side, I have never seen so many contractors hungry for work, and bidding jobs aggressively.

It's also the case that homes needing major remodeling are deeply discounted in today's market.

Edina's Country Club for $200/sq. ft.

Discounting for an Achilles Heel

Normally, homes in Edina's tony Country Club neighborhood fetch anywhere from $300 - $400-plus per square feet.

The home pictured above, located at 49xx Sunnyside, is selling for $200 a square foot (divide the $850k asking price by 4,233 square feet).

What gives?

It's located just east of Highway 100, and has a highway sound barrier wall running the length of the (back of the) lot.

Enticing Discount

While that's certainly a drawback, the 40% discount also represents an opportunity for the right Buyer (I was just in the home, and the freeway actually isn't much of a factor).

The fact is, every home is a trade-off between multiple, competing factors: price, location, size, condition, and floor plan.

Someone who wants a bigger home in Country Club -- on a cul-de-sac yet! -- but doesn't have $1.5M just might find it intriguing.

Amy Deckas and MaryBeth Goulett of Edina Realty have the listing.