Condo Market Value...

Occasionally I do a search for condos that go on the market in my suburb and the neighboring suburb to compare valuations. The condos in my complex and my sister’s complex are built exactly the same. Even though we literally live less than a mile away down the street, she technically lives in another city.

The value of the condos in my complex have always outpaced hers so it was very interesting when I saw a 3 bedroom, 2 bathroom unit on the market for $175,000 in her complex. The description does say the unit was newly rehabbed with whirlpool tub, new kitchen with granite counter tops, hardwood flooring in living room, dining room and kitchen, carpeted bedrooms, recessed lights, and all new drywall. This sounds like the place was a mess and they did a complete gut rehab.

I have a 3 bedroom, 2 bath unit. I recently put in wood flooring in the living room, dining room, and kitchen and also replaced the carpeting in the bedrooms. With the exception of my washer/dryer unit, all of my appliances are relatively new and in wonderful shape. Actually, my unit in and of itself is very nice and in good shape.

I currently value my unit at $150,000. Even though I didn’t do a gut rehab because it didn’t need it, I wonder if I am undervaluing my condo unit. Zillow.com estimates the value at $171,000. It will be very interesting to see what the unit sells for and I will be keeping my eye out for notices of recent sales. This could prove wonderful for my net worth...Any improvement would be great. =)