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What is the impact on resale value for a contemporary home in a high-end suburban neighborhood?

We're looking at a foreclosure contemporary home built in the early 90s, in a high-end suburban Pennsylvania neighborhood. All the homes are custom built where there are no two houses the same. To that end, there are tudors, colonials, cape cods, and french style homes. I'm aware that all markets differ, but any idea would be greatly appreciated.

I looked at all recent home sale data (6 homes) in the neighborhood and averaged the price per square foot, and it came out to $130 sqft. If we brought the house back up to speed (updated it and cared for it), our realtor feels that the house would sell at $95-100 Sqft. I'm looking to get a second opinion on this, or to comment on an almost 25% drop because its contemporary. I can provide more details if necessary.
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January 09 - Centre Hall
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Contemporary homes have a limited market appeal.  In markets like Florida, Texas and Arizona the contemporary style is more popular.

Whether the market is Camp Hill, Pittsburgh, Scranton or Allentown - Pa homes are fairly traditional.  Some contemporary styles become "white elephants" on the market.  A contemporary in a lake community will fair much better than a contemporary surrounded by colonials, tudors, cape cods etc.

Consider your motivation and the length of time you intend to hold.  If you are looking to flip this home in a short period of time it might not be the best return on investment. If you absolutely love the home and the neighborhood and want to live in it 5-7 years you may come out better in the long run.

In theory I don't disagree with your Realtor. I'm also a PA Realtor.  I can't speak to an absolute 25% drop, but I can say that contemporary compared to other styles has a much smaller buyer base.
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January 09
A contemporary home wouldn't necessarily be lower in value than other homes even if most of the homes are traditional, etc. The difference would be the buyers interested in your home. If you decided to sell the contempo house in the future, you wouldn't get as many interested buyers. That's something to think about if you're in love with the look but are thinking about selling in the future.

I'm a Realtor in Bucks County where most homes are traditional and colonials. I've seen contemporary homes sit on the market much longer than other homes.
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February 03
 
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What is the impact on resale value for a contemporary home in a high-end suburban neighborhood?
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February 03 | 2 answers
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