I just read that UT article and I also zeroed in on that same statement you mention:
“So far I’ve spent $30,000, I’ll spend another $50,000, and it will be worth $850,000 when I’m done.”
I was thinking to myself as I read it, “So you add $80,000 of retail improvements (means $30,000 of REAL value) and you do all the work yourself (not very much, I’m sure) and then you think your house is now suddenly worth $300,000 more? In THIS market? Riiiight!”
This is precisely why I will ONLY be shopping for homes with NO “improvements” or “remodels.” When I see a listing that says “Totally remodeled” I tend to just throw it away because I know they will be ripping me off.
On a positive note, I was very happy to see the housing bust story grace the front page of our UT today. This is a very good sign. Although they are still trying to emphasize how there are no significant price declines, and “There are no firesales out there.” This mentality will also change very, very soon.
