Many people would have said "no way". We paid $460K, spend $17K on reno and its value now would probably be $600K, possibly $650K.
very true - i know when we were looking earlier this year at buying, i was pointing out to hubby recent sales, and telling him what they sold for. his conservative reaction was "that house isn't worth that much!"
hate to tell you hubby - but it sold for that much, therefore is is worth that much because that is what the market dictates it is worth."
a renovated house down the road from the one we ended up buying has just gone on the market for "double" what we paid for ours 8 months ago. granted their house is is larger, but we have more land. hope they get close to asking as we are talking many 100's of thousands.
personally - if i had the money i'd be buying in prime locations right now. read the construction boom thread in property economics section.