Check out my guest post on local Realtor/Broker Gena Riede’s blog today. The post is entitled “Lebron James, Over-improvement & Sacramento Real Estate.”
LeBron James, Real Estate & Resale Value
If you’re a sports fan like me, you know the big story in basketball right now is whether LeBron James will be moving on to a different team or staying in Cleveland. This topic has dominated sports talk radio today, but the one thing I kept thinking of throughout the conversation thread was LeBron’s house.
If LBJ ends up playing in New York, for example, what is he going to do with his mega mansion in Cleveland? I remember reading an article several years ago about his 35,000 square foot 11-bedroom house that includes a bowling alley, casino and barber shop. Could he sell it without taking a huge loss? Is there a market in Cleveland for a house like this?
If you are considering remodeling or adding on to your house, think about resale value and what will be most acceptable to a pool of typical buyers in the future. Even though you might really like to add a ferris wheel, triple your square footage, or make your home feel like the bat cave, if you plan to sell your property in the not-too-distant future, you may want to consider whether there is a market for such a feature. Is your addition really considered an improvement to most buyers or will it be a distraction in the marketplace? Any thoughts?