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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My realtor tells me that she often sees younger buyers who are coming from recently built condos who can't accept that all of the close in real estate is older stock, much of it unrenovated and that it still has a high price tag.  Too much hgtv I guess.  Sometimes inventory problems are the result of unreasonable expectations.[/quote]

I get this. And I also get that land is very pricey here, but why are so many of these houses not renovated? [/quote]

Let me think....

Maybe because the owner is perfectly fine with the home as is? Maybe the owner likes carpet and wallpaper. Maybe the owner doesn't care. Maybe the owner doesn't spend much time on HGTV.

Or maybe it's because renovations cost money? Maybe the owner doesn't want to spend it. And why should she?

And let's not forget that if she does renovate, YOU (the buyer) are going to end up paying for much of it. Note that the first house listed above IS renovated...perhaps that explains why it costs $200k more than the second one.

Seriously, are you people for real? Let me repeat: WISHING DOESN'T MAKE IT SO.[/quote]

My parents and their friends who bought their houses in Cleveland Park in the 70s and 80s less likely to renovate because they like their house is fine   the way they are, they don't want to deal with the hassle of renovating, and they often had jobs that were not as high-paying as the jobs that are required to buy this house today. Think government attorneys, think tank, professors, etc. they  bought their house for say $175,000 in 1978.[/quote]

I have a family member who bought her large house in Woodley Park for $68,000.  It hasn't been renovated, but it's well kept and still a great, elegant house.  When she sells, the new buyer can put new cabinets and appliances in the kitchen and be good to go.  [/quote]

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