Tag Archives: Forest Heights

Considering a New Home in Forest Heights?

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Detached single family residences, as they are termed by the appraisal industry, are lovely in Forest Heights. Homes currently on the market range widely in price, as do Forest Heights condos. The range is from $399,000 to a handsome $1,499,000. The average listing price of $688,000 converts to an average price per square foot of $186. As much as make-believe statisticians like to talk about average prices, averages are often misused, especially in real estate.

Forest Heights supports a wide range of views, no small consideration for buyers of up-scale to high end homes. The differences can send price per square foot up or down by 15% or more. The intent of the developers was that each house should be unique and that the variety should contribute to the charm of the neighborhood. Interiors and interior finishes also vary. Consequently, buyers often look at several houses before they find their new homes. Average cost per square foot is a good starting point, but a buyer will want to use an expert to help him or her evaluate the asking price.

Homes in Forest Park that have been correctly priced have remained on the market about three months if brought to market in the past six months. During the entire past year, not the strongest real estate market of the past several years, properly priced homes have taken about four months to sell. One lesson a buyer should take away from these numbers is that if he or she finds a home that is a good fit, and if the hired expert thinks the price is “right,” the best move is to offer at or very near the asking price.

A word of caution: do not think you can buy an appraisal from a mortgage appraiser, which is the same as saying from an appraiser who does large numbers of cheap appraisals to make his living, and come away with a meaningful opinion. Mortgage appraisers, who may charge only $400 for a private appraisal, focus on “How many appraisals per day can I do.” When I was appraising for court, the question was whether I could manage as many as two appraisals per week. When appearing on the witness stand, thoroughness and quality matter more than how many.

Thinking about buying a condo in Forest Heights?

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At the moment there are 15 condos/townhouses on the market in Forest Heights. About half are being sold by owners voluntarily; four are bank owned and four are short sales. If you are not familiar with short sales, the first words of advice I have are, “Put on your patient shoes.” Short sales generally take four to six months to complete. Bank owned properties are sold more quickly, and standard, owner initiated sales take only four or five weeks.

This is not the time and place to buy using average or median values as a guide post. The average price $262,000 and the median is $225,000. So, did you want to buy at the average price or the median? Your answer should be “maybe.”

The prices range from $160,000 (a short sale) to $549,000. Are these prices cheap at one-sixty and too dear at five forty nine? The answers require a bit of appraisal background, a bit of rehab experience and a practiced eye. And you’ll want to work with an Realtor who is more interested in protecting your interest than in selling you a house.