How much house will $200,000 buy?

Chicago

• 1-bedroom, 1-bath loft
• 806 square feet
• Year built: 1900
• Price: $229,000

This loft near Chicago’s Arrigo Park has high ceilings, hardwood floors, a fireplace, new stainless-steel appliances and a storage locker.  Building amenities include an exercise room, a bicycle room, a rooftop deck and a doorman. This property was listed for $245,000 last year. 

Dallas

• 2-bedrooms, 2-bath condo
• 1,169 square feet,
• Price: $244,000
• Year built: 2006

This condo in downtown Dallas has upgraded appliances, granite counters and dark hardwood floors.  Building amenities include a 24-hour concierge, a fitness center, a 15-seat theater room, a rooftop pool, a conference room and a community room.

"Prices in urban Dallas have remained fairly consistent, mostly because Dallas was never really a part of a huge housing bubble," says John C. Weber of Hickman + Weber Real Estate Group, Ebby Halliday Realtors.

Denver

• 4 bedrooms, 2 baths
• 1,812 square feet
• Year built: 1951
• Price: $225,000

This renovated home has a finished basement with a family room, bedroom and bath.

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Detroit

• 3 bedrooms, 1.5 baths
• 1,968 square feet 
• Year built: 1951
• Price: $238,000

This updated ranch house in Grosse Pointe Woods, a suburb about 10 miles from downtown Detroit, has hardwood floors, a fireplace, new windows and a large, walk-up, unfinished attic. "Last year, the listed price would have been $260,000,” real-estate agent Kay Agney of Higbie Maxon Agney Inc. says. “It's a reflection of the declining market due to foreclosures and the poor health of the automotive industry."

Las Vegas

• 3 bedrooms, 2 baths
• 1,612 square feet on a 4,800-square-foot lot
• Year built: 2000
• Price: $215,000

Last year, this home was listed at $259,900 and sold for $262,000 in six days. "Throughout the Las Vegas market, there are 19,883 single-family homes on the market. Of those, 27% are bank-owned properties," says Delinda Crampton, a real-estate agent at Prudential Americana Group Realtors.

Los Angeles

• 3 bedrooms, 1 bath
• 1,200 square feet on a 6,500-square-foot lot
• Year built: 1946
• Price: $199,900

One year ago, this property was valued at $450,000.

New York City

• 300-square-foot studio apartment
• Year built: 1920
• Price: $229,000

This unit is in a small co-op building with a 24-hour doorman. It has hardwood floors and is close to Grand Central Station.

"This particular segment of the New York market  — $200,000 to $400,000 — has fared very well and not experienced the same level of downturn as the rest of the market, possibly because the buyers are less asset-sensitive," says real-estate agent Cynthia Crowley of Olshan Realty. Similar units have sold for between $230,000 and $290,000 over the last year, depending on the view and condition, she says./

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Phoenix

• 4 bedrooms, 2.5 baths, 3-car garage
• 2,885 square feet on a 0.22-acre lot
• Year built: 2004
• Price: $235,000

This bank-owned property has a large kitchen, a walk-in pantry, mountain views and a pool.  "The average days on the market for all the single-family homes sold in the Phoenix metro area in this price range since January 2009 has been 88 days. Of those sales, 52% were foreclosures," says real-estate agent Carlos J. Ramirez of SmartAZ Realty.

Seattle

• 3 bedrooms, 2.5 baths
• 1,440 square feet on a 2,483-square-foot lot
• Year built: 2002
• Price: $224,950

This fixer-upper has a walk-in closet, vaulted ceilings and skylights.

"Markets in this area have been down about 11.4% from 2008 to 2009," says Nate Thornton of Windermere Real Estate. "Last year at this time, a similar-sized home nearby was asking $254,950 and sold for $254,000 after 77 days on market." 

Throughout Seattle, in most price ranges, foreclosures and short sales account for about 20% to 30% of the inventory. "The major effect on the housing market is that the foreclosure/short-sale properties have depressed prices, making it difficult for homeowners looking to move up to sell their home in order to purchase their next home, thus affecting the market as a whole," Thornton says.

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