What Will $400,000 Buy Today?

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5. What will $400k buy: Denver

Price: $400,000

Overview: Located in the Denver suburb of Parker, Colo., this tricked-out contemporary is a former model home/sales office that has never been occupied. "They probably spent $40,000 on upgrades in this house," says Silvio DeBartolomeis, vice president of sales and marketing for Colonnade Communities. The house, built in 2003, originally listed at $480,000, he says. A family room with an 18-foot vaulted ceiling and three-sided fireplace opens to the kitchen, which has a bar, granite tile countertops, maple cabinets, a chef's island, flat-top range, double ovens, decorator backsplash and breakfast nook.

Cherry wood floors extend throughout the first level. The master bedroom on the main floor has a gas fireplace, his-and-hers closets and a bath with travertine marble, soaking tub, separate shower with bench and water closet. An upstairs loft area with a computer station overlooks the family room. The finished basement has a recreation room with granite bar, recessed lighting, built-in entertainment center and a full bath.

Amenities

• 4 bedrooms/3½ baths
• 3,441 square feet
• 1/8 acre lot

Features: Split staircase with view of family room, built-in microwave, butler's pantry, covered patio, two-car garage and laundry room with utility sink and built-in storage.

Listed by: Koelbel and Co.

Price trend: "With $400,000, you could go from a loft downtown to a smaller home," something 70 to 80 years old within Denver proper, says DeBartolomeis. Or you can go to the suburbs and find something newer with 3,000-plus square feet, he says. "You can go way into the country" and get a house with a few acres around it, he says.
The median home price in the Denver-Aurora metro area was $219,300 in 2008, according to figures from the National Association of Realtors. On average, home prices dropped 10.6 percent during the year.

"If houses are in good shape and priced properly, they're moving," says DeBartolomeis. "In Denver as a whole, we're starting to come out of the big real estate depression faster than a lot of communities are. We're still in a declining market, but it's one of the least declining markets out there. The $250,000 market is hot here. We're starting to see multiple offers on properties in that price range, which is really mind-boggling."

6. What will $400k buy: Fort Wayne, Ind.

Price: $396,900

Overview: Property description: This traditional two-story home, with five bedrooms and seven bathrooms on a wooded half-acre lot, was built in 1994. The eat-in kitchen, dining room and great room flow together in this open floor plan. The kitchen features cherry cabinets, granite countertops, Jenn-Air flattop range with grill, double ovens, and tile floors, island and breakfast nook with a built-in china cabinet. The dining room sports a wet bar, butler's pantry and built-in planning desk. The great room features wood-burning fireplace, bay window and wood accents. A glassed-in four-season room with heat and air opens to deck. Separate den with built-in bookcases is "just a nice quiet get-away," says Doug Howell, broker with Century 21 Bradley Realty Inc. Upstairs, the large master suite has a bath with jetted tub, separate shower and "monster walk-in closet," he says.

Amenities

• 5 bedrooms/7 baths
• 3789 square feet
• 0.55 acre

Features: Two-story foyer, formal living room, each bedroom has its own bathroom, downstairs den with built-in bookcases, nine-foot ceilings and crown molding, high-efficiency gas furnace, central vacuum, security system, lawn sprinkler system and wooded lot.

Listed by: Century 21 Bradley Realty Inc.

Price trend: In Fort Wayne $400,000 will buy a top-of-the-line home, says Howell. At that level, buyers will be looking at finished basements, wet bars, granite countertops, security systems, three- to four-car garages and 3,000-plus square-feet on a half-acre lot, he says. Many of the newer homes will have open floor plans, vaulted ceilings and a lot of glass, he says. In addition, many of the master suites will feature bathrooms with multihead or steam showers.
In Fort Wayne, commuters can travel from one end of the city to the other in a half-hour, says Howell, so buyers can choose from several golf course communities, or areas where they can have wooded lots.

The median home price in the area was $92,600 in 2008, down 2.5 percent from the previous year, according to the National Association of Realtors. Sales across the state are off 20 percent. "In the four-hundreds would be the upper end of the market," says Howell. In that price range, you're looking at a pretty nice house."

7. What will $400k buy: Garden City, Kan.

Price: $395,000

Overview: This 2-year-old traditional ranch has seven bedrooms and three baths. Carpeted living room has tile hearth with hardwood mantle flanked by windows. Formal dining room with arched window and tile floor comfortably seats eight. Master bedroom suite sports carpeting and wood trim, along with master bathroom that includes corner garden tub, separate shower and tile floor. Great room/game room with tile floor and lighted ceiling fan, offers space for a pool table, dining area and large entertainment center and opens to deck. House decorated with neutral tones.

Amenities

• 7 bedrooms/3 baths
• 2,443 square feet
• 0.27-acre lot

Features: Built-in microwave; custom window treatments; finished basement; deck and two-car garage plus adjacent storage area.

Listed by: Home Town Real Estate P.A.

Price trend: In Garden City $400,000 will buy a home at the top of the market, says Christina Becker, broker/owner of MBA Real Estate. "You're going to get a very nice house for $400,000 here," she says
"Usually, you'll get the jetted tub or garden tub, one or two fireplaces, the three-car garage," she says. With "a lot of our new construction, you could get a brand new house for $300,000 with no finish in the basement," says Becker. "If you finish the basement, you could get it for $400,000."

In the farming community, which is populated by an abundance of small family farms, "things aren't really as expensive as in the bigger cities," she says. The 2008 median home price is roughly $109,516, according to the Garden City Board of Realtors.

In Kansas home sales declined 14.3 percent in 2008, according to the National Association of Realtors. In Garden City sales are down too -- mainly because there aren't many homes for sale, says Becker. "We don't have the inventory," she says. "Last year, we probably had twice as many houses on the market."

But prices "have remained stable," she says, adding that the area didn't go through the wild swings in appreciation and depreciation that some other parts of the country have experienced.

8. What will $400k buy: Houston

Price: $400,000

Overview: This brand-new house was built in the style of a Victorian era New Orleans town house, complete with white columns and wrought iron railings. The first floor features crown molding and hardwood floors throughout. Architectural columns separate the formal living and dining room, which has a reproduction Victorian-era chandelier and adjacent built-in wine bar. The kitchen, with breakfast bar, pendant lighting, granite countertops, tumbled marble backsplash, white cabinets and stainless Bosch appliances, opens to a great room with gas fireplace and built-in bookcases. The master suite features a bathroom with jetted tub, separate shower and stone countertops. The property, located in a historic Houston neighborhood, has a detached two-car garage and fenced yard.

Amenities

• 3 bedrooms/2 ½ baths
• 2,482 square feet
• 0.06 acre

Features: Wide front porch with wrought iron railings and trim, wrought iron interior staircase, ceiling fans, study/library, built-in microwave, zoned cooling system and alarm system.

Listed by: Semmler Pollard Properties

Price trend: When it comes to buying in Houston, it's all location, location, location.
In the tony inner loop of the city, $400,000 will generally buy a smaller, older home, says Stefanie Pollard, a partner with Semmler Pollard Properties. "If you go further out, you can get a McMansion for $400,000. You can travel for an hour, you're still in Houston, and you can get a huge house."

In the Houston area home prices were fairly level in 2008. The average home decreased six-tenths of one percent in value, according to the National Association of Realtors. The 2008 median home price is $151, 600.

"People come in on relocation and say 'I'm going to get a bargain,'" Pollard says. "Well, not so much." Some neighborhoods that experienced 10 percent price drops started with high-end prices, "so a 10 percent drop is not the end of the world," she says. Some of the older established in-town neighborhoods may have a more limited supply than the suburbs.

"There are some bargains, but you really need to know the market," says Pollard. "You have to know what you're doing."

9. What will $400k buy: Las Vegas

Price: $400,000

Overview
This Italianate single-story in a gated community was built in 2004. An open floor plan combines living, dining and kitchen areas, which look out to a patio via two banks of full-length windows. Living area has a gas fireplace with cherry hearth, as well as a built-in entertainment center with flat-screen TV. The kitchen features a skylight, granite counters, cherry cabinets, island, walk-in pantry, dining nook, double oven and glass block windows. Master bedroom has a bay window with sitting area and plantation shutters. Master bathroom has a garden tub and separate glassed shower, glass block window and water closet. House is in an age-restricted community: Anyone can buy, but at least one resident must be 55 or older. Monthly fee of $219 covers manned security gate and patrols, plus access to community center with pools, spa, tennis, fitness center, library and activities.

Amenities

• 2 bedroom (plus den)/2 bath
• 2,076 square feet
• 0.15 acre

Features: Tile floors throughout the home’s public areas; den (or third bedroom); transom windows in dining area; water filter and water conditioner; alarm system; covered patio with trellises and synthetic grass; and two-car garage.

Listed by: Award Realty

Price trend: Since this time last year in Las Vegas, prices have fallen, says Karen Bye, a Realtor with Award Realty.
In 2008, prices in the Las Vegas-Paradise area declined 25.9 percent to $220,500, according to the National Association of Realtors.

A big factor: foreclosures and short sales, which some title companies estimate make up between 80 percent and 90 percent of the current market, says Bye. Some buyers are finding homes that originally sold for $800,000 marked down to $400,000, or condos on the strip that originally sold for as much as $1.2 million listing at $400,000 to $500,000. "You could never do that before," she says.

"The trick is you have to find the deals," says Bye, but price doesn't always indicate the whole cost. Those particular million-dollar condos come with association fees that run $1,200 to $1,900 a month, she says.

And with many of the short sales, some banks are dropping prices but not accepting any of the offers, she says.

Locate a willing buyer, and "you can find some beautiful properties," says Bye. "You can certainly find a three- or four-bedroom home for $400,000 anywhere in the city."

10. What will $400k buy: Little Rock, Ark.

Price: $399,900

Overview: This one-year-old traditional two-story is a 25-minute drive to downtown Little Rock, says Deana Wadkins, Realtor with Coldwell Banker Rector Phillips Morse. The main level features tile floors, arched doorways and faux exposed beams. A two-story foyer opens to large formal dining room with chair railing. Living room with tiled hearth and wood burning fireplace opens to kitchen with barrel ceiling and clerestory windows, granite countertops, center island, double ovens, oak cabinets, undercounter lighting and two walk-in pantries. The true master suite includes large bedroom with two walk-in closets, separate sitting room with wood-burning fireplace, and separate office, along with a master bathroom that includes a jetted tub, oversized tiled shower and double vanity. The fenced property can accommodate horses.

Amenities

• 5 bedroom/4 bath
• 5,180 square feet
• 5 acre lot

Features: Laundry room off the kitchen, large game room with barrel ceiling, landscaped patio with brick architectural features, fenced lot with mature trees, attached two-car garage and detached 10-car garage with storage and covered breeze way.

Listed by: Coldwell Banker Rector Phillips Morse

Price trend: For $400,000, buyers can get into some of Little Rock's top markets, says Robin Miller, president of Coldwell Banker Rector Phillips Morse.
In the downtown area, buyers can choose new upscale two-bedroom condos with river views, says Gary Goldsby, residential sales associate with the company. Or they can buy an antebellum home in the historic district. In that price range, it will be "in pretty good shape, but not completely modernized," he says. "Most people personalize them to some degree."

In the suburbs, that price will purchase a new or fairly new 3,500- to 4,000-square-foot house, perhaps in one of the planned communities or something slightly smaller in a gated community. Finishes would be top-of-the line including upscale appliances, master suite with jetted tub, hardwood floors and granite counters, he says.

In 2008, median home prices fell one-half of 1 percent to $129,800, according to the National Association of Realtors.

In the $400,000 price range, says Goldsby, buyers will get about 10 percent more house this year.

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