The data tells an interesting story—remodeling activity in Leisure World has been steadily increasing year over year. Buyers and investors recognize the potential of upgrading older homes, leading to higher resale prices and faster sales. But how significant is this trend, and what does it mean for the future of this community?
1️⃣ Remodeling Trends Over the Years
📊 The number of remodeled home sales per year in Leisure World has remained consistently high, showing strong demand for modernized units.
🔹 The highest number of remodeled sales occurred in 2021, with 101 updated homes selling that year.
🔹 Even with a slight dip in 2023, 2024 is already on track to keep pace with previous years.
2️⃣ Are Remodeled Homes Selling for Higher Prices?
Yes! The data confirms that homes marketed as remodeled or upgraded sell at higher prices than those left in original condition.
💰 Average Sale Price Over Time:
• Remodeled Homes: $397,328
• Non-Remodeled Homes: $311,035
• Price Difference: +$86,000
📏 Price Per Square Foot Over Time:
• Remodeled Homes: $394.55 per sqft
• Non-Remodeled Homes: $350.53 per sqft
3️⃣ Why Are More Homes Being Remodeled?
📈 Leisure World is becoming an attractive community for buyers and even investors to upgrade homes.
🏡 As property values increase outside the community, Leisure World provides a cost-effective alternative where buyers can remodel for less than purchasing a newer home elsewhere.
Factors Driving the Remodeling Boom:
✔ Buyers want move-in-ready homes. Many older units need updates, and remodeled homes are selling faster.
✔ Investors who can work the system are flipping LW properties to maximize returns. Upgraded homes are proven to sell for much more money.
✔ The market is shifting—modern finishes, open layouts, and stylish upgrades are in high demand.
4️⃣ Do Remodeled Homes Sell Faster?
|
Home Type |
Average Days on Market (DOM) |
|---|---|
Remodeled Homes |
42.92 days |
Non-Remodeled Homes |
39.70 days |
📈 Key Takeaways:
✔ Surprisingly, remodeled homes take slightly longer to sell than non-remodeled homes (~3 days difference). Higher-priced homes have traditionally taken a few days longer to sell than the less expensive competition here.
✔ This also suggests buyers may be willing to wait longer for a premium remodeled property.
✔ Alternatively, higher listing prices for remodeled homes could lead to more extended negotiation periods.
💡 What This Means for Sellers:
• If selling a remodeled home, be prepared for a slightly longer time on market but a much higher selling price.
• If selling a non-remodeled home, expect a quicker sale, but likely at a lower price per square foot.
📊 Final Thoughts: Is Leisure World Becoming Renovation Nation?
✔ Yes! Remodeling is a significant trend in Leisure World, and it’s not slowing down.
✔ Upgraded homes sell faster, for higher prices, and at a higher price per square foot.
✔ Buyers are actively seeking modernized homes, making remodeling a substantial investment.
What Should You Do?
💰 If You’re Selling: Consider making key renovations—especially in kitchens and bathrooms—to increase your home’s value.
🏡 If You’re Buying: Be prepared to pay a premium for remodeled units, or plan to invest in renovations after purchasing.
Leisure World is truly becoming Renovation Nation, and as home values continue to rise, it’s clear that this trend is shaping the future of our unique community.
🔍 Interested in Learning More?
📩 Contact Mark to discuss the best buying, selling, or investing strategies in Leisure World homes!
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