2002 Cost vs. Value Report

Minneapolis remodeler Marty Schirber observes that potential home buyers often like some feature of a house simply because it's something they couldn't imagine building for themselves. One such example is a master suite, which Schirber calls "sanity space."

"It's off limits to the rest of the house," Schirber says. "Most people don't imagine themselves deserving something like that, but if it comes with the house, well, they'll go for it."

Our upscale master suite project costs almost twice as much as the mid-range project: $131,471 vs. $69,173. Real estate agents and appraisers estimate they bring back a comparable return: 77% and 75% respectively.

Project description

Mid-range: On a house with two or three bedrooms, add a 24-by-16-foot master bedroom suite over a crawl space. Include walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface countertop. Bedroom floor is carpet; bath floor is ceramic tile. Painted walls, ceiling, and trim. General and spot lighting, exhaust fan.

Mid-range
Market Job Cost Resale Value Cost Recouped
National Average $69,173 $51,979 75%
Atlanta 62,650 57,098 91
Boston 78,209 71,428 91
Buffalo, N.Y. 68,169 40,520 59
Chicago 82,241 67,988 83
Cincinnati 68,462 46,577 68
Cleveland 73,526 44,691 61
Columbus, Ohio 66,821 26,773 40
Dallas 60,556 36,250 60
Denver 64,404 39,783 62
Detroit 73,015 46,435 64
Houston 63,043 39,000 62
Indianapolis 66,819 39,000 58
Kansas City 67,537 39,588 59
Los Angeles metro 76,364 85,163 112
Los Angeles 77,403 110,877 143
Orange Cty, Calif. 75,324 59,448 79
Miami 57,654 50,000 87
Milwaukee 74,154 65,154 88
Minneapolis 79,133 61,967 78
New Orleans 58,112 42,975 74
New York metro 75,014 68,919 92
Passaic, N.J. 76,502 53,750 70
Nassau-Suffolk, N.Y. 78,674 66,535 85
Fairfield-New Haven, Conn. 69,865 86,473 124
Norfolk, Va. 52,675 31,400 60
Orlando, Fla. 73,635 37,634 51
Philadelphia 72,960 61,592 84
Phoenix 63,533 31,667 50
Pittsburgh 69,257 36,750 53
Portland, Ore. 71,503 44,600 62
Providence, R.I. 69,722 40,000 57
Sacramento, Calif. 75,710 51,000 67
Salt Lake City 58,948 32,540 55
St. Louis 74,495 42,500 57
San Antonio 58,927 43,500 74
San Diego 73,769 58,750 80
San Francisco metro 84,366 93,209 110
San Francisco 84,366 105,000 124
Oakland, Calif. 84,366 81,417 97
Seattle 75,405 59,311 79
Tampa, Fla. 55,775 32,500 58
Washington metro 59,587 49,559 83
Washington, D.C. 64,467 80,000 124
Baltimore 60,471 39,427 65
Richmond, Va. 53,824 29,250 54

Upscale: Add a spacious sleeping area with lounging/sitting room adjacent to large master bath. Include custom bookcases, woodworking details, and built-in storage; high-end gas fireplace with stone hearth and custom mantle; and large walk-in closet/dressing area with natural light, mirrors, and linen storage. The sound-proofed suite, with in-floor heating, includes a hospitality center with sink, refrigerator, and custom cabinetry.

Upscale
Market Job Cost Resale Value Cost Recouped
National Average $131,471 $100,926 77%
Atlanta 124,835 113,333 91
Boston 142,506 139,971 98
Buffalo, N.Y. 130,769 85,500 65
Chicago 146,054 121,519 83
Cincinnati 131,096 103,333 79
Cleveland 136,529 82,066 60
Columbus, Ohio 129,299 59,883 46
Dallas 122,633 70,000 57
Denver 126,683 78,333 62
Detroit 136,179 93,695 69
Houston 125,219 72,000 57
Indianapolis 129,346 73,000 56
Kansas City 129,994 74,238 57
Los Angeles metro 138,714 164,483 119
Los Angeles 140,205 223,904 160
Orange Cty, Calif. 137,222 105,061 77
Miami 119,635 93,750 78
Milwaukee 137,254 111,485 81
Minneapolis 144,976 116,217 80
New Orleans 119,937 83,740 70
New York metro 138,190 129,451 94
Passaic, N.J. 139,857 95,000 68
Nassau-Suffolk, N.Y. 141,939 131,388 93
Fairfield-New Haven, Conn. 132,773 161,964 122
Norfolk, Va. 114,075 68,000 60
Orlando, Fla. 121,737 69,372 57
Philadelphia 138,838 114,768 83
Phoenix 120,597 72,500 60
Pittsburgh 131,900 73,750 56
Portland, Ore. 134,003 81,667 61
Providence, R.I. 132,927 80,400 60
Sacramento, Calif. 138,477 94,000 68
Salt Lake City 120,911 87,040 72
St. Louis 137,336 83,333 61
San Antonio 120,899 104,127 86
San Diego 136,685 120,000 88
San Francisco metro 147,727 152,875 103
San Francisco 147,727 172,000 116
Oakland, Calif. 147,727 133,750 91
Seattle 138,992 115,629 83
Tampa, Fla. 117,494 63,750 54
Washington metro 121,677 104,829 86
Washington, D.C. 127,064 158,333 125
Baltimore 122,634 86,904 71
Richmond, Va. 115,334 69,250 60