2002 Cost Vs. Value Report: Master Suite Addition

2002 Cost vs. Value Report

Master Suite Addition

Minneapolis remodeler Marty Schirber observes that potential homebuyers often are attracted to a house because of a feature they can’t imagine building for themselves. Case in point: a master suite, which Schirber calls “sanity space. It’s off limits to the rest of the family.”

“Most people don’t imagine deserving something like that,” Schirber says. “But if it comes with the house, they’ll go for it.”

Our upscale master suite project costs almost twice as much as the midrange project: $131,471 vs. $69,173. Real estate practitioners and appraisers estimate the projects return 77 percent and 75 percent, respectively.

PROJECT DESCRIPTIONS

MIDRANGE On a house with two or three bedrooms, add a 24-by-16-foot master bedroom suite over a crawl space. Include a walk-in closet or dressing area, whirlpool tub in a ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with a solid surface countertop. The bedroom floor is carpet; the bath floor is ceramic tile. Paint the walls, ceiling, and trim. The job includes general and spot lighting and an exhaust fan.

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

	MIDRANGE			UPSCALE
Market	Job Cost	Resale Value	Cost Recouped	Job Cost	Resale Value	Cost Recouped
National Average	$69,173	$51,979	75%	$131,471	$100,926	77%
Atlanta	62,650	57,098	91	124,835	113,333	91
Boston	78,209	71,428	91	142,506	139,971	98
Buffalo, N.Y.	68,169	40,520	59	130,769	85,500	65
Chicago	82,241	67,988	83	146,054	121,519	83
Cincinnati	68,462	46,577	68	131,096	103,333	79
Cleveland	73,526	44,691	61	136,529	82,066	60
Columbus, Ohio	66,821	26,773	40	129,299	59,883	46
Dallas	60,556	36,250	60	122,633	70,000	57
Denver	64,404	39,783	62	126,683	78,333	62
Detroit	73,015	46,435	64	136,179	93,695	69
Houston	63,043	39,000	62	125,219	72,000	57
Indianapolis	66,819	39,000	58	129,346	73,000	56
Kansas City, Mo.	67,537	39,588	59	129,994	74,238	57
Los Angeles area	76,364	85,163	112	138,714	164,483	119
Los Angeles	77,403	110,877	143	140,205	223,904	160
Orange County, Calif.	75,324	59,448	79	137,222	105,061	77
Miami	57,654	50,000	87	119,635	93,750	78
Milwaukee	74,154	65,154	88	137,254	111,485	81
Minneapolis	79,133	61,967	78	144,976	116,217	80
New Orleans	58,112	42,975	74	119,937	83,740	70
New York area	75,014	68,919	92	138,190	129,451	94
Passaic, N.J.	76,502	53,750	70	139,857	95,000	68
Nassau-Suffolk, N.Y.	78,674	66,535	85	141,939	131,388	93
Fairfield-New Haven, Conn.	69,865	86,473	124	132,773	161,964	122
Norfolk, Va.	52,675	31,400	60	114,075	68,000	60
Orlando, Fla.	73,635	37,634	51	121,737	69,372	57
Philadelphia	72,960	61,592	84	138,838	114,768	83
Phoenix	63,533	31,667	50	120,597	72,500	60
Pittsburgh	69,257	36,750	53	131,900	73,750	56
Portland, Ore.	71,503	44,600	62	134,003	81,667	61
Providence, R.I.	69,722	40,000	57	132,927	80,400	60
Sacramento, Calif.	75,710	51,000	67	138,477	94,000	68
Salt Lake City	58,948	32,540	55	120,911	87,040	72
St. Louis	74,495	42,500	57	137,336	83,333	61
San Antonio	58,927	43,500	74	120,899	104,127	86
San Diego	73,769	58,750	80	136,685	120,000	88
San Francisco area	84,366	93,209	110	147,727	152,875	103
San Francisco	84,366	105,000	124	147,727	172,000	116
Oakland, Calif.	84,366	81,417	97	147,727	133,750	91
Seattle	75,405	59,311	79	138,992	115,629	83
Tampa, Fla.	55,775	32,500	58	117,494	63,750	54
Washington, D.C., area	59,587	49,559	83	121,677	104,829	86
Washington, D.C.	64,467	80,000	124	127,064	158,333	125
Baltimore	60,471	39,427	65	122,634	86,904	71
Richmond, Va.	53,824	29,250	54	115,334	69,250	60