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
MarketJob CostResale ValueCost Recouped
National Average$69,173$51,97975%
Atlanta62,65057,09891
Boston78,20971,42891
Buffalo, N.Y.68,16940,52059
Chicago82,24167,98883
Cincinnati68,46246,57768
Cleveland73,52644,69161
Columbus, Ohio66,82126,77340
Dallas60,55636,25060
Denver64,40439,78362
Detroit73,01546,43564
Houston63,04339,00062
Indianapolis66,81939,00058
Kansas City67,53739,58859
Los Angeles metro76,36485,163112
Los Angeles77,403110,877143
Orange Cty, Calif.75,32459,44879
Miami57,65450,00087
Milwaukee74,15465,15488
Minneapolis79,13361,96778
New Orleans58,11242,97574
New York metro75,01468,91992
Passaic, N.J.76,50253,75070
Nassau-Suffolk, N.Y.78,67466,53585
Fairfield-New Haven, Conn.69,86586,473124
Norfolk, Va.52,67531,40060
Orlando, Fla.73,63537,63451
Philadelphia72,96061,59284
Phoenix63,53331,66750
Pittsburgh69,25736,75053
Portland, Ore.71,50344,60062
Providence, R.I.69,72240,00057
Sacramento, Calif.75,71051,00067
Salt Lake City58,94832,54055
St. Louis74,49542,50057
San Antonio58,92743,50074
San Diego73,76958,75080
San Francisco metro84,36693,209110
San Francisco84,366105,000124
Oakland, Calif.84,36681,41797
Seattle75,40559,31179
Tampa, Fla.55,77532,50058
Washington metro59,58749,55983
Washington, D.C.64,46780,000124
Baltimore60,47139,42765
Richmond, Va.53,82429,25054

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
MarketJob CostResale ValueCost Recouped
National Average$131,471$100,92677%
Atlanta124,835113,33391
Boston142,506139,97198
Buffalo, N.Y.130,76985,50065
Chicago146,054121,51983
Cincinnati131,096103,33379
Cleveland136,52982,06660
Columbus, Ohio129,29959,88346
Dallas122,63370,00057
Denver126,68378,33362
Detroit136,17993,69569
Houston125,21972,00057
Indianapolis129,34673,00056
Kansas City129,99474,23857
Los Angeles metro138,714164,483119
Los Angeles140,205223,904160
Orange Cty, Calif.137,222105,06177
Miami119,63593,75078
Milwaukee137,254111,48581
Minneapolis144,976116,21780
New Orleans119,93783,74070
New York metro138,190129,45194
Passaic, N.J.139,85795,00068
Nassau-Suffolk, N.Y.141,939131,38893
Fairfield-New Haven, Conn.132,773161,964122
Norfolk, Va.114,07568,00060
Orlando, Fla.121,73769,37257
Philadelphia138,838114,76883
Phoenix120,59772,50060
Pittsburgh131,90073,75056
Portland, Ore.134,00381,66761
Providence, R.I.132,92780,40060
Sacramento, Calif.138,47794,00068
Salt Lake City120,91187,04072
St. Louis137,33683,33361
San Antonio120,899104,12786
San Diego136,685120,00088
San Francisco metro147,727152,875103
San Francisco147,727172,000116
Oakland, Calif.147,727133,75091
Seattle138,992115,62983
Tampa, Fla.117,49463,75054
Washington metro121,677104,82986
Washington, D.C.127,064158,333125
Baltimore122,63486,90471
Richmond, Va.115,33469,25060