2011 Homebuying and selling
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What will $200,000 buy: Lima

Real Estate » 2011 Homebuying and selling » What will $200k buy? » Lima

The sales pitch
This 23-year-old contemporary home, just southwest of downtown Lima, features hardwood floors and floor-to-ceiling windows throughout the first level. The family room has a stone hearth and recessed lighting. It opens to a large kitchen with oak cabinets, tile floor and adjacent dining room. The formal living room overlooks the deck.

Price: $199,000
Area median price: $74,500 (down 6.8 percent from one year earlier), according to the West Central Association Of Realtors
Amenities
4 bedrooms/2.5 baths
Approximately 2,525 square feet
Approximately .25 acre lot
Features
Great room with stone hearth
Hardwood floors
Finished basement with wet bar
Listed by: Cowan Realtors

"The custom finishes and versatile floor plan" are what make the house special, says Brian DePalma, agent for Cowan Realtors.

The carpeted master suite has his-and-hers closets and a master bath with a garden tub, separate shower and dual vanity.

The house has a finished basement with full wet bar and a two-car garage.

The city's name is pronounced LIME-uh.

What else you can get for $200,000
With $200,000 to spend, buyers have "a fairly wide selection" in Lima, says Neal Obringer, president of the West Central Association of Realtors.

In the suburban areas, buyers will find homes with 1,800 to 2,400 square feet, three to five bedrooms and often a finished basement. And "most of them were built within the last 20 years," he says.

Buyers could also pick up a downtown fixer-upper for much less than $200,000. But restored homes in Lima's historic district typically go for $250,000 and up, he says.

If buyers want a little more land and a little less house, they can go less than 10 miles outside of town and pick up a spread with 2 to 7 acres, sometimes with a pond or in-ground pool, he says.

Today's buyers are getting a lot more for their money than they would have just a few years ago, Obringer says. "You're getting larger homes. Before you were getting three-bedrooms -- a lot of them without finished basements. Whereas now you're getting three to five bedrooms, with finished basements. And a lot of them are finished with wet bars, game rooms and extra bedrooms. Some of them you'd consider a mother-in-law suite."

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