Mega Tribune: Real Estate

Great homes for $125,000 or less

Who says you can't afford to buy a house?
Thanks to the Great Recession and the tanking of the real-estate market nationwide, a lot of attractive properties are available for $125,000 or less. Of course, part of the deal is that you may have to relocate to a distressed city like Las Vegas, to smaller markets or to the countryside.
But think of it: A $125,000 home purchase, with $20,000 down and a 30-year, fixed-rate mortgage at 4.86% — the national average in mid-April — could cost you just $685 per month in mortgage payments. That's probably less than the rent on the apartment you're in.
With help from partner Realtor.com, we've found 13 great homes for $125,000 or less around the nation. Spin through our slide show, then ask yourself if you, too, could see yourself in Vegas, baby. Or Atlanta. Or Akron, Ohio. There could be a moving van in your future.

Upstate living

Location: Tonawanda, N.Y.
Size: 1,763 square feet
Price: $110,000

Looking for suburban living at a great price around Buffalo, N.Y.? This cute, three-bedroom, one-bath home is in Tonawanda, just north of the city. The home boasts vinyl windows, a large kitchen and a fireplace — but what really sets it apart is its double-deep, fenced backyard. A large deck encourages barbecues and backyard Olympics.

Nebraska starter

Location: Lincoln, Neb.
Size: 1,316 square feet
Price: $124,900

Is work transferring you to Nebraska's capital, Lincoln? Check out this three-bedroom, 1.75-bath home. Built in 1999, the home has 986 square feet on the main level and an additional 330 square feet in the finished basement. The backyard is large and has a privacy fence and shed. It's also within walking distance of a grade school and local shopping.

Minnesota classic

Location: Minneapolis
Size: 1,104 square feet
Price: $124,900

Sometimes it's pretty startling what you can get for your money, like this well-cared-for 1926 bungalow in Minneapolis' Victory neighborhood. While the home is modest — just 1,104 square feet, not counting a basement room — it's really handsome. Refinished hardwood floors cover the ground level. Craftsman-style woodwork and antique-style sconces line the walls. The three-bedroom, one-bath home also has a brick fireplace and a fenced backyard.

Hoosier home

Location: Indianapolis
Size: 2,288 square feet
Price: $125,000

Looking in Indianapolis? Look in on this home in the Little Flower neighborhood, on the east side of town. This 1932 bungalow is larger than it looks, with 2,288 square feet of living space, including three bedrooms and one bath. The home has restored hardwood floors, and the large kitchen has been updated with maple cabinets. The neighborhood is great for strolling, with lots of maturing trees, and schools and churches are nearby.

Desert magic

Location: Albuquerque, N.M.
Size: 1,505 square feet
Price: $123,375

Ever think you could buy a home for less than $125,000 in a gated community? You can in Albuquerque, and it's not even a short sale. This three-bedroom, two-bath home, built in 2003, has a smart floor plan with two living areas, a family room with a fireplace, and vaulted ceilings with ceiling fans. The large master suite has its own bath with a garden tub and separate shower. A community park is nearby.

Jackpot in Vegas

Location: Las Vegas
Size: 2,169 square feet
Price: $125,000

Here's one place your money goes a long way in Las Vegas: real estate. Hammered by the housing crash, some sellers are practically giving their homes away. This home has five bedrooms, three full baths and 2,169 square feet of room. Among the amenities are custom fixtures and a big, fenced-in backyard.

Deal in Detroit

Location: Detroit
Size: 2,771 square feet
Price: $124,900

Detroit has really taken a beating in the past several years, losing thousands of residents. But the city's loss can be your gain. This Tudor-style home in the Sherwood Forest neighborhood is listed for just $124,900 — with four bedrooms, 2.5 bathrooms and 2,771 square feet of living space. The living room has a fireplace, and so does one of the bedrooms. The home also features an oversized kitchen and original molding, and it sits on 1½ lots, so there's plenty of room for kids.

NOLA living

Location: New Orleans
Size: 1,580 square feet
Price: $125,000

Looking to live in the Big Easy? You could do a lot worse than this well-priced home, located near the University of New Orleans, Southern University at New Orleans and Lake Pontchartrain. The brick home has been renovated with hardwood floors throughout and double-insulated windows. It has three bedrooms and two baths, plus a great front porch and a fenced backyard with a large patio and shed.

Master-planned in Arizona

Location: Anthem, Ariz.
Size: 1,370 square feet
Price: $124,900

Short sales are often where the deals are, and this one is in Anthem, one of Arizona's premier master-planned communities. This three-bedroom, two-bath home has 1,370 square feet. That may not sound like a lot, but there's also a big yard and a 2½-car garage with custom cabinets. The home sits on a cul de sac within walking distance of a play park and a scenic mountain trail.

Rocky Mountain starter

Location: Colorado Springs, Colo.
Size: 1,584 square feet
Price: $125,000

Looking for life in Colorful Colorado? Drop in on this two-bedroom, two-bath home in Colorado Springs. The 1,584-square-foot home has upgrades such as refinished hardwood floors, a high-efficiency furnace and a remodeled bathroom. Out back is a deck in the large, fenced-in yard. Shopping, schools, restaurants and parks are only a few minutes away.

Virginia bungalow

Location: Norfolk, Va.
Size: 1,028 square feet
Price: $122,500

Have you always dreamed of having a home with a picket fence? Here's your chance. This modest bungalow has all you need to get started in homeownership, beginning with that picket fence and a wide front porch. In the fenced backyard are a large deck and a shed. Inside the home are two bedrooms, one bathroom and several recent updates.
Still not enough to entice you? Maybe the $5,000 closing-cost assistance will.

Made in Massachusetts

Location: Springfield, Mass.
Size: 1,106 square feet
Price: $124,500

What isn't new in this Cape Cod-style home? It has a new roof, a new high-efficiency heating system, an updated bathroom and a fresh coat of paint. Adding to its appeal, the two-bedroom, one-bath home also has hardwood floors throughout, an unheated "three-season room" in the back and a fenced-in backyard. The friendly East Forest Park neighborhood has lots of families, and everybody knows everybody.

Ohio beauty

Location: Akron, Ohio
Size: 1,527 square feet
Price: $116,900

This classic Cape Cod in Akron may be the biggest steal of all. The three-bedroom, one-bath home has hardwood floors in several main-floor rooms, big vinyl windows that allow lots of natural light, and a contemporary finished basement. The kitchen and bath feature updates and a neutral décor. Outside of the 1,527-square-foot home are a patio, plantings, a pond, a two-car garage and a private, fenced backyard.

Mark Zuckerberg is, at age 26, on the young side for a first-time home buyer these days. But the Facebook cofounder and chief executive isn’t exactly stretching financially to make his first purchase. Valued at $13.5 billion, and with a persona made famous by the Oscar-winning film The Social Network, Zuckerberg recently plunked down a relatively paltry $7 million for his first home.

The restored historic Palo Alto, Calif. abode encompasses 5,617 square feet on a 17,100 square-foot plot. It includes five bedrooms, five and a half baths, a banquet-size dining room, a music alcove and glassed-in porch. The backyard has a saltwater pool, a spa, an outdoor gazebo with a wood-burning fireplace and a carport. The lot, located on Edgewood Drive in the Crescent Park neighborhood, is shielded from nosy neighbors and gawkers by a wall and citrus trees. Crescent Park itself is a high-end neighborhood where median single-family homes went for an average of $1.9 million in February, according to the Zillow Home Value Index.

The young billionaire’s new pad hails from an earlier structure erected by William A. Newell, a physician and politician who helped establish and govern the area in the late 19th century. It was razed and rebuilt by another physician in 1903. Since then, it changed hands roughly seven times, going through several remodelings, before being acquired by the social media entrepreneur.
The property was listed through Sherry Bucolo of Alain Pinel Realtors. Both Bucolo and Facebook declined to comment on the sale, but public records indicate the deal closed in mid-March. As with most real estate transactions involving rich and famous homebuyers, the sale was conducted through a third party LLC.
The young billionaire has long been a fan of renting and of relatively modest digs. His last two places were rentals in the College Terrace neighborhood of Palo Alto, both of which were close to Facebook’s offices and significantly smaller than the new home.

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