For two identical units, one floor apart, what is the premium for a renovated kitchen (granite counters, maple cabinets, ceramic floors, medium end appliances, d/w) and renovated bath (floor to ceiling tile, granite counters, full size w/d (gas), jacuzzi bath), assuming the renovation is to your taste. The unrenovated unit has smaller kitchen and bath, no d/w or w/d and decor is circa 1980.

The units are not identical if one unit has a smaller kitchen and bath. That plays a part in the price besides the renovation. I think the premium depends on how old the renovation is, the estimated cost of the renovation and the cost of your time to do a similar renovation in addition to it being a larger apartment.

Are both the units on the market at the same time? Because we see customers trying to use sold comps when one unit is renovated and one is not, and in some neighborhoods, the inventory is so tight it's hard to make that relevant.

Assuming that both the units are on the market at the same time, and they're around 1,000 sf (kinda groping in the dark here) I'd say $10K for the higher floor unit plus $20K for its W/D, plus $20K for the fact that it has been renovated. Plus it will sell much, much faster.

But notice I'm only pricing in the renovation at about half what it probably cost the owners to do.

This is a rough guesstimate, I could be more exact if I actually saw the properties.

ali r.
DG Neary Realty

REMom - do you have links to the properties? seeing some photos might help.

if the renovation works for you and is in great condition, price it at 75% of what it would cost. as per Primer - $25K for bath, $35K for kitchen, $5K for w/d, $10K for other stuff. $75K X .75 = $56K