Dumb Buyer or Lucky Seller?

what is your point? You are comparing unrenovated apts. to one that was renovated...given the reno and transaction costs, they hardly broke even...are you trying to pull another outlet scam on us?

After purchasing this apartment in its original condition, this seller reconfigured and completely renovated this unit to include significant additional storage space, and a much larger bathroom than any other unit currently available in this line-- specific features include: a walk-in 5' X 6' entryway closet, a floor-to-ceiling bathroom vanity, an expanded bedroom closet, and a lovely custom millwork bench designed to anchor the dining room table, with storage underneath. The windowed kitchen of this apartment now features all new stainless steel appliances including a nine-bottle wine cooler, a Misher + Paykel Fridge, and a four-burner gas F.lli Bertazonni stove--while all of the bathroom fixtures are rich nickel, including a magnifying mirror, train rack, and pivot mirror. Some other new features in this apartment include: wood floors in the living room and the kitchen, new HVAC units, custom millwork HVAC covers, and base moldings.

Apt_boy -- renovations account for what 100k? -- so bought it at 640 (540 + 100k)- so broke even on the transaction -- doesnt account for SELLING PRICE at 740 compared to RENOVATED apt at 630 -

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Hello McFly

$740k - $44.4k brokers fee - $100k reno - $25k trans costs for both sides = $570k (less tax since held for less than 2 years of about $15k) = total net of $550k on a $540k purchase

I am not commenting on whether it is properly priced, I am commenting on your comment of "not to mention its a 1 year flip for 200k" which is false, it is a 1 year flip for $10k

Of course, add $500 to the reno costs if the outlets don't work...

To come out flush on a one year (pre-Lehman) purchase is impressive enough.

Dipsht -- post is not about the aside -- it is about the comps -

just subtract $500 from the comp to fix the outlets

In "thin" markets (more buyers than sellers) I have found well renovated apartments command what are sometimes pretty stiff premiums. I am in the minority, however, in my opinion that it's possible to renovate an apartment (single unit) and make a profit as a result.

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David Goldsmith
DG Neary Realty