Valuation

A nice kitchen/bath reno could certainly warrant a $75k increase in price . . . but you have to look at comps, not the seller's sunk costs, to determine if the price is fair.

so if comps saya the price s/b 300k but the other apts arent renovated......you should still stick wth 300k and not go up to 350k if renovations were 75k?

If an apartment last renovated 25 years ago is $300K, and this apartment had a $75K renovation a few years ago, then you should be willing to pay more for this apartment. Had it been done yesterday, I'd put a $75K premium on it. As time passes, the value of the renovation depreciates as it simply deteriorates. That "unrenovated" apartment was actually spankin' brand new many, many years ago. If I had to guess, I'd put depreciation at around 4-5% compounded (i.e., multiply by 0.95-0.96 for each year).

OP, if all you have to go by in the building are unrenovated comps, you can certainly add a premium for the reno -- but you should also be looking at renovated comps in similar buildings/locations. Also, the comps you should be looking at are sales that have closed recently, not asking prices, which could be aspirational.

And if the reno is recent, fairly unweathered, and to your taste (and it sounds like it is), I think you can avoid inonada's depreciation exercise.

Just to throw in, if a Sponsor Sale was done in 2005, it could have been a 2004 (or even 2003) contract price, no? Or was it a long established Coop/Condo rather than a new conversion?