Premium for renovation by well-known architect?
Started by SEJunkie
over 15 years ago
Posts: 36
Member since: Nov 2009
Discussion about
What's the sales price premium for an apartment renovated by a well-known architect? 5%? 10%? 20%?
more;much more! you will then be involved with a celebrity contractor using all the celebrity resources and suppliers.
ooops; i jumped too fast. Thought you were asking for the renovation cost differential.
I will now wait for the real estate experts to answer your question.
"Well known" to whom, and for what? Are we talking Peter Eisenman here, or Fabruccio Blutberg?
BT - point taken. Let's say "known" architect, at least, known among peers. Let's say it's an architect who has done two or three dozen apartment renovations in Manhattan over the past several years, has a team working for him and has built a reputation, at least among peers. He also has a consistent and recognizable style. Would a renovation by such an architect command a premium compared to a similar apartment that was renovated with same quality materials but in a standard way?
SEJunkie — we're creating a new mini sub-sub-category of "celebrity" of anything in a field where only a craftmanssship counts. A branding in apartment renovation should not exist, in my opinion, just the quality.
Pretend you have no idea who this architect is, and just see the quality. But there's no way there should be any premium on a name. It's brokers' invention.
If you do not like the design of the well known architect you probably will not buy the unit so there should be no premium. It is more of something to "brag" about.
Salut and csn, thanks for your thoughtful comments. I tend to agree with you. Name shouldn't count unless it indicates some other quality. Craftsmanship should count. But what about good design, which, of course, is in the eye of the beholder? Is there a premium for good design?
SEJunkie: You may have to further elaborate on what you consider "good design". If an architect builds a house from scratch - yes, there are so many ways it could be designed. If an architectt is working within the shell of an existing apartment - there are usually more limits to the way the space could logically lay out (but could be suited very specifically to the client). "Enhancements" to the space then become "good design"- extraordinary finishes, rare materials, details that are expensive to achieve, understood and admired by some, totally meaningless to others.
For example, walls built without base moldings. Very clean, modern look. More to the point, VERY difficult and expensive to achieve, because there is no hiding imperfection under a molding. There are obviously people who would pay for this level of perfection, and those who would just want to install a beautiful base molding (though, granted, they probably wouldn't have looked at this apartment in the first place).
Or, walls with a 1" reveal at the base - something that museums, and architects love. Makes the wall "float". Others may see it as a good place for dust to collect.
Or, configuring very large rooms - which adds (IMHO) to the gracious design of an apartment. Good design? Yes. Unless the buyer doesn't understand why there's only one bedroom in a (non-loft) 1,800sf aparmtent.
no more than the architects fee. Say $100-150K. Sometimes, if the renovation is too personalized, you will have to take a discount.
Only worth it if they have 3 names: Frank Lloyd Wright, John Wilkes Booth, Franklin Delano Roosevelt, John Fitzgerald Kennedy.
Famous people only come in 2 flavors: those with 1 name - Cher, Prince, Brangelina - and those with 3 - see above. Sometimes, people with first names such as Queen - Queen Latifa, Queen Elizabeth - can be famous, but no so much if they have a Roman numeral afterwards, such as Queen Latifa II, or Prince III.
These are just general rules. An exception is made for the Superbowl, which is famous despite the Roman numeral afterwards.
Also, for the most part, if their name begins with an honorific - King, Queen, Jack, for instance - and is followed by "of", do not be impressed, another person claiming the same fame will come along in the short-term, no doubt: King of Pop, Queen of Soul, Jack of Hearts, Ace of Spades, Crime of the Century.
PS for purists: the 21st century began in 2001, not in 2000, and 2100 will NOT be a leap year, as they occur only once every 4 centuries.
I'll remind you as we approach.
That's brilliant. But -- what about Queen Elizabeth II?
That's exactly my point.
Like this: Henry The Eighth.
3 names.
Queen Elizabeth the Second.
4 names.
Which is why George W. Bush will be famous, but George H.W. Bush won't. Ditto Barack Hussein - if only he had the balls to use the Hussein moniker. If it were Hillary Hussein Clinton, you can be damn well certain that she'd use the Hussein, and make a point of it. She's got balls.
And 3 names: Hillary Rodham Clinton.
O.K., let me re-phrase, borrowing from w67: what premium would a lemming pay for a design he liked? (Assume architect has a 3-part name.)
>Queen Elizabeth - can be famous, but no so much if they have a Roman numeral afterwards, such as Queen Latifa II
So "Queen Latifah The Second" would be OK then? I just need to make sure I'm getting this right.
Sorry to hijack, SEJunkie. But I do think stevejhx is on to something, and there don't seem to be any really talented designers with three names currently practicing in NY. I'd pay extra for a FLW-designed home in NYC, though.
What ph41 said.
Fairfax & Sammons does good stuff. Can be sort of overwrought, but maybe that's what those clients want, as some are more molding-heavy than others. Great workmanship and finishes regardless.