Offer price

(1) forget 6 months ago. That's way too long. The market has materially improved since then. You need comps from the last 2-3 months in the same building.
(2) 150k-200k on a 600k apt? What the h-ll are you putting in there?
(3) floors def carry a premium and if a view is involved then you're going to pay for that too. From 1st to 10 maybe 12-15k per floor? from 10-20flr maybe 10k-12k? from 20-30flr maybe 5-7k?

Give us more stuff umbrella27. Why umbrella27? Do u own 27 umbrellas or 27 umbrella manufacturers? or do u have an umbrella fetish? I'm sure they're out there some group who gets off on umbrellas. W67 what d u think?

I am still trying to figure out how any size renovation of, I assume, a 1BR apartment can be > 100,000.

umbrella27-does part of that 150-200k gut include an umbrella production line? Why didn't you choose umbrella1. Do u mean to tell me that all that was left was umbrella27. Umbrella 1-26 were all taken?
Sorry sometimes I dive to deep into what makes the humans tick. No offense.

Questions:
1- what was the condition of the apartment that sold 6 months ago?
2- how much higher was it? Does it have a different view?
3- how did you come up with your 150-200K estimate to renovate?

What happened to the one in 2009? http://streeteasy.com/nyc/talk/discussion/12296-board-package

Its easy to spend $100K+ if you want to on a one bed reno.
Floors: $20K
Kitchen: $40K
Bath: $20K
Closets, doors, minor reconfiguring, mouldings, paint, radiator grills,hardware, electrical, lighting,...$30K

There. I haven't even tried very hard. But for a high end job, not too hard to start really paying out big bucks. This example is $110,000 and doesn't include window replacement if seals busted, decoration of any type (window treatments, etc), or a true gut of bathroom involving removal of tub and installation of tiled stall/tempered glass/highend stone and installation...

But you have to be mindful of costs at this price point for an apartment. If you have a very long time horizon and aren't concerned about making your money back, that's one thing. If you intend to sell in 5-10 years, you are never going to get back the money for a very expensive renovation for an entry-to-mid level one bedroom.

If you need to know...

The song "Umbrella" is #27 on the U.S. Billboard Digital Songs of the Decade list for 2000-2009

aaahh! excellent! thx apt_boy. Glad it wasn't something else.

Now back to those comps.....

so apt_boy. r u some sort of cleaning person? or perhaps some other service ;) or are you just playing Streeteasy in your mom's apt?

Yes, 1-26 were taken.
Apt is 1000 sq feet, Needs GUT renovation including updating electricty, wall thru air cond x 2, kitchen, bath, architect (150-200/sq ft is the usual formula.) Other apt was in move in condition. Please advice. Can I offer in the 400's

and it needs new windows too

You can offer whatever you like - doesn't mean the seller will take it, especially if they are anchored to recent valuations. I actually think $150-200k is a bit low for a gut reno... $250 maybe...

Where are you finding prices of $500-600 psf?! 2002/03?

>Where are you finding prices of $500-600 psf?!

Coops with high maintainance, they are available. And certainly gut renos.
Tudor city is one area that comes to mind.

Real estate for sale
in All Downtown, All Midtown, All Upper West Side or All Upper East Side
We found 184 listings for between $500 and $600 per ft²
Median price: $425,000 Median size: 760 ft² Median price per ft²: $570

And only 36 of them are lower east side.

Real estate for sale
in Lower East Side
We found 36 listings for between $500 and $600 per ft²
Median price: $502,000 Median size: 900 ft² Median price per ft²: $555

I can pick 3 numbers that add up to 100k too... doesnt mean it is reasonable.

Ok Gcondo, how about price per foot? A pretty often thrown around number is $300 per sq ft for a gut reno.
The apartment is 1000 sq ft.
How about half the $300 per sq ft?

for an apt that costs less then $600K, putting in $150K is a little nutty. this is low-end and deserves a low to mid end reno. anything above that is money in the wind.

I took a look through those 184... Many are "investor only," LES/Grand Street, commercial space, or of very dubious square footage, but there are definitely some real listings there. However, none are 900 square foot plus for $500-600 without some serious flaws way beyond gut reno condition.... Of course, maybe the apartment in question is not in Manhattan...

UES, high maintance 1600 50% tax deduction. Can do this renovation for 175,000-200,000. the Q is, how do I take this in consideration and come up with an offer price that is acceptable. Any creative soulutions? dont want to have the most expensive 1 bedroom in the hood.

>>and it needs new windows too<<

Some buildings take on window replacement responsibility themselves. You may want to check on this.

steve...I thought 1br apts were suffering a bit in the last 6 months.

go for it truth, sounds like a bargain.

I am not arguing that you can find someone to steal your money.

Offer $800K, you'll definitely get it, and $200K reno won't seem so overpriced for a $800K apt.

buster
I did point out exactly how many were in lower east side, 36. Near 20%. Substancial but not a conversation ender.
Really my point was your comment was a bit too broadsweeping.
There are a substancial amount of listings between 500-600 per sq ft.
You of course get what you pay for.

Though for any young student or 20 something long islander breaking into manhattan, I think there is excellent opportunity right now for a first apartment studio purchase in a place like tudor city. Several units regardless of condition give you a kitchen, a bathroom, and place to lay your head near grand central station for around $250K.

gcondo??
So $150 per sq ft is still a ridiculous amount for a renovation? Just trying to have a logical and realistic discussion....whatever

truthskr10, I completely agree; there were some real listings there - I was just pointing out that it was a lot less than 184, and the LES listings weren't the only sub-par ones. Also, I don't really consider $500k apartments with unusually high maintenance to truly be $500k - every additional $1k per month is an extra ~$150-250k in hidden purchase price. "You get what you pay for" is exactly my point...

Let me guess, this was one that caught the eye? Caught mine too. Certainly a bit high on the monthlies but it is a condo not a coop and you could nearly get away with no reno, you may want to do the kitchen.
http://www.elliman.com/new-york-city/manhattan/turtle-bay/octavia--216-east-47-street--unit-4b/216-east-47-street/tqbobow

Been on the market a looong time and on alot of save lists(79) it appears.
Don't see how one could go wrong at $450K. Your monthly expenses would come in the same as renting an equal apartment at the rivergate which is worse off being east of 1st ave.

Maybe Umbrella will prefer this apt.

1 BR in the 4's. Can it go to the 3's anytime soon. Predictions anyone.

PS: no that is not the apt.