cash value of a renovation

falcogold, is this for your "friend" again?

nope, this one's for me.

but still theoretically of course.

come on hburg, you love this site, you read all day about re...
how about a little thoughtful help?

Will never happen; pigs can't fly.

Hey MidtownerVirgin ... how did your post help falcogold? Surely you have some experience ... you must aspire to something, anything more than a "smallish 1 bedroom" fot $3200 in midtown east?

Falco -- What you can expect is a constant stream of troll drivel from Lucille's relative (or ex-relative).

Happy holidays, BTW.

So two posts from MidtownerVirginEast, neither of which is helpful to falcogold. But you aren't a "troll", right?

I don't think you can come to a standard figure . Someone else may look at it and not think it needs renovation .

falco. I think at this moment the dwindling pool of 50% down on a $2MM coop will be much more relevant to this "sale" price than any renovation.

However, as a seller, I'd quote $200K for complete gut job... as a buyer I'd quote $500K for a complete gut job.. so somewhere between $1.5MM and $1.8MM is mkt, but it is also the dead zone for sales for the next 3 months.... so depending on how desperate the seller is.. .time maybe ripe... or you could see how many more units become undead in the next spring time...

BTW the $300K swing will buy you THIS... Pick up in France cruise the med... but what's $50psf amongst us RE Bubblers? -shrug-

http://www.yachtworld.com/boats/2005/Beneteau-57-2336346/Canet/France

w67thstreet, that is a lucid, intelligent, well thought out analysis in the first two paragraphs.

In reality, I think if you could get all demo, new floors, two new baths, a new kitchen, all millwork, all closets, all new doors, all finishing carpentry, framing, electrical, plumbing, trim and paint for $200/sf that would be impressive. And at 1600 sf, that's $320,000. Don't forget the architect's fees (if required) plus all extra fees/costs. If you want a very nice 'high end' finish, that could be significantly more on a square foot basis.

w67
check out the 58" 2006 in Greece for sale...same Worldyacht company.
personally, I'd go for the Morgan 46...way easy to handle alone with all the bells and w.

Hburg,
w67 is the only poster with any useful advice so far.
It's this thread hijacking crap that is ruining this site.
To your credit, you have almost run every last poster with useful info off this site.
SE must be thrilled with the job you're doing of destroying the chat portion of their business.
Nothing personal but if SE was my business I'd do everything possible to rid my business of you.

Like when Abe Vagota, in the Godfather, say's "tell Michael, it was only business".

matsonjones
totally agree with the high variation of reno costs depending on taste and aspiration.
For the purpose of this thread I think we could consider a renovation cost that would bring this apartment up to the standard of 'newly renovated with all standard fixtures and appliances that one would consider middle of the road'. The purpose being to consider the cost consideration in a final price for the property. Needless to say, the actual costs of renovation will be much higher because of my extraordinary good taste and the need to buy fixtures and appliances with a pedigree and mill work done by monks at the Vatican (off season).

>To your credit, you have almost run every last poster with useful info off this site.

Name 5 people who had useful information that I've run off the site and name them. I'm very interested to hear the names. If you can't think of 5 names, go for 4, or even 3. The specific number isn't important to me, rather, your opinion on who is providing useful information and confirmation that I've actually run them off.

oops, bit of a messed up sentence, but falcogold1, you are a smart guy I'm sure you can ignore that.

He didn't run anyone off. Ar and co. Got trolled for messing with truth and left in a huff. Then truth got trolled for messing with cc but she is still around. Ithink the first notable person to make a point of no longer postinghere was 30yrs and it was no secret w67 ran him off. Lets see...who else..front porchposts less because her bitter ex boyfriend apparently posts here, and i think at least some portion of the handles who no longer post were him in the first place.

are you kidding?

Dammit this does nothing to support my case that we arenot one person

tell us again how amused you are by all this.

Me?

>front porchposts less because her bitter ex boyfriend apparently posts here

Who is this?

I stopped being a fan of FP when she said that a client was a thief despite FP entering into the relationship with the client knowing full well that the client was empowered to work with her in the way that the client ultimately did. I lost complete respect for FP when she said that price doesn't matter to the broker, when we all know that price is one of the most important things for a client...

But for quite some time and much longer than me, w67 has been attacking FP. One of the more recent attacks was a diatribe on her dropping the 'H' bomb (repeatedly mentioning her Harvard pedigree)

Oh look, columbiacounty, one of the people who has tried to run people off, but has actually done a rather bad job. Columbiacounty attacks Primer, who is still here. Columbiacounty was one of the first to attack MidtownerEast, and he's still here. Columbiacounty attacks Riversider and Socialist (as do I), but they are still here. Columbiacounty tries to drive penthouselady off. Tries to drive me off. LucilleMe and JimMe as well. Plus buyerbuyer.

Columbia certainly has attacked FrontPorch plenty.

It's not the attacks
It's the hijack of the thread for your own purpose of continual nonsense unrelated to real estate.
Contribute something meaningful or masterbate elsewhere.

Please.

falco, your pleas would have an audience if you weren't entirely complicit in the "continual nonsense".

Only here, when you have a specific personal question (and I'm sure you recall that you've started other threads for your "friend", not to mention this thread is labeled "theoretical), do you suddenly want law and order to apply.

Happy new year hburg.

My holiday wish for you is a girl friend.
I think that's all it might take.

Well it would certainly add drama in the family.

Any reason you won't answer my question?

FG,

I think W67s analysis is a nice place to start -- now add, "how crowded is the submarket you're looking at in terms of inventory?"

That will also help you figure out where you "should" be in the range.

In submarkets where there is little inventory, buyers are paying very near fully-renovated prices for unrenovated apartments -- because there's relatively high demand bidding up very few properties. In submarkets where there is more inventory (and you can look back six months, if you've been looking for something like this, to make a guess at what spring will be like) the discount for a property that needs renovation is more substantial.

GL!

ali r.
DG Neary Realty

I would subtract 100K for the trouble of going through the renovation plus a nice renovation cost without special architectural features you want. $250 per sq ft for a very nice renovation has been mentioned on this board (you mentioned that HVAC and windows are updated). Not that much more discount for not being able to finance the renovation as this type of properties are still crazy hot. Assuming it is a nice 2 bed 2 bath with a dinining area in prime location. This puts us at $1.4mm min. I doubt that you will get it for less than 1.6mm as there is always a buyers who will underestimate the cost and trouble to renovate. Some may actually want to renovate it the way they like without realizing the distraction a renovation will cause not to mention contantantly having to come to an agreement with your partner about 100s of details which will go into reno. I would put in a bid for $1.4mm and go up by a 100K in couple of weeks.

Thank's Ali
Good advice

"My holiday wish for you is a girl friend.
I think that's all it might take."

his wife might object to this

Falco: Happy New Year and best of luck with whatever you choose to do. Looks like the market is back - the machers are making moves.

FG -- if you want to talk more just email me off-board, or call my cell.

ali

FG: Good Luck. I agree with the others that the "hassle factor" of renovating costs $100,000 in angst. BTW how do you even see the posts of W67 and Huntersburg? They're "greyed out" for me. I figure if this very loosely moderated site thinks they should be censored, who am I to argue?

Isn't aboutready greyed out too?
Wasn't aboutready looking at buying in Harlem?

>>BTW how do you even see the posts of W67 and Huntersburg? They're "greyed out" for me.<<

Just unhide 'em. Some of the best reading on the board is in gray. A bit hard on the eyes, though...

I'm pretty sure that with a degree from Yale, she can figure it out on her own.

One might think they should get credit for $100k of hassle factor and/or carrying costs of a rental apartment while renovations are underway, but as 300_mercer keenly noted, there's no shortage of suckers who will underestimate the time and money required to do a renovation.

If the freshly-renovated comp is $2MM and it'll cost $400k to get there, then clearly $1.6MM should be the highest amount one is willing to offer. If the market is so competitive that the uneducated are bidding it up above that amount, then let them take the bath.

'If the market is so competitive that the uneducated are bidding it up above that amount'

when did things get good?
last night?

I just checked my calander...still 2011 correct?
I hate that Van Winkle thing....

Rip Van Winkle bridge connects Columbia County with Greene County.

Stupidity isn't limited to good times.

Falco - why not just buy at 525 East 86th, which you obviously like? The prices you are quoting for a postwar, 50% down building ($2 million for 1,600 sf) make no sense at all, unless for prime Park or 5th). So, unrenovated, 1,600 sf. $1,400,000 tops,.

Then again, we know you don't want us to know which apartment you're looking at, so you're deliberatley obscuring the details.

in this rather odd thread, http://streeteasy.com/nyc/talk/discussion/14276-cyber-slimers-beware about two and a half years ago, falcogold was still looking at a 50% down building:

falcogold1
about 2 years ago
ignore this person
report abuse

AR,
Search is going OK. found something I love in a 'white-glove' building that was within my range. It's a 50% down building and I thought my search had come to an end until I was informed that the coop board wants to see 1.2 to 1.5 million dollars in liquid assets after that hefty down payment. BASTARDS!
Such is life, the search continues.... thanks for asking.

Okay, that torpedoed the "terraced penthouse" purchase

remind me...

this one: http://streeteasy.com/nyc/talk/discussion/13382-seeking-advice-on-penthouse-living-before-we-go-any-further-in-our-penthouse-pursuit

funny, Wbottom was just Ubottom back then.

"Okay, that torpedoed the "terraced penthouse" purchase"

true, but it still leaves a big question mark above the lime green countertops.

Sorry, I go back to when Falco invited everyone for "cigars and Cristalle" on his soon to be purchased penthouse terrcace.

Can't find that one, but I did find this odd thread where you made similar reference to Crystal and Cigars, http://streeteasy.com/nyc/talk/discussion/26016-super-party and the OP doesn't even exist though it takes a dozen or so posts to figure that out in retrospect.

'If the market is so competitive that the uneducated are bidding it up above that amount'

Falco, if you are willing to wait patiently and continue to invest the time and energy, you may find the right deal. However, do not forget that you will be highest bidder for whatever you eventually buy. When you find a property you love, you will decide to be that sucker/uneducated with the highest bid. At the end of the day, the supply of apartments which fit your needs (real 2b/r $2mm is the most desirable in my view) and tastes is likely to be limited.

I do like 525 east 86
That was 14 EF which was owned by close family friends and not appropriate for me to attempt to poach.
I also liked 17 F which views cleared the southern buildings. Just was looking for something larger.
I still think that's a great building and block.

falco - that was too bad about 14EF, as it was purchased by a SE poster (who was VERY happy about the price they paid) and then gut renovated.

Actually falco, I don't think it would have been "poaching", more like offering market price, which, being SO much less than original asking, would have been taken badly by your family friends when the apartment originally went on the market. At the end, they might have preferred to sell to you, a family friend.