Resale of Estate Condition Coop - Better to Renovate Sell As Is?

I think it would depend on the building. There are quite a few studios available in UES doorman buildings from $375 to $450. I know because I am looking. Do a bit of research on the net to determine if yours, redone, might be in the upper reaches. But, I am seeing fairly nice alcove studios and an occasional one bedroom for those prices.

I would just put it back on the market now. Otherwise, you're going to spend another 50k on renovations, and have to pay the carrying costs for several more months while the board approves your plans and you have the work done. Plus there's the headache of dealing with the board and finding and managing a decent contractor, etc. The only way I would go forward is if the comps for mint studios in your building support all the extra effort.

That's a hard call. I would say do a basic reno. wyndcliff makes good pointa about the headache, but those might be the exact resons people pass over your apartment. Have you priced out a mid-range reno yet? The guy I used for one of my properties bids by either the whole place or just the room. So maybe get a price on just the kitchen/bath?

If you're debating whether or not to renovate, consider what the other available inventory is -- in other words, put yourself in your buyer's shoes.

If everything they could possibly buy is in estate condition, you're not at a relative disadvantage. If nothing they could possibly buy is in estate condition, you can price at a discount, and possibly be successful because you're the only one in that niche.

If the competition is half-and-half, spend a day going to their open houses and figuring where you would place yourself.

I can speculate that your buyer would be a first-timer with a lot of choices (sorry not to be more certain, but I work downtown) and that what is probably most appealing to that buyer is for you to a full but fairly generic kitchen remodel and let everything else slide.

ali r.
{downtown broker}

this is a tough market to start renovations when your profit margin would be so small. You might end up taking a loss. Bottom line...sell it as is.

That is a tough one. Most people want move-in condition BUT while you're spending on the renovation, the prices could continue to soften. Perhaps the best would be just do what you have to do ASAP & get that sucker on the market. You'd be surprised what a nice paint job can do! Good luck & let us know what you decide.

eah == What is your contractor's contact info? I am looking for one. Is he good?

Your financial situation is a big factor here, but all things being equal, I'd just sell the place. Who needs the hassle and aggravation of renovation. So you make less money on the sale or have to take a slight loss. Unless that devastates you financially, I'd suck it up and try to get this done before the recession deepens and first-time apt. buyers who want a studio disappear for a year or two or more. The less money people have, the more careful they have to be with it, which means in a down economy, selling a studio can be a bitch.

What's the cash flow analysis if you do a decent reno, hold the property, and rent it out instead? I think studios are a great rental play for the next few years, and you'll have someone paying your equity for you.

lacarruk1: want me to ask if I can post their info? Or I can send you my e-mail and pass it along that way if you're still interested.

Yes, they are excellent. I have been through many in my renovations. These two are the only ones I'd ever pass along to others.

Thanks for all the excellent advice. As it turns out, I got an offer from a current owner in the building and we are in contract. Best part is Board approval will be easy, and the price is more than I paid so at least im not losing out on my "Sutton Place Studio (as the ad read when I bought it and was ready to reuse). Thanks again all.

Just to clarify - "more than I paid" we are only talking a sale price of $415,000 but at least Im out of it!!