Needs Gut Renovation

The listing indeed mentions “bring your architect” and there are no pictures of bathroom or kitchen.

I see, so you think the pictures were accurate? OK.

There are only two fake pictures which supposedly belong to the apartment. The rest are of common areas of the building. While the broker could have marked they “virtual” but listing description is pretty clear in the first couple of paragraphs. Also no bathroom or kitchen pictures, the apt needs reno. You will find plenty of listings with made up square footage and other misleading descriptions much worse that this to drive you crazy.

For example this one. Listed square footage includes outdoor space.

https://streeteasy.com/building/223-west-80-street-new_york/1

Curious, why not buy 3B which is renovated.

I am being sincere about 3B. Seems nicely renovated.

It's more fun to complain.

Picking up the old thread. Surprised that the broker is marketing $200 per sq ft cheaper than finished units. Unit needing gut reno should be at least $400 per sq ft cheaper assuming window replacement is not needed.

It will be interesting to see what happens in 30 days.

Since it is a sponsor listing, probably not much. The sponsor must know the stupidity of $200 per sq ft discount for gut reno. The sponsor will be better off doing the reno for $200 per sq ft and selling but they know that it will cost much more than that accounting for carry and their own project management time. So they are looking for a sucker.

3B sold for 2.575 renovated. Add 150k premium for higher floor. 2.725 is the renovated price of 7B. $800k discount as minimum. Puts it at 1.9mm.

They managed to get $1188/SF 3 years ago. So are prices down 18%?

For properties needing gut reno, an additional 5-10 percent over market as people do not have to renovate when there is plenty of finished inventory. Market down 7-10 percent in this price range in last three year on UWS which is one of the better performing markets.

30, What $ discount would you put over 3B which was renovated nicely?

I think at this point they need to get the asking price down to something that starts with a 1.

Or they will take 10-15 down from ask.

But I do love how bold is the broker in marketing $200 per sq ft discount. Not even $300 discount excluding carry, trouble and potentially windows.