Sales that reflect a positive result. I'll start.

Very nice. Congratulations!!

Come on 300, you must have at least one?

The Murphy's Law thread.

While it is hard to find the same apartment which resold within a few years with some fancier tools, Georgetown plaza has been doing well. Looks at the history of this one. 2012 listing says newly renovated as well.

https://streeteasy.com/sale/1401653

1600 per sq ft and not even renovated kitchen and floors.
https://streeteasy.com/sale/1412343

I mean hard to find WITHOUT fancier tools.

Look at 360 East 72nd street.

https://streeteasy.com/sale/1412530

https://streeteasy.com/sale/1383916

2 Beekman Place 9F: Closed 5/15/14 for $550; closed 12/6/19 for $775.

MCR,
You think that transaction yielded a positive result?

@30yrs - yikes, I thought it did; what am I missing? do you think 2014 purchasers did an expensive gut reno? (may well have; no idea).

I think that outcome could be viewed as a positive. They purchased at the peak, sold into a market that has not been very kind to Beekman.

https://streeteasy.com/sale/988511

vs

https://streeteasy.com/sale/819526 ?

Sorry, vs
https://streeteasy.com/sale/1406583

Keith,
I'm sorry but if you're going to try and spin "not losing too much money" as a positive outcome then you just admitted that the market is going to crap.

I don't believe they lost any money on this transaction. But then again neither one of us knows what there renovation budget was. I'm not sure who you're quoting there but it's not me.

Remember this thread is about positive outcomes.

I am afraid 30yrs has mind-reading capabilities, because I was literally thinking that “not losing too much money” would be a positive result for renovated apartment in the neighborhood about now.

StreetEasy index links resales. Wonder if Streeteasy will post apartments with largest percentage appreciation (after excluding top 2 percentile as they may be due to renovation).

And let's all keep in mind, these are just singular data points. One listing in Beekman, regardless of positive, negative or neutral does not foretell entire market. Every situation is unique to that particular transaction, both buyer and sellers motivation.

MCR it's all relative to when you purchased/sold. No different than buying and selling equities, it's all about timing. However, at least with a house it provides you with tangible enjoyment over the period of time of ownership whether you sell high low or in the middle.

So let's get back to the deed at hand, who's got some winning trades to post! I've got a bunch more!

Happy holidays everybody! Funny you mention skiing MCR, I started when I was 4 years old in 1968! We're heading out to Beaver Creek right after Christmas. A nice break from New York City real estate.

Keith

01/24/2020
#5D
$1,750,000
Sold (cannot find gov't record)
2 beds•2 baths•0 ft²
06/29/2012
#5D
$1,200,000
Sold (asking: $1,200,000.00)
2 beds•2 baths•1,300 ft²

I’m about to close on a place and another unit in the same line on a lower floor was just listed for $180k more than I paid. If it sells for anywhere close to that I’ll count it as a successful sale for me!

We assisted with the purchase in 2012, and assisted them with selling it in 2019.(also assisted them with the purchase of their new loft).

Keith, Address?

How much was that renovation?

126 East 16th 5d

300,
How much would you estimate a renovation like that would cost?

Very hard to say but the apartment didn't need a gut reno just updates with everything largely in the same place - layout has not changed. The apartment was likely renovated in 2012 but the latest seller's taste is impeccable.

- floors are just refinished as the previous floors looked new.
- 2012 listing mentions Sub Zero and Miele suggesting overall good condition in 2012 sale.
- Split AC is new but does not seems too hard as they have a very nice terrace for the condenser.
- Deck seems largely unchanged but some improvements. I think previous photographer did not do a nice job.
- Kitchen is new cabinets, countertops, Bluestar range, Liebherr - nothing fancy but nice. $35-50k as it is a small kitchen.
- Bathrooms likely redone without change in the layout - missing pictures in previous listing suggest that. Nothing fancy as no marble, no mention of any special fixtures. $50k or so.

So may be $150-175K as most changes are updates. Keith may know more what it cost his clients.

You're really bending over backwards to under estimate that cost, huh?

I call it as I see it and have no reason to bend over backwards or understate my estimate of Reno cost. But I do not see any reason for self proclaimed biggest real estate bear to agree.

Talking about Reno costs, I am putting in a luxury bathroom for one of my projects which is 10 foot wide and 20 foot long with top end everything for $100k+ all included with floor to ceiling marble itself more than $30k. These are just 5x7 standard baths with $4-10 retail per sq ft tiles and I doubt if they needed to file to plumbing permits.

So even though the the listing description reads:
"Additional features include zoned central air conditioning" the way you "see it" is they're really only cheaply installed split units, the new windows, etc were free.... It's not worth my time to try and explain the rest of the stuff you're ignoring on purpose. If this was the type of renovation being proposed on another unit you'd be saying it was $300/SF minimum.

Well you can give your breakdown of how much it cost for an apartment where everything was in place already including newish floors. How much for demo, floors, kitchen, baths, electrical etc?

Keith, Forgot to congratulate you on doing a great job for your clients and starting a full service business model which has reduced transaction costs for people who do not mind doing the initial property search on the web themselves. I know some people on this board (handles excluded to be polite) thought this business model could never work.

At this level of crazy money printing, price going up is for sure, it is meaningless to discuss such topic, period!

201 East 21st Street #10S

$1,475,000
Sold on 4/22/2015

10/25/2019 In Contract Asking $1,750,000

250 West 89th St 5J

Sold 08/07/2008 $795,000

In contract asking $975,000 1/31/2020

This is a unit I have actually written about before on SE as a foreclosure nightmare story. After we closed on the unit it took us over 3 years to get the foreclosed debtor out because of endless litigation where he got bankrolled by some famous/rich guys in a vendetta against Justice Diamond from when she was a divorce Court judge.
https://law.justia.com/cases/new-york/appellate-division-first-department/2004/2004-06446.html
https://casetext.com/case/derosa-v-chase
(NB this guy did not pay one thin dime in either mortgage or maintenance payments for close to 5 years).
The Coop was particularly uncooperative (lol) and wouldn't even let us up to the apartment to serve him, but at the same time threatened to terminate our Stock and Proprietary Lease because of foul odors emanating from the unit. When we were finally able to dislodge him from the unit it was in such foul condition (from years of letting his dog use the unit as a toilet and never cleaning up after it) that we basically had to call in a hazmat team to not only remove all the flooring but go through extensive treatments to the concrete subfloor.

Since we had to totally redo all the flooring anyway, for not much extra we extended the black granite kitchen floor throughout the entire entryway/foyer. Fortunately the kitchen cabinets hadn't been abused so we were able to save thousands by having our custom cabinet maker fabricate doors which exactly fit the existing carcasses so the kitchen "renovation" meant replacing doors, appliances, floors and countertops; so no real "construction" in terms of plumbing or carpentry. And the bathrooms were ok after a thorough poulticing/stone cleaning. From what I can tell over a decade later the only thing they changed was adding a curtain to close off the balcony bedroom overlooking the living room.

Finally, for all of you who think apartment "flipping" is easy money note that we bought the unit March 1, 2001 and sold it October 7, 2008 with no income and only problems in between.

No wonder you're so bearish 30 (;

this listing (1br 1ba elevator condo) in little italy was asking $620k and closed at $692k after multiple offers from bidding war. they had 18 backups.