Renovation cost for flip?
Started by mlopez
about 5 years ago
Posts: 14
Member since: Jun 2013
Discussion about 35 West 54th Street #10
How much did this renovation cost? Was sold a year ago for $999K and now listed as a flip for $1.495M. Looks as if the floors were replace and the kitchen enlarged. Bathrooms also redone. Finishes looks generic. Maybe $150K total?
A lot more than what you think. Flooring itself with cost you 20 per sq ft minimum. Architect permits will be $25k min. Each bathroom 30-50k. Kitchen 30-50k. Electrical. Painting. Partitioning. At least $250k plus call it $50-100k trouble plus carry.
Something was clearly done to windows and doors.
And the reno looks pretty good, though the loss of the tall windows in the LR/DR is too bad (not that there was much of a view, but the light would be helpful). I'm not wild about skylights, but for this place they turn what could be a dark hallway into an attractive living space.
I always get surprised when people who underestimate the cost of Reno in Manhattan don’t just buy gut reno needing apartments. After all reno is so cheap and hassle free!!
What 300 said plus flip cost, buying then selling. Broker, taxes, coop flip tax? Thats another $100k when your done.
Isnt someone going through all this trouble if lucky entitled to earn $100k at the end of all this?
And everyone myself included ends up stuck on 5 years ago reno costs. Its been a different world, especially for labor (ignoring covid period)
Truth, Glad you mention labor cost. It is certainly up 15-20 percent in the last 5 years and NYC DOB regulations and coop/condo regulations have only gotten stricter. So a smart buyer does not need to renovate right now as there is plenty of finished product on the market ex new development.
If they spent $25k+ on an architect and still ended up with that shitty stove placement they got ripped off. Everything is pretty much in place, so there's a good chance it was deemed as "cosmetic" (by someone). I think some people are overestimating here. What does the job filing say?
30, What is your estimate?
I don't see any reno permits in that timeframe, only sidewalk sheds (and a broken arm that resulted from it).
reno for flipping is different than reno for living in.
reno for flipping could cost $100~$150/sqft and looks sparkling, you can't see the crappy stuff underneath
What is the breakdown?