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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?
Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

Something was clearly done to windows and doors.

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Response by Aaron2
about 5 years ago
Posts: 1698
Member since: Mar 2012

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.

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Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

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!!

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Response by truthskr10
about 5 years ago
Posts: 4088
Member since: Jul 2009

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)

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Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 30yrs_RE_20_in_REO
about 5 years ago
Posts: 9877
Member since: Mar 2009

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?

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Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

30, What is your estimate?

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Response by RichardBerg
about 5 years ago
Posts: 325
Member since: Aug 2010

I don't see any reno permits in that timeframe, only sidewalk sheds (and a broken arm that resulted from it).

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Response by Anton
about 5 years ago
Posts: 507
Member since: May 2019

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

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Response by 300_mercer
about 5 years ago
Posts: 10570
Member since: Feb 2007

What is the breakdown?

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