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How much needed to spend to make habitable?

Started by Rinette
about 1 year ago
Posts: 450
Member since: Dec 2016
Discussion about
Response by steve123
about 1 year ago
Posts: 755
Member since: Feb 2009

I mean the kitchen looks dated but kind of OK.
Baths look beat and there's 2.5 of them.
Floors look beat.
3 Beds.
2000ish sq ft?
Weird floorplan with dining room adjacent to bedroom, but across the hall from living room. Plus a study / powder room former maids quarters next to kitchen.
So one might be tempted to move some walls and have a proper eat in kitchen & expand the bedroom into living room.

Seems you could put in $500K pretty easily right.

Skys the limit once you get into moving walls, upgrading kitchen, bath finishes, how much work you wanna do on the floors, updating electrical, moving plumbing to get a washer/dryer in, etc.

I actually lived on that block 20 years ago, so it's pretty wild to see a place go for basically $3M post renovation up there. Not the best block. Fast food places around the corner attract an interesting crowd, and buses use the area to lay up between routes/break, so lots of noise.

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

Rinnette, What is your definition of habitable? Some may say that a fresh coat of paint, floor refinish, changing window units, and repairs to bathrooms with seletive change of non-functioning fixtures will make it habitable.

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Response by Krolik
about 1 year ago
Posts: 1107
Member since: Oct 2020

It looks habitable to me, unless there are issues not seen in photos (like mold, pet urine smell, or issues with plumbing). Window ACs are super annoying, but lots of people live with those.

How much to make it super nice is a different question, and very taste and means dependent.

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Response by Rinette
about 1 year ago
Posts: 450
Member since: Dec 2016

If someone buys, they are going to reno it. Nobody's buying for $2M+ and throwing a fresh coat of paint on. What does it cost to make it a worthwhile place to live?

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

$2mm with sold gold faucets, $100k gas range, and equivalent finishes!!

Rinette, Seriously, you gotta specify what exactly are YOUR requirements for renovation. Everyone's requirements are different specially when you are looking at a less desirable location.

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

Solid Gold I mean.

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Response by Krolik
about 1 year ago
Posts: 1107
Member since: Oct 2020

Worthwhile to whom? Maybe link a few apartments you consider a worthwhile place to live so we get an idea? Also, what do you like most about the place, considering it is quite pricey?

You have people on this forum content with old coop buildings and older finishes, and also those that prefer new construction of various levels of fancy. I am in the first category, and my kitchen is probably newer, but brown cabinets are not too dissimilar to those in the apartment that you linked. I just don't care to pay much more to live in a place that looks like an "after, with a white kitchen" from an HGTV show.

My main criteria were location, price/sq ft and maintenance, and my deal breakers were no doorman, window ACs, excessive noise. But some people require floor to ceiling windows, hood over range vented to outside, in-unit washer/dryer, double sinks in a master bathroom, gym in the building, etc.

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Response by front_porch
about 1 year ago
Posts: 5221
Member since: Mar 2008

JFC, it's habitable now. I agree with Steve that it wouldn't be hard to spend $500K on it. From the tone of your posts, I'd say $750K? I think that would get you a new kitchen reconfigured with maid's room, all new baths, some electrical, some work on the walls and painting, and new flooring.

ali r.
{upstairs realty}

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

JFC some reference to Jesus?

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

>> From the tone of your posts, I'd say $750K?

I missed the high-brow tone part looking in a non-prime area ;)

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007
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Response by steve123
about 1 year ago
Posts: 755
Member since: Feb 2009

I think I would agree with Ali here.

While you could spend $500k-$750k, it is arguably habitable as it stands.. and currently appears to be.

That said, to me.. spending north of $2M, north of 100 St and not making some improvements to the unit seems kind of out of sync.

I think you can also just get more for less / including more recently renovated if you shop around.
There are 41 3bed doorman UWS units on the market right now below $2.25M. Any number of them are a better deal than this in terms of price/location/finishes/layout/size.

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

This is what you call non-habitable.
https://streeteasy.com/sale/1648318

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Response by inonada
about 1 year ago
Posts: 7655
Member since: Oct 2008

You’re such a prima donna, 300.

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

Another one non-habitable if you look closely.
https://streeteasy.com/building/179-east-94-street-new_york/a

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Response by 300_mercer
about 1 year ago
Posts: 10120
Member since: Feb 2007

Ha. Presumably you are talking about my being even aware of the Hoyt Street. I get it that people want nice stuff but NYC has a huge variation in income and affordability. You can get a sink faucet for $15k and well functioning branded Delta faucet for $150. There is ultraluxury at $5k plus a square foot and humble 60s coops at $1000 per sq ft renvoated. Depends on what you are afford and you want to spend your money.

>> You’re such a prima donna, 300.

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Response by inonada
about 1 year ago
Posts: 7655
Member since: Oct 2008

Not quite, I was just joking that you hold yourself in such high regard that you consider a place as un-fancy as 343 Hoyt non-habitable for yourself.

It’s got doors, no? It’s got a kitchen, err, cabinetry anyways. Put a microwave on top, you’re good!

The joke landed flat, I guess, because in addition to being a dump, the place is non-habitable in the legal sense too…

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Response by Rinette
25 days ago
Posts: 450
Member since: Dec 2016
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Response by 30yrs_RE_20_in_REO
25 days ago
Posts: 9647
Member since: Mar 2009

Seems like it's a decent deal based on 81.

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Response by Aaron2
25 days ago
Posts: 1575
Member since: Mar 2012

Or you can pick up the unit live 1 floor down with more or less the same floorplan, but renovated, for about $1m more. 9C, renovated, went for $4.2m in 2018. So 7C seems reasonably priced, but you have to want the headache of that particular renovation. I mostly like the floorplan, though that long double living room is a bit odd (and dark). Lots of potential though.

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Response by Aaron2
25 days ago
Posts: 1575
Member since: Mar 2012

Sorry, *8C* is reasonably priced.

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Response by Rinette
5 days ago
Posts: 450
Member since: Dec 2016

I think it's time for another $304,000 chop.

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Response by Aaron2
5 days ago
Posts: 1575
Member since: Mar 2012

At 610 WEA, neither 7C or 8C are moving. 7C: 500k chop across 5 months; 8C: 551k chop across 2 mo.
No buyer love at 924 WEA either.
None of the 3 listings mentions it, but given the conditions, I wonder if these were original tenants who moved out (rent controlled? Discuss...)

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Response by pinecone
3 days ago
Posts: 130
Member since: Feb 2013

The two at 610 WEA are still quite overpriced considering the enormous amount of work needed. I can smell 8C through the screen. The listing agent cannot even be bothered to put up some decent photos and a floorplan? Then of course they're not going to get traffic. 7C, even with its photoshop renderings, is not a great product, IMO, based on the layout (cavernous rooms with few windows isn't terribly appealing).

And yes my bet is both housed long-term controlled tenants and come with all the problems that years of obvious neglect produce. Both units need more price chops before anyone will bite, I'm afraid.

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