Forum Archive

We are looking into buying a small (16.5 x 40, 3 story) brownstone in prime PS – near park, great school, etc. The purchase price is pretty low but once we factor in renovation, it might wind up being close to 1.7-1.8, or about $850-900 per square foot. Does this seem expensive for a house renovated to our taste? Note that, from the renovation quotes I’ve gotten, we can’t afford to do a fancy renovation, nor do we want to, so it will probably be simple clean finishes with not a lot of detail (leaning more towards contemporary than traditional). Looking at comps is confusing – it seems that the bigger houses wind up costing a bit less psf but the smaller ones do seem pricier psf. The fact is, we can’t afford one of the bigger houses that cost 2-3 million so 1.7-1.8 is the best we can do. But is it crazy to spend this much per square foot? I know the market is supposed to be softening, but based on the incredible demand for our 3BR/2BA prewar apt, it seems that the demand for prime properties is still as strong as ever…