fuzzy bedroom counting?
We are interested in another unit on our building – very nice loft in an elevator building in Park Slope. It’s 1200 square feet, but there’s only one bedroom. There’s an obvious spot for a 2nd bedroom (the owner knocked it out when he moved it) and another less natural spot for a third bedroom….
We are interested in another unit on our building – very nice loft in an elevator building in Park Slope. It’s 1200 square feet, but there’s only one bedroom. There’s an obvious spot for a 2nd bedroom (the owner knocked it out when he moved it) and another less natural spot for a third bedroom. Since we now live in a 1000 square foot true two-bedroom, we’d definitely need to add in the 3rd bedroom to make it worthwhile for us.
Here’s my question: the sale would be private, so it’s hard to gauge what it would get if it were put on the market. Do we compare it to one-bedrooms on the market? 2-bedrooms? 3-bedrooms? The owner is asking $755K, which is great for a 3-bedroom but pretty rich for a 1-bedroom. If he does put it on the market, I believe he is planning to market it as a 2 or 2+ bedroom, even though it is technically neither.
Just wondering what people think of that price and the marketing of larger apartments as 2- and 3-bedrooms even when they are not.
Thanks!
$645 per square foot. Seems like a steal/reasonable.
Obviously it does matter how the space is broken up. The coop of the day with its useless sq footage in the foyer and long hallway to bathroom is a prime example. From your own description it only kind of works as a 3 BR.
Just look at the square footage, doesn’t really matter how it’s broken up. Space is space.
Here’s one way, but not the only way, to look at it. Decide what you are going to do with the space in terms of adding/ rearranging bedrooms. Get comps for apartments comparable to what yours will be when done. Then subtact from the comp price what it will cost you to do the work to make those changes (including incidental costs such as carrying two places, etc.). If you can get the place for less than a comp price adjusted in this fashion, then you are ahead of the game. If not, you may as well shop around because you can do better, unless staying in your building is worth a premium to you.
The seller should compare it to 2/2+ bedrooms in the same nabe and then subtract the cost of putting back the wall he took out. As the buyer, you should compare it to the 3 bedrooms you’d buy instead.