Cost of Run-Down vs. Reno'd
The four story brownstones in the North Slope that are in decent condition seem to sell for close to $2 million and as much as $500,000 more and then some if it has a high end renovation. If a place needed a gut renovation (or at least serious work) to make it livable but in…
The four story brownstones in the North Slope that are in decent condition seem to sell for close to $2 million and as much as $500,000 more and then some if it has a high end renovation. If a place needed a gut renovation (or at least serious work) to make it livable but in the same area – how much “off” full price would it likely be?
There is a three story brownstone on Park between 5th and 6th for sale for $999,999 but it is cash only and sounds like it needs a total redo. Nice three stories are priced between $1.6mil and $2mil. Does the price for the one that needs major work seem typical or is it more because it is cash.
Any opinions on what a four story brownstone that needs heavy work might/should cost on these pricey blocks?
Any ideas on this appreciated.
This all depends on the actual condition of the structure and interior finishes. But, assuming nothing catastrophic, $300-$400k is probably in the range of doable.
money is a good move, that’s means you a need money baby.
It could be a great deal or a major nightmare…
… if the bones are good you could easily have a mint renovated building for $1.3 all in. If the bones are a mess, then you could very well drop as much on renovations as you did on the purchase.
I’ve seen “gut” renovations go from walls, ceilings, floors, and finishes to a real gut meaning no roof, no floors, just open sky and basement floor, needing absolutely everything replaced. So depending on how extensive the “gut” is…
Don’t know about prices in Park Slope. However, I do know that you can’t take a real estate agent’s word for what needs work and what doesn’t. They don’t know. You just have to see it yourself. Be sure to use a structural engineer for the inspection, don’t mess around with someone who’s just a licensed inspector.
if you have the cash available, it is a brilliant move…just get someone to assure you that there are no major structural issues involved, which could push the price way up…the cash issue may be due to a lack of a valid c of o
Seems to me it is *less* because it is all cash. People around here say 100K per floor for a complete reno. I think that’s high, but let’s say they are right. A million to purchase, 300K to renovate and you have a beautiful house in a great neighborhood for 1.3. You say comps sell for 1.6-2mil. Sounds like a good deal, if you have the cash.
If it’s not habitable, though, financing the reno could be an issue. But maybe not with that kind of equity.