Gut Reno Cost in Ditmas
Without knowing much details of the fire damage (other than what’s provided in the description), how much do you think a complete renovation would be on this place? a low-high range. http://marykayg.com/html/0560.html we live right around the corner from this house, and remember very vividly the night this fire took place. felt bad for the…
Without knowing much details of the fire damage (other than what’s provided in the description), how much do you think a complete renovation would be on this place? a low-high range.
http://marykayg.com/html/0560.html
we live right around the corner from this house, and remember very vividly the night this fire took place. felt bad for the owners – looks like they’d rather not go through the renovation.
The gut renovation cost of $125 to $175 ($362k to $507k) psf will not get you the antiquity that is most sought after in the general area, it also will not offset the fact that the subject is smack up against an apartment building. Consider also the following.
1. Twelve month period that the renovation will take (provided all goes smoothly).
2. A huge immediate increase in annual real estate taxes based on the cost of the renovation.
3. The value of the money during the period the house is under construction.
4. The extensive time to monitor the renovation.
5. The resale value, should you decide to sell, considering that the purchaser needs to be satisfied with your taste in renovation, the high taxes, the location next to an apartment building. Highly unlikely with all these factors that the building would fetch at or above one million dollars.
On the plus side, you will have a well insulated home suited to your taste.
The current owner would be wise if they would offer as an incentive to hold the mortgage (depending on their financial position) up and until the purchaser completes the work so as to enable them to refinance.
Good luck,
Nice Work, Pietro…
I’m guessing the budget for this was closer to $200 – $300 sf?
Which is pretty reasonable if you ask me…
Pietro, can I just say that I think you’ve done a fantastic job there.
Just to clarify, did the budget for 780 Rugby fall within the budget range you mentioned?
pietro – are you able to share the cost of the 780 rugby project?
brenda – can’t agree more about the 475 price. which is why this intrigues me more if purchase + reno total can come well under 1M.
montrose and bkinite – i’m in line with your thinking. would be an interesting renovation. and if it can all be done for well under 1M (purchase + reno), i’d consider this a great buy. externally, i’m in favor of the traditional victorian aesthetics, so LPC shouldn’t be a problem. and internally there’s a lot of sq ftg to play with and redesign (close to 3000).
i remember, though, during the fire i could see flames coming out from the rear of the house…yikes.
bkinite – this house is just off the corner of e. 17th and wellington, on wellington. we’re literally a few houses around the corner, so this would be very intriguing for us to explore.
btw, can u get a home mortgage to cover purchase + reno?? i’m not very familiar with this particular process.
Hi Pietro here from All Renovation Construction. This project could be in the $350,000 – $450,000 range. If you would like me to take a look with you let me know. You can see a recent Brooklyn Victorian gut renovation project we completed at the links below.
BEFORE
http://picasaweb.google.com/allrenovationconstructionllc/AllRenovationRugbyRoadBefore#
IN PROGRESS
http://picasaweb.google.com/allrenovationconstructionllc/AllRenovationRugbyRoadInProgress#
AFTER
http://picasaweb.google.com/allrenovationconstructionllc/780RugbyRoadFinalPicturesAFTER?feat=directlink
Best of Luck,
Pietro Calabretta
All Renovation Construction LLC
http://www.allrenovationllc.com
Yes, good bones (and I live in one of these, so I obviously love them), but am I alone in thinking that $475K is a helluva lot for a burned-out shell, however pretty, next to an apt. bldg?????
ditmaspark –
Do you have the house address? If in Fiske Terrace LPC, from the pic, it could be E 19th St with Ocean Ave apartment bldg in the background (though the house number 65 in the pic doesn’t fit).
The guestimate from raddes above works out to about 500k. You’d want to get a good engineer to take a look at what’s involved, and maybe contractor(s) to give an estimate. LPC is an extra layer of paperwork and effort to factor in on top of a long and expensive renovation, but otoh LPC protects the character of the neighborhood and tends to keep home values higher. Houses in good condition in that area are worth in the 800k-1.1m range. If you can buy at a price where you then spend half a mil or so in renovation costs, plus allow for a year of effort and money you’d be spending while living somewhere else, and come out ahead compared to buying a home in move in condition, it could work.