Renovation Cost Tracker in NYC? Has it been going up the last years?

I’m trying to do an investment calculation in my head for a rehab.

For a rehab, I’m not looking to turn it into a marble palace with HVAC, but a basic rentable condition. Brooklyn, gentrifying Bed Stuy brick.

My question is, when I was studying this problem in 2013-14, the people I spoke with who renovated spent 50K per townhouse floor to their contractor. In 2017 the number seemed closer to 80. Today, the number seems closer to 120. Is this just anecdotal evidence on my part or does that sound more or less what others have seen?

Finally, is there some industry tracker someplace online that shows the per square foot average cost – not in Iowa but in Brooklyn and Queens – that insiders might consider?

soundhoner

in General Discussion 5 years and 8 months ago

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cate | 5 years and 8 months ago

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FWIW, people often quote a general ballpark estimate of around $200 to $300 per square foot for a gut renovation in Brooklyn. That does’t mean that’s what a specific renovation will actually cost. I’ve been hearing the same figures for years.

helen40

in General Discussion 5 years and 8 months ago

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Talk to an insurance broker and see what they calculate as the psf rebuilding cost for a total loss in a Brooklyn row house. Or an architect who has designed and managed multiple renovations in Brooklyn.

Your premise is rational, but not realistic. There are not many if any, who do gut renovations at “scale.” The issue is that there are essentially infinite variations on potential work, fit and finish, therefore no “average” price psf. For example, does a gut include replacing joists and beams, or are they sound? Do the water supply and sewer lines need to be replaced? How about a new roof and/or CAC? Are you installing “builders” fixtures, or a step up?

The only way to really get a sense of your true potential cost is to draw up a scope of work and get some bids from reputable contractors who do this kind of work.

soundhoner | 5 years and 8 months ago

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The premise of an average price per sf cost of a gut renovation seems absolutely rational to me. I have no doubt it’s an industry standard tracked by those who calculate such things at scale. I was just wondering where such a statistic would be found.

panda10 | 5 years and 8 months ago

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Absolute costs have certainly gone up. Drywall, building materials, etc. But your premise of gathering “evidence” from people who went through renos and coming up with 50k per floor growing to 70 and beyond doesn’t sound precise. Reno is a function of what you want and how much money you are willing to spend–which was my point–there really is no objective per floor cost and trying to decirn increases due to inflation or building materials implies other costs stay static. That has never been my experience. All costs go up.

WRPListings | 5 years and 8 months ago

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When I spoke to a contractor 2 years ago, he told me that the cost of materials has gone way way up in the past few years. Maybe that’s the reason.

soundhoner | 5 years and 8 months ago

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Hi Panda,

What you’re saying isn’t false – “depends on the condition and renovation goals,” essentially – but it is not what I was asking.

I’m more interested in whether average reno costs have gone up over the past years and by how much? Because that’s been my anecdotal experience (including receiving quotes, and friends’ experiences), that they have gone up significantly the past 5 years, well past inflation that is.

panda10 | 5 years and 8 months ago

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Any ballpark given is just that- a ballpark. Which means you can come in way less or (more likely) you can come in way over hitting it out of the park. You need to talk to an architect and inspect the property. Even that doesn’t give you a good sense until you can make holes so your architect (and hopefully your engineer) can see what behind the walls look like. Finally when you demo, lots of hidden problems suddenly come to light. If you’re including the cost of your architect, the engineer, expediter and contractor, I think 120 per floor is low. If you want a better calculation- you have to actually do the work. Behind the napkin for something like this is the wrong way to go.