Open House Picks: The Morning After
Did anyone visit any of the Open House Picks this weekend? Any other highlights or low points from the open house circuit? Open House Picks 6/13/08 [Brownstoner]
Did anyone visit any of the Open House Picks this weekend? Any other highlights or low points from the open house circuit?
Open House Picks 6/13/08 [Brownstoner]
well I guess they didn’t get their price yet – there’s another open house this weekend! Asking is still the same though…I guess they’re not ready to give in to reality yet. I may take another look though, in case they do.
When you are contemplating the cost of a major renovation keep in mind the cost of living somewhere else while you are waiting for permits and waiting for work to be finished. You will be paying rent, plus a mortgage, and then the contractor and everyone else. Also keep in mind that the prices quoted for renovations often don’t include all materials (counter tops, appliances, light fixtures, bathroom fixtures, etc.) so add at least 20% for that and other stuff. That $400,000 will be closer to $600,000 at the end of the day.
It really does depend what kind of renovation you are doing. Are you taking everything down to four walls and a roof and re-doing all mechanicals, moving plumbing stacks, replacing the water main, the roof, etc? Or are you keeping the structure as is and adding the upgrades like central air and a new kitchen? These are very different projects whose costs will come out differently. Also, does this include the architects’ fees? Are they the project managers or is it just the GC? It also depends what you find when you open the walls. We found a hole into our neighbor’s chimney and a header that had been completely cut through when the previous owner installed his own bathroom. I agree that cheaper renovations are “doable”, as long as you are confident that the quality of the work isn’t reflected in the price. It will cost much more if you have to re-do or repair things later. I’d check to see that a contractor’s work has held up over several years.
Sorry, but pretty high end architects we spoke to just showed us project they finished in a fancy PS townhouse that came in at 220 psf but that included central air and high end finishes – since we did not want central air, and were willing to do Ikea kitchen (customized) and other slightly lower end finishes, they said 200 psf was indeed doable, and this was confirmed by contractor that friends of mine have worked with who comes in on budget…
I think we are getting a lot better/rational discussion on 1220 8th Ave now. I’d bet they get at least $1.85.
10:46 here – typo in my my post – renovation of 8th St would have worked out to about 142 psf, not 14 (now *that* might be something you can only find in Des Moines…)
I think the owner of the 8th Street house is a designer, so they may not have had the same kind of architect fees that other similar projects have.
Careful 10:46, we had an architect (very good one, had even been published in Arch.Digest) a few years back who promised same thing. What we came to find, sadly, is that architects are NOT contractors. They are often well-intentioned dreamers with no earthly idea what the final cost will actually be.
The idea of doing a “nice” reno for 200 psf in NYC is… I won’t say laughable because I think you genuinely believe this… but is not going to get you what could be considered (by the majority of home buyers) “nice”. Especially homes north of 1.5 million.
8th St owners renovated for $400k?? That’s a helluva profit they’ll be making in 2 years.