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]
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’m not sure why everyone is kvetching about the asking price. It’s just an asking price–put in an offer if you like a property. You never know!! We bought our house way below the asking–we just bid what we could afford and figured they would take it or leave it and we got lucky. Didn’t hurt to try. A house is “worth” what someone will pay for it.
To the architect at 10:29 am – I have now looked at several houses with 5 architects (and contractors), and since we were far along with one house, used the visits as a kind of architect interview. While it’s true that we were told that high-end renovations can cost a lot, they also said that 200 psf is completely do-able with very nice finishes. These were not low-end architects, but ones who knew tricks to economize while still having the end result be one of quality and beauty. So I think you are the one spewing bs insisting that only in Des Moines can you do 200psf. Again, same brokerage (Brown Harris) said that one of their other houses on 8th bet 4/5 was renovated for only about 400K and that was a HUGE job – turning a tiny 1400 sf house into one double the size (3 story 14 ft extension, brand new 4th floor, new everything) – so that renovation would work out to about 14 psf. Sure, some people don’t want to deal with the work of renovation, and want move right in, but I would imagine people with that much money would prefer a slightly bigger or better located house for that price! Also, the nice thing about doing work yourself is that then it’s your taste, not someone else’s that you’re inheriting (and nice as it is, you may still not completely like)….
I also think it’s a bit much to call the sellers “greedy”. I mean, are sellers supposed to be “generous” or “magnanimous” when pricing their properties? Obviously the goal of any seller is to get as much as you can in the current market. I think the worst you can say about them is that they are “mistaken”.
With regard to the “value” of renovations, you also need to account for the ease of just moving in to a house that’s in excellent condition. Hence, many buyers are willing to pay more than it would cost to do the same work themselves. There are plenty of wealthy people out there who don’t have the time, interest, or energy (or creativity for that matter) to spend 4-6 months in a potential renovation nightmare and would rather just drop the cash and move in. So playing the “it would cost” game is a little silly. As always, it’s what it’s worth to the buyer that really matters.
Having said that, 1.95 is still way high. I was thinking about putting in an offer, but there are just too many weaknesses in this property, as discussed at length here.
Wow… The amount of bs that flies around this site is truly astounding. I have never actually been into the specific place under discussion, but as an architect in Bklyn, I can tell you that the going rate for a mid-level renovation in NYC, assuming a kitchen and 2 bathrooms is running just north of $300 per square foot right now… and that easily tops $400 psf for a moderately high end job… for the math-challenged, that puts a quality job on a 2,000 sq ft place at minimum $600k. Quality work at $200k? maybe in Des Moines…
Wanted to say I found the owner’s brother’s post really sweet. That’s a brother for you.
And I tend to agree with 7:33. The cost of renovating in NYC is extremely high, especially to that degree of finish and… high-ended-ness. I think it looks great and many people enjoy that kind of taste and finish.
This may get close to ask.
1:35. You have never renovated a living space. You have no idea what you are talking about. You are a robot.
8:48 – I’m one of the people posting that 1220 8th Ave is overpriced. I’m not insulting the house – just the price. The house is fine, and the owners taste is not being criticized, but the fact is that it is small, on a small lot (with parking lots behind it), and while it is renovated/finished nicely, it is just ridiculous to mark up the house as much as they did for that, when those finished may merit a slight mark-up, but not 300-400K which is what they are charging. The very same broker has a house a few doors down for more than 600K less, and while it is not renovated the same way, that house might need 200-300K work tops to make it cosmetically as pretty (structurally it apparently does not even need work). People who overprice their homes open themselves up to much more scrutiny than those who are more realistic and less greedy.