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Thread: Before and After: renovating to sell

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    Elite Member Honey's Avatar
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    Default Before and After: renovating to sell

    Meagan and Eric Newhart knew they would have to redo the kitchen before putting their two-bedroom apartment in Brooklyn on the market.



    The kitchen renovation, new dishwasher and all, cost about $20,000.



    The Newharts bought their Carroll Gardens co-op at 161 President Street two years ago for $599,000 and can imagine losing money on it, as they have just put it on the market for $625,000.





    Brian Lewis, an executive vice president at Halstead Property, represents a brother and sister who are also trying to sell a home that they recently inherited.



    Perhaps the most eye-catching work was the redesign of the foyer. They opened up the space and installed new lighting to create a gallery that announces that you have entered a gracious four-bedroom apartment, not a four-bedroom warren haphazardly created by combining units.



    They spent more than $100,000 to renovate and expand the kitchen, redo the master bath, refinish all the floors, and stage the place with rented furniture.



    They put the place on the market three months ago for $1.995 million.



    Mariya Slonim and her husband, Vlad Rysin, listed their one-bedroom apartment at 214 Riverside Drive for $499,000 in May 2008.



    The couple put in a new bathroom to help the apartment sell.


    The old kitchen.



    They also put in a new kitchen refinished the floors and painted the walls in different colors with a faux stucco finish. The tab was about $60,000. They listed the apartment again in late July for $529,000.



    When Renée Fishman, an agent with Halstead Property, first laid eyes on Rik Morris's two-bedroom apartment at 7 East 14th Street, the rooms were cluttered, the bathrooms were dated and the kitchen was "unsightly, to say the least -- it was a little scary."



    Six months and $147,000 later, Mr. Morris, and his partner, Jim Kelleher, put the apartment on the market for $1.275 million. It had an expanded kitchen.



    The men outfitted the place with contemporary furniture and used it briefly as a pied-à-terre.



    Ms. Fishman said that in its original condition, Mr. Morris would have been lucky to get $900,000, so she is sure that he recouped his investment.



    Emilio Frederick II and his brother, Malcolm, inherited a town house at 413 West 154th Street from their mother late last year.



    The kitchen harked back to the 1980s, so they replaced the white laminate with granite counters and hardwood cherry cabinets, and bought stainless-steel appliances.



    The duplex still had original fireplaces as well as woodwork, much of it buried beneath decades of paint. So to bring back its 19th-century glory, the brothers had all the woodwork stripped and refinished.


    The work cost about $25,000.



    Before and After: Renovating to Sell - The New York Times > Real Estate > Slide Show > Slide 20 of 21

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    Elite Member Laurent's Avatar
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    I don't understand renovating to sell. Why not renovate for you to enjoy yourself? Not just to up the asking price.

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    A*O
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    This proves what a major de-clutter, neutral paint job and nice floors can do. You don't need to spend a fortune. You can create a lot of add-on value IMO if you do it well.
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    Elite Member sputnik's Avatar
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    Perhaps the most eye-catching work was the redesign of the foyer. They opened up the space and installed new lighting to create a gallery that announces that you have entered a gracious four-bedroom apartment, not a four-bedroom warren haphazardly created by combining units.

    IMO they ruined the floors. the parquet was much nicer before.
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    A*O
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    Also, buyers generally find it hard to see past the tatty paint, old appliances, clutter and bad furniture. They want a place they can move into straight away without doing anything to it. It's not laziness, they are either too busy to spend time doing rennos themselves or frankly lack the imagination.
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    Quote Originally Posted by Honey View Post
    The kitchen renovation, new dishwasher and all, cost about $20,000.

    They spent more than $100,000 to renovate and expand the kitchen, redo the master bath, refinish all the floors, and stage the place with rented furniture.
    The tab was about $60,000.

    Six months and $147,000 later, Mr. Morris, and his partner, Jim Kelleher, put the apartment on the market for $1.275 million. It had an expanded kitchen.
    Ms. Fishman said that in its original condition, Mr. Morris would have been lucky to get $900,000, so she is sure that he recouped his investment.

    The work cost about $25,000.
    These aren't cheap renovations, some of them are a lot of money.


    And couldn't some tof the price increase int he NY East street apartment just be the "normal" inflation over 6 months?
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    Elite Member calcifer's Avatar
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    i like what they did with the first kitchen. definitely an improvement.

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    i'm glad we're not renting in the Big Apple.

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