Sep. 10, 2007 - how much for bones? 12 E 12 is new
rare condo with bones, soars
Unit 5SE at 12 East 12 Street is
new to market this past weekend (how did I miss that open house??), asking $1.825mm ($1,333/mo in taxes and
common charges) for "1,500 sq ft" that "is waiting for your attention, love and care", with "bones [that] include soaring
ceilings, original maple wood floors and central air." In other words, it is all about the renovation that you will do
after you buy.
At roughly 30 x 50 feet, it is not quite a Long-and-Narrow,
and it has one long-wall window for a master bedroom, to go along with three narrow-side south windows
(and a balcony). There is plumbing on both long sides, so there is maximum floor plan flexibility
there.
The listing photo ratio of four exterior
pictures to two interior is consistent with this needing a great deal of attention, much
love and a great deal of care. Even at $150/ft for an attentive, loving and careful
renovation, the cost + build comes in at about $1,400/ft.
The last sale I see in the
building was #2NW, "875 sq ft" that closed for $860k in March. Yes, #5SE
is that rare Central village pre-war condo loft, but $1,400 per foot
done is a hefty price.
|
Comments (4) :: Post A Comment! :: Permanent Link
View more entries tagged with: East 12, Renovation, Balcony, Bones
|
Sep. 12, 2007 - re: how much for bones? 12 E 12 is new |
| Posted by Colgin |
Based on your write-up and the pics on the site I had had no interest in even looking at this. However, an hour before Ereve Rosh Hashanah our broker insisted we see this. Well, it is a real POS (IMHO) needing a complete gutting. The selller's broker said this last turned over in 1982 byt the decor and state looked more like 35 years old rather than a mere 25 years old. Moreover, the bones are not particularly good with an awkward layout. Even after sinking $200-300K into a gut reno you are still going to be left with in all likelihood a one bed room wonder with one or more interior bedrooms. The current second "bedroom" faces a brickwall that is about 12 inches or so away. We were told you could add a skylight in that room but I am dubious. Our (for now) broker told us you could move in with a new coat of paint and live throuhg a reno. Aside from the fact that we had no interest in this unit (at any price actually), you would really need to reno first. There is no way this is in close to move-in condition. |
| Permanent Link |
Sep. 13, 2007 - re: how much for bones? 12 E 12 is new |
| Posted by Sandy Mattingly |
Colgin -- Sorry you wasted time, but this listing contains many clues that it is not in paint-clean-and-move-in condition for a buyer with $2 million.
(1) "bought as raw space and converted in 1982" suggests it may have been built out to The Deluxe Standards of The Day (even though not that many people did even that in 1982) but that day was 25 years ago, with no intervening upgrades; were the kitchen appliances you saw ancient, old, dated, or somewhat new?
(2) "waiting for your attention, love and care" doesn’t say that you have to bring a demo team, but it is coy enough to send you to the yellow pages; you say it needs more than "TLC", which is probably a marketing error not to be more clear about
(3) "the bones include ..." - nobody talks about "bones" unless the skin needs work
(4) "Apartment Features: Awesome south facing /garden views plus a balcony." The key to that sentence is the "." That is a complete list of the "apartment features" worth mentioning, period. Not a word about the interior of the apartment (beyond the ceiling, floor and a/c "bones" already highlighted).
(5) As I said, there are four outdoor photos and two interior photos (one of which features the view out the window). If there was more to visually brag about, you'd see it.
One can argue about how to market a loft like this, as this seller and this agent may have done. Personally, I don’t like any buyers to come to one of my listings and be disappointed. My theory is if there is a problem (or an "issue") I want people to be prepared for it, because if they show up anyway (having been warned), they will much more easily see the good things about the loft.
Frankly, there are enough hints here for many people (IMO). Of course, the agent could have been more explicit (you see things like "create your dream home"), but no buyer of mine would waste their time on this listing by being surprised about how much work needs to be done. Sorry you had a different experience.
Interesting article from last month's The Real Deal that touches on this (Buyers Shun Units That Need TLC http://www.therealdeal.net/issues/AUGUST_2007/1185903530.php ). I happen to think there are fewer buyers ready to do a lot of work in a "new" loft than there were 8 or more years ago, but there are certainly some. If I want to attract buyers like that, I try to be explicit.
THX for stopping by, and for commenting. L'shanah Tovah!
Edited by SandyMattingly on September 13, 2007 at 8:53 am |
| Permanent Link |
Sep. 17, 2007 - re: how much for bones? 12 E 12 is new |
| Posted by Colgin |
Sandy,
Your description in your original post was spot on. It was on that basis that I sought to avoid this listing. Our own broker let us down on this one, convincing us to take a look in spite of our ourselves.
Al the best.
Colgin |
| Permanent Link |
Sep. 17, 2007 - re: how much for bones? 12 E 12 is new |
| Posted by Sandy Mattingly |
Good luck in your search, Colgin.
After you've bought, would you mind sharing something about the process (how long it took, what you looked at, your reactions to the market, etc), without revealing anything you want to keep private (such as where you bought, perhaps)?? Any real world experience from actual buyers / sellers would be great to see here.... |
| Permanent Link |
|
on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
Links
• Home
• View my profile
• Archives
• Email Me
• Blog Manager
|
RSS Blog Feed