Feb. 26, 2009 - how much is that renovation in the window?
adding modest value, or too modest about the value added?
There's a Manhattan loft newly for sale that is asking about $1,300/ft and is described as newly renovated. The prose is rather muted for a renovation (the kitchen, for example, is only described by its size). I really wonder what the renovation cost. The loft is in prime Soho and is big enough to fit into the family-size-with-entertaining-space category.
The renovation resulted in bedrooms that are small by large loft standards, none of which are en suite. There's a good-sized main open area that seems to get a lot of light (and there's that ... errr ... spacious kitchen), but I really wonder what that renovation cost. It is priced as though it had cost enough to be flinging proper proper names, exquisite materials, and custom this-ing and that-ing. Not saying it does not have them; just saying the listing does not say ti has them.
really wondering
Did I mention that I am curious about the cost of the renovation? When the loft sold about four years ago, it cleared at about $850/ft. Did the renovation plus four years add more than $400/ft in value?
A neighbor on a higher floor in a larger loft did not sell three years ago, despite a game effort. That loft was offered at about $1,300/ft and was marketed as a terrific renovation: "custom" this, "fabulous" that, "luxurious" other, with proper proper names. That pricing did not fly then, for a loft that sounds as though it was a better renovation than the one newly for sale. That narrows the time frame in which to assign additional value in the new listing to The market, as opposed to the renovation.
At this point, a definite contender for the too pushy ...? thread. Or maybe (also?) the what year is it? thread. Or maybe just a new why are they so modest? thread. I really am wondering, as you well know by now.
© Sandy Mattingly 2009
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