Home Selling in 10023>Question Details

Sam, Home Seller in Upper West Side NYC

I own a coop on the upper west side of manhattan. I am looking to sell. I have a 40 year old kitchen and bath,

Asked by Sam, Upper West Side NYC Thu Mar 27, 2008

old floors, windows that do not stay open, bad paint job. If I do a 65.,000.00 remodel and update the kitcen, bathroom, new floors, baseboards, window andf paint do you think it is worth the extra 3 months I will not have it on the market? as it costs about 4000.00 a month to carry. I was told I would get the money back? What are your thoughts?

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Hi Sam,

I tend to agree with Fred and Ronnie. There are many variables but usually If it is priced right it will sell. There are many buyers who only want mint move-in condition apartments and they pay a premium for that. There are also buyers who intend to renovate the apartment themselves.

The work needed should be included in the asking price. I've seen multiple bids recently on apartments that needed alot of work. Like the others mentioned its about the neighborhood, location, the building, the room count and square footage in Manhattan.

I live and work on the Upper West Side. I would be more than happy to come see your place and tell you what I think. Feel free to contact me.
1 vote Thank Flag Link Fri Apr 11, 2008
Mitchell Hall, Real Estate Pro in New York, NY
There are many variables at work here.
Is this a strict co-op that does not allow parents to buy with or for children? HOw strict are the sublet policies for potential investors. What are the comparable places in your building or even area going for. What was your initial investment and thus rate of return at this stage in ownership? While a real estate agent is not an appraiser, we are familiar with these market variables and can give you a realistic snapshot of what kind of return you can expect on your home.
Take the time and find someonw who makes sense, will work for your best interests and most importantly, take the time to do it right!
1 vote Thank Flag Link Sat Mar 29, 2008
Manhattan has seemed to hold its value. An updated home will sell faster. Will you get it all out? Probably not 100%, but I do think you will end up with a quicker higher sell. Just my opinion.

There are some websites out there that will give you an approximate work to sale return figure based on national averages.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Thu Mar 27, 2008
Hello Sam,

How are you? I hope you're doing well.

Just checking in to see if you decided to sell or are still in the market to list your upper west side home. I would be glad to assist if you'd like :-)

Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
View listings at http://www.gorickrealty.com
"Home is where the heart is."
0 votes Thank Flag Link Sat Sep 27, 2014
Sam..........if you're still out there...............you asked this question 2 years ago.......

So...............what did you wind up doing?
0 votes Thank Flag Link Fri Mar 26, 2010
The main thing is that your co-op should be priced for the condition it is in. While renovating will get you more money for it, your choice of materials will be attractive to some buyers and not to others. If your kitchen and bath are 40 years old as you say, your pricing which will reflect that, will attract buyers who want a bargain and don't mind doing the work themselves.
0 votes Thank Flag Link Fri Mar 26, 2010
Ronnie is right and Gail is a rabid poster who runs around posting the same thing every where. My guess is if you think you can get another $100k then it's worth it IF, big IF, you really think the current condition will be detrimental to moving the property. Point being of course is that Manhattan is more about location and bldg mngmt & ownership than what the build out necessarily looks like. Many buyers typically intend to renovate - especially larger units. So, you may actually be throwing good money after bad and would be better off getting ahead of the curve and price it to move before the last dumb money exits the market. Time is more critical than the kitchen at this point. In six months, inventory will probably top 7,000 units, maybe 7,500 which will be almost double what was on the market last summer. This will be a three to five year correction and we will probably see 2000 prices before it is over.
0 votes Thank Flag Link Fri Apr 11, 2008
By the way, every weekend when you have open house, placed an ads on Friday morning would be good enough, and you would collect the items definitedly needed to be done, and just fix or upkeep those was complained, and continue holding open houses. In general, by 4th open houses, it should have been sold already. Mostly would be sold in 2nd or 3rd open house, some sold in 1st open house.

But, every time you post open house ads, you would post as if it is open house only ONCE, not give out a list of open house.
0 votes Thank Flag Link Thu Mar 27, 2008
You can place a free ads at Craigslist.org and see how it responds. Many buyers come to see your coop would give you an idea of what needed to be done, and you can always give allowance. You would be surprised many first time buyer may feel your coop is already wonderful, much better than their rental apartment ...
0 votes Thank Flag Link Thu Mar 27, 2008
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