Let's try a comparison specific to the Cloisters.
I see 14 sales in the Cloisters since 2013.
9 of the sales appear to be renovated homes, and the remaining 5 looked to be in more original condition.
Average sale price of the unrenovated homes, $1,255,000 - selling for an average of 2.34% under asking price.
Average Sale price of the renovated homes, $1,425,061 - selling for an average of 3.33% under asking.
Market norm for the community, renovated.
Difference between renovated and unrenovated homes, almost $170K.
The averages listed above for the renovated unit includes one unit that sold for over $2M, and was the ONLY home that sold in that price range, being a unique model, 25% larger than the competition.
When you remove that listing from the equation, the eight renovated units that remain yield an average sale price of $1,331,319.
5 unrenovated home sales - average $1,255,000 2.34% under asking
8 renovated home sales - average $1,331,319 2.81% under asking
The cost of renovations could easily approach the $80,000 price differential.
In any case, the decisions need to be based on the specifics for your community.
Hope this helps.