Center Slope Parlor Duplex
Any thoughts on this listing? How much to renovate? http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1850150
Any thoughts on this listing? How much to renovate?
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1850150
Looks like a crack den. Considering the insane asking price + the costs to rennovate (not Home Depot). This would not make sense if it is a short term investment. Like a few have asked, what’s up with the rest of the building? I imagine a 400K rennovation including soft costs, DOB, construction and appliances. It will be a labor of love.
@deanbh- that is a GREAT block, actually.
figure the “corcoran bump” and if a broker syas serious renovation, i would take it “seriously”. 100K per floor.
overpriced, shitty location, if the bottom duplex looks liek that you can only imagine the condition of the upstairs duplex/building mechanicals.
but to answer your question 10k bath (20k if you do it right and blow out the room in front Office den) with a mirror bathroom eg two bedrooms/both ensuite)
$15k kitchen + 10k appliances
$40k floors/walls/doors-fittings etc for the rest
$10k backyard landscaping (i’m assumign it’s exclusive).
The apartment is $200k overpriced (at least) so offer $650 at most then with $100k improvements you’ll have a nice (depending on building mechanicals) two bedroom duplex for $750k but it will still be in a shitty location…..
And at the risk of a tiresome boundary discussion, wouldn’t this be north (not center) slope? A few hundred feet from Flatbush.
If I were looking to make an offer on this place, I’d ignore the Corcoran ask as a starting point and calculate how much it’s worth after renovation, less the estimated cost to renovate (doubled), less the cost for someplace to live while the work goes on, less the discount for 6 months or a year of aggravation and effort, and use that number.
The streeteasy history – a year and a half on and off the market, contracts but no sale – tells you this is a difficult deal to close.
What renovation? Looks great, just move right in!
You could spend 100k to 600k. Looks too expensive for the work involved.
And what is happening with the upper portion of the building? Corcoran only seems to have the one listing. Is a unit or unit for sale? Or is there some tenant in place? Are there water problems on the garden level?
This one has been on the market for a bit. I’ve noticed that properties where people would have to do work aren’t moving that quickly, but as in all other things a sale is more likely to happen if the price is right.
Needs a lot of work, too expensive.
What else do you know about the building??
Is the heating system OK? Is there new electric service? Plumbing?