what's the renovation worth? pushing it in non-loft-ville

2 years + 1 reno = $400k (or not)

Ofttimes the Manhattan loft buyer looking for ‘value‘ must go far afield, away from the loft havens (Tribeca, Soho), to make ‘a deal’. One such possible opportunity is today’s candidate for the too pushy … or not pushy enough? thread. Because it is in this thread, it may not yet qualify as ‘a deal’, but patience is sometimes rewarded.

The loft traded almost two years ago under $750/ft (not counting some lovely outdoor space). Since then, there has been an extensive (but not gut) renovation, of which the owners have tired, it seems. They are offering their lovely 2 BR + 2 bath space for under $950/ft (don’t forget the outdoors). My guess is that the renovation cost less than $200/ft (perhaps much less), so that the current asking price is probably greater than the sum of (a) what they paid two years ago and (b) what they spent to renovate since.

Dicey proposition, that.

Someone who loves the renovated space and nabe may find it too attractive to pass up under $950/ft (+ outdoors!). Or The Market may find this just too pushy…. Until the price changes, of course.

© Sandy Mattingly 2009