Remember, wallpaper can be removed (and buried in a shallow grave)
The news finally came. It’s about three years too late for me, but maybe not for some other would-be homeowner with a lot of vision and a huge reserve of elbow grease.
Available for purchase is apartment 4C, a front facing two bedroom. The last time this happened Dominick and Juliette scooped it up before we could even put in an offer! And if you could see what they’ve done with theirs, you would be knocking down the sponsor’s door to get a chance at this one.
I have to be frank about a few things. This place is a mess (so was the one Dominick snagged). There is mismatched, outdated, and very smelly carpet covering every inch of floor. The kitchen is the stuff of nightmares. There are “details” which can only be fixed with a sledgehammer. Finally, there is wallpaper. Not the chic damasks of today’s interior design world but the old, stained foiled type from days of yore. And it is everywhere. The layout is not as nice as the other two bedrooms in our building, but still… two bedrooms! Two very large bedrooms at that.
All that said, I bet that hideous carpet is covering a beautiful, barely-touched hardwood floor. I had just such luck with my apartment. The kitchen is a challenge but one I would give a kidney to take a go at. The wallpaper? A little steam and fabric softener, and it’s gone forever. The bathroom is a $10k-15k job, but oh, what a bathroom! Tub and separate shower!
Anyone who walks in there right now is sure to be aghast. But, if you close your eyes and plug your nose, you can imagine the absolute palace this place could be.
The price? I called David, the sponsor, today to talk to him about that. When asked, he told me “It’s very expensive,” which is what he says about every apartment. He said “$430k.” Yes, he was serious. So, hours later, I am typing this up when someone knocks at my door. It’s David! Interestingly, I have open on my computer the comps in the area, which I planned to share with all of you. After looking at the comps and listening to me go on and on about the fact that any offer which comes even close to $430k will fall apart at appraisal, he agrees to lower the price.
We agreed on $390k, “But, no lower!”
I’m still not certain that it would appraise at that price. Plenty of comps are less and many of them are nicer and in buildings without Floridian peach and green lobbies. However, David might be willing to deal. Any would be buyer should bring comps with them when they meet with David and be willing to haggle.
Maintenance roughly $630
Work to be done: Endless
Finished product: Priceless
It's not pretty now, but you just wait!
It's the larger of the two bedrooms.
Comps are below…