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Saturday, May 13, 2017

Fixer Upper Friday: Turn This 2BR/1BA in the Fillmore to a 2BR/2BA With Open Kitchen

via Streeteasy

Hey, I'm back with more Fixer Upper spotting. So, I don't often cover a home that's been advertised without photos, but 83-10 35th Avenue, 2G caught my eye because it's so undervalued for the area. Is this home in estate condition? Very likely. Do the co-op financials bear an indepth look? Certainly. But considering that another 2BR/1BA this size in this building sold for $685k just three months back and that this one is asking $489k, I'd say it bears a look-see. There's about $200k of instant equity on the line that some lucky buyer could pour into their reno and end up with a home designed to their own personal specs. The floorplan of the G line is available on Streeteasy:

via Streeteasy

There's lots here for a renovator to love. A clever reconfiguration has the potential to not only annex the foyer and open up the kitchen to create a massive open floor plan, but also to add a second bathroom, creating a valuable master ensuite. Let's take a look!

The first thing that strikes me about this floor plan is that there's a lot of wasted space around the foyer in this home and that the kitchen and adjacent eat-in dining area are prime for opening up. If those walls are not load-bearing and if the co-op board approves the plan, the purchaser of this home could open up the kitchen to the living room and add utility with a large island.

I'd locate most of the appliances along the wall and put the sink in the island. I'd center a pro range with decorative hood and make it a focal point. These small changes alone would make an enormous difference. Visually, the living space will become one generous room with a wall of windows — impressive. Now, about that second bath.

Let's first build a large closet along the wall in both bedrooms. Now, if the co-op board approves the plan, you can annex what was formerly two cramped closets adjacent to the existing bath, relocate a few doorways and voila! — you've got room for a valuable master suite.

Two bedroom, two bath homes are selling for up to $750k in this neighborhood — and an open kitchen is hard to find. The value these changes bring and the instant equity will more than pay for your renovation of kitchen, bath and reconfigured floorplan, which will run the purchaser in the range of $100-$150k.

I don't know enough about this co-op to speculate on the strength of its finances; that's something a prospective buyer will need to look into. The maintenance is equivalent to other similar size co-ops in the neighborhood. The ad says this is a pet-friendly building with laundry and storage in the basement and a live-in super. Even more exciting — subletting is allowed! Even more reason to do some investigating should you happen to be in the market for a fixer upper.