Why It's Nearly Impossible to "Flip" in New York City

Photo: RedFin.com

Several years ago a listing for a 900 sq ft two-bedroom in our neighborhood caught my eye. Back in September of that year the same unit on another floor sold for $230k. Why the giant price differential? The latter was a wreck, indeed, as these side-by-side photos show. Fast-forward a few years and a relisting caused a flurry of speculation in the real estate community of the Jackson Heights Life forum. Did someone "flip" that wreck? It brought up a good question: Can you even "flip" in New York? The answer is no, at least, not in the conventional sense.

Fixer Upper Friday: 1 BR in Carlton House Converts to 2

Via Streeteasy

This week's fixer upper special is 1,000 sq ft 1 BR in the Carlton House—with a terrace!—that could convert to a true 2 BR with grace and ease. Comparable two-bedroom homes in this neighborhood go for upwards of $650k, and that's without the outdoor space. This home is listed at $465k, so at the very least there is $185k of instant equity on the line—and that will pay for a nice renovation, indeed. Let's take a look.

Fixer Upper Friday: 2 BR + Office in Laburnum Court - $559k

This week's Fixer Upper find is a 2BR + office, located in Laburnum Court at 37-16 80th Street, #42 in the Jackson Heights neighborhood of NYC, asking $559k. The same classic 6-room layout in this co-op building just sold for $670k in February of last year, so there is at the very least $110k of instant equity on the line—likely more, as sales prices have been climbing this past year in this architecturally significant neighborhood. For a prospective buyer willing to tap into that instant equity and renovate a home exactly to their taste, it's certainly worth a look.

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:

Fixer Upper Friday: Roosevelt Terrace 2 BR

Typical terrace at Roosevelt Terrace via RedFin

Hey, I'm back with another installment of Fixer Upper Friday, scouting a 2 BR at 35-31 85th Street, 4h, in Jackson Heights. This home is located in a four-building co-op down the block from where we live, so I get to see quite a bit of it and I can tell you that the outdoor spaces are sweet. I'm going to breeze right over the photos in the ad on StreetEasy and instead show you this of a neighboring home in the same co-op that gives a better taste of how great this home could be. Can't you just see yourself sipping a latte or glass of wine here? Righty-ho, then — let's jump right into the floor plan, where the potential to open the kitchen into something spectacular is pure Renov8or gold.

Fixer Upper Friday: 35-45 82nd Street 2BR

Streeteasy

Hey, I'm back with another installment of Fixer Upper Friday. Seeing what I see in this home at 35-45 82nd Street in Jackson Heights is going to take a bit of imagination on your part. There's not a lot of history of past sales in the building on Streeteasy, so I don't have any "after" photos to show you of similar units on other floors, the way I like to do. But several things pique my Renov8or interest:

Fixer Upper Friday: Linden Court 2BR

Zillow

A Zillow alert caught my eye this morning, because it's exactly the kind of home that I look for when I'm on the hunt for my next fixer upper. It's listed for $335,000, when most two-bedrooms of similar size in this neighborhood list for $450,000-$550,000, depending on the quality of the renovations. Given the price differential, this means the buyer of the fixer upper will have roughly $215,000 to work with to bring it up to market. That's more than ample to do what's needed: skim coat and paint the walls, refinish the floors, update the wiring, and gut renovate both the kitchen and bath. Built in 1919, the home retains some beautiful detail. Let's take a look.

Fixer Upper Friday: Large Studio in Jackson Heights for $160k

Photo: Streeteasy

If I had my way, I would move every year, just for the sheer fun of getting to renovate another home with Renov8or potential. Sadly, Ross does not share my penchant for "fresh starts". Little did I know that when I found our current home - a 2BR with parking and a doorman - I was setting the bar pretty high for me ever convincing him to move again. Try finding another deal that that in New York City.

It doesn't stop me from "looking" of course. I'm always culling StreetEasy for new homes on the market that have good Renov8or potential. Some of these I send to friends who are looking. Others I simply ogle and dream about.

Take this large studio in Jackson Heights, for example, that recently showed up on StreetEasy:

Fixer Upper Friday: Cost of Renovations $0

Our $0 renovation

This isn't going to be a post about scouring the internet for the best deal on fixtures. Or how to find upcycled goods at salvage yards. Or even how to cut your contractor costs by doing some DIY yourself. (Though, I can readily get behind any one or all of those things.)

This is about something very real that you don't hear too much about in the home blogs. How to buy a home that's equity will pay for your renovation.

If I were to add up the cost of the renovations to our new home - contractor fees, materials, and fixtures - it totals more than $40k. But it didn't cost us a cent.

Wa-wa-what what? That's right. Here's how we did it.