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Feedback on condo conversions

GRDadof3

By GRDadof3
in Grand Rapids

What would you rather see?  

53 members have voted

  1. 1. In a condo conversion, would you rather see...

    • Interior upgrades (cabinets, flooring, etc), keeping the price lower
      37
    • Complete gut and redo, adding a hefty premium
      10
    • Other (please explain)
      6

  2. 2. Add a rooftop deck for $40,000?

    • Yes, they are a great!
      35
    • Not all that important to me
      13
    • Other
      2

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GRDadof3 Ecumenopolis

GRDadof3

Posted
Posted

I'm looking for feedback from the group regarding converting existing multi-units from apartments to condominiums, on the scale of a 5 - 10 unit building in the near downtown area. Which would be more desirable?

1) Leave the apartments laid out essentially as is, with new lighting, new flooring, paint, redone common areas, new kitchen cabinets/counters.

The price would be in the $100K - $120K range.

2) Totally gut the building and build all new interior, which would add $50 - $70K/unit, and would include new water lines, fire suppression, and electrical systems. The layout would be pretty much the same as the old layout.

The price would be in the $150K - $170K range.

Is the $100K - $120K range a better price point right now?

Also, a rooftop deck would cost approximately $40,000, which could be split between the 10 or so units ($4000/unit added on to price). Is that an amenity that people like?

Thanks all!

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starrfish Whistle-Stop

starrfish

Posted
Posted

Seems like the $100K - $120K price point would be really popular - with what seems to be a glut of higher-priced projects in town and a number in the works. Unless the building was a total rats-nest, you could do a surface re-do and call it good.

*fish

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torgo Town

torgo

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I agree. It seems like every condo project going on now is at least 150k, most near or more than 200k. That prices out a pretty big group of people. One aspect that would be important to me is noise. If I'm buying a condo unit, I don't want to be able to hear my neighbior's crappy music/footsteps/conversation. That was one thing I hated about apartment life.

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Rhino6885 Hamlet

Rhino6885

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I think we all agree that more affordable condos are the only way to go right now. People aren't buying the higher end stuff at the rate they did pre-River House/Icon/Union Square. With that said, the per-unit allocation of a $40,000 roof top deck would definitely be worth it...great selling point. I wonder how much more something like the green roof at Bazzani would cost...more like a roof top park.

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GR_Urbanist Burg

GR_Urbanist

Posted
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Leave apartments the way they are. Preserve affordable rental units for students, the elderly, lower income peoples, and married couples just starting out.

Build new condos on already empty lots all around the DT area. Or create mixed buildings (apartments/condos).

Problem solved!

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michaelskis Hamlet

michaelskis

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While it is not always cost effective, I would have rather had them completely gut our interior and start fresh with new plumbing, electrical, and heating, and walls. One of the incentives with that is people can adapt changes as they feel needed.

Options are always best.

As for roof top deck... that is the reason that many of the people in my building bought in. It is now under construction... YEAAAAA... and will be terrific once it is done.

Dave needs a railing.

So does the public. Wherever adults are hanging out and relaxing, seems like adult beverages follow, and then you have crash-landings off Hillmount (conveniently located for live action shots).

All that pretty sedum presents a tripping hazard, too.

["y'all watch this!]

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Veloise City

Veloise

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...As for roof top deck... that is the reason that many of the people in my building bought in. It is now under construction... YEAAAAA... and will be terrific once it is done.

Hey, Hey... :lol: we will have a nice railing on ours. I can't guarantee someone won't try to water balloon the HH skycam... but it will have a railing.

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GRDadof3 Ecumenopolis

GRDadof3

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How feasible (both cost- and practical-wise) is it to add a rooftop deck to a building? It would be so cool on the Peck Building, but I was actually up there the other day, and there's a ton of crap (furnaces, etc.) up there.
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