With the kitchen and bathroom currently down to the studs, we’ll agree with the “blank canvas” characterization (and not in a bad way). Purchased for $610,000 in 2003, 101 Lombard #914W is back on the market as a potential short sale at “$450,000.”
No word on whether or not the 1,062 square foot underwater shell will qualify for financing.
The $807 monthly HOA dues with no amenities really kill this.
Seems unlikely that this avoids foreclosure.
If you consider a $360K loan (20% down) at 5%, 30 year fixed), the payment would be $1932. An additional $807 HOA is like an additional $150K in principal. And then consider that this place might not be inhabitable. On a 2003 purchase, at that. Maybe this can approach those strawmen 40% losses.
What are the chances of getting financing??? And that’s assuming the current lender approves a sale.
I’m thinking they must have a neg-am loan. Their balance was $427k in 2003.
One can do a very decent kitchen and bath for $50k given how small the place is and you are only at $500k. You may have to come up with a larger down payment (? 30%)…
I am assuming the 1062 sq ft includes the roof terrace as the living space doesn’t add up. It’s more like 900 sq ft.
Well..depends a great deal on your definition of “very decent”. I would disagree. This location, for most owners, would command a fairly high end renovation.
Just finished a full kitchen renovation similar to this in a condo. The project came in at $60k..All new cabinets, moved some plumbing and electrical, new lighting, new floor finishes, granite counters and new high end appliances.
The current layout of the above kitchen is pretty bad. Most new owners will want to open up the kitchen to the living/dining space. Makes sense.
I would add to the budget another $35k to fully complete a new bath. Again, quality finishes, fixtures, lighting, full tile.
As in any project like this, don’t forget demo and hauling costs, permit fees and design fees.
I also seriously doubt the current alleged square footage. This looks like a rectangle roughly 37′ by 24’3″ with lots of walls. 850sf livable space tops. 900sf if your molecular structure can accommodate sharing the same space with a drywall.
Even with the roof terrace this is not even close to 1000sf or maybe this schema needs to go back to the drawing board. Light only comes from one side, really lousy 80s design. Another big issue for the final pricepoint is this can never be converted to a 2BR. With 800 bucks HOA, this makes renting out a losing proposition. Resale of 1BRs with high fixed costs are not easy…
I’d wait for the foreclosure sale. Otherwise you’ll end putting down a lot of your cash, end up with a 550K (mostly of your own precious money) 1BR 2 X Cubix condo smack in the shadow of TH with ginormous HOAs that will always follow inflation.
Hey, look at the bright side. It could always appreciate.
This used to be beautiful field, before they built 101 Lombard Street. I miss that field.
This needs about $110K- including design fees, permits, six months HOA and taxes. Which means that someone’s going to want to pay no more than $300K to take it on. And they’ll have to do it all in cash, unless they have a special relationship with their bank or an investor. Plus hope it sells for $485K.
Presumably if it’s demolished “to the studs” there’s no pesky occupant to worry about.
I know the open living/dining design is “the thing to do” over the past 10 years but I think it is over rated particularly for small spaces. I have a friend who lives in a 800 square foot 1/1 condo and he opened up his space and it felt like we were watching TV in one big dining room. Sometimes it’s better to keep each area clearly delineated. Obviously I’m going against current trends but I think at some point the pendulum will move away from the open kitchen concept.
Ok, willow. whatever you say. To each his or her own.
I don’t believe you’re really looking close enough at that particular unit. The kitchen right now is windowless, and has 2 doors into it. the appliance layout is awkward and old fashioned, and not very functional.
It’s not about current “trends”. It’s about maximizing the small space one has to work with and about making the spaces flow better. I would imagine that 99% of all new buyers of this unit would want to open up the kitchen to the dining area.
maybe it depends on how often one uses the kitchen? if i spent a lot of time in the kitchen i’d want it to be open but if not i’d rather it be separated and out of sight.
noearch: I’m happy to agree that the kitchen for this particular unit would greatly benefit from the natural light if it was opened up. I also agree that I’m definitely in the minority in terms of keeping kitchens partially enclosed from the rest of the living area. I don’t cook frequently so perhaps I’m not able to experience the benefits. Anyway, it’s just a personal preference!
This is a fully staffed doorman building; I assume that accounts for a portion of the dues.
Hmmm . . . all this debate about costs and no one has brought up adding a W/D? The sink location in the dressing room would seem ideal since there is already plumbing. But I wonder if the HOA would allow? Just can’t see putting tens of thousands into this place with pulling it out of functional obsolesence. Even a ventless combo W/D would be a quantum leap over coin op down the hall . . . .
The sale of 101 Lombard #914W closed escrow on 6/25/10 with a reported contract price of $505,000, 17 percent under its 2003 purchased for $610,000 in a pre-blank slate state.