Converting a Brownstone to Condos in Center City?
As the market begins to heat up, so does the demand for smaller associations like brownstone styled condos that tend to have lower condo fees, and a hint more character than say a high rise may possess. Here are a few hints a developer may want to keep in mind:
1) Make sure to carpet the common areas. No one wants to hear the owner of say unit 2R clomp his or her way through the halls with their high heels. Keep noise to a minimum in common areas- hardwood floor and or tile is not appropriate. Carpet these areas. Please.
2) Think about splitting your water bills up- meter each unit separately. Many buyers may be part timers or weekend city warriors, and may benefit from not having to pay for water that they don’t use on a daily basis.
3) If the city allows, and you have space in the basement, put up two by fours and chicken wire storage units. And buy a dehumidifier for the association. The minimal cost will pay for itself in terms of marketability.
4) Common Area paint should be done in a low gloss finish. And spend a few extra dollars on front door security and hallway lighting. Again, a small cost, but huge in the minds of many Center City brownstone styled condo buyers.
5) When you are done building the condos, take a step back, and put in another $2500 into each unit in terms of groovy paint, wallpaper, and lighting. You will no doubt be able to recoup every penny of that visual investment (and them some) and the condos will sell quicker. Much quicker.
Remember, your competition is going to be at least a decade or two old- so modern up to date cosmetics are exceedingly important for marketability. I find that what kills a developer in terms of profitability, is the time it takes to market a condo. A vacant condo is simply just p*ssing money down a drain. I would suggest there is a fine line between over-improving, and hitting the market just right- in terms of pricing and your final product. Need some more advice?
Call me, Let’s chat. Mark Wade
215.521.1523 / 215.627.6005 www.CenterCityCondos.com Berkshire Hathaway Home Services Fox and Roach Realtors