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I live in NYC and there are many new developments going up. When you look at a new condo, the sales person is always trying to get me to upgrade everything (appliances, better view, higher floor, with a study, etc). What upgrades are most valuable?
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Posted: Aug 09, 2008 at 9:34 AM
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The kitchen. The Bathrooms and then the rest.
Aug 19, 2008 at 1:53 PM
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Michael-
Those items that cannot be purchased later in time would add the most value. The view, the square footage, ceiling height, balconies and decks, etc. If you can do it later or change it later, it's not nearly as important...it's nice to have. Those items should be comfortable for you, but don't stress over them. If a stainless steal kitchen package is $10k and a balcony is $10k, get the balcony first.
Aug 10, 2008 at 9:38 PM
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View, square footage, room count, outdoor space and a fireplace add value. High floor without a view doesn't add value. Appliances can be replaced.
Many of the luxury new construction projects in Manhattan are selling a lifestyle. Unique designs and high end finishes is what distinguishes one building from another in their marketing.
Below is a link to a blog I wrote based on a study by Miller Samuel appraisers and NYU Furman Center that studied amenities and attributes of NYC coops and condos and gave them premiums.
http://nycblogestate.com/2006/09/how-much-would-you-pay-for-view.html
Aug 10, 2008 at 5:51 PM
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