I apologize if I wasn't clear. With renovations, you would be into it for $2.75M-ish. Comparables are in the mid-high $3M... You'd be looking at 4800sf if you get the full benefit of the upside, and you'd you see $3.85M (Not too long ago people were paying $1k psf... but you'll never see 4.8M out of this property... at least not this go-around) ~ But I always look to add a big cushion on the reno side, hence my $800K-$1M range in initial post. If you don't get the full benefit and can only do a partial "benefit" (let's call it that) ~ you'd see something like $3.4M but the reno cost would be less. Even if the reno numbers are off by 50% you're still seeing a nice return. Worse case, you don't get any additional "benefit" and you just have 3600sf. You'll still see a decent pop. The hook is that I already know the benefit would occur. So that's what makes it so tempting.
Regarding commission on sale:
We have an in-house agent, so a savy buyer will save all commission, worse case, they use their own agent and we're down 2.5% (or if buyer plays it tight, they can pay their agent from pocket). Most times we have it sold before it is finished. And that is what brought me here... how hot is the premiere location high-end market in Hudson County?...
