The Cinema Lofts: Does Stainless Steel Matter?
I was struck by a listing I saw for a unit at the Cinema Lofts at 1635 W. Belmont in Lakeview. The building was converted into lofts in 1997.
It was for a 2 bedroom, 2 bath and it said, “prior to closing, new stainless steel range/oven, refrigerator and dishwasher.”
Do stainless steel appliances matter?
In the early to mid 1990s, white kitchen appliances were the norm. In the late 1990s, black became popular.
But it wasn’t until the early 2000s that stainless steel became “in” and now it is a requirement in every new building.
If you have white or black appliances, should you switch them out with stainless steel before you even list your house or condo?
Unit #422: 2 bedrooms, 2 baths, 1501 square feet
- Currently listed at $449,900 (1 parking space included)
- Assessments of $374 a month
- Kitchen has WHITE appliances but stainless countertops
- Emerald Realty Group has the listing
Unit #305: 2 bedrooms, 2 baths, 1357 square feet
- Currently listed for $429,000 (2 parking spaces included)
- Assessment of $302 a month
- Kitchen has stainless AND granite
- Connection Realty has the listing
Unit #214: 2 bedroom, 1 bath
- Currently listed for $427,995 (2 parking spaces included)
- Assessments of $296 a month
- This is the unit that says they will replace all of the appliances prior to closing
- Rini Realtors has the listing
Unit #508: 1 bedroom, 1 bath, 800 square feet
- Currently listed for $285,000 (1 parking space included)
- Assessments of $223 a month
- Kitchen has WHITE appliances and no granite
- PMD Realty has the listing
Those white cabinets really look like hell. With 10 year old appliances, I’d be interested in an upgrade/update, whether stainless or not.
Anon: That’s the “problem” with older condos, right? They may have fantastic space but people want everything new and that means new cabinets and granite. Plus stainless steel appliances.
The problem with that is, it costs a lot to re-do a kitchen and not many buyers have the extra cash after they’ve lived in the condo for two years to re-do it.
The prices, in my opinion, don’t really reflect the age of the condos.
To answer your question, no you should not switch out the appliances for stainless steel unless a prospective purchaser asks for them. There are a lot of people out there who attach no value whatsoever to stainless steel appliances. There are a lot of people out there who aren’t going to like the appliances you pick out and would replace them anyway. I’ve lost track of the number of times I’ve been to an open house and have seen granite so ugly I can’t believe someone paid money for it, stainless steel appliances that I can tell are the cheapest model available despite not having been in an appliance store in over a decade, craftsmanship on kitchen “updates” that make me think I would need to rip it all out and start from the beginning.
No, the proper thing to do in this market is offer to have a professional renovation done, at the seller’s expense, to the specifications of the buyer, if the buyer wants such a thing done. Offer to have it done before the normal closing date so the buyer doesn’t have to worry about it when the buyer moves in. If the buyer decides to exercise that option, the seller should determine a fair value and decide if the sale price justifies such an expense. If so, the seller should insist on an earnest money amount that is reasonable based upon the risk of not closing.
I agree with Tipster,
In this market you have to be very careful on spending money updating kitchens and baths. I think it would be more important to stage the unit, and spend money modestly tweeking the bath and kitchen. Cleaning, paint/walcover, and artwork can do wonders.
I had a friend who was a pack rat, place was a mess and couldn’t get his condo sold. We cleaned and organized, I lent him furniture and artwork. He also did some painting, we did a cool backsplash in the kitchen and replace door pulls. Place sold in less than 30 days at the price he wanted. This was a little over a year ago.
I guess that’s the question–would they take $15k to $25k less to pay for a kitchen renovation. Were I the seller, I’d need to be pretty desparate to undertake the renovation on my nickel–even in the very unlikely event that the buyer put up additional earnest money to cover it. Dealing with renovation is a big PITA and I’d much prefer to just give the buyer a closing credit so they could do it themselves. Then, there isn’t any chance of the buyer saying “you screwed it up” and contesting your right to keep the earnest money.
I would say yes, the upgraded kitch is very important esp at higher prices. If you want to attract the high end buyers, have a high end kitch. If you have an out dated kitch, don’t price for high end buyers.