Do Renovations Always Pay Off? A 3-Bedroom Penthouse at 225 W. Scott in Old Town
This 3-bedroom penthouse at 225 W. Scott in Old Town came on the market in July 2018.
This midrise building was constructed in 1999. It has 12 units, a parking garage and an elevator.
The listing says this is a “complete renovation” of the unit.
It has refinished oak hardwood floors.
The main level includes the living/dining room, the kitchen and 2 of the 3 bedrooms.
The master suite is on the second floor along with the private rooftop deck.
The master bath has a spa-like bathroom with oversized rain head marble shower.
The kitchen has new white Shaker cabinets, quartz counter tops and quartz backsplash with a waterfall edge. The listing says the island can seat 5.
There doesn’t appear to be a separate dining area as the dining/living room are combined.
It has a wood burning fireplace, garage parking, central air and washer/dryer in the unit.
Originally listed for $743,000 in July, it has been cut to $729,500.
Everyone loves “new” so why isn’t this selling?
Joshua Lipton at Compass has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 2 baths, no square footage listed, duplex
- Sold in September 1999 for $399,000
- Sold in July 2002 for $505,000
- Sold in July 2013 for $485,000
- Originally listed in July 2018 for $743,000
- Reduced
- Currently listed for $729,500 (includes garage parking)
- Assessments of $332 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9713
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- Bedroom #1: 17×12 (second floor)
- Bedroom #2: 11×10 (main floor)
- Bedroom #3: 10×10 (main floor)
- Living/dining room: 18×12 (main floor)
- Kitchen: 17×9 (main floor)
“Why isn’t this selling?”
Well, it’s like speed dating. You see that barn door and just… no.
If they provided a floorplan, I’d think you’d have your answer.
The living space is tiny, the second and 3rd bedrooms are small and the roof deck access is thru the bedroom possibly.
Lipstick on a pig comes to mind
Very dull place, seems small, and you’re going to hike up the price that much since the last sale with those appliances? Possibly train noise issues as well on the deck. Never a good sign when so many photos are of the neighborhood.
I’m always dubious when they don’t put sqft on a listing… usually means its small
photog really loves the tile in the place…
Other than that, well its only been on the market what 5 weeks? Wouldn’t surprise me to see it go under contract soon
seems really dark for a “penthouse”.
Must say that the dumpsters right out the front door are a nice feature. Feels very “New York”.
My thoughts – – If you have kids, that’s a lot of stairs and be ready to go private school when they are younger.
Also, supposing you put 20% down (and that is a lot of money to lock up knowing that you are buying a unit that will likely have long marketing time in the future, when you go to sell).
Your monthly out of pocket, assuming 4.5% + taxes at $9800 annually (the real number will be higher), Insurance at $50/mo, assessments = $4500. Could you rent a 3/2 for $4500? Of course you can. Perhaps not in a newly constructed full amenity building, but a quick craigslist search of the area has newer construction town-home style units with garage parking (and a half bath more than this place) in the $3300-$3500/mo rental range….and you don’t lock up nearly $150K of your cash on a nondescript place that is unlikely to have gangbusters appreciation going forward. Instead you can use that money for your kid’s education.
So in conclusion, this is over-priced.
That said, I think there is also a segment of the population that wants to wait until they fully comprehend all the ins and outs of the new tax law. The $10K SALT cap will for sure impact the buyer of a unit like this, making the true cost of ownership slightly greater.
I see why it’s not selling. It’s a generic unit in a so-so location that has small rooms and a roof deck that’s nice but only usable 1/3 of the year. And it’s priced way too high.
No floor plan, but tons of pixs of Wells Street. We need Mueller in here to investigate whatever this cover up is.
Reasons why it is not selling (in order of importance):
1. Who cares how updated everything is when you have to look out to a brick wall from the living room? It’s almost a cruel joke there is a balcony out that way.
2. This used to be derelict area and it still shows. Charming area of Old Town starts at least one block north
3. No dining space, and seemingly no room for one
4. As mentioned by others, lack of SF or floor plan hints at overall small unit
5. Roof deck accessed only through a bedroom not good
Pretty sure I remember looking at the unit (or maybe just the listing) for this place like 5+ years ago. I think they were trying to sell in the high 500s…floor plan is definitely small and the third bedroom might as well be folded into the second bedroom.
Also, pretty sure there used to be a hot tub on the roof deck. I’m surprised they took it down!