Flipping an East Village 2-Bedroom Loft for $182,500 in 6 Months: 1137 N. Wood
This 2-bedroom duplex up loft at 1137 N. Wood in the East Village just came on the market.
If it looks familiar that’s because we chattered about it twice last year.
You can see our first chatter in July 2015, when it was priced at $500,000, here.
That chatter kind of went off the rails about women postponing marriage, the job market for those in the trades etc.
It wasn’t selling despite the low inventory so it was reduced.
We chattered about it a second time in September 2015 which you can see here.
Here are the comments even after it was reduced:
From Jenny:
“The pole in the kitchen, the view of an alley littered the power line poles, the outdated sinks in the bathroom, the low building reserves, the barely green zone location… $480k for this place is ridiculous.”
From Kathryn:
“I live in this building and I will tell you that the reserves are a non-issue, and that another unit that was on the market at the same time just sold for a higher price than this is listed for. The location cannot be beat and I am sure that plenty of people will be willing to pay the money to do minor updates at this price. Also, the building is a converted factory which is why there’s a pole in the kitchen, not because someone thought it was “cool.” Stroll down the street, you are next to all the bars and restaurants with three community gardens on the block and the building is extremely quiet at night, with parking and an elevator in a 4 floor building. Hard to find something comparable.”
This unit finally sold in October 2015 for $467,500.
Just 6 months later, it has returned with some changes and a $650,000 price tag.
The dark walnut floors are gone. They are now a lighter wood.
The second floor master suite was carpeted. It now has the same lighter wood as the first floor.
There’s a new kitchen island that is bigger than the prior one. The countertops are now marble. The appliances have been upgraded to Viking. There are also white cabinets that now go up to the ceiling.
The prior ceiling, by the way, was supposedly 17 feet. The listing now says they are 14 feet.
There is also custom designed shelving in the living room and a barn door entrance to the bedroom on the main floor.
A pergola was also added to the second floor deck that is off the master bedroom.
The bathrooms also appear to have been rehabbed. The master bathroom now has a frameless glass shower.
However, the pole that some people complained about last year, is still in the kitchen.
There was no square footage listed for the loft last year and there isn’t again this year.
You can still see the 2015 listing pictures here if you want to see what was done to the unit.
Buyers want new.
Inventory is still low.
It’s listed for $182,500 more than it sold for 6 months ago.
Will this set a new comp in the East Village neighborhood?
Bonnie Mersten at Baird & Warner has the listing this time. See the current pictures here.
Unit #2B: 2 bedroom, 2 bath, duplex up, no square footage listed
- Sold in May 2006 for $415,000
- Originally listed in July 2015 for $500,000
- Withdrawn in August 2015
- Re-listed in September 2015 for $480,000
- Sold in October 2015 for $467,500
- Currently listed for $650,000
- Assessments still $310 a month (includes snow removal, exterior maintenance, lawn care, scavenger)
- The old listing said there were $12,000 in building reserves. There are 16 units in the building.
- Taxes are now $5223 (they were $5120 in 2015)
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Bedroom #1: 17×14 (second floor)
- Bedroom #2: 14×10 (first floor)
