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A blog for breaking sales and neighborhood real estate news.

The Full Nelson: The Turnkey Premium

1/19/2012 9:10:07 AM/ Massey Knakal/ News

It should be obvious that properties which are in great condition sell for more than those in need of repair, but by how much of a margin? Is it cheaper to buy an investment property and do the work yourself?

To consider this question, I wanted to compare two recent Brooklyn Height sales. One was a vacant turnkey property at50 Orange Street which my office recently sold.  The five-story, 12,583 SF elevatored building sold for $7,100,000 or $546/SF.

The property had been owned by The Watchtower Bible and Tract Society of New York, Inc. for over 20 years. The property had been maintained according to the incredibly high standards of care and attention that Watchtower is particularly well-known for. The Witnesses' award-winning restoration and maintenance of their properties is well-documented.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese