Fixer Upper - New York NY Real Estate - 264 Homes For Sale | Zillow (2024)

FAQs

How do you tell if a fixer-upper is worth it? ›

To ensure a fixer-upper house is well worth the money, look at comparable homes (known as real estate comps) in the neighborhood. Then add your estimated cost of renovations to the purchase price. If you're making money on the home, it's probably a good investment.

Rehab/Construction (2 weeks to 4 months) - For a cosmetic rehab, the project may only take a few weeks, but for a larger 'gut job' it could take up to 4 months. Listing for Sale (1 week to 2 months) - In a hot seller's market in a desirable area, you may have an offer the 1st day you put the property on the market.

New York has the most valuable real estate in the U.S. at $2.8 trillion — slightly more than the entire GDP of the United Kingdom for 2019. In fact, this is greater than the GDP of all but just five countries — India, Germany, Japan, China and the United States.

In real estate vernacular, a fixer-upper is a property that will require repair (redecoration, reconstruction, or redesign), though it usually can be lived in or used as it is. An older house like this one, usually in need of renovation, is a typical "fixer-upper"

There are even TV shows about them. Why are they falling out of favor with buyers now? Veronica Dagher: Well, one of the reasons is they just don't want to hire a contractor. It's a lot of work to do that, and it's hard to find them these days, but the big factor here is high mortgage rates.

Homeowners on the show must have a home with a purchase price under $200,000 and they require at least $30,000 worth of renovations. HGTV does not fund the renovations, but they do cover the cost of one bonus item and pay a talent fee to Chip & Joanna.

In short, the answer is no. The couple (or person) was required to either purchase the pieces from HGTV or return them after filming wrapped. This included everything from the giant clocks and the modern chairs to the small trinkets Joanna used to decorate the kitchen countertop.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

“It's just a question of what's the next hot place,” he said. Who's on top? To the surprise of nobody, the City of New York is the biggest property owner in the five boroughs — with a massive 362.1 million square feet to its name, according to TRD's analysis.

At the beginning of 2019, Ken Griffin's purchase at 220 Central Park South set a new record for the highest-priced home ever sold in the United States.

Are fixer-upper prices accurate? ›

Yes, the numbers are pretty different than in the real world. It's no secret to most viewers that the renovation estimates on flip shows like Fixer Upper are almost always lower than what those quotes would be in the real world.

Save to spend

One of the most significant benefits of doing up a dated or run-down property is that you'll likely be faced with less competition on the market and the price will be lower than snapping up a more recently refurbished home.

Don't disregard foundational or layout issues.

Any major cracks or shifts in the foundation can turn any low-risk investment into a high-risk one. A fixer-upper with a bad layout can also be the cause for complete reconstruction and major financing. A good layout should be practical and allow space to flow.

A quick test to see if your fixer is still good is to put a piece of undeveloped film into the fixer dilution. Swill the fixer solution around with the piece of film in and the film should go transparent within a few seconds. If the film stays opaque then the fixer needs replacing.

Powell said, “Visible signs of structural damage like foundation cracks, sagging floors, or leaning walls are clear and obvious red flags that should be sought out by Home Inspectors. These issues can be extremely costly and challenging to rectify.”