Unlocking the Power of Renovations: The 18% Premium in Manhattan Real Estate
When it comes to selling your apartment in Manhattan, the condition of your property can significantly impact your sale price. In fact, according to UrbanDigs, renovated apartments in Manhattan command an impressive 18% price premium over their unrenovated counterparts, based on a rolling one-year price per square foot. This substantial increase underscores the value that thoughtful, strategic renovations can bring when selling a property in the competitive Manhattan real estate market.
But how can you tap into this potential and ensure your apartment is optimized for the highest return? That’s where Coldwell Banker’s RealVitalize® program comes into play, offering sellers an opportunity to unlock that premium with no upfront costs. Let’s dive into how renovations can transform your home’s market value and why working with the right professionals can maximize the impact of your sale.
The Renovation Premium: What Does It Mean for You?
The 18% premium reported by UrbanDigs is a clear indicator of the growing trend toward homebuyers valuing move-in-ready spaces over properties that require additional work. In a fast-paced market like Manhattan, buyers are often looking for convenience, and a newly renovated apartment saves them time and money—two things that are particularly valuable in this high-demand market.
Here’s a breakdown of how the renovation premium plays out:
- Renovated apartments typically sell for 18% more per square foot than unrenovated units.
- This premium is particularly noticeable in high-demand neighborhoods where buyers are willing to pay a premium for upgraded features, modern finishes, and hassle-free living.
- The average selling price per square foot for a renovated unit is noticeably higher, leading to a significantly increased return on investment for sellers who make the proper updates.
RealVitalize®: Renovate with No Upfront Costs
Now that you understand the potential upside of renovating, how do you fund these upgrades without breaking the bank? Enter Coldwell Banker’s RealVitalize® program, which allows sellers to update their properties—refinishing floors, upgrading kitchen fixtures, or staging the apartment—without worrying about paying upfront costs. The program covers the cost of renovations and improvements, and you only pay back the closing costs with no hidden fees or markups.
The RealVitalize® program allows you to:
- Refinish floors, update hardware and make cosmetic changes that enhance your apartment’s appeal.
- You can add critical updates like modern light fixtures, fresh paint, and upgraded kitchens and bathrooms without the financial burden of paying upfront.
- Stage your apartment to showcase its best features, helping buyers visualize the space as their future home.
Given the 18% premium that renovated apartments can command, investing in these updates can significantly affect your final sale price. And since the program makes renovations affordable by deferring costs until closing, there’s no reason not to take full advantage of this opportunity.
Recent Success: RealVitalize® in Action
Let me share a recent example. I had the pleasure of representing the seller of an apartment in Manhattan, which had seen its fair share of wear over the years. Through the RealVitalize® program, we made a series of impactful updates, including:
- Refinishing the hardwood floors to bring out their natural beauty.
- Updating the kitchen and bathroom hardware and installing modern lighting in the kitchen, living room, and bathroom to enhance the space’s overall ambiance.
- The bathroom was updated by adding a large medicine cabinet with LED lighting and a new vanity, bringing it up to current buyer expectations.
- Staging and Deep Cleaning the apartment to show its full potential.
By working closely with trusted vendors and contractors and managing the project efficiently, I ensured that these updates were completed on time and within budget. The result? a quick sale at a premium price—well above what an unrenovated unit would have commanded.
Renovate to Maximize Your ROI
If you’re considering selling your Manhattan apartment, now is the perfect time to take advantage of the 18% renovation premium. With Coldwell Banker’s RealVitalize® program, you can elevate your home’s value with strategic improvements that will resonate with today’s buyers. Whether a minor cosmetic upgrade or a more extensive renovation, the RealVitalize® program helps maximize your investment.
With renovations shown to increase the sale price of apartments by up to 18%, you’re not just investing in your home’s appeal—you’re investing in your return on investment (ROI). That’s a compelling reason to consider what updates could give your property an edge in the Manhattan market.
Get in Touch Today to Learn More About RealVitalize®
If you’re ready to sell and want to explore how renovations can elevate your property’s value, don’t hesitate to reach out. I’d be happy to walk you through the RealVitalize® program and help you maximize the sale of your home with expert guidance every step of the way.
Feel free to contact me to discuss your property’s potential and discover how RealVitalize® can help you get the best price in today’s market.
