Whether it is a down economy or good times, there is merit (and profit) in enhancing your investment. Jones Pierce can assist the real estate investor using our creative talent and understanding of construction. Creative thinking is what we bring to the table when tackling clever solutions for dull or aged properties.
There are many reasons for commercial “makeovers”. The underlying reason is to increase the property value. Property value is important no matter if the owner is trying to sell it or just wanting increased equity. Many times the desired result is to increase the marketability of a project for leasing or selling purposes.
For example, a real estate investor / developer came to us wanting to renovate the exterior of these circa mid-60’s brick apartments to increase curb appeal for improving leasing. During our Viability Study we questioned whether the investment to improve the buildings would be better for selling the units. After looking at the renovation costs, the conclusion was in fact to sell the units as condominiums.
The property was located in the historical neighborhood of Inman Park near downtown Atlanta. Due to the historic district requirements, the Urban Design Commission had to approve whatever solution we came up with. Our solution was to remove rusty old steel stairs, that were not code required. We replaced them with porches that were compatible with the surrounding neighborhood architecture. We also installed new windows and doors for better energy efficiency.
The interior of the units were gutted to upgrade the building systems to current codes, replacing fixtures and finishes in bathrooms and reconfiguring kitchens to allow for washer dryer hook ups. The completed makeover resulted in the 32 unit complex selling out within 8 weeks. Not only did the client save on marketing and promotional costs, but the sales prices exceeded the anticipated budget sales price by 10 – 20%.
Check out another blog post on increasing property potential:
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