Condos That Have Had a Substantial Re-Model?

I recently received an email from a reader whose condo is facing a major re-model and wondering if there are other buildings that have gone through something similar:

I am working on a cost benefit analysis that will (hopefully) illustrate the feasibility of the project. In doing so, I am trying to identify condominium projects that have had rather substantial remodels of common areas, so that I can trend values before the remodel, and after the remodel, to see if we can identify a change in value tends as a result of the project. Any identifiable change in value can then be compared to the cost of the project and presented to the homeowners to determine if a special assessment is appropriate.

Can you think of any buildings that have been substantially (cosmetically) remodeled that I could use in such an analysis?

Can anyone help out with some suggestions?

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • newbuyer

    Belltown Court on 1st/2nd ave. went through some major changes.

  • newbuyer

    Belltown Court on 1st/2nd ave. went through some major changes.

  • EconE

    Seattle Heights.

    Many complexes in Kirkland, both Juanita and Downtown on the waterfront. Rose Pointe, Juanita Shores, 733 Lake, Harborwhatever, Sunset, Yarrow Cove and a few others that don’t come to mind off the top of my head.

    I was renting at Juanita Shores back in the late 90’s. Everybody in the complex had to move out for 8 months to replace the walkway portions of the building. I was able to watch the construction as the time went by. There was quite a bit of rot and the contractors mentioned to me that they were surprised that the whole 4 story part didn’t just pull away from the building.

    They had already had to do substantial work on the waterside decks before I moved in (I lived at Bayview before and was able to watch the construction) The Carport roof also had to be replaced.

    I didn’t have to pay rent on the place when I was out and was able to keep most of the stuff in the unit. I had plenty of friends with a room for rent as we were originally told that it would be 30-45 days. postponement after postponement it was 8 months. Many homeowners were able to rent places per their homeowners policy but it only covered 6 months from what everybody was saying and they were all upset that they had to pay the extra 2-3 months of rent (or more possible if they had signed a lease).

    Been there, done that. Still waiting for the T-shirt.

  • EconE

    Seattle Heights.

    Many complexes in Kirkland, both Juanita and Downtown on the waterfront. Rose Pointe, Juanita Shores, 733 Lake, Harborwhatever, Sunset, Yarrow Cove and a few others that don’t come to mind off the top of my head.

    I was renting at Juanita Shores back in the late 90’s. Everybody in the complex had to move out for 8 months to replace the walkway portions of the building. I was able to watch the construction as the time went by. There was quite a bit of rot and the contractors mentioned to me that they were surprised that the whole 4 story part didn’t just pull away from the building.

    They had already had to do substantial work on the waterside decks before I moved in (I lived at Bayview before and was able to watch the construction) The Carport roof also had to be replaced.

    I didn’t have to pay rent on the place when I was out and was able to keep most of the stuff in the unit. I had plenty of friends with a room for rent as we were originally told that it would be 30-45 days. postponement after postponement it was 8 months. Many homeowners were able to rent places per their homeowners policy but it only covered 6 months from what everybody was saying and they were all upset that they had to pay the extra 2-3 months of rent (or more possible if they had signed a lease).

    Been there, done that. Still waiting for the T-shirt.

  • Peckham

    I don’t of any building project that was strictly cosmetic in nature. Good luck trending!

  • Peckham

    I don’t of any building project that was strictly cosmetic in nature. Good luck trending!

  • http://www.jonhunter.com Jon Hunter

    Hey Matt,

    The condos that have had cosmetic remodeling are:

    The Ellington: Lobby and Entrace
    Royal Crest: Lobby and Entrance
    Seattle Heights: Entire Exterior renovation due to water intrusion problems and EIFS
    Belltown Court: Entire Exterior renovation due to water intrusion problems and EIFS
    Bay Vista: Lobby and some common areas

    What sort of renovations is the condo wanting to do?

  • http://www.jonhunter.com Jon Hunter

    Hey Matt,

    The condos that have had cosmetic remodeling are:

    The Ellington: Lobby and Entrace
    Royal Crest: Lobby and Entrance
    Seattle Heights: Entire Exterior renovation due to water intrusion problems and EIFS
    Belltown Court: Entire Exterior renovation due to water intrusion problems and EIFS
    Bay Vista: Lobby and some common areas

    What sort of renovations is the condo wanting to do?

  • Jason

    I feel like all those 80s condos are being remodelled now. For me “80s” is stock phrase for “gross” but I realized that for people about 8-15 yrs older than me thats what “70s” means. Ditto “60s” for people a decade older than that. I maintain there is a certain repulsion you will always have for the styles that were in vogue when you were in the most awkward, uncertain, goofy time of your life: Jr High. My mother is grossed out by anything late 50s/early 60s and thats how I feel about stuff from the late 80s. My friends love my vintage formica and chrome table but my mother thinks its obnoxious. Remember in the 20s/30s/40s how they were gutting all the grandeur from Victorian buildings as tacky and garish?

  • Jason

    I feel like all those 80s condos are being remodelled now. For me “80s” is stock phrase for “gross” but I realized that for people about 8-15 yrs older than me thats what “70s” means. Ditto “60s” for people a decade older than that. I maintain there is a certain repulsion you will always have for the styles that were in vogue when you were in the most awkward, uncertain, goofy time of your life: Jr High. My mother is grossed out by anything late 50s/early 60s and thats how I feel about stuff from the late 80s. My friends love my vintage formica and chrome table but my mother thinks its obnoxious. Remember in the 20s/30s/40s how they were gutting all the grandeur from Victorian buildings as tacky and garish?

  • Peckhammer

    Seattle Heights Belltown Court

  • Peckhammer

    Seattle Heights Belltown Court

  • Peckhammer

    Whoops….

    Seattle Heights Belltown Court don’t really count in this context because they are like so many buildings in Seattle that were giant repair projects, not cosmetic remodels. Belltown Court was repaired twice, for water intrusion issues. There are numerous buildings around town that have been fixed twice, or will have to be fixed a second time. They almost always undergo some cosmetic changes when this happens. Does it add value? I doubt it.

    That said, there is something called the humpty dumpty argument that lawyers use to claim that the reputation of a building is damaged by the very fact that construction problems and repair issues have potential buyers offering less or avoiding the building altogether — and thus, a cosmetic change is necessary to restore interest in the building.

    According to Jon, The Ellington, Royal Crest and Bay Vista were cosmetic only projects. However, it will be extremely difficult to separate the value of any cosmetic touches done during major repair projects on the other buildings and quantify how much value that may have added to resale value.

    Actually, I think the whole notion of being able to quantify resale value increases due to cosmetic changes is a Sisyphean task — especially in a falling market.

  • Peckhammer

    Whoops….

    Seattle Heights Belltown Court don’t really count in this context because they are like so many buildings in Seattle that were giant repair projects, not cosmetic remodels. Belltown Court was repaired twice, for water intrusion issues. There are numerous buildings around town that have been fixed twice, or will have to be fixed a second time. They almost always undergo some cosmetic changes when this happens. Does it add value? I doubt it.

    That said, there is something called the humpty dumpty argument that lawyers use to claim that the reputation of a building is damaged by the very fact that construction problems and repair issues have potential buyers offering less or avoiding the building altogether — and thus, a cosmetic change is necessary to restore interest in the building.

    According to Jon, The Ellington, Royal Crest and Bay Vista were cosmetic only projects. However, it will be extremely difficult to separate the value of any cosmetic touches done during major repair projects on the other buildings and quantify how much value that may have added to resale value.

    Actually, I think the whole notion of being able to quantify resale value increases due to cosmetic changes is a Sisyphean task — especially in a falling market.

  • Holly

    The Shannon over on Belmont — did a major lobby remodel; new elevators; and I think they did some plumbing/electrical work as well. That building was built in 1970, so this was updating/cosmetic (I have relatives that live in that building).

  • Holly

    The Shannon over on Belmont — did a major lobby remodel; new elevators; and I think they did some plumbing/electrical work as well. That building was built in 1970, so this was updating/cosmetic (I have relatives that live in that building).