This week’s fixer upper special is a rare 2 BR/1 BA in Laburnum Court—rare in that it could easily convert to a spacious 3 BR/1.5 BA. Homes with three bedrooms and more than one bath are in high demand among families in this neighborhood and can go for upwards of $1 million. This home is listed at $735k, so at the very least there is about $265k of instant equity on the line—and that will pay for a nice renovation, indeed. Let’s take a look. [Update: price cut to $690k and even I am tempted.]
Many times when you see a 2BR converted to a 3BR, it’s an awkward execution. I’ve seen bizarre configurations, where a small dining room right off the kitchen becomes a tiny bedroom that has no closet or a bedroom is spliced down the middle with walls awkwardly abutting a windowsill. Not so with this home. Looking at the original floor plan, a clever renovator would bring down the wall separating the foyer from the kitchen, add an island, and still have room for a dining table and chairs.
Now let’s relocate the living room to what had been a very generous formal dining room. The former living room, with cozy fireplace, becomes a massive master with room enough for an expansive closet spanning the wall.
Speaking of closets, those just off the entryway are where we’ll locate the additional half bath. The space shares a wall with the full bath’s plumbing so it should be doable. There’s not a lot to salvage from either the current bath or the kitchen. Both are in need of a gut reno and the value of the home once you update it will more than pay for high quality fixtures.
From the listing on Streeteasy, we see that this elevator building, built in 1920s, is cat-friendly and offers all the amenities that most co-ops within this landmarked Historic District feature, including common garden, laundry room, and storage (wait-listed), plus a maintenance that is very low for a home this size in this neighborhood.
I don’t know enough about this particular co-op to speculate on the strength of its finances. Every buyer has to do their due diligence. But given all it could be and at this price, the home is definitely worth a closer look.