In the old days, nothing energized prospective buyers more than the chance to impose their vision on their new homes, even if those apartments and townhouses had just been updated. Tear down those walls! Buy an even bigger Sub-Zero! Install built-in bookcases! Refinish the floors! Re-do the baths! Get photographed for the New York Times!
No matter the condition of those purchases, they wanted the properties to reflect their own personality, taste, needs and aspirations. Thus, places that “needed work,” as the phrase goes, particularly resonated with such purchasers. They were eager to pay the carrying costs of two residences while work was done, put up with the inevitable frustrations of dealing with contractors, and spend and spend and spend to their heart’s delight.
They were flush with cash, filled with notions of modern design, and fated to go way over budget.
Those were the olden times of a couple of years ago, and those times now are long gone. Continue reading