I have my real estate sales license. I occasionally show apartments for a friend who is a broker. This past weekend I showed a Manhattan jumbo studio on a high floor in a nice Manhattan, upper westside builidng. The apartment has a decent kitchen and bathroom and a lot of space for a Manhattan studio. However, the apartment has sustained some kind of water damage and the paint by the HVAC unit is peeling and unsightly.
The day was busy and several people looked at the apartment. Every one of them immediately went to the area of the peeling paint and dismissed the apartment as "damaged."
Clearly, the apartment needs updating. While I think that it would not be cost effective to redo the kitchen and bathroom before putting the apartment on the market, a coat of paint will probably pay for itself many times over.
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