Renovate or strip a beachside high-rise condo?

In My Humble Opinion
1

Our (sister and I) mother died a year ago, and we’ve managed to take care of most of her assets at this point-except the condo she had (NE Florida). First, she was well into middle-late dementia by the time she got sick last year and could no longer take care of her financial responsibilities, and was a hoarder too, and thus both this unit and her Ohio house were pretty far gone. Note we sold the house last year to someone who paid us more for the stripped-out version than the 1st buyers who dropped out.

So same decision here. One way or another it will first have to be stripped, likely including even the drywall (for ex. a jar of spaghetti sauce exploded on my mom c. 10 years ago and she was unable to clean it before it dried and stained the wall and ceiliing). The entire kitchen is trashed, bathrooms not much better. [sad irony is that the kitchen was already renovated c. year 2000 after my father died]

If we renovate it will look more attractive in the real estate ads and such, and we could hopefully recoup the investment. But if we leave it stripped it might attract someone who can then do exactly what they want with the place without being constrained by our choices. Note my sister is an interior-designer by trade.

We’d also like to sell it before hurricane season comes along (various forecasts indicate it might be a doozy), and renovating would eat more time into mid-late summer.

My preference is to strip it to the studs, and leave both the kitchen and bathrooms bare, get it out and done before a Cat 5 comes along, but my sister is leaning towards a modest renovation involving the AC unit as well as the aforementioned rooms and walls. So is that money well spent or should we gamble that a fixer-upper would be eager to spring for a fair market price so they can do what they want? [IOW there may be 2 sets of buyers out there: ones who want to move in right away and as said those who would jump at the chance to do their own thing.]

What say you, wise and benevolent Dopers?

2

List it as is for a price that provides for a good profit. If the offers are too low strip it and try again. If the offers are still too low renovate. If the offers are still too low all you can do is wait. The earliest exit involves the least anxiety. If you do improve the property insurance in a hurricane zone may be costly and time would be working against you.

3

As described I envision that condo as a future 1 night minimum short term rental. If allowed.

What’s the number of days on market for other units in the building. How long does it take to sell? So many variables with HOA a buyer has to consider. fees, required maintenance, storage, parking. What do the fees cover. Are there any special assessments.

You want to maximize sale price for Mom!
with a serious buyer…

Don’t get into drywall if possible. Just super clean and sanitize. Repair fill holes in walls prime repaint. Remove old wall to wall carpet… carpet squares are so easy to install or click clack cluck and go laminate floors. :woman_shrugging: or deep clean again and again ,Minimalist staging.

IMHO​:v:t3::thinking:

4

At least in coastal south Florida, a condo last renovated in 2000 will be stripped to the studs by the new buyers. Be they flippers or keepers. That interior is ancient outdated garbage by FL standards. Plus-minus whether this condo is in a desirable area with appreciating prices or an undesirable area with falling prices.

IME/IMO having managed a 150 unit condo complex for about 5 years, you can de-hoard it, sanitize it, paint it, and sell it as-is to a flipper, or you can do the flip yourself by doing a back to studs renovation. Other than flippers, nobody buys a needs-renovation fixer-upper condo intending to fix-up it up for their own use.

Despite what @chela said, at least around here people remove 100% of the old drywall too; there is almost certainly mold behind some / most of it.