The closed-in kitchens built in the ’70s with laminate cabinets and old almond appliances needed to go, says Jeff Morr, executive president of Miami-based Majestic Properties, Nirvana’s broker. After a gut rehab to open up walls and add islands, the modern Italian-style kitchens feature stainless steel appliances, black granite countertops, and a choice of white, cherry, or – for the more adventurous buyers – blue thermofoil cabinets.
“It’s the same kitchen you would basically get in a million-dollar apartment,” Morr says. But here’s the twist: Units are moderately priced from the mid- $100,000s. The company’s able to offer luxurious finishes at an affordable cost by buying items in bulk, Morr says. Materials for each kitchen add up to about $5,000, plus $1,000 for the labor.
Keeping Up
There’s always room for improvement, especially in the west Los Angeles market, where new luxury communities seem to pop up daily. Just ask SSR Realty Advisors, a Morristown, N.J.-based company, which recently purchased Marina Pointe in Marina del Ray, Calif. Although less than 10 years old, the 583-unit luxury rental needed a facelift to keep up with new product.
Decked out in all white, the kitchens were passé, says Victoria Currens, principal at Style Interior Design, an Irvine, Calif.-based firm. White appliances sat atop a white tile counter with whitewashed cabinets, framed by a white vinyl floor and white walls.
Good-bye ’90s, hello 21st century. Renovated kitchens feature white or chocolate brown oak cabinets, stainless steel or black appliances, black granite countertops, and a vinyl strip floor mimicking wood. Walls are painted a neutral color, and ceilings and trim are white.
Spending $4,000 per kitchen, Marina is now ready to compete with the latest product on the market.
Going to Market The Little Things Count At class B and C properties, owners aren’t looking to invest big bucks. Fortunately, small changes can make a huge difference and allow you to compete with new product, says Sandy Becker, vice president of CAPREIT, a Rockville, Md.-based company.
Without spending $1,000 to replace cabinet fronts or $2,000 for brand-new cabinets, CAPREIT spruces up cabinets for $80 to $85 per kitchen by replacing old polished brass handles with brushed nickel hardware. A new faucet also can make a big splash. For $85, an old, low-lying faucet is replaced with a gooseneck stainless steel one that leaves plenty of room for stacking large pots.
Another inexpensive upgrade is to replace fluorescent lighting with a more appealing glow, like recessed lighting. Depending on the number of fixtures, this runs from $100 to $150. CAPREIT usually invests in hardwood or ceramic tile flooring, instead of less expensive vinyl or laminate options. Although costs range from $450 to $800, depending on the size of the kitchen, quality flooring is a great way to attract renters, Becker says, and the durable materials save money in the long run.