Multi-Housing News - January 2009 - (Page 21)

kitchen & bath Rehabs Pay for Themselves By Michael Russo, Contributing Editor Most interior designers agree that when prospective residents tour an apartment, they will remember the kitchen and bath most. Randy Gerner, AIA, a principal with Gerner, Kronick + Valcarcel (GKV) Architects, PC in New York, has handled six multihousing renovations for Equity Residential, one of the nation’s largest REITs. “We found that if a visitor’s experience is marred anywhere along the way, the client simply won’t be successful in renting the rehabbed apartment at a significantly higher rate,” he notes. New color schemes and carpeting in the corridors reinforce the updated look, along with fresh paint on the apartment’s front door. Gerner. “Tastes change, which is why it’s so important to rehab kitchens and baths and maximize the apartment’s rental value.” When budgets are tight, the architect suggests owners update lighter wood floors with a dark stain and leave the walls white. “All of a sudden, you have stark contrasts that give the room a very modern and hip look. And it costs no more than finishing the floors with a common stain.” On kitchen and bath rehabs, GKV always evaluates the submarket, the condition of the building and the state of repairs. It then conducts a life-cycle cost analysis to show owners the benefits of creating or backsplash. Prices range from $600 for budget projects to over $10,000 for more intricate designs. “One popular trend is the use of a white field of glass with silver or platinum mosaic accents,” says Velez. “However, in Florida, Texas and California, we see high-contrast reds and greens with more vibrancy and punch.” Creating open spaces The “open” kitchen is a common trend among inner-city redevelopers and allows residents to use the space for meals, socializing and entertainment. “We don’t ‘hide’ the kitchen anymore,” says NeoGlass mosaics from SICIS, sold in a wide variety of shapes and colors, transformed this luxury Miami condo bath (far left). UIP opened up this D.C. apartment kitchen (left and above) to update the Biltmore’s units. Gerner emphasizes the “big picture” but zeros in on the smallest details, such as the knobs on the kitchen cabinets and bathroom vanities. He looks to include unique and affordable signature items in each apartment that won’t set the client back. For example, a retro (1950s-style) refrigerator with modern conveniences like an ice maker had renters talking about his client’s apartments instead of the more predictable buildings down the street. “We do look for unique items to set these rehabs apart,” says Gerner. “Remember those 1970s avocado-colored refrigerators? They’re coming back.” In today’s market, designers are capitalizing on stainless steel appliances that renters associate with higher-end kitchens. “However, 15 years from now, these longer-lasting finishes may look awful to the general public,” says a “continuous” design experience for renters that extends outside their apartments. This is particularly true of mosaics that serve as focal points in the kitchen and bath. James Velez, New York showroom manager for SICIS North America Inc. in Manhattan’s SoHo, says mosaics in a subtle mix of white, gray and shades of black are popular among conservative clients who are concerned about resale value. However, more elaborate artistic murals or aqua glass mosaic fields are often found in the bath. “With an aqua mosaic field, clients feel as if they are taking a bath in the ocean,” says Velez, “and it’s an investment that will often triple in value.” About 70 percent of the company’s residential projects utilize their mosaics in the bath, with the remainder being used as part of a kitchen floor, wall Steve Schwat, a principal with Urban Investment Partners (UIP), Washington, D.C. “Besides, in a 700- to 800-sq.-ft. apartment, most young renters can lose the formal kitchen and dining room table and eat around an attractive island with a counter.” Schwat is rehabbing the 94-year-old Biltmore, which includes 24 apartments on six levels. UIP has renovated five units and is currently working on three more at a cost of $70,000 per unit. Schwat’s short list of the most popular updates include: Granite countertops in the $20-$30 per sq. ft. range (with some condos now being rented, using laminate is out of the question, says Schwat); a hard, durable and colorfast porcelain tile for kitchens and ceramic tile for baths (on rehabs north of $40,000, UPI stays away from vinyl flooring). MHN www.multi-housingnews.com | January 2009 21 http://www.multi-housingnews.com

Table of Contents for the Digital Edition of Multi-Housing News - January 2009

Multi-Housing News - January 2009
Contents
From the Editor
Market Pulse
Executive Insight
Economic Forecast 2009: The Year Ahead
Apartment Market Outlook
Development & Design: Walkable Neighborhoods
Property Management: Handling Risk in a New Age
Directory: Top Brokers
Kitchen & Bath: Rehabs
Products: Noise Control
Technology: Property Management Software
Property Showcase: St. Regis, Bal Harbour

Multi-Housing News - January 2009