Case Study - How a Quick Pivot and Smart Renovation Led to a Very Successful Multi-Family Sale on Hancock Street

The Challenge: Overcoming a Stagnant Market and Relaunching a Bed Stuy Brownstone After a Three Month Strategic Renovation with The Halupka Team

After completing a cost-effective brownstone renovation with a $30,000 budget, our client was able to maximize his resale value by adding over $300,000 to the sale price. Not everyone has vision or $30,000 to cosmetically upgrade a three-family property, but that's where we, as creative problem solvers, flourish! Between a brownstone and a hard place, and a changing market, we overcame challenges to put this stunning home into the spotlight it needed to reach our target end user.

In the Spring of 2023, we listed a grand three-family brownstone on Hancock street for $2,250,000. However, despite its charm, value, and location, the market response was less than ideal. It was no mystery that this property needed a little TLC to restore it's true beauty after 30 years of families and tenants living life throughout its 4 stories. At this time Bedford Stuyvesant's real estate market remained stable but cautious, despite limited inventory sustaining prices, sellers like ours were still dealing with increased price negotiations and days on market. We continued to receive offers, but they all came in below $2M. There were also tenants in place in two of the three rental apartments, and so there was a lot to thoughtfully navigate around in a short time. Recognizing the need for a new approach, we decided to take the property off the market for the Summer and pivot our strategy for a Fall relaunch.

Our budget was small, but our plans were mighty and so we knew we would be putting in a lot of our own elbow grease. From financing the work to sourcing materials and experienced contractors, we were ready to make the vision we conveyed to our client a reality.

The Solution: A Targeted Renovation

After careful analysis, we identified a few key improvements that could significantly enhance the property's appeal without a massive investment. We embarked on a $30,000 renovation plan that included:

1. Resurfacing the Front Stoop and Weld the Railings: This not only improved the curb appeal but also ensured the property made a strong first impression on potential buyers. The front steps and threshold are part of the first impression of the home, and sets the tone for the rest of the customers tour throughout the property. See Before and After Image A

2. New Kitchen on the Top Floor: Adding a modern kitchen brought a touch of luxury and convenience to the upper level, making it more attractive for families or buyers seeking a multi-functional space. See Before and After Image B

3. Repainting Interior Steps and Walls: A fresh coat of paint made the interiors look brighter, cleaner, and more inviting, enhancing the overall aesthetic of the home. See Before and After Image C and D

4. Cleaning up the Backyard: Simply just cleaning up the backyard and pulling weeds and adding a few flowers made a huge difference and now the backyard isn't scary anymore. See Image D

Image A: Front Stoop

Image B: Top Floor Kitchen

Image C: Interior Staircase and Walls

Pro Tip: We stripped this gorgeous pillar ourselves to ensure that the original detail was expertly preserved to show the true value of this Cherry wood throughout the home. We can recommend using this Varnish remover: 'Sunnyside 63532 2-minute remover Advanced' along with coarse and extra fine grade steel wool. All can be found Here on our Amazon List.

Image D: Fresh Paint Throughout

Image E: Backyard Landscaping

The Result: A Winning Strategy

The renovation plan was a success! When we re-listed 329 Hancock Street in the fall of 2023, the market response was completely different. The home attracted much more end user interest, and we ultimately sold it for $2.2M, a price well above our original offers.

Key Takeaway

This case study demonstrates the importance of strategic renovations and working with the right team of experts. A relatively modest investment of $30,000 resulted in a significant return, highlighting how targeted updates can make all the difference in a competitive market. Whether you’re buying or selling, working with a team that understands when and where to invest in improvements can have a huge impact on the success of your transaction.

• Strategic Renovations Lead to High ROI: Thoughtful, targeted renovations not only improve the aesthetic and functionality of a space but also drive up the selling price, especially in a buyer-cautious market.

• Working with a Full-Service Broker Makes the Difference: Partnering with a real estate team that handles all aspects—design, project management, marketing, and sales—ensures every detail is managed expertly. From overseeing contractors to staging and marketing, The Halupka Team has the hands-on experience and network to streamline the process, even in complex tenant-occupied scenarios.

• Local Expertise: With deep knowledge of Brooklyn’s market dynamics and buyer expectations, we identify exactly where to invest for maximum impact. Our team’s hands-on approach, from sourcing trusted contractors to managing costs, minimizes client stress and maximizes property potential for the right target market.

Why Trust The Halupka Team?

From traditional brownstones to sleek condos, The Halupka Team is a mother daughter creative sales team that knows how to balance Brooklyn’s architectural heritage with modern demands. Our experience handling challenging home improvement projects that add value, for our own projects and our clients', ensures that even complex transactions run smoothly. Our goal is to position your home for success, whether through a full-scale renovation or subtle upgrades that boost appeal without overspending. Request a complimentary Equity Analysis or give us a call and lets chat!

If you’re considering preparing your property to list for sale or rent, reach out to us for a free on-site or virtual personalized consultation. Let’s turn your home's potential into profit!

Ready to Maximize Your Property's Value?

Schedule a free consultation to discover your property's potential

Email Us at: jrh@compass.com