The buyer of the Frogner home will likely have to renovate three bathrooms and budget $7 million in renovation costs. – The luxury market has been slower due to relocations to Switzerland, says sales manager Odd Kalsnes.
The “regeneration project” in Frogner will cost NOK 33 million. The house has a usable area of 216 square metres, so the price per square meter amounts to more than NOK 150,000.
Attorney Odd Kalsnes, co-leader of the sale, believes the price can be defended by the location, size and amenities:
-The apartment has perhaps the largest balcony in Frogner. Most Frogner balconies have space for two chairs and a café table, Kalsnes tells E24.
The apartment’s roof terrace has an area of 60 square metres.
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I got an offer
Kalsnis says there are many interested parties, and he doesn’t think the price is unrealistic for the home.
– We have already received an offer of 30 million, but the owners will wait until a higher offer comes, says Kalsnis.
He believes the house can be sold before Christmas, despite the difficulties in the luxury home market.
– The luxury goods market has certainly been slower in recent months due to Swiss transfers, says Kalsnes.
In the past two years, many wealthy Norwegians have moved from Norway to Switzerland. See the E24 overview of the richest immigrants here.
Kalsnes also says the penthouse has an elevator that accesses the apartment directly from the garage.
– These types of clients appreciate things like that, he says.
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Opportunity to profit
Kalsnis says there’s a part that needs revamping:
-You could say you have to come in with three new bathrooms. Most people would probably also like a new kitchen.
It is estimated that you have to calculate about seven million Norwegian kroner for a completely renovated apartment.
– If a completely renovated house is for sale, its price will likely reach around NOK 45 million, says Kalsnes.
Sold only twice
Kalsnes says the house has only been for sale twice before, and he thinks that’s a good sign.
– Now it’s a dead property, and those who lived here clearly had fun, says Kalsnes.
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