Another Prospect Heights Gem: 421 Sterling Place

We continue to love Prospect Heights as a more valuable play than Park Slope these days. So imagine our surprise when this hot little 3-Family limestone that's pretty much a mansion, 421 Sterling Place, slipped under our radar and went in contract during almost precisely the lifetime of the blog. Hitting the market for $1.699M on July 16th, 2010, this healthy 20' x 48' building dropped to $1.599M by October, then $1.499M in January 2011. The listing quickly went into contract two weeks later. The listing still says it's in contract (though, it's been many months now) and Ideal Properties (who has failed to call us back repeatedly) still proudly advertises the property in their window in Park Slope on 7th Avenue. Hmmmm....

If Ideal marketed the dang thing a little better in the first place (or called us back, EVER) we might've caught it sooner and actually been able to close in a timely fashion. There may still be an opportunity for a back-up offer, given that nothing appears to have happened over there yet. And take a look inside & out:





A little stuffy with the woodwork for our taste, but look at that yard! The value is definitely there. Compare to neighbors such as the 2-Family gem that sat around too long, but now is in contract 407 Sterling Place. Also compare to the fantastic buy of 414 Park Place for $1.28M.

Pro's: curb appeal, great block, great backyard, close to the train & Park, killer interior, even higher-end client will overpay for it in another few years if you ever decided to sell

Con's: not marketed well, a little stuffy interior (though fine), taken months to close (which could be an opportunity), doesn't seem to be used as a 3-Family currently

Ideally: probably a touch out of the FHA range, but definitely worth 20% down, if you've got it