Open House... It's a Condo!: 475 Sterling Place, #4F

Prospect Heights has been one of our favorite neighborhoods for a while and still offers the most value by the park. Some of our readers have recently moved here for affordable rents. Many of those looking to purchase don't have the kind of downpayment necessary for the multi-family buildings our blog specializes in. So we thought we'd take look at a more affordable way into the neighborhood...

475 Sterling Place, Unit #4F is a 1BR condo in a new building with lots of windows, lots of light, and some high-end fixtures - listed at $450K. The space sure cleans up nice...





This unit's on the 4th floor and has an unobstructed view of the backside of the building through a paved park to the next block.



Our mortgage guy says buyers with good credit and income of at least $80K/year can purchase this condo with less than $25K down. For the numbers of couples renting comparable spaces in the $2,200/month range, paying roughly the same amount in mortgage to own doesn't seem so daunting.

The building has car and bike parking, an outdoor garden space with grill, basement storage, a gym, and a finished roof deck where you can grill out in the summer. Even the New York Times dubbed it "The Social Building". This unit in 475 Sterling Place compares favorably to other new or renovated 1BR's in the area, such as like 426 Sterling Place, which is $50K more expensive and more than twice the monthly maintenance. 475 Sterling also stacks up better than smaller brownstone renovations for the same kind of price like 626 Grand Avenue.

With an open house this Sunday from 2pm-4pm, it's easy to come see if this condo might meet your needs. We're told the seller is only interested in engaging principals, not brokers.

Pro's: lots of light, nice space, low monthly maintenance, 20+ year tax abated, open house makes scheduling a cinch

Con's: might be more value in 2BR's if you can swing it

Ideally: stop by the open house Sunday 2pm-4pm