Saturday, July 21, 2012

Prospect Heights Open House Tomorrow: 412 Sterling Place

There's not much product in Prospect Heights.  In many ways the housing stock is on par with Park Slope, the prices almost feel like they are too, but it's geographically a much tinier set of blocks than Park Slope is.  So each listing gets that much more attention.  416 Park Place and 159 Underhill went for more than some buyers wanted them to, but what's "want" got to do with it412 Sterling Place came out 10 days ago with a list price of $1.61M, nothing but a lay-out & one exterior pic, and has an open house tomorrow.  Are you ready for a 20' x 48' on a 123' lot filled with original details, people?

If Corcoran had this listing, good luck getting a bid in edge-wise.  Precisely a year ago, 419 Sterling Place came out across the street.  Another barrel-front 2-Family, Cousin John helped buyers swash-buckle through the crowded Corcoran open house to diagnose a few unsightly damages as not severe which helped them bid quickly, decisively, and win the house.  A year later, and 6 months after they closed, they still haven't filed any building permits (talk about the benefits of Design-Build!), but have built another quarter-million dollars in equity into the place just by the rising tide lifting their fallow boat.  Don't worry - the tide's still rising and it will lift your boat too.  So don't moan that you woulda/coulda/didn't buy the cousin to this home across the street for a quarter-million less last year, or even 270 Sterling as recently as December.  Act now before the sun sets on gorgeous fixer-uppers that are still a quarter-million south of $2M.... (for now)

Pro's:  curb appeal, location, open house, period details, extra-deep yard, these are unicorn-type prices a few blocks away in Park Slope

Con's:  no interior pics, updates bound to be necessary, probably won't go for cheap, where were you when these houses were south of $1.5M?

Ideally:  get in there and take a look.  We doubt you'll be disappointed.

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