Friday, October 5, 2012

Winning in Lefferts Garden: 272 Sterling Street

Ever since you can't even sniff $1.5M anymore for a decent townhouse in any of the most sought-after Brooklyn neighborhoods (and, believe us, some of you are still trying...)

...good bones for $700K is the new steal on nice blocks in the next-best neighborhoods.  Serious buyers know Prospect Lefferts Garden, Bed-Stuy, and Crown Heights - full of good housing stock - are all the next shoes to drop.  Whether the other folks wanna get that memo now, or in a few years when they're priced out, is up to them.

But don't take our word for it.  Take a glance at the closings recorded last week, or the week before, or the week before.  Which one of these houses would you would-be buyers most like to have gotten?  Now condos in Prospect Heights want $829K, and the 3 bedroom wants $1.4M.  We've seen what condos in your favorite neighborhoods look like for ~$700K in Park Slope, "Park Slope", and Boerum Hill.  If you weren't quite diggin' those places, why not get a whole house instead?

272 Sterling Street came out in July for $699K and was a winner from day one.  We told Platinum Members it was the next shoe to drop in that neighborhood, and it didn't last 3 weeks on the market without even a single interior picture.  Sterling Street in Prospect Lefferts Gardens (not to be confused with Sterling Place in Crown Heights, Prospect Heights, and Park Slope) is one of many blocks with gorgeous houses at a great value.  You get a 3-story single-family bowfront limestone that's a healthy 20' x 40' on a 100' lot delivered vacant with original details?  Wow, WINNING!

That's exactly why a neighbor around the corner who already got the memo picked it up for $675K last month.

Pro's:  curb appeal, price, original details, great block, delivered vacant, entire house at condo prices

Con's:  people aren't ready for PLG, needs work, no rental income, gone already

Ideally:  when bids well over a million dollars won't even get it done in "deep" Bed-Stuy anymore, then the writing's pretty clearly on the wall

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