Thursday, March 14, 2013

Crown Heights Gem Closed Yesterday: 894 Sterling Place

Platinum Members are it again, taking down one of the niftiest looks in all of Crown Heights.  Some tell us, "Nostrand is too far."  We don't know what they're saying.  Take a look around, this is value in the making.  If the $700K+ condo game creeping towards Crown Heights has got you down, but you want to stay on a nice block near the train, want a yard, and rental income - how does a turnkey 4-Family townhouse on the same street for $725K sound?  Yes, around the corner from a Corcoran bidding war well over $1M, there's still value for a more modest house on an FHA budget.  894 Sterling Place wasn't on your StreetEasy, your NYTimes, your Trulia, or your Zillow - you know - all those places the novices swear must be where all the listings are.  Platinum Members digging a little deeper came up with a great house at a great value that was a win/win for buyer and seller.  It's not the first time Platinum Members have dodged the masses at an NYTimes listing while a better value is right under their nose.

When you're priced out of this block in Prospect Heights, it's nice to know you can still get in on this block...

The buyers got a well-maintained property with the conversion to gas already done, the brick repointed, all on a legal 4-Family (the top floor studio is set back a bit, so you don't see it from street level).  It's everything an FHA buyer (which is becoming increasingly near-impossible in this market) can ask for, and a home that'll pay dividends for years to come.

Pro's:  curb appeal, value, turnkey, just ahead of the curve

Con's:  gone already, a few cosmetic updates are in store, barely 17' wide

Ideally:  a top-notch compromise on price, condition, size, and location

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