Tuesday, December 31, 2013

Closed Yesterday in Prospect Heights: 475 Sterling Place, #4F

Even in this bull real estate market, there are relative values.  Platinum Members had this 1BR apartment on the Prospect Heights end of Crown Heights sewn up before it could even hit the market.  475 Sterling Place, #4F had trouble getting $450K a few years ago, but in this market it was still a no-brainer at $550K.  Not too shabby in a building where the 2BR's have commanded no less than $775K this year, and well over $800K a few times this year.  This one bedroom at a little more than half the size for a little more than half the price is the perfect fit for a few buyers...

Maybe you missed the duplex units this year trading well over a million.  In a building with a finished roof deck with views of the Brooklyn Museum...

... plus parking, and a backyard.  All in a neighborhood that's been getting better and better by the day, this 1BR was a great little deal.  Perfect starter apartment for those who dig this end of Brooklyn.

Pro's:  turnkey & stylish 1BR with floor-to-ceiling windows, manageable pricepoint, good amenities with low fees, tax abated for another decade plus

Con's:  gone already, never hit the open market on this go-around, big glass condos aren't for everyone, don't remind yourself how much house this could get you in the 'burbs elsewhere

Ideally:  whether you go by whole dollar or price per squarefoot, this one's a win

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