Friday, May 8, 2015

Good, Better, Best: 475 Sterling Place, #2E

The old adage, "Good, better, best.  Never let it rest.  Until your good is your better and your better is your best" rings true in this seemingly-endless bull market in Brooklyn property.  Not long ago we documented the $700K condo game a few times, back when $700K got you a 2BR in neighborhoods like prime Boerum Hill, prime Park Slope, more Park Slope, even more Park Slope.  Until finally the $700K condo game came to the Prospect Heights/Crown Heights border for a new construction 2BR.  But back then we were still selling townhome beauties in Crown Heights in the $700K's too, like 894 Sterling Place.

The rising tide has continued to lift all boats.

Nowadays the 1BR's are feeling the uptick.  475 Sterling Place, #2E hit the market for $699K, and in the time it took for the "Just Listed" post cards to arrive via snail mail, this condo is already in contract within a week.

At almost $1,000/sqft, it is no joke in Crown Heights these days!  The pricepoint makes it more palatable, but you can clearly see that the good is now better, and the better is now best in Brooklyn's unstoppable real estate market.  475 Sterling's 2BR's went from $775K, to $815K, to $850K to $995K, to $1.025M like #3C that closed last month.  No wonder Platinum Members pounced pre-market on a 1BR here at the end of 2013 for $550K.  First the 2BR condos on Sterling & Washington start selling for the price of townhomes on Sterling & Nostrand.  Then the 1BR's on Sterling & Washington start fetching that price.  We can only imagine what the townhomes are worth today.  And it puts the $48M sale of 500 Sterling Place across the street (which we tolja' 'bout in February) in perspective at just over $600K/unit.

Coming up on, we've got a 2BR/2 bath duplex with private backyard on Franklin Avenue asking $1M as this condo goes for re-sale.  Price sounds right in line with the market to us.  (Did we mention the backyard??)

Pro's:  new construction condo in prime Pro/Cro with roof, gym, parking, floor to ceiling windows with great light, relatively low common charges, under $800K perhaps?

Con's:  little on the generic side, pricey ppsf, is this really what 1BR's cost now

Ideally:  a great little place in Pro-Cro pocket still on the rise that rolled right out the door in a flash

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