Co-op of the Day: 193 Sterling Place
This floor-through co-op at 193 Sterling Place in Prospect Heights looks pretty nice to us but could benefit greatly from a little staging. The bulky, not particularly charming, furniture and the clutter make the apartment feel much smaller than it actually is and prevent its strengths—the original architectural detail—from taking center stage. Given that there’s…
This floor-through co-op at 193 Sterling Place in Prospect Heights looks pretty nice to us but could benefit greatly from a little staging. The bulky, not particularly charming, furniture and the clutter make the apartment feel much smaller than it actually is and prevent its strengths—the original architectural detail—from taking center stage. Given that there’s a good-sized private roof deck and a relatively low monthly maintenance of $391, the asking price of $575,000 seems reasonable to us, especially if the seller’s can improve their presentation.
193 Sterling Place [Corcoran] GMAP P*Shark
See… NorthSlopeRenter… that’s the thing. You would normally charge rent at a rate MORE THAN what it costs you. Of course, you’re buying your beautiful home with the roof deck to live in, not rent. But you sort of have to look at it that way a little, right?
If I’m not willing to pay more than $2400-3000/mo for rent, why would I pay 30-60% more just to own it. And the flip side, if I had to rent out my apartment for some reason, would I be able to ask $4500/mo for this 1-bedroom apt? (that’s a 20% mark-up for rental)
My figures are rough… but you get the idea.
Crazy, no?
sam,
I’m not sure what “this is not even Brooklyn Heights” is supposed to mean. People would be more positive if the place were in Brooklyn Heights rather than Prospect Heights.
I’m not sure people are being that negative, it’s just that if this really were a 2 bedroom, the price would be quite appealing. Since it is a 1 bedroom+, it’s not quiet as appealing.
I think it is a fair enough starting price that if I were in the market for a 1 bedroom I’d at least look at the place and consider it. I doubt it will sell for that, but it might be pretty close.
“You’d be looking at around $3700-3900 per month.
Is that what places like this RENT for in Prospect Heights?”
No. I looked at 2 bedrooms to rent in PH last year for $2500-3000/mo.
I think this is priced correctly for the market. It has an extremely low maintenance plus a really nice outdoor space.
The layout is very nice, we know it is not a two-bedroom but it is a very nice one-bedroom plus office. I don’t get the negativity. This is not even Brooklyn Heights.
Sooo… if you got a 30-year mortgage for the full amount (yes, I know, just a experiment), plus the monthly maintenance. You’d be looking at around $3700-3900 per month.
Is that what places like this RENT for in Prospect Heights?
This pricing is bit high. We recently sold a real 2 bdrm (1 bath) in this area for $600K and it had a renovated kitchen and bath, in unit w/d, a working wood burning fireplace and a back garden. I think more appropriate pricing would be between $530K – $550K. But Prospect Heights is red hot right now and is showing no signs of slowing down. If you think you want to buy a starter apartment in this area, no time like the present. I imagine prices are not going to drop significantly, if at all.
(This may post twice, sorry.)
This pricing is bit high. We recently sold a real 2 bdrm (1 bath) in this area for $600K and it had a renovated kitchen and bath, in unit w/d, a working wood burning fireplace and a back garden. I think more appropriate pricing would be between $530K – $550K. But Prospect Heights is red hot right now and is showing no signs of slowing down. If you think you want to buy a starter apartment in this area, no time like the present. I imagine prices are not going to drop significantly, if at all.
Hello…roofdeck! Before I had a backyard I would have killed for that outdoor space. Think of the possibilities!
If this place has charm, where’s it hiding? Guess the value here is in the roof deck b/c the unit itself has very little going for it. I wonder how much to redo that roof deck?