House of the Day: 415 Sterling Revisited
We received an inquiry from someone who wanted group feedback on 415 Sterling Place. As market watchers may already know, this Prospect Heights bay-front brownstone has been on the market for a while now. It started at $1.6 million last summer, was cut to $1.5 million in early October and has edged down another $50,000…
We received an inquiry from someone who wanted group feedback on 415 Sterling Place. As market watchers may already know, this Prospect Heights bay-front brownstone has been on the market for a while now. It started at $1.6 million last summer, was cut to $1.5 million in early October and has edged down another $50,000 to $1.45 million recently. We’re assuming the fact that it hasn’t sold has purely to do with price because it’s in a great location and certainly looks like a beauty. Maybe the ProHo locals can shed a little light onto what’s going on here…
415 Sterling Place [Prudential Douglas Elliman] GMAP
The property was occupied and placed on the market a few years ago at $995K.
Didn’t sell. It was vacated over the course of a couple of years and placed on the market at $1.5 and then raised to 1.6 and now lowered. We looked at the place a bit more than a year ago and loved it, but it was and remains overpriced.
I too lived on this block next door at 411 when it was a rooming house 1985-1989(probably illegal); Where I rented a kitchenette with shared bathroom for $75 per week..It was a great locale and I’m sorry I did not stay and invest in the neighborhood.
I’ve lived down the street for a few years and, yes, it definitely needs a crapload of work. $1.5mil for a three-story in that condition is completely overpriced imho. being that close to Wash Ave isn’t so bad; you could lean out your new bay window and hear the gentle sounds of gentrification..
offer accepted and contract imminent on this place…no word on price, but sell is obviously very eager to close as no more offers are being considered…
i live on this block and actually looked at the garden apartment to rent last year, but we backed out (luckily!!). it is 3 floors and is broken up into 3 apartments i believe , so if you wanted to be the only ones there it would take a fair bit of work. there were some quirky details, involving a VERY pink bathroom. basically i got the feeling the the whole place was dated. though – the garden in the back was a nice little sized yard.
I laugh all the way to the bank everytime I see a house listed at this price with the crappiest kitchens. please 1.5 million and a kitchen worth about 1500$. This city rocks!!
I used to live a few doors down. I don’t know about this particular property, but I loved the location. Tom’s Diner is on the corner at Washington.
It looks nice. If Anon’s comments are correct, that may be part of the issue. The other thing is that it is only 3 stories, including the ground floor (at least that how it appears in the photos), though the listing does say 3500sq ft which is a good size.
The photos at Douglas Elliman notwithstanding, I’ve heard from neighbors who have been inside that it needs a HUGE amount of work. It’s certainly a great block — although Underhill to Washington is less prime than the two PH blocks to the West — but for a total gut reno, it may still be $100k too high. Sounds like a classic example of creating a lemon unnecessarily by over-pricing in a softening market.