• 709 Sterling, between Bedford and Franklin, is now on the market.
    image
    For sale: $1,550,000. Location.... Prime Crown Heights minutes to Museum, Prospect park & more! Brick limestone Immaculate Legal 3 family 3 over 3 over 2 bedrooms (Currently being use as 3 over 3 over 2 Studios) with huge living room , dining area, Eat in Kitchen & Finished basement! Building 18x55 Lot size 18 x 131.08 R6 zoning! FAR 1.53 max 2.43! Low taxes! Huge backyard! Will not last our EXCLUSIVE! Minutes to City & all trains!
    Aside from the hilarious, sideways photos of someone's unkempt bedroom and shoe habit, the use out of conformance with the certificate of occupation, and the ridiculous asking price under those circumstances, this house was also the location where Joseph Battle was killed by two individuals presumed to still be at large.http://savebrooklynnow.blogspot.com/2011/05/wanted-for-march-murder-on-sterling.htmlSomething tells me it's not going to have buyers tripping over themselves to bid, even considering the recent real estate boom in the area.
  • This house certainly has attracted the notice of police and Brooklynian members over the last few years.http://www.brooklynian.com/forums/topic/massive-police-action-on-sterling-place/
  • 709 Sterling did attract some attention from the police and Brooklynian members over the past few years.http://www.brooklynian.com/forums/topic/massive-police-action-on-sterling-place/http://www.brooklynian.com/forums/topic/police-on-sterling-between-franklin-bedford/I suspect this was because the drug activity was so obvious, it was hard to ignore. Under the theory that the present owner is part of the problem (or does little to address the problems caused by his tenants) I do hope he gets what he considers to be a "good offer"....BTW, it would not surprise me if whoever buys this property promptly tears it down; the site has available FAR and the building is reportedly in a poor state of repair.
  • I would be surprised by a full teardown. That seems to only happen to frame houses that can't be easily expanded with additional cinderblock, or that adjoin other vacant properties that can be torn down for high-rise construction.Look at 796 Classon for instance, or the new rental building down the street on Rogers. It was a two-story shell that had been standing without a trace of a roof, and still it managed to grow two floors and reach back to max out the FAR. It's far more economical.
  • True.There are also advantages from "altering" existing properties; I'm told the new parts only have to meet the fire code in effect at the time that the original structure was built.I can still hope someone wants a shiny glass building on that exact spot, however.
  • I don't think that fire code bit is true anymore. I know of a number of parties that are being made to install sprinklers during renovations that do not change the C of O.Certainly someone paying within 75% of ask for this property will not have the budget to do a new building while still making money. Based on my experience as a small-time property owner, I think this property and several others east of Franklin Ave are an example of the real estate market in the nabe jumping the shark.
  • ...yes, although I don't known how much the plot sold for, I suspect that the developer who bought the garden on Rogers is going to do better than someone who buys this house and tears it down.However, every time I get the feel we are in a bubble similar to 2008, the properties sell for even higher amounts.
  • LOL, look at this:


    Someone added an extra zero to the listing, but the fun part is that Zillow picked this up and you can see how the ask for a place affects their "Zestimate".  It's a rare view into the black box algorithm that's used to generate this value, and it's hilarious.

    Zestimates
     ValueRange30-day change$/sqftLast updated
    Zestimate What's this?$3,772,739$3.17M – $4.41M+$2,504,509
  • A 30 day change of $2.5M.

    Seems like that should set off a "is this right?" flag at Zillow....

    Guess not.
  • It's gone up by another $400k.



     ValueRange30-day change$/sqftLast updated
    Zestimate What's this?$4,270,188$3.46M – $5.08M+$2,996,206$1,07803/16/2014

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