How do we feel about a 2 family on Sterling near Rochester? ...for $800k

photo: Corcoran

http://marketplace.brownstoner.com/listing/CORCORAN-2762885/1493-sterling-place-crown-heights-brooklyn-ny-11213/

http://ny.curbed.com/archives/2013/08/23/crown_heights_house_returns_after_six_months_for_799k.php#more

http://www.brownstoner.com/blog/2013/08/house-of-the-day-1493-sterling-place/#comments

I feel it makes my brain spin.

I insure a building in the 1500s block of Sterling for $775,000 and it's a four family. The lower apartment is a duplex but I would suspect the seller is asking the buyer to pay a premium for the renovations. Looking at the photo for the bathroom shows that there's no doors or curtain rod on the shower so that's got to be completed. There are new condos not far from there on Prospect in the 1400 block that are going in the 80s but the neighborhood doesn't seem to warrant this kind of price yet.

Worst part about this is it was a flip. Purchased price was in the low $200k a couple of months ago.

It was, and is, a risky flip.

And hasn't sold yet, let's bear in mind.

:wtf:

Needless to say, we are not alone in our amazement at this price in that area.

...the commenters on Brownstoner and Curbed agree with us.

I think we are all politely saying that 1493 Sterling seems too close to 1774 Dean

1774 Dean:

http://www.dnainfo.com/new-york/20130830/crown-heights/man-shot-killed-crown-heights-cops-say

It's not that risky a flip. The seller is asking a huge price but I'll bet if he/she came down to about 600k he/she would still make a profit. The question is, how long are they willing to hold on to it before dropping the price.

But, to be fair, I'm still perplexed by prices in Bushwick...