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December 10, 2008

Rent-to-Own at 360 Baltic

1293757.jpgWhat happened? Recently we [mistakenly] reported that 360 Baltic had nearly sold out, with many units snatched up or in contract. Not so. In fact, per Streeteasy, seven units are now for rent, and the Halstead Web site reveals that they are now rent-to-own. Streeteasy still shows one listing in contract, a 1,175-sf three-bed for $935,000. Two are listed as sold and six say "off-market." Those are now rentals, and they sure ain't cheap. The three beds are $4,200 and $4,500; two beds are $3,500 and one beds are $2,900. Not sure that will fill the place any faster, though surely some will feel better applying that chunk of change to a mortgage. So, reports from the field? Anybody considering this?
360 Baltic Street [Halstead]




Posted by lisa at 10:03 AM | Comments (30)
Categories: Boerum Hill, Condos, Rentals

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"one beds are $2,900"

Insanity.

Posted by: broadwayron at December 10, 2008 10:17 AM

the rental prices for these places are absolutely bananas. fine, if you have a ton of cash in the bank or something and you are planning to buy in a year, maybe those prices are okay? but seriously when it comes down to it, when you can find a similar apartment in manhattan (i know BOOOOO btw i am so pro-brooklyn, but seriously now) for a similar or cheaper price with the same amenities, someone be sucking on the gl@$$ dick a lil too puffy if you know what i mean.

*rob*

Posted by: PitbullNYC at December 10, 2008 10:19 AM

yeah seriously if 2900 for a one bedroom.. so like let's say you are lucky enough to have a boyfriend or girlfriend or be in a relationship... still that is batshoot crazytown prices for a one bedroom. i dont care how much money you make, if you pay more than 2400 for a one bedroom you are just dumb. especially in an area like that. maybe im just pissy or something, i dont know, but i think those prices are just ridiculous. plus no renters really want that generic prefabricated condo-fied crapola that comes with every apartment these days. broker, please.. wtf am i REALLY going to do with that ugly ass marble or granite kitchen island? oh yeah i know... sure as hell isnt entertaining family.

*Rob*

Posted by: PitbullNYC at December 10, 2008 10:35 AM

"The three beds are $4,200 and $4,500; two beds are $3,500 and one beds are $2,900."

Who thinks this is not a Depression??? The Mutant Asset Bubble is imploding and still making asses out of people.

This buzz out there is The New York Times is insolvent!!!! How many jobs is that??

The What

Someday this war is gonna end...

Posted by: Return of The What at December 10, 2008 10:35 AM

Rob, you crack me up. I want to change my user name to "Broker, please." OK with you if I steal it?

Posted by: I_haz_TWO_toilets at December 10, 2008 10:42 AM

Typical kneejerk response about the "1 bedroom" $2900.
So often on many issues - even with a supposedly educated audience - we just skim and make judgments and superficial comments.
Now if read a bit further the "1 bedroom" is 1400 sq ft duplex with outdoor space. Essentially a 2 bedroom but the lower level with 1/2 bath is below street grade (and cannot be advertised as bedroom) but opens with sliding glass doors onto patio.
Now a cookie cutter 1 bedroom of 1/2 the sq footage probably goes for over $2000 in nearby new construction with no outdoor space. And these 1 bedrooms had sales prices more than the "2 bedroom".
These apts are much nicer than most generic condos that have been on market last number of years. Unfortunately bad timing for anyone trying to sell these days.


Posted by: Petebklyn at December 10, 2008 10:47 AM

And let us not forget on top of what Pete said, half of your first year's rent goes to down payment.
So a $1450 for 1 BR with nice finishes is actually a good deal (relatively of course). The only real question is neighborhood/location. That is up to you. But the price in regards to the building is more than fine IMO - at least if you are going to buy it within the first year. If you don't plan to buy it, then all bets are off.

Posted by: crimsonson at December 10, 2008 10:55 AM

pete all i here is wonk wonk wonk. seriously.

*rob*

Posted by: PitbullNYC at December 10, 2008 10:59 AM

Petebklyn must be a realtor.

Posted by: longtimelistener at December 10, 2008 10:59 AM

i don't think $2900 is expensive for a 1 bed room. i was paying that in 1996 (altho in the city in gramercy). of my 30 something friends that rent, i know for a fact that 2 pay exactly $2900 - altho in Williamsburg where rents do tend to be higher.

this is why many people need to buy regardless of market timing - rents on DECENT - not college student quality apts are very high still. if you have a good income, owning is cheaper monthly typically with the tax deduction. plus, you usually have a much nicer space when you own.

Posted by: wine lover at December 10, 2008 11:09 AM

The one beds are a steal at $2900!!!!!!!!

Posted by: Asshat at December 10, 2008 11:17 AM

quizzote:
of my 30 something friends

well aren't you miss popularity. and stop about the the you HAVE to buy stuff. no one has to do anything, especially buy a piece of house. you dont even really own the house the bank does for 30 years and even then you still have to pay taxes on it for crummy schools and local infrastructure. do i want to own something? ill be honest, yes. can I? no. call me the stereotypical bitter rent if you want, but it doesnt change the fact that a lot of stuff out there to "buy" is just as cheesy and overpriced as half the crap in Best Buy.

*Rob*

Posted by: PitbullNYC at December 10, 2008 11:19 AM

hardly a realtor - I'm a computer programmer. And my rant is not just about this apt building or other sales listings.
It just amazes me how quickly comments and judgements are made. ALl this shooting from the hip just from some rumor, heresay, quick glance at some photo or whatever.
No depth, no questioning, no further research or thinking there is more to an issue or a story. All very NYPost.
And from an audience that is reportedly pretty well educated and affluent (and sorry for the dig Brownstoner - but many of the threads are based on 'rumor' and other misinformation too).

Posted by: Petebklyn at December 10, 2008 11:22 AM

you're right, pete, that the one-beds are very nice one beds. they're still almost $3,000 a month.

Posted by: longtimelistener at December 10, 2008 11:25 AM

pitbull - what? so, don't buy anything, i don't care, but it's a bad idea financially to rent if you have a significant 6 figure income. and, sure, may be you can live like your 20, but when a person works hard, cheap rental apts. in crap neighborhoods aren't going to cut it for most grown-ups.

so, once a person decides to get a decent place, most of the time renting costs more monthly than a mortgage for the same place if you make a few 100 grand a year because of the tax break.

isn't that obvious?


Posted by: wine lover at December 10, 2008 11:27 AM

Oh wine lover, you pompous little ass. Oh to be young and so cavalier.

Yes, by all means, you and your 30 something friends making 'a few 100 grand a year" should certainly be buying apt.s

Posted by: cobblehiller at December 10, 2008 11:42 AM

Longtimelistener --

Did you read the details of the Rent to Own?
Did you read previous posts explaining the price and what you actually get?

Posted by: crimsonson at December 10, 2008 11:45 AM

As for my quick-draw response... I actually went to the website, clicked the ALL PICS link, and searched for a floorplan. None of that helped. I DID overlook the fact that it's a duplex, so yeah, the price isn't insane, as I first said. But, paying roughly 3k/mo to live next to the projects is a little crazy, no?

Posted by: broadwayron at December 10, 2008 11:46 AM

quote:
And from an audience that is reportedly pretty well educated and affluent

please don't assume. state school here and borderline poverty. i just happened to like architecture, real estate, and brownstones.

*rob*

Posted by: PitbullNYC at December 10, 2008 11:54 AM

quote:
pitbull - what? so, don't buy anything, i don't care, but it's a bad idea financially to rent if you have a significant 6 figure income. and, sure, may be you can live like your 20, but when a person works hard, cheap rental apts. in crap neighborhoods aren't going to cut it for most grown-ups.

um i never said that. hells if i made a 6 figure income maybe i would by. i barely make half that. seriously. and im 31. yeah and honestly yeah i do feel like im living like im 20. grrr but so do many people in this city my age. but then again whatever i dont rely on welfare, i dont rely on parents cuz i dont have them, i make my own money and live by it. so i rent. big woop! yeah okay maybe 30 years from now im gonna be screwed when my rent is 624,935.13 a month, but you know what can i REALLY do about that right now other than pay my rent? you know how the song goes, Mya's song...

Cuz ain’t nothing going on but the rent
You got to have a j o b
If you wanna be with me
Cuz ain’t nothing going on but the rent
You got to have a j o b
If you wanna be with me

*rob*

Posted by: PitbullNYC at December 10, 2008 11:59 AM

yeah, i looked at the listing. i believe almost everything in brownstone brooklyn is twice the price it should be, this property included.

Posted by: longtimelistener at December 10, 2008 12:08 PM

"i dont rely on welfare, i dont rely on parents cuz i dont have them, i make my own money and live by it."

That makes two of us Rob, and don't you let that miscreant get you down. [But please try to put even just $10 or $20 away each paycheck.]

Posted by: cobblehiller at December 10, 2008 12:17 PM

So a $1450 for 1400+ sqf duplex with outdoor space, 2.5 BR, washer/dryer, hardwood floors, etc and it is ALL NEW should be $725 instead?

Posted by: crimsonson at December 10, 2008 12:49 PM

Bear in mind that these premium prices are for units just down the block from the projects on Hoyt. I know; we recently bought a single-family. We're very happy and love our home, but there are daily reminders of the PJs. This ain't cozy Cobble Hill.

Posted by: r1b2 at December 10, 2008 5:56 PM

Those are Manhattan prices, which are dropping. I predict a Brooklyn rental correction. Yes, yes, I know the arguments... I'd rather be here in Brooklyn too, frankly, but there's a ton of unsold condo inventory out there and an increasingly smaller population of people with jobs that can afford those rents.

Posted by: Heather at December 10, 2008 7:16 PM

"What happened? Recently we [mistakenly] reported that 360 Baltic had nearly sold out, with many units snatched up or in contract."

The most powerful tool in business is deception.

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 10, 2008 10:13 PM

The rent-to-own trend is a classic leading indicator of a severe price collapse.

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 10, 2008 10:28 PM

I said before I don't understand this rent to own thing. It seems like a lot of marketing to cover up the fact that both the rental prices and the sales prices are higher than the market will bear.

Posted by: mopar at December 10, 2008 11:17 PM

It is a bargain if you have mommy and daddy sending you a check every month! Just think if we refused to pay this high amount of rent to homeowners, they would not be ablw to go to Atlantic City and gamble it.

Posted by: hannible at December 11, 2008 11:59 AM

People with higher income than normal are turning to non-traditional methods of making ends meet, like payday loans and rent-to-own furniture/appliance outlets. Stores like Aaron's and Rent-a-center have been reporting more income, and also that the income level of their average customer is going up, just s the income level of those using payday loans has increased. Credit has been tightening all over the country and a lot of people are seeing less reason to use either banks or credit cards for their short term credit needs. Hey – at least you don't see any payday loans stores getting a corporate jet with public funds.

Posted by: JessieG at February 10, 2009 2:51 AM

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