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August 19, 2009

Checking In On 378 Baltic

378Baltic2.jpg
We gotta say we would not have predicted this: According to the brokers running the sales process at 378 Baltic Street, all but four of the 11-story tower's 36 units are sold or in contract. Given the un-scenic block and underwhelming architecture, this would not have been our prediction for the condo project to buck the gloomy sales trend but you gotta hand it to them.
Baltic Tower [Official Site] GMAP
Sales Moving Along at 378 Baltic [Brownstoner]
Baltic Street Tower Comes to Market [Brownstoner]
Chan Still Putting Up 11 Stories on Baltic [Brownstoner]
Baltic Street Update: Chan Engages Critics [Brownstoner]
Baltic Bigtime: Negotiating a Tower in Boerum Hill [Brownstoner]




Posted by Brownstoner at 11:01 AM | Comments (17)
Categories: Condos

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Comments

We toured this while we where looking for a new place. I did not like the finish or the floor plans at all. The price was good and the location is ok (near subway and shops but close to the projects). But kudos to them.

Posted by: crimsonson at August 19, 2009 11:13 AM

Ugly block about 500 feet from the projects.

So why did it sell?

FAIR prices. I looked at the layouts and the prices and the list of fixtures. Sure, 2BRs from 549K on this block still seems ridiculous but I've seen soooo much more ridiculous pricing from other developers.

Posted by: Prodigal_Son at August 19, 2009 11:17 AM

I'm stunned. Nevermind location. Take a look at the floorplans for some of the apartments...NOT A SINGLE CLOSET IN THE WHOLE EFFING JOINT. WTF? I can live without many things, but a closet isn't one of them. Maybe you make do in a rental with no closets, but I'll be damned if I actually bought a place without closets.

Posted by: InsertSnappyNameHere at August 19, 2009 11:20 AM

1 closure and 35 contracts? Has lending loosened?

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 19, 2009 11:37 AM

Those 2-bedrooms are pretty small. How do folks bear a small living area when you arent living alone? Maybe for people who are never home?

Posted by: saminthehood at August 19, 2009 11:38 AM

Streeteasy says 23 closings. not 1.
And much closer than 500 ft to projects (remember depth of usual house lot is 100ft). Yet house on Butler same distance to these projects sold for $2m....so that does not seem an issue to many buyers (and 1 house directly facing these projects on Douglass is in contract and listed for something like $1.85m)

Posted by: Petebklyn at August 19, 2009 11:49 AM

"23 closings"

Can you itemize prices for us, Pete? There's no streeteasy link. I lazy.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 19, 2009 12:02 PM

Simple- Good sales people and clueless first time buyers. Also, a lot of bait and switch tactics by same sales people concerning available apartments.

Floor plans are horrible and to get an idea of quality each apartment has $100 air conditioners from Circuit City. Block is ugly and accross the street from a school, not to mention the projects 100 feet away.

There will be plenty of buyers remorse here.

Posted by: bobbyj at August 19, 2009 12:08 PM

Convenient location. Nice views. Low maintenance. Outdoor space. Wouldn't be my cup of tea per se, but I could see buyers thinking Jeez, my cost of ownership is close to that of renting, and when you factor in the tax rebate its less...

Posted by: Stuart at August 19, 2009 12:18 PM

The C line has closets in both bedrooms, one is even a small walkin. Low charges and low mortgage rates it is cheaper to live there then to rent on the same block in an old run down place. These were just priced right so they sold like hot cakes. Walking by you can tell many people moved in already because of all the tables and chairs on the balconies. Buyers how do you like it?

Posted by: satoriz at August 19, 2009 12:29 PM

"my cost of ownership is close to that of renting"

Refer to first sentence in post by bobbyj @ 12:08. Cost of ownership is more than just the monthly nut. You put money down. Are you guaranteed to get it back after this historic collapse and inflation?

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 19, 2009 12:33 PM

And so I guess the folks not living on the C line will have to become nudists or squeeze armoires into those tiny @ss bedrooms. Riiiiiigggghhhhhttt.

Posted by: InsertSnappyNameHere at August 19, 2009 12:37 PM

BHO,

Owning should be more expensive than renting in the early years of ownership. When you buy, you're essentially locking in your cost of housing for 30 years. When you rent, your cost of housing remains variable. Over time, the cost of renting should become relatively higher than the cost of renting. i.e. At 5% inlfation (for rents not CPI), a $100 rent will increase to over $160 in 10 years while a $100 mortgage payment will still be close to $100 (excluding costs for insurance and taxes etc. which will increase). with ownership, you do have the potential for either a capital gain or loss whe. I don't know where real estate prices are going to go in the foreseeable future but would still expect that over 30 years, real estate values will increase, at least in nominal terms.

Posted by: Boerum Hill at August 19, 2009 2:43 PM

3C sold for 430k. I'm assuming it's a 2br 1ba like the other C units. That's a pretty decent price. What would it rent for? $2500+?

Posted by: smatlantic at August 19, 2009 3:10 PM

Still waiting to hear who/what is going to rent the big cavernous commercial space on 1st floor. Must have got some extra FAR
for claiming community facility. Then will cry poverty that no community facility interested in renting the space.

Posted by: Petebklyn at August 19, 2009 3:21 PM

3c is a 1 bedroom according to the Baltic Tower Web site.

Posted by: satoriz at August 19, 2009 4:31 PM

why arent you beating up the architect? oh yeah, you only pick on a certain two architects.

Posted by: rich1 at August 21, 2009 8:38 AM

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