Rent-to-Own at 360 Baltic
What 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…
What 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]
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.
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.
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.
The rent-to-own trend is a classic leading indicator of a severe price collapse.
***Bid half off peak comps***
“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***
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.
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.
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?
“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.]