House of the Day: 167 Baltic Street
This 4,500-square-foot brick house at 167 Baltic Street in Cobble Hill was purchased by the current owners in 2006 for $2,750,000. It appears the three-family house was then renovated before being put back on the market last spring for $3,900,000; after not selling, the price was increased to $3,995,000. Some of the choices don’t work…
This 4,500-square-foot brick house at 167 Baltic Street in Cobble Hill was purchased by the current owners in 2006 for $2,750,000. It appears the three-family house was then renovated before being put back on the market last spring for $3,900,000; after not selling, the price was increased to $3,995,000. Some of the choices don’t work for us (the cabinetry is a little too dominating in our opinion but that could be because of the lack of furniture and decoration), but overall it looks like a good-quality job. Seems pricey though, no?
167 Baltic Street [Corcoran] GMAP P*Shark
So what do you think the owner’s duplex would rent for? Let’s go crazy and say $10,000. What about the other two rentals? $3,500 each? That’s equivalent to a $17,000 rent role on this place. Bankrate says that a mortgage on would be at least $22,000 and that is after you put down $800k. So that puts you way in the hole by my estimation. I know, I know, rich people don’t need to do mortgages. Nevertheless, it seems like a very expensive duplex.
Please correct me if I am wrong.
I don’t follow Cobble Hill too closely but if Brooklyn Heights is any guide, where such a house would be struggling in this market to even hit the $3.5 million range, I think they shouldn’t expect much north of $3 million. Sam’s appreciation of the top-floor kitchen notwithstanding, I think most buyers will look at it as a built-in renovation expense. Plus, for the commission that Corcoran could expect off of that price, you think they’d spring for some neutral re-painting and better staging.
I also want to add that most brokers cannot write as well as I do.
the 2:33 post says that the wood is tacky. I assumed he/she meant the floor as prior posters were commenting on the floor but perhaps he meant the cabinets. I don’t find any of it tacky.
I am not usually that charitable, In fact I am often downright crabby. I hate houses that are chopped up into tacky little apartments for example. This house appeals to me. It is a lovely, 25-foot wide house with a nice floorplan, beautiful kitchens, including a little kitchen upstairs (which I first saw used in a house on Columbia Heights, the little kitchen was the one the family used for small informal meals)it appeals to me.
Am I a broker? Heaven forefend!! A broker would never say that the asking price is too high, which was my initial comment.
I also really like Cobble Hill. I like it better than most other neibs, and I could have bought there cheap years ago and didn’t. Oh well, maybe history will repeat itself, although I hope not.
bkny — I took issue with your comment of “what a joke.” It sure sounded like you were referring to pine plank floors themselves as the joke. If the joke is on those trying to replicate the look with laminates or by buying old planks and installing them, I am in agreement. I didn’t read it that way in your first post, mainly because I didn’t think those are laminates in the photo.
Sam – no one said wide plank floors are tacky – that would be a very odd position to take.
Sam, your posts are always so positive — no offense, but are you a broker?
I am with nyc87. $4MM can buy much better. And this is not even a pretty house on the outside. And to live across the street from a school????
Thanks, Sam
“awkwqard”.
Only an asshat, would use that spelling.
Okay, I’ll use it!