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]
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*
The one beds are a steal at $2900!!!!!!!!
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.
Petebklyn must be a realtor.
pete all i here is wonk wonk wonk. seriously.
*rob*
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.
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.
Rob, you crack me up. I want to change my user name to “Broker, please.” OK with you if I steal it?
“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…