Checking In On 378 Baltic
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…
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]
why arent you beating up the architect? oh yeah, you only pick on a certain two architects.
3c is a 1 bedroom according to the Baltic Tower Web site.
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.
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+?
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.
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.
“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***
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?
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…