Friday, July 29, 2011

4-Family in Cobble Hill: 348 Baltic Street

We'd love to snag a nice 4-Family in Cobble Hill - who wouldn't? That's why 82 Butler Street was such a good pick-up and went so quickly above asking price. Especially now that the just-plain-silly prices have popped back on the scene, if a frame house like 193 Washington can mark itself up an extra $450K, why can't the pricest neighborhood in Brooklyn give it a try? 348 Baltic Street is a tall, skinny 4-Family in the heart of things in Cobble Hill. In this market, we know where their pricing is coming from. While the property is totally turnkey "and boasts new stairs, updated electrical, dishwasers [sic] and granite counters", nothing in the pictures really wows us either for this price range:

Sure, over here people pay up for the school district, the avenues, the F train, at almost more of a premium now than in Park Slope. At $822/sqft, though, we'd dare say you're better off with a great condo. While not as embarrassingly bad as 137 Adelphi, $1.975M seems a little steep for 16' wide and nothing special on the inside - even in Cobble Hill. While some readers lamented to us yesterday that their $2,400/month 1BR rental in this area might be headed towards $2,900/month - we're still not sure that's grounds to overpay here. Especially if $1.975M could get you something better. Lots of better places come to mind. Contact us for more details...

Pro's: 4-Family, turnkey, great location, backyard space, "private terraces" on 2nd & 3rd floors

Con's: 16' wide, price, inflated premium for the location, layout is probably only 1BR rentals, doesn't "wow" us on the inside

Ideally: get MUCH more for your money somewhere else.

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