Oro Passes 50 Percent Sold Mark

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When the Oro instituted a major price cutting campaignlast fall, only 91 of the two-year-old tower’s 303 units had sold. The price reductions (which averaged in the neighborhood of 25 percent) seem to be working: According to a press release (and reported by Curbed) issued yesterday, another 61 units have sold since last September, pushing the building over the 50-percent threshold. “The market is entirely different today than it was when they began selling these apartments,” said Robert Scaglion of Rose Associates, which is handling the sales process. “The sales pace indicates that the building is priced for today’s market.” GMAP

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  • It’s still $600,000 for two rooms, eh? (That’s 1 bedroom and 1 “living/dining”)

    It doesn’t list the maintenance fees on the realtor’s website. Any idea what those are?

  • denton

    Compared to the Toren, that is one fugly building…

  • “The sales pace indicates that the building is priced for today’s market.”

    The closings at 20% under reduced ask indicate that it is not.

  • “The market is entirely different today than it was when they began selling these apartments”

    Ya think.

    A mere limp accross the 50 yardline is very discouraging given the FHA status. Mucho price whacking from here on to get to the endzone. Looking forward to a Forte-style expose on the breakdown of closing prices for this long overdue milestone.

    Follow the market down, Bobby.

    ***Bid half off peak comps***

  • Maly

    In the age of Acris and PropertyShark and Streeteasy, it doesn’t pay to monkey with numbers. Press release notwithstanding, I seriously doubt they have sold 61 units since they lowered their prices. Not unless you seriously torture the definition of “sold”, anyway.
    Some of the contracts are getting suspiciously old, not many new units went into contracts in the last 3 months and what is closing reflects 25-30% discount off the list prices.

  • The layouts are really crappy, doesn’t anyone have an imagination anymore? Whatever happened to a 3 room apartment? Builders got cheap and now make it a 2 room apartment with Kitchen and Liv together, I think that concept really sucks big time.

    The studio apartments have funny dimensions plus how does one place furniture.

  • Wait… you can get an FHA loan for a $600,000 1-bedroom apartment with god knows how high “luxury” maintenance fees?!

    Jaysus effing Christmas.

  • Folks, I see these buildings from my window (Toren, Oro) and I have to wonder when all these buyers are moving in, and are they all working at night? I say this because when you look at these buildings from sundown to midnight, there dont seem to be many people living in them. (Maybe they keep the lights off to save money so they can pay the mortgage and comkon charges?)

  • Guvna, I disagree with that. I look at the same thing you do, and for Oro I would say that based on the lights on metric it would seem approx 50% sold. For Toren, I agree, but I think they just started closings in January.

  • LOL, we’ll both be looking tonight for confirmation. I dont see 50% on Oro at all.

  • BoerumHill

    I always thought Orly would have been a snarkier name.

  • When I looked at these I thought they were well laid out. Especially the 3BR with dining alcove (master well insulated from at least one of the other BR’s). You can speculate on the east side as those PJ’s will one day/decade come down (or be converted).

    ***Bid half off peak comps***

  • Maly

    It made me curious, so I counted:
    Oro has been selling for 3 years
    first contract was closed in April 2008 (almost 2 years ago)
    79 units closed by September 2009, when the developers decided to cut some prices by about 25%
    26 additional units sold in those last 5 months, for a total of 105, out of 303.
    If they keep selling at that pace, the building will be sold out in about 3 and half years.

  • I just can’t get on board with overpriced buildings in what’s kind of a no-man’s land, where it’s kind of an ugly walk to the nicer part of whatever neighborhood they want to claim it’s in.