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October 15, 2008

Price Cuts at the Oro

oro-101308.jpg
Looks like developers have taken the axe to the Oro, where a 1,092-square-foot, two-bedroom, two-bath unit got a $35,000 chop after 383 days on the market, according to StreetEasy. It's now $777,000. Okay, so it's a small axe. Another studio got a $30,000 discount, to $480,000. Unit 14F got an increase, however; the one-bed, one-bath is now $589,000, up from $577,000 three days ago. The building (which is a Brownstoner advertiser) has only reduced a few units over the past months; think this will be enough to get it moving?
Closings Begin at Oro [Brownstoner] GMAP
Oro Closings Becoming a Reality [Brownstoner]
Price Cut at the Oro [Brownstoner]




Posted by lisa at 10:01 AM | Comments (21)
Categories: Condos, Downtown Brooklyn, Price Cuts

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Comments

383 days on the market. That's like a year right?

Still <50% occupied???

Posted by: daveinbedstuy at October 15, 2008 10:06 AM

They'll get there, it'll just take some more price cuts. I can't believe that the second oro's going to see the light of day though.

Posted by: plgdude at October 15, 2008 10:12 AM

A friend moved into another place, it had to be last winter, The Forte and I believe she's is still the only one on her floor 9 months later. I wonder which of the two developments is faring worse as far as sales. Forte has gone rental as well recently from what I understand.

Posted by: EnglishKills at October 15, 2008 10:43 AM

"think this will be enough to get it moving?"

No, and neither do you. Sandpaper will not get it done. They need to adjust to the New World Order.

Posted by: DOW8000SP800 at October 15, 2008 10:49 AM

New World Order!!!!??? In caps no less.

Posted by: daveinbedstuy at October 15, 2008 10:53 AM

"Forte has gone rental"

The jig is up. There's gonna be a lot of cheap luxury apartments to choose from over the coming years (especially with 2-year lease negotiations). A nice way to wait out the implosion.

Posted by: DOW8000SP800 at October 15, 2008 10:57 AM

I'm not getting why anyone would want to plunk down $700K-plus to buy in the oro when you can rent for way less than what it would cost to finance, even with the tax deduction.
You think the value of that place is going to go way up in the next few years?
Seems unlikely.
Btw, I'm also not getting why you would want to live in the Oro, period, since your naybors are a car wash and state health office. At least the Forte is walking distance to stuff anyone might want for that price

Posted by: ontheparkway at October 15, 2008 11:25 AM

rentals!!!!!!!

Posted by: Dora Chica at October 15, 2008 11:35 AM

Have any of you guys even been inside the Oro? I checked it out (just for kicks--I'm weird like that) and thought it was pretty nice. I know that doesn't address the buy vs rent issue, just ontheparkway's last comment

Posted by: Whoops Johnny at October 15, 2008 11:45 AM

Whoops Johnny,
I'm sure it's very nice.
It could be shangri-la inside. . . I would want a neighborhood for that kind of money. for any kind of money, actually

Posted by: ontheparkway at October 15, 2008 12:09 PM

If you had to choose from these three: Forte, Toren or Oro, which would it be? Please, don't give me "D. None of the above" even though many of you will think it. Granted, Toren isn't ready to move in yet.

Posted by: JLater at October 15, 2008 1:20 PM

"I would want a neighborhood for that kind of money"

That's what's up.

Posted by: DOW8000SP800 at October 15, 2008 1:34 PM

"Forte, Toren or Oro"

Price aside, Toren. From what I recall, the master bedrooms are insulated from all others. Ideal privacy for healthy marriages. The valet parking caps it off. And it's an SOM (a BMW of a development).

Posted by: DOW8000SP800 at October 15, 2008 1:38 PM

Valet parking!?! How LA. The best reason to live in New York is you don't need a car.

Posted by: zinka at October 15, 2008 2:12 PM

True, zinka. It's the wife.

Posted by: DOW8000SP800 at October 15, 2008 2:23 PM

Where's Sebb when we need him/her?!?

Posted by: sixyearsandcounting at October 15, 2008 6:23 PM

reducing prices for a long time. hint: offer less than ask + offer accepted = price reduction.

Posted by: BrooklynLove at October 15, 2008 8:07 PM

Toren. It's is the only one that's over 50% in contract and has had no chops. It's also far and away a superior building on the inside and out.

You don't need a car but in brooklyn it can be nice to call the valet and take a quick drive to the many great restaurants in brooklyn and get street parking or hop on the subway for a quick ride to the village.

Posted by: schmear at October 16, 2008 2:45 PM

dude, are you for real?

Posted by: BrooklynLove at October 16, 2008 8:49 PM

"It's also far and away a superior building on the inside and out."

There is no inside yet.

Shill baby, shill!

Posted by: SnarkSlope at October 17, 2008 12:53 PM

Forte: Great location right next to BAM, one block to park, two blocks to every subway, really truly in a neighborhood that seems to hate it. Oh well. The layouts are a bit unusual due to the triangular shape of building, but that's okay, and the exterior seems to be not weathering very well, but Clarett is a well regarded company. My guess is they would have sold more if they'd had more of a unit mix - its almost all two bedroom units. nice views from many.

Oro. Noman's land location so far but that could change. some of the livingrooms are squeezed though the big windows, sun, and views helps mitigate the squeeze. Great views - that much closer to manhattan than toren and forte - attractive finishes. Best amenities - squash court, basketball court, parking, and a swimming pool. 3 minutes to manhattan over the manhattan bridge, if that, come to think of it could be a pleasant walk too.

Toren. Probably the one I would buy in. i like the green features. nice layouts. good prices. the finishes are beautiful. Alas, no swimming pool (sigh) and a dopey common lending library (swap paperbacks you don't want anymore with your neighbors!! who came up with that as an amenity?).

Posted by: BrooklynBandana at October 23, 2008 11:30 PM

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