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April 21, 2009
Price Cuts at Forte
A reader sent word that a bunch of units at the Forte had just undergone price cuts so we checked in with the broker to see what was going on. Turns out that they are gearing up for a month-long "incentive pricing" initiative on ten units that will see two-bedrooms (like this one) drop to $650,000 and three-bedrooms (like this one), which was asking $976,000 as recently as January, get down to $775,000. (The Forte is a long-time advertiser on Brownstoner.)
Forte Marketing Effort Gets a Makeover [Brownstoner] GMAP
Condos of the Day: Price Cuts at Forte [Brownstoner]
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Comments
Seems reasonable enough for those who want to live in a high rise, and I'm sure plenty do. Not me, though.
Posted by: mopar at April 21, 2009 11:05 AM
starting to look a little more reasonable, although this "month long incentive" is a new ploy. Something tells me these prices will be permanent, with potential further cuts to come. And you can still get a coop very close to this location for half the price, but the Forte is at least looking very well compare to its Toren and Oro peers now
Posted by: dcorreale at April 21, 2009 11:05 AM
wtf is wrong with the developers group, not having floor plans or real pictures on the web site?
Posted by: randolph at April 21, 2009 11:06 AM
Too bad....I was beginning to respect them (Clarrett Group I think) - despite having a virtually empty building for the better part of 2 years - they just wouldnt cut prices (or go rental)...When you consider the burn rate to hold such a big building empty...you got to respect their intransigence (if its not your money).
Maybe if they sell a few of these they'll turn on that glowing color cube at night again....
Posted by: fsrg at April 21, 2009 11:14 AM
Cheaper but NOT cheap. No reason to assume further price declines are not forthcoming. Even if price stops declining, it aint going up.
If you like the unit, offer what you want to pay for it and there's a decebt chance the offer will be accepted - ie developer rather have the $$$ in hand than sit around waiting for things to turn AND still be paying the bank loans
Posted by: more4less at April 21, 2009 11:14 AM
Keep chopping. $590,000 for a 1BR there is still batsh*t crazy.
Posted by: SnarkSlope at April 21, 2009 11:16 AM
more4less...depends on where that developer is in the sale process. If they are very early (I believe Forte is about 25% to 30% sold), then they might be inclined to reject market offers if they are not clearing the mortgage. Classic agency problem, the equity holders are making the decisions, despite the fact that the current market suggests there equity is worthless. I am not saying this is where the Forte is, they are at least starting to get it, but it is the case for many new developments. The debtholders need to step in and takeover
Posted by: dcorreale at April 21, 2009 11:18 AM
I have to admit I find it hard to snark at brownstoner advertisers.
Posted by: lechacal at April 21, 2009 11:19 AM
Forente' and/or Bankrupte' by Fall.
***Bid half off peak comps***
Posted by: Brownstones Half Off at April 21, 2009 11:20 AM
Hiya Retards! Did you think buying a Condo was a great idea???
Spain’s Falling Prices Fuel Deflation Fears in Europe
http://www.nytimes.com/2009/04/21/business/global/21deflate.html?_r=3&hp
VALENCIA, Spain — Faced with plunging orders, merchants across this recession-wracked country are starting to do something that many of them have never done: cut retail prices.
Prices dipped everywhere, from restaurants and fashion retailers to pharmacies and supermarkets in March. Hoping to increase sales, Fernando Maestre reduced prices by a third on the video intercoms his company makes for homes and apartment buildings.
The Forte was be Bankrupt by '10! The trustee will sell the units at firesale prices. Goodbye Equity, like you had any to start off with..
The What (Forte Skittles)
Someday this war is gonna end...
Posted by: Return of The What at April 21, 2009 11:29 AM
C'mon What.
If you're going to cut and paste a link about Spain's economic woes ( HARDLY a new story) why not provide some context to the current thread?
Oh thats right, sorry. You aren't capable of that.
Posted by: Prodigal_Son at April 21, 2009 11:32 AM
dcorreale-
"And you can still get a coop very close to this location for half the price"
You can? A 2 BR coop very close to the Forte for 325K?
Do tell...
Posted by: Prodigal_Son at April 21, 2009 11:33 AM
dcorreale, that may be true. My point is buyer should feel no rush to buy when prices are still very expensive and if buying, offer price he/she wants to offer. If developer says NO, buyer simply & quickly say "that's OK. Good luck". "Waiting" is not a cost but a savings for buyers now vs. "waiting" for developers is an opportunity cost (ie prices will be lower the longer they wait) and a real cash outflow (ie in form of bank loan paymts). So net is it doesn't hurt for buyers to pitch price they want to pay. If rejection, no biggie. Just go to another developmt and/or come back later to pitch even lower price to same developer.
Posted by: more4less at April 21, 2009 11:34 AM
"If you're going to cut and paste a link about Spain's economic woes ( HARDLY a new story) why not provide some context to the current thread?"
Europe is in crash mode right now! The EU is going thru difficult time and may break up because of it! It's only a matter of time before it hits home.
If you buy a Condo at The Forte you will get a 12 ft I-Beam shoved up your ass!
The Clarett Group is eating it's own seed corn and will run out of money very soon! What will happen to the maintenance if the Forte goes belly up? Just ask the Retards at 133 Water Street!
http://133water.blogspot.com/2009/03/forum-for-discussion.html#comments
The What
Someday this war is gonna end...
Posted by: Return of The What at April 21, 2009 11:40 AM
price aside, I like the bldg, units, & location.
Posted by: more4less at April 21, 2009 11:45 AM
Don't understand why they are not ForRente already...
Posted by: wasder at April 21, 2009 11:49 AM
Prodigal Son: This entire section of coops around 105 Ashland
http://www.streeteasy.com/nyc/sale/356145-coop-115-ashland-pl-fort-greene-brooklyn
Posted by: dcorreale at April 21, 2009 12:02 PM
I agree...no reason to believe prices are going anywhere but down, so it seems very illogical for anyone to offer asking price these days. figure out what you are willing to spend, and if you are ready, go and offer it. Smart sellers will at least entertain the offer and use the information wisely
Posted by: dcorreale at April 21, 2009 12:06 PM
Not good enough. You are usinf a small scissor to cut. They really need an ax. Prices have not even started to go down in Brooklyn. We need at least another 50 percent off.
Posted by: hannible at April 21, 2009 12:06 PM
These priced seemed high when they started selling, and they still seem high to me even with these cuts. The only good news is that the tower planned for right across the street has been canned, so buyers have a better chance of maintaining their views.
Posted by: mksk at April 21, 2009 12:30 PM
"Don't understand why they are not ForRente already..."
Because the FEDs keep "Reggie-Miller-head-faking" people into thinking that economic recovery is right around the corner. And they keep "leaving their feet". [whistle blows]
"seems very illogical for anyone to offer asking price these days"
Yup. Unless ask is (Peak Comps)/2 or less.
***Bid half off peak comps***
Posted by: Brownstones Half Off at April 21, 2009 1:00 PM
BTW, I still can't find this place at night.
***Bid half off peak comps***
Posted by: Brownstones Half Off at April 21, 2009 1:02 PM
dcorreale, those coops up by Willoughby and Myrtle are cheap for a reason.
Posted by: zinka at April 21, 2009 1:04 PM
This is where the So You Wanna Be A Supermodel folks live... It seems to be a great location for them when they need to get to an appointment. Maybe they should market it to models.
Posted by: tybur6 at April 21, 2009 1:47 PM
I love the location, I just with the actual apartments were bigger.
Posted by: Heather at April 21, 2009 4:42 PM
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