Checking In On The Oro
Back in March, we reported that the Oro, the 40-story development at 306 Gold Street, finally passed the 50 percent sold mark. (More recently, the building landed a wine store in one of its retail spaces.) How have sales been going in the mean time? Pretty well, it turns out. According to the marketing manager…
Back in March, we reported that the Oro, the 40-story development at 306 Gold Street, finally passed the 50 percent sold mark. (More recently, the building landed a wine store in one of its retail spaces.) How have sales been going in the mean time? Pretty well, it turns out. According to the marketing manager for the building, a 193 out of a total 303 units—or about 64 percent—are now spoken for. The Oro also offers rent to own units, and so far four of those residents have gone ahead and scheduled their closings to own. Getting there! The Oro is an advertiser on Brownstoner. GMAP
guys interesting update, i just ran into this comment on streeteasy. in case anyone is shopping at the Oro, beware:
Discussion aboutOro at 306 Gold Street in Downtown Brooklyn
joe11 about 16 hours ago
I would suggest staying as far away from this building as possible. The pompous attorney A.L. will make sure to give you a mortgage contingency only to not supply the bank with appropriate paperwork for the approval. Then he will say it’s the buyers fault and try to keep the down payment. It is not worth it.
“i actually gave a “soft offer” to the manager at Oro. i told them what the place was worth to me based on location, amenties, maintenance cost, tax abatement… and she basically wished me good luck with my life. in other words, she was very confident that my price target (about 100k below their advertized price) was too much of a low ball. she didn’t even care to begin a conversation, just brushed me off, which is not a good business practice in any industry. this attitude from their sales team may be another reason the oro is not selling faster, who knows.”
I also put in an offer one an apartment at the Oro a few weeks ago. I put in a 25% under to get things going on the 3 bedroom, and she (Nancy) basically told me the same thing as she told cj… (I’m not convinced she even put the offer in to the sponsor). Seems a bit crazy… She said they’re not really negotiating (even though I knew someone who bought for over 30% under!). Whatever…
oops! my comment was meant for the wine store 🙂 The success of the building… well, um, great for them.
I live down the block and, personally, I’m thrilled.
The room layouts in the Toren are not very exciting, for a building that is marketed as being so progressive. I liked an apartment at the Oro but when I looked out the window I was looking into the apartment next to it, that glass wall that extends out. Nice views too at the Oro. But the subway access is better at the Brooklyner for rents or Belltell if you’re buying. What about the B@ building, is right by the A, C and G right?
“Oro more insulated master bone room from other bedrooms so I kind of favored the floorplans there.”
Now I’m the one ROTFLMMFAO! But it’s true, layouts on Oro and the space are far superior than toren!
“she was very confident that my price target (about 100k below their advertized price) was too much of a low ball”
Today’s “low” ball is tomorrow’s high ball. But if I recall correctly, only 100k below any unit there is still a ripoff.
“he was prepared to sit on his apartment for a long while, as he was one of the first buyers, and since he bought, people ended up buying units at discounted levels compared to his purchase price”
ROTFLMMFAO! The experts nationwide say the typical period between purchase and resale is 8 years. I say 5, especially with this economic collapse and especially with apartment/condos/need-for-more-space/rising costs. No way he’s whole again after only 8 years. We’ll never see peak comps in real terms (after adjusting for the price of Home Pride) for the rest of our lives. This boom was unprecedented and so will the bust be by the time we crash through the bottom. Believe me, this cycle of watching subsequent buyers pay less and less continues.
Agreed, location not much of a factor between Oro and Toren. I think it’s the layout and finishes. Oro more insulated master bone room from other bedrooms so I kind of favored the floorplans there.
***Bid half off peak comps***
cj11238, good full report, thanks
condo folks get SO Many lowballs, they just don’t care to deal with them….
i agree! when i talked to that oro resident, it was the peak of winter and about 20F outside. that 1/10th of a mile may seem like an eternity on those types of days i guess.