Condo of the Day: Top of the Oro
Say what you want about the design of the Oro exterior (we’ve heard a wide range of opinions), but the views from the top are going to be pretty killer. So we were interested to see an open house listed this past weekend on the top floor in Unit 40F. With three bedrooms and three…
Say what you want about the design of the Oro exterior (we’ve heard a wide range of opinions), but the views from the top are going to be pretty killer. So we were interested to see an open house listed this past weekend on the top floor in Unit 40F. With three bedrooms and three baths, the 1,647-square-foot pad has definite family appeal too. The price of $1,610,000 is pretty high for the area, but there have been a couple of similarly-sized units at the nearby Belltel Lofts that have gone for around this price. We bet they’ll get within 10 percent of the ask on this one but, then again, we’re bullish on Downtown in general. (Disclosure: The Oro is a former advertiser on Brownstoner.)
306 Gold Street, #40F [Douglas Elliman] GMAP
Have you seen the homeless shelter other than the projects, next to it?
I’ve been to the Oro and seen the layout above (facing Manhattan). Idiosyncratic preferences aside, it’s an amazing apartment. I’ve also bought a unit at the Oro, a one-bedroom, above the 20th floor facing Manhattan. I looked for condos throughout Brooklyn and I must say The Oro was well-priced compared to a lot of places I saw. I’ll be honest – I’m thrilled and nervous about the Oro. The location is lacking, no doubt. The building’s appearance is not what I imagined when I started my search. But the space (trust me, the apartments are spacious), views (they are indeed killer facing the manhattan side), REAL amenities and proximity to transportation is what got me. Uh, yeah I realize there are projects next door. But there’s also a scary homeless man in my current neighborhood (Gramercy Park) that occasionally poops on squirrels. There’s also a jail in Boerum Hill and methadone clinic in Fort Greene. But I digress. Personally, I’m really excited about the place.
Oro has failed construction inspection for temporary CO. All of the buyers that are in contract will have problem moving into the building, and who knows how long the DOB will take?
I though at one time no one wanted to come to Brookloyn. What is the excitement all about now. Building condos for the rich and hope that the rich keep what they have because of the economy coming down on everyone. If you want to pay 1.6 million for a crowded congested atmosphere, then you may need to look in Cali for the real homes if you are considered to be rich and living in brooklyn. Is a view of a river the excitement or looking at a skyline, or just keeping the middle class working from making reasonable purchases.
I read a discussion regarding getting out of a condo contract, prior to closing, in light of the new realities in the real estate market. My opinion would be that the buyer may have some leverage with the developer of an unfinished building since the one thing that every developer wants to avoid is litigation prior to final approval by the attorney generals office and prior to selling all of the apartments. The reason for this is that all law suits must be disclosed to the AG and this must be included in offering. Depending upon the nature of the litigation, such a disclosure can have an immense effect in the time it takes the AG to approve the plan and even greater effect on the ability for the other buyers to get a mortgage.
The worse type of litigation that a developer can face is issues regarding disputes of property boundary. In such cases, banks are often forced to back off from providing mortgages to buyers, regardless of the banks relationship with the developer, since boundary litigation places an substantial level of obstacles to sell and package the mortgage on the open market. Some examples that come to mind include the cases where entire walls had to be removed because of minimal infractions and in cases where cornices or overhangs infringed on the adjacent property. My advice to any developer in such a case is to negotiate, negotiate, negotiate and at all costs, avoid litigation. In cases where a person wants to back out of the deal, I recommend to the developer to sweeten the deal and again, avoid any litigation for the reasons mentioned above. It is important to also consider what other potential buyers would think of litigation against a contracted buyer. One method might be to reduce the price, offer free maintenance for a period of time or perhaps exchange the contracted apartment for a “better†or larger apartment. Settle such disputes. A developer must handle disputes with “silk gloves†and swallow their pride, with the end objective of sales in mind
Check this out:
http://oro-condos.blogspot.com/
“You have a bath towel, when it is dirty you wash it, end of story. I live in a 1.5 million dollar apt…”
You only own one towel? Guess we know how you managed to save up to buy that pricey apartment.
Oh wait, you just you “live in” it.
Wait, the pieces are coming together… the writing style… the tone… You’re like 14 years old, am I right?
BellTel Lofts is in the are and so is 110 Livingston.
11:06 Haven’t heard of a 1.5 mil apt near Oro. Where is it? Educate me.