Forte Reboot Priced to Sell
After going off the market at the end of the summer (presumably while the bank figured its plan of action), the Forte hit the market again at the end of last week under the auspices of Corcoran. The big news is that the units look priced to sell! Back in the old days, a 1,000-square-foot…
After going off the market at the end of the summer (presumably while the bank figured its plan of action), the Forte hit the market again at the end of last week under the auspices of Corcoran. The big news is that the units look priced to sell! Back in the old days, a 1,000-square-foot two-bedroom woulda cost you somewhere in the mid- to high- $700,000s. Now, for that price, you can pick a 1,435-square-foot three-bedroom. Crazy. From the looks of the first wave of listings, most apartments are priced at around $500 a foot. These could go fast at these prices. GMAP
excellent wasder!
Let’s see, monthly payments around 5000 for that three bedroom apartment that’s probably about 1300 ft, honestly measured. that’s the cost after you scrounge up 150K for downpayment, and then that 150K be earning for you (even at a safe 3% interest, that’s almost $400 per month).
And that 5000 in monthly payment is just for the time period when there’s a tax abatement.
Seriously, you can get a 1500 square foot loft in soho for that much and that’s in a nbhd where you don’t have to spend 20-30K to send kid to private school since the public schools are very good.
when i think like this, it really seems like a rip-off, even at these “crazy” prices!
Today’s report from the National Association of Realtors said that sales of pre-existing homes jumped more than 10% in the month of October across the U.S. The projected national sales figures for the 4th quarter of the year show an increase in sales.
REBNY, the Real Estate Board of New York, says that sales in the five boroughs – overall sales, not just for pre-existing homes – was up 35% in October. In addition to projecting that the 4th quarter will end with a nice size increase in sales this year, REBNY is projecting continued growth in sales in the 1st quarter of 2010 and beyond.
All the evidence suggests housing prices have reached a critical low point that is causing buyers to come off the side lines en mass. Basic economics tells us that it is unlikely for housing prices to drop signficantly moving forward. One can extrapolate from this that if it hasn’t already done so, the housing market is in the process of bottoming out. Now is probably the best time to buy a new condo or house. If you’re considerng buying, now is the time to jump in. If you don’t within the next few months, a year from now, you may find yourself kicking yourself in the butt and saying I should have bought back in December!
No, I am not a realtor. No, I am not a developer. No, I am not an individual home owner trying to sell my property. I’m just a life long New Yorker who takes a keen interest in the most important topic in New York, real estate.
With all that in mind, I would say yes, these apartments are a great deal, especially if you plan on staying in them for more than 5 years. Before buying the apartment we live in now, we considered purchasing in the Forte a little over a year ago. Back then, the apartments were selling for much more than they are listing for today. If we were inclined to move again within just a year and a half’s time, I would totally jump on these spacious three bedrooms. They’ve got lots of closet space and great views. The quality of workmanship at the Forte is decent, and comprabable to most good quality high rise condo buildings of our time. One can easily see how these three bedrooms will resell for $950,000 and up in the not so distant future once the economy turns around. It’s a good investment.
One downside to the Forte is there is no basement storage area. Units do not get a 5′ x 8′ storage space that seems to be standard in most condos these days. I was told they couldn’t build a basement out because of the nearby subway and other underground utlilities.
Corcoran and the broker are not to be trusted~especially now that they are the firm handling the sales in this problematic building. Why buy here?
Corcoran and the broker are not to be trusted~especially now that they are the firm handling the sales in this problematic building. Why buy here?
Yes, but have you seen the common charges? Oy.
Regarding the comment about taxes, the Forte is covered under the 421a tax abatement program, as are just about all the new residential buildings (Oro, Toren, Novo, 400 Fifth, etc.) in Brooklyn. I believe the abatement last anywhere from 15 to 25 years, with the longer terms contingent on certain conditions (e.g., setting aside a percentage of the units as affordable).
The tax rates start off absurdly low: less than $15/month is common. Then at some point the rates begin to ramp up until the end of the abatement period.
I don’t know what world some people are living in but not everyone is rich and can afford a house. When you have a budget of say 400-500K to buy something it’s coop or condo.
Sorry! “I also felt the Forte apartment layouts are NOT so great…”