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
Thanks guys for all of your opinions. I am definitely waiting to hear more on this issue.
the good news is the place has been up for years. leaks, defects will be readily apparent.
actually works in finance- you’re right the original backers are bust and out of the picture. but you’re also right that the current owner is technically bust, a german bank, which is also alive only to the grace of the german government.
Ditto what Mr. bummer said.
Just to put it in perspective, $300 sq/ft prices would only be 2002-2003 levels in terms of non-prime area, but convenient to transaportation, new condos. The current prices are about 2005 prices.
The prices seem pretty attractive. But its kind of in a weird area. But right next top the subway is a great advantage. Just wondering what peoples feeling are on that specific area.
you should make sure they have someone in place to handle repairs, and find out where the budget for that comes from, since the developer is bankrupt. I wonder if it is still so wrapped up in court/bank procedures that simple things can’t get done. Also, you might have to wait a long time to close, so you’ll rent for longer than you want, and the selling prices could fall in the meantime. Timing-wise, since there’s such a condo glut in downtown brooklyn, the smart money’s on waiting this out for another year. Besides that, why not — the area’s bound to improve as all of these new rentals come on line. If you’re going to do this, why not buy in one of the condo buildings that’s not bankrupt? The stigma will wear off the Forte and the prices of the other two will come down eventually; they’re hardly selling at all.
Should have typed “blocks from just about every subway *line*.” Blocks from just about every subway *stop* would be quite a feat.
Also, I extend my query to regarding price/sf to, “Where can you buy any condo or coop in a similar location for something as low as $300’s/sf.
Kensington, the two worries I’d see is that 1) prices go lower or 2) the building goes rental. I can’t really see prices going that much lower, and this strategy seems to signal that the building owner is committed to keeping the whole building condo.
Kens, risk is prices continue to fall – ie into the 300’s psf. prices will definitely fall, just a matter of where it’ll hold.
Brownstoner, “crazy”? Any more hyperbole and I think I’ll throw up. In case you haven’t noticed, there is far more new development in brooklyn than buyers making deals, so prices will come down quite a bit more.