Forte Closing Prices Rolling In And Boy Are They Low!
Every week now it seems a handful of closings at the Forte trickle in through public records. As you may recall, after a tortuous two-year sales process where the market fell out from underneath the relatively high asking prices, the bank finally acquiesced and went into fire-sale mode in November. Needless to say, the condos…
Every week now it seems a handful of closings at the Forte trickle in through public records. As you may recall, after a tortuous two-year sales process where the market fell out from underneath the relatively high asking prices, the bank finally acquiesced and went into fire-sale mode in November. Needless to say, the condos flew off the shelf and by the end of January the triangular tower was completely sold out. So how cheap were these deals? Very! Take this 1,200-square-foot two-bedroom on the 24th floor that just closed for $594,000. Or this 1,435-square-foot three-bedroom that went for $720,325. Cheap, cheap, cheap!
Send the kid to Berkeley!
More4less, I was saying a two bed for $450,000. That’s a monthly of approx 2700 — where are you going to find a real two bed to rent for less than 2400 anyway?
fsrq, even 175k is not enough for someone to claim to be financially responsible AND can afford these prices because not included in the above is food, entertainment, transportation, etc…. (ie even freaking cable/internet is $100/month, cellphone another $50 or more,…. sh*t adds up fast)
fact is there are a ton of NYC couples who pull in $300k, $400k, $500k or more hence am not surprised prices in premo hoods are high and stuff is selling. but for folks making more “regular” income to say 700k+ for a 3 bdrm condo is cheap is just not doing the math and not being honest with himself/herself on the financial risk.
Because generally “doorman building” means a certain level of amenities –
It isnt the “doorman” that effects the price it is the overall amenities that likely go with it – sort of like when you say “pre-war” – which implies larger rooms and higher ceilings – it is more of an adjective.
I am sure this building has a reasonably nice lobby, maybe a gym, roof deck etc….
More4less -well assuming these parents are as responsible as you say (and frankly I dont know too many who are in the 1st year or 2 of buying a new home but…)then after $20K for a 529 and $32K for the 401K you are talking 99K left. Assume your post-tax on this is 54% so your left with basically $4500 a month which I agree is pretty tight when you have a $4200 monthly nut. Which is why I said $175K – but either way it isnt exactly “unaffordable” in 2010 NYC
more4less, isn’t owning a house part of one’s retirement? Renting is just throwing money away for the rest of your life. I think buying a principle residence is one of the best financial moves anyone could make.
assuming a 2 couple with 2 kids profile:
– $10k per child per yr for 529 plan is $1667/month
– both parents maxing out 401k contribution is $32k/yr or $2667/month
– 4.2k mortgage + HOA/tax
how much is left on that 150k income? no surprise why so many people in this country got killed as econ got bad – stretching it to point of little to no margin for error.
owning a house does not or should not come before safe guarding one’s children’s education or one’s retirement. nothing wrong with renting and time for a priority check
Umm… Hello everyone. Why does everyone seem to be relating “doorman building” with the selling price?!
Any building could have a doorman added or subtracted. That shouldn’t change the selling price. It’s a SERVICE paid for by the monthly charges!
I could see it coming into play a little, but not a whole lot. If you said, “Doorman building with a monthly maintenance of $125.” Then that would mean something.
BHO–you really should come out sometime.