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!
730k purchase price
20% down or 146k
584k mortgage at 5.25%
$3,224 per month plus let’s say 1k in HOA/taxes/insurance
Couple making 150k per year or 75k each (not rich by any means)
33% DTI
I don’t see how this is so hard to afford. I know NYC public school teachers that make over 75k per year and they are in their early thirties.
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.
Mopar,
here’s what a financially responsible couple needs to account for:
– $10k per yr per child for 529 plan; it freaking cost 200k to send a kid to college now at OK private schools; expect that to be 400k when today’s kiddies enter college
– $16k per yr per parent for 401k contribution; gov is broke so retirement is all on you
– at least a yr of cash outflow in reserves; if one is going to roll dice to buy now in this econ, either admit it’s a risky roll or it’s a safe roll cause the reserve / safety net is there
now tell me again how a 130k income can afford this
I’m known as the Black Dahill now?
Not sure if that’s a dig but whatevs.
As I said before I don’t see big drops any longer, I feel we have hit what some consider a bottom, I don’t see prices jumping anytime soon and I’m with wasder and Cgar on what we like to call team reasonable.
More4Less, I’m shocked to hear you of all people say that. You know these are significantly less per square foot than other options in the area. And a family making a combined income of about $130,000 or more could afford this. I’m not arguing that’s “middle class” like so many on here or “affordable,” but there are many professional couples with children in New York who don’t work at hedge funds and need a two bedroom apartment for about $400,000 or less.
“PS Are you going to show up for drinks at Duplex next Thursday????”
You’ll have to count meeee ooooout…you’ll have to count ME out… – New Edition
***Bid half off peak comps***
Actually Zinka, you’re wrong. There are cat5 and coax in the closet at my friends apartment BUT there are not wired to any room. The connections end in the closet. I looked all over for the connections in any rooms and there is not but electricity outlets and one blank one in the living room which I looked into and there was no wiring even close in there. That just proves my point that it was done half-assed, half apartments have ’em, half don’t. Also, while we’re at it, what kind of modern construction doesn’t put an outlet in the utility closet just in case I want to leave my wi-fi modem there and not bother setting it up in bedroom or living just to bum around on my laptop? Don’t get me started on other finishes at this place.
“Please show me the “old” construction where you dont have to worry about window leaks, drafts, water intruding through the curtain, plumbing, electric or anything else.
As long as the renovation is done properly, these things are no longer an issue. – DIBS”
So then what keeps it ‘solid’ isnt ‘old’ construction but rather a NEW renovation.
The truth about balance sheet fraud and the real economy is oozing out (PIGS, Lehman, USA’s AAA rating, contracting credit, etc.).
Posted by: Brownstones Half Off at March 26, 2010 1:18 PM
Run and tell the king.
PS Are you going to show up for drinks at Duplex next Thursday????