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!
if one is rich, this is cheap. if wrong, so what cause one is rich. aint rich? then this aint cheap cause that’s a whole lot of paychecks.
I’ve seen these apts and they are not cheap finishes or poorly constructed. In any construction project there is always a punch list.
No developer ever puts in super high end kitchen cabinets because buyers dont know the difference — but overall, quality of finishes, tile, fixtures is equivalent to any of the new condos.
Curious to see how the resale market for these plays out. There are still many condos coming on the market in 2010 and into 2011.
“Cheap, cheap, cheap!”
No comment. The consensus has already weighed in. Realization of the crash continues… And these are just snapshots. Comps will fall further.
DIBS – This building has stood the test of time and is well built to its specified quality. It’s the space design and $/SF that was the problem.
Adam the Black Dahill – I don’t care what you say. Values WILL NOT hold going forward. Not even here. ReGOVery programs are ending. The truth about balance sheet fraud and the real economy is oozing out (PIGS, Lehman, USA’s AAA rating, contracting credit, etc.).
Location aside, I rank Oro between Forte and Toren (haven’t been inside but I expect it to be buckwild). The space in Oro is generous.
The bulls were bragging about the sell out ahead of the transparency of closing prices. High volume aint necessarily bullish. It’s the prices, stupid!
***Bid half off peak comps***
No lights? Madness. But yes for Fort Greene and other “desirable” areas, this is mad cheap for a two bedroom. Heck, my goodness, even we could have afforded this. Gasp. It slightly boggles my mind. No rental though.
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.
Kensingtonian, you’re wrong about the wiring. There’s coax AND two cat5a cables between the entry closet and every room. That’s a lot better than most apartments you’ll find, new construction or old!
Yeah, you need to add lighting. I don’t think that’s so unusual.
forte layouts are horrible.
I cant figure out in the triangle living room how on Earth the furniture can be placed.
I do not think the designers ever think about furnoture placement.
And whats with all the studio apartments around, who would really want to live in a closet???
Been inside. Solid construction but cheapest inside finishes I’ve ever seen. They started well but then ran out of money and it’s obvious. Anyone who bought at these prices (and I know someone who bought) would need another 20K+ invested to make it fairly decent apt. as it’s not wired for cable or internet or any form of TV, barely any lighting except spot lights at entrance and kitchen (no lighting in bedrooms). Bathroom is done on the cheap and so are the kitchen cabinets. All appliances are cheapest stainless steel money could buy. I can keep on going.
You are right fsrg–reasonable (a word dear to my heart) is the deal here.