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!
DIBS –
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.
The reality is the building has been built (and empty – the worst way to hold a building) for 2+ years – more then almost anywhere else you should know EXACTLY what you are getting here
Cheap seems a little exaggerated but certainly reasonable – $500 a sq ft – for a doorman building in a very accessible location and near much. (albeit the exact location for the building is not the best).
True that you cant compare bubble highs but you also cant compare 1991 lows either. Brooklyn has changed, it is very desirable and unlikely that Ft Greene is going to fall apart, so you have to figure out what it costs to own. In this case 720K for a 3br (i.e. family apt) can be had for 144K down and assuming 6.5% interest (actually high for today) and about 4.5K a month not including any depreciation, which means an income of around 185K would be able to swing this place – seems about right to me
2 years, BSD.
“this thing came out of a factory in modular pieces and is very strong”
Wrong. It’s the quality of their installation that matters.
We bought in Forte and are very happy to have done so. What else could we ask for. Great building, an amazing area and at very cheap prices. Very cheap in comparison to other properties in the neighborhood and in comparison to rentals. Our mortgage is much less than what our rent was.
Prices were cheap but given the difficulty in obtaining mortgages these days, only people that are well financed and with good jobs were able to get in. So I disagree “butterfly” about the riff raff. Trust me, these days, riff raffs can’t buy properties – banks are not giving out mortgages unless you have lots of $$ for deposit and have some solid income and credit rating. The bank was asking for a minimum of 30% downs – that’s $150k on a $500k unit – I don’t think riff raffs have that kind of money.
We are also very excited about the area. BAM bought the store at the bottom of the building for $1.8M. They will be putting a museum there. Also BAM is planning a $100M initiative around us. And we are looking forward to the Atlantic Yards which should bring in lots of new investment to the area – restaurants, hotels etc…Overall, it is looking good and we are very happy to be here.
This is a tough one even for me who loves P.Slope. You can live near amenities in Boerum/Caroll at around $700/sq.ft., but have little light, no views, weird layouts, and failing stuff that comes w/the age of the building, or you can have the Forte at $400/sq.ft (what friends paid) with nicer layouts, light/views, w/d in unit, etc.
Saying windows will leak in 20 yrs is kinda silly to most living there now.
location-wise, forte then toren then oro. cant comment about the units since havent checked and compared then yet. would imagine where oro & toren is will be pretty attractive locations once the retail appears and flatbush is made to look nice as hyped
forte is only one I’ve seen apts in….and no matter what other people say, I liked them. And the location is better…and it is a smaller building(compared to Toren/Oro) which is a plus …becomes too anonymous and transient/hotel-like in the bigger buidlings.
Just did a refi in this building. Values are holding up pretty well. These “cheap” units were a firesale since the developer went bust and the new “owner” wanted to sell out the rest of the units quickly.
I like the location and the views are amazing. I still like the Toren more but Forte is alright with me.
How would you guys rate the Oro compaired to Toren and Forte?