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!
Since cheap is a loaded term to some, how about priced right?
This building is well made. Personally I like old construction, but this thing came out of a factory in modular pieces and is very strong.
Certainly not a work of art, but the location is incredibly convenient and the location will only get better.
that is 3 bedroom in new construction doorman building.
omg the prices are so cheap the buildings is gonna wind up being filled up with riff raff!!
*rob*
“Yes cheap is a relative term but these are way under what could have been achieved a couple of years ago. Pretty spectacularly cheap by comparison.”
Well, you know, there was that global recession and what-not. That might have had an impact on prices. Comparing today’s prices to a few years ago is Bubble Think. The same as saying “this brownstone in East New York would cost five time more in Brooklyn Heights so it must be a great deal!!!”
ENY–you know I agree with you. I wasn’t defending or cheering the bubble as much as noting the reality of the situation. These might not be “cheap” in a universal sense of the word but they are a game changer potentially for condo pricing all over the Brownstone belt.
comparing prices with bubble prices will always leave us scratching our heads. I with the “not cheap” crowd. Bubble prices were insane and stupid. Having lower than bubble prices today still doesnt make this cheap. I think the bank knew that things are still yet to hit rock bottom, so they went into deep discount mode before real job cuts grip the city. They were smart to do so.
How are the Oro and Toren doing?
“way under what could have been achieved a couple of years ago.”
You mean the greatest real-estate bubble in U.S. history? (Now I sound like the What). Sure, that’s true. But these still aren’t cheap. You can find three bedrooms in NYC for a lot less than 700K if you want to. Just not in downtown Brooklyn.
Yes cheap is a relative term but these are way under what could have been achieved a couple of years ago. Pretty spectacularly cheap by comparison. I have lots of friends who need a three bedroom now that they have had a second child. 700G for three bedrooms is a pretty good deal. And its not pretty right there but the location is amazing from a proximity to transit and amenities perspective.