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does anyone have any insight on the current pricing of the Oro? Eg, what percent off list do you think I could offer to get a response from them? (I ask because I know someone who closed on a unit in the building a month or 2 ago, and the numbers don't line up with what's posted on SE -- it says he got over 20% off, but he said they had it listed for 15K over what he ended up paying, so if that was the case, he only got around 2% off).
Has anyone successfully negotiated with them recently/in the last month?
No particular insights here, although the prices for the unit I looked at 2008-ish seem much more reasonable now. Is it possible your friend is factoring in closing costs the developer paid? Sometimes a firm will lower the "list" price right after closing, before the sale is recorded and Streeteasy picks it up, so that it looks like the space sold at ask. When I've seen that happen the last list and closing prices usually match though.
Based on the asking prices at the RoseNYC website, I would say no thanks. You could buy a new unit in Williamsburg for the same price/sq ft and not have to live across the street from a massively huge housing project.
Plus, the common charges are set ridiculously low and will have to jump a LOT to cover those amenities. Of course, you have the same problem in much of Williamsburg development, too.
Thanks NYC. It's weird, maybe they have similar apartments up now (2bedrooms), and they think that having the "anomalous" sale that's listed at 25% under is better than saying that they had it offered for 200k less?
How long do you think it will take for the common charges to go up? Is there anything you can do about that (eg, in a contact?)
I checked out the Oro in June and 33G was 534k... I guess they raised the price a couple of days ago to $550k... I didn't even considering it at 534k lol :( The unit did have a nice view of the city and bridge. Also pretty sure I was told they lowered their CC by like 10-15% since people moved in. But evnyc could be right, he probably stated the net price he paid (List price - closing price - closing cost credit)
hmm wow that looks wrong... how about net price is just closing price - closing cost credit lol... And then the overall discount is taken from the list price!
I have no idea how long it will take for common charges to go up, but I would guess based on observation of other condos that it will happen as soon as the building gets around to selling the last few units. A swimming pool sounds like a great amenity, but take a look at the maintenance on the few buildings in Manhattan that have pools: it's really high.
keep in mind too-they only got a 15yr tax abatement. it's been 3yrs since that. so u really have another 7yrs left of no tax. then it creeps 20% per year till 100% of taxes. and taxes on these babies will be ridiculous- like 800-1000/month.
toren for comparison purposes, got a 25yr tax abatement. BUT oro has much much better views (toren has location which is 300ft closer to the subways).
pool: only open if lifeguard is there (i visited and at least they have nice looking life guards of both sexes to please everyone). the gym at oro is rather nice too, and the layouts bigger/better than toren. although toren finishes are far superior.
anywho, keep in mind that not only will your common charges skyrocket, in 7yr be prepared to budget in a nice hunky real estate tax addition to your monthly bills.
FYI, the 15 yr tax abatement at Oro started 7/1/2010. It doesn't come automatically, had to apply and go through the city.
I found the units at the Oro to be quite stunning, and when I looked back in March, they were competitively priced. Not sure how the common charges are going to work out, but many new developments see their common charges raised once the board takes over, the risk is certainly not exclusive to the Oro. As for the amenities etc,.. I prefer the Toren's, though the Oro's were also compelling. We posted some video walk throughs on our site: http://www.flatbushriviera.com -- Honestly, though we're happy campers in our brand new green building, I still think wistfully about those gorgeous bay windows.
Since condo taxes are based on equivalent rental apartment prices, it's worth running the numbers yourself to find out how much unabated taxes would run. You have to dig around a bit, but you can do so using the info here:
Not every condo is going to skyrocket in taxes; it depends upon location. Oro is near Brooklyn Heights and DUMBO, so chances are that it will indeed be significantly higher, likely in the range CJ specifies.