Oro seems overpriced and inflexible

Because Bravo filmed "I want to be a supermodel" here?

I see chain reaction of price cut since one of their downtown competitors 'Forte' cuts price on some units to give some momentum in sales 'for limited time only'. IMHO, there will be another price cut when 'Toren' another downtown competitor open for occupancy on this fall. But who knows what this developer is thinking. Maybe they have tons of side money still piled on Oro's basement. BTW, Toren's asking price is hard as rock. We may need to ask Dr. Manhattan to break their asking price.

On the topic of Forte. I looked at a three-bedroom there. I love the complete disconnect between the fixtures pictured on the promotional materials, web site and the totally rock-bottom final product.

Oro, Oro, where art thou Oro??

RalphTV, why are you asking about Oro? Thought you bought at 500 4th Ave.

I have to say that with the recent price cuts, Oro does not seem overpriced anymore --- it seems like a pretty good deal.

Skunkles, I disagree. They will still be in the $500s~600s/sf, even after the price reductions. That is way too high for that location - not great subway access, one block from the Ingersoll Projects, and several blocks away from any decent amount of retail activity.

When it gets below $400/sf, then it may be worth looking into. However I think Forté will get there first, and Forté is in a better location (though Oro has nicer amenities).

Post87, BELOW $400/sf is a hell of drop you are predicting. Just a guess, but below $400/sf suggests total financial calamity in NYC, and I'm not sure anyone will be in the mood to buy in the event of total financial calamity. A five year slump where "investors" disappear out of boredom and people just buy so they have a place to live seems more realistic to me.

Skunkles, I don't think NYC was in a "total financial calamity" back in 2000 when even Manhattan was in the $400/sf. Brooklyn was much, much less than that. Rather than "total financial calamity," I think I would call it a return to a more rational market.

I think $400/sf in Brooklyn is still sheer insanity though.

There is just no market for these buildings on Flatbush anymore. I dont see them selling this building until there is a real fire sale.

The Oro did seem to have better "craftsmanship" than the usual hastily built condos in the Brooklyn area, but the one major issue I had with this building was the tiny living & dining room. It reminded me of the Be@Schermerhorn http://www.streeteasy.com/nyc/building/189-schermerhorn-street-brooklyn disaster with it's tiny bedrooms and tiny living & dining rooms.

Like the Be@Schermerhorn, the Oro's floorplans do seem to favor the renters market and student market, as opposed to sales for families with babies and kids. The recent price chops seem to be a day late & a dollar short... again. Today's prices should have been listed in the beginning and "today's" real prices should be in the $575-$675 psf. They're just chasing the market down with little chops. I don't see this as doing much for the sales.

ProperService, agreed. Looked semi-seriously at Oro pre-crash, but the windows and the tiny living areas were a real turn-off. Absolutely loved the kitchens, though. I still daydream about cooking in one. Maybe for my next rental or something.

Skunkles: I think without the speculative bubble brought by the "investors" the area never would have gotten up to $400/sf in the first place. I agree that the basic 5~10 year gradual decline scenario that you describe is a strong possibility. On an inflation-adjusted basis, that scenario will certainly get below $400/sf in today's dollars at some point.

Of course, Oro, Toren, Forté and be@Schermerhorn would all probably never have been built if not for the inflated bubble prices, but that's part of the point. We have over-supply because people were over-paying. It's not a calamity for people to stop over-paying, and take advantage of the over-supply by waiting for better prices.