only 50% sold/in contract

Forté had to drop prices between $400 and $500/sf in order to sell out. Oro's a nicer building in a worse location, so on balance I think they will need to get to the same pricing in order to achieve a similar result. They don't appear to be doing that any time soon so if I were you I would assume they will NOT get to 70% by the end of 2010.

Thank you for the response.

How long was Forte in the market before they lowered the price? How long did it take to sell out after they lowered the price?

Oro is going at ~$600/sf for 30+ floor. They recently lowered the CC/maint chagre by 10%. I don't know if this is any good sign or not. But it can't be a bad sign?

Or they lowered it for now and plan on increasing it after you move in.

Forte was 40% sold, and started about same time as Oro. it took them around 3 weeks to sell out all the lower priced 1&2 bds, and there was waiting list on almost every single apartment below 500k.

But the two beds on the higher floor had a couple back-out offers, and took longer.

Forte has better location, but less amentities, I believe it's got nicer finish as well.

With current pricing, Oro would not be 80% sold by the end of 2011, for sure. U realize that Toren is not even selling at the moment, and hasn't gone through any price cut yet. they have about 250 units i believe.

According to SE, Oro has been closing sales at a rate of about 4.33 apartments for the last 6 months. That's a nice uptick for them since they lowered prices earlier in the year. My gut instinct says they are comfortable with the current prices and rate of sales; I'm not smelling desperation from the developer. Now Forte on the other hand had desperation written all over it once the developer dumped the building back on the lender --- at those crazy low psf they sold out almost instantly. I just don't see Oro lowering prices to Forte's levels. Just my opinion...

I don't think Oro will lower prices either.

They are 50% closed/in contract and ~54% including attorney review. At least dozens of units are being negotiated at the moment. I am reasonably comfortable that they will sell 60%.

The question is if they will reach 70% by the end of this year. I think 70% is the point where profits start to kick in for the developer and carrying cost of the building would be half of what they are paying now. I am cautiously optmistic that they will get there by the end of 2010.....