Clermont Greene Gets Its C of O
We got a tip from a reader that the Clermont Greene received its C of O on Friday—something we were then able to confirm with the broker. To date, twelve out of 73 units are in contract (though StreetEasy only shows eleven). Another three contracts are out and one rent-to-own tenant is moving in this…
We got a tip from a reader that the Clermont Greene received its C of O on Friday—something we were then able to confirm with the broker. To date, twelve out of 73 units are in contract (though StreetEasy only shows eleven). Another three contracts are out and one rent-to-own tenant is moving in this week, according to the broker. Maybe the price protection program is helping a little.) We wonder how many units they need to have in contract before they can start doing closings. The cheapest unit currently available is a 747-square-foot one-bedroom for $499,000; the most expensive unit is a 1,620-square-foot three-bedroom with 1,000 square feet of outdoor space for $1,250,000.
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Anyone else find it interesting that this building has had its CO for almost a month, and still no units have closed (according to NYC gov sites)?
BHO – you’re really growing on me. I liked the football analogy. But here’s my question: since realtors seem to base everything on comps, doesn’t the price schedule have to come down incrementally? If a newly constructed 2BR 2 bath in Kensington is $500K, why would a seller accept $250K in Fort Greene? Isn’t the “half off” premise kind of a philosophical/moral point more than a realistic one?
Show me the market indicators in Fort Greene that support your theory that the fair value of real estate should be 50% less than where it is now, and then I’ll give your theory some credence. 10% I can definitely see, 20% is not much of a stretch, but 50%? Again, up and coming neighborhood, relatively low inventory, tight regulatory environment for condos (its close to impossible to find a viable candidate for condo development in prime Fort Greene due to landmark protection). If you wait for a half off deal, you’re going to end up missing the boat here.
And a 3x return in 15 years is not unrealistic either. Had you told me that in ’95, I would have said you may be right, and we would have embraced each other as brothers!
“50%? Thats just unrealistic.”
You would have said the same thing if in 1995 I told you that prices would triple in fifteen years. You just wouldn’t have wrapped it around your head. And now look at you, just can’t fathom half off.
“…show me another 1BR/1 Bath 750+ sq ft unit w/outdoor space in Fort Greene for only $250K without the need for any renovations?”
Show me how many such apartments are selling for HALF A MILLION DOLLARS!!! Today’s buyers, the ones with half a brain, think like a quarterbacks. Throw the ball where the cutting receiver will be, not where he is during the snap.
***Bid half off peak comps***
Hello, it’s Julie from Elliman again. When buyers have concerns about financials, it can be part of their offer to put in the contract a clause protecting them against increased common charges. Of course the burden of the carrying costs doesn’t fall on the owner occupants. The sponsor is responsible for the common charges on the unsold units. Now that we have C of O, the building is even more desirable as prospective buyers can see it shaping into an actual community. The developer is Read Properties and we hand out bios at open houses showing the track record of the firm, which is added assurance to buyers and their lenders.
I have to agree with g0rillacake. 50% off? Really? Please show me another 1BR/1 Bath 750+ sq ft unit w/outdoor space in Fort Greene for only $250K without the need for any renovations? It doesn’t exist. My concern with Clermont Greene is with only 12 units sold, how are the buyers protected with 60 or so units left empty? How long will it be until the common charges go up or the building goes bankrupt? That’s the biggest risk I see here. I have no doubt that the value of real estate in Fort Greene will only increase. It’s the building financials that scare me. Unless I am missing something here where the buyer would be protected?
50%? Thats just unrealistic. Even in this market. While I agree this crowd is full of hardcore real estate opportunists, let me make this point. Fort Greene is definitely an up and coming neighborhood, full of great food, music, culture, community. Its a Brooklyn gem that has yet to fully blossom in my opinion. And nothing holds its value in a down market better than real estate in a neighborhood with growing desirability. As one of the few condos in prime Fort Greene (meaning not on Flatbush or by Atlantic Station: Oro, Forte, One Hanson, Toren), I think there is a case for investment here.
This crowd looking for bigger discounts than you & developer has in mind – ie more in the space of 50% off
I am with Prudential Douglas Elliman and provided the info. RTO means Rent-to-Own. The sponsor offered an interim lease in advance of the buyers signing a contract.
We are able to close immediately. We are working with preferred lenders that have verified the building.
Keep in mind that what you see online is the “asking” price. We encouraged anyone interested in living at Clermont Greene to make offers, and we were able to work out great deals. The sales prices will be public soon enough, and then you can weigh in again.
We encourage anyone to come see the project and judge for themselves. We are there every Sunday 2-4 (not this holiday weekend). Cynics welcome.