The Toren Holds First Closing, Wants in on FHA Program
The Toren had its first closing last week two days before Thanksgiving, according to public records that just became available. The unit in question was a 1,033-square-foot two-bedroom on the 19th floor. It hit the market in March 2008 for $725,000 and went into contract within a month for the asking price. In related news,…
The Toren had its first closing last week two days before Thanksgiving, according to public records that just became available. The unit in question was a 1,033-square-foot two-bedroom on the 19th floor. It hit the market in March 2008 for $725,000 and went into contract within a month for the asking price. In related news, since deals like that are a thing of the past, The Toren has decided to try to get in on the FHA action. “I think the FHA approval will help with the buyers who were initially only looking to put 10 percent down,” Roberta Benzilio, executive director of sales in Brooklyn for Halstead Property, told The Real Deal. “Some people don’t have the cash available.” Another stat from the Real Deal article: about half the units are in contract.
Toren Seeks FHA Financing, Closings Expected [TRD]
In July of 2008, my husband and I put down a 10% deposit on a 1 bedroom apartment at Toren. One and a half years later, the two people that we’ve been dealing with at Toren have not been able to give us any information or answer any questions at all regarding move-in dates or completion of amenities (gym, pool, etc…). If anything, they’ve been saying “next month” since May ’09. Last week, we looked at a beautiful two bedroom apartment at Oro, a building next door to Toren. The price for a 2 bedroom 2 bath is not much more than it is for a much smaller 1 bedroom 1 bath at Toren. We are considering walking away from the Toren deal altogether. The fact that they have our $50K definitely makes the decision more difficult. We notified Toren in order to discuss the logistics of backing out of the Toren deal. They got back to us very promptly stating that Toren is willing to work with us on the price for a comparable apartment. In fact, they even asked us to come by and take a look at the 2 bedroom 2 bath in question. We did so and discussed the specifics of the deal. However, two days later, they said that 2 of the BFC goons changed their minds about this deal and were no longer willing to work with us. Dealing with these people has been a complete nightmare. We have never worked with a more disorganized, uninformed and misleading group of idiots.
i believe there’s going to be a planted median at myrtle where the street got widened.
The Toren and this neighborhood need the buyers so I say what ever it takes. And by the way, I see the Toren put in new sidewalks, very nice EXCEPT they didn’t leave even one space for a tree along Flatbush Ave. Ext. in front of their building. They did however eliminate 2 trees that were already there. Isn’t this stretch of Flatbush ugly enough? How about pitching in to make it a little better, Toren?
“don’t know too many people willing to walk from $50+K.”
Oh yes you do (unless you know a lot of idiots). If that 50 grand was 10% down, they’d already be -10% below sea level if they closed the deal (the whole market is already 20% down and falling). It wouldn’t be about preventing loss – it’d be about minimizing it.
“40% drop in value. you gotta a crystal ball or something?”
Better havelc than half off. I have the cyrstal ball of 10 x annual rent, 3 x median income and average historical inflation, all which RE will crash back down to.
I guess foe.
***Bid half off peak comps***
damn havelc, i hope that’s your hard-earned paper you’re playing with.
don’t know too many people willing to walk from $50+K.
40% drop in value. you gotta a crystal ball or something?
Repeat after me: “I want to renegotiate the price. I would rather lose my 10% deposit than accept the 40% drop in value from when I signed my contract. I understand that the sponsor is up shit’s creek and will renegotiate my price.
“I respect myself and my family’s future. I want to renegotiate or I will walk away.”
> waaaaah! i want an oompa loompa TOO DADDY!!!
Now THAT’s funny.
quote:
“Some people don’t have the cash available.”
waaaaah! i want an oompa loompa TOO DADDY!!!
*rob*
“I think the FHA approval will help with the buyers.”
I think it will help your client. But you better hurry! The FHA timebomb is ticking!
“10 percent down”
Instant submersion.
***Bid half off peak comps***