Thursday, September 13, 2007

Novo Media Blitz

From Queens Chronicle: ‘Novo’ Luxury Condo Developer Dazzles Buyers In Forest Hills

What else can you say? Brilliant move putting the sales office on Austin St, with Ann Taylor Loft, Rouge Bistro, Martha's Bakery all right outside the window. But my gut tells me that this whole project is for investors only who want to tap into the Forest Hills rental market which is very underserved.

Or maybe it's for buyers who don't want to tell a nosy co-op board where the money comes from. But even then, they'd probably rent it out. Owning a Forest Hills rental is recession-proof - a great school district, an LIRR station, express subways, The Gardens, - there will never be a lack of people wanting in, especially a real luxury building (not Parker Towers).

And who knows what kind of money is going into buying these places. Let's just say it's all cash. Cash you don't want on bank statements. No property tax (abatement). So your whole monthly cost is common charge - a few hundred dollars. Plus you get the rent and a property to unload anytime you want. I wouldn't be surprised if Novo hits its price.