Fresh Price Cuts At The Edge

no one-bedrooms over 500k --- ever!!!

Even with those price cuts they are way overpriced!

I agree, and the common charges are pretty high.

"some recent court filings"

what court filings?

there is a yahoo group/blog

edgeincontract @yahoo.com

This is a group for open discussion of Edge related issues amongst contract holders and serious buyers. You must be a contract holder or serious buyer to be a member of this group.

Anyone affiliated or employed by the Developers Group, Douglaston Development, Levine Builders or any other company or organization involved with the marketing, selling, construction, development, or financing of the Williamsburg Edge condo is not eligible to join this group and must declare him or herself to be so.

what do you think could be good bid for apt on the nice line?
the edge price fro the apt I like is 860/sf, what is a realistic number to propose for sf down from 860/sf? anybody knows?
I think 750/sf, may be??? too high or too low to begin negotiations?
Tks

Why don't you do comps according to what's closed based on floor number and exposure.

you have a sale that was 24% less list just a week ago! ($608 per sq ft!)

10/27/2010 #5P $534,581 -24.7% $710,000 Sold 2 beds 1 bath 878 ft²

truthskr10: something is wacky regarding that sale. I have the offering plan in in front of me and the North Edge 5P unit you are referring to is a 721sq ft 1BR unit facing the adjacent park space with guaranteed unobstructed view of midtown and up. It is definitely not a 2BR/1BR 878sq ft according to the offering plan. Perhaps SE got it mixed up with the South Edge's 5P? The offering plan says that it is a 2BR/1BH 878sq ft unit facing 2NSP. If it is indeed the North Edge unit, then that is a HUGE price drop relative to what was sold for 6P (660K) and 8P (~685K inc storage) not so long ago which will make the North Edge P line buyers extremely angry.

Doesn't it seem kind of nuts to be paying in the upper hundreds per square foot for Brooklyn?

Salvy, I had the same questions about that 5P sale but figured it out.

The recent 5P sale is definitely for the north building. Streeteasy used the wrong layout and sqft to calculate the ppsf. The actual sqft is 721sq ft, so the ppsf is about $740. 5P is the only NORTH P line sale in ACRIS right now. The 6P and 8P unit sales that you mentioned were for the SOUTH Building.

Even so, the 5P North sale at $534,581 seems like a great deal considering that 4P is now asking $685,000. That would be a 23% discount. But if you look at the deed for 5P, the contract was signed in March 2008, when the asking price was $585,000. I guess it was originally priced too low because they subsequently raised the asking by over $100K! It will be interesting to see what other North P lines sell for.

I didn't even look at the north P line because I thought it was out of my price range, but if they are still willing to accept prices in the mid 500's, I think it is a great deal at $740ppsf to have guaranteed, protected views of midtown and East River State Park.

$740 / sqft is a very good deal considering the views that the North facing units in the North building have. I guess the buyer got lucky to get in early before they raised the price.

According to the offering plan, the list price of North 5P is $695,000. Each floor goes up in price by $10,000 increments. So to go from $695,000 list to $534,581 sold means a whopping 30.01% discount which is UNHEARD OF at the Edge (or NSP for that matter) according to my available sources. I wonder if this is an inside sale....

It's a 23% discount off list price, which is still good. This could be one of those 2008 deals that got renegotiated..

I guess I wasn't clear in my answer above. When the contract was signed in March of 2008, the asking price was $585,000 (check the offering plan), which is a discount of 9%.

This was one of the rare 2008 deals that was still a deal in 2010.

I have actually seen this unit. The layout is not optimal. The french doors on the second "bedroom" open out into the living room making the space immediately surrounding wasted (meaning you couldn't put a couch there). Additionally the view is of the street and only one bathroom, of all the units we saw the price was nice, but the layout was really not to our liking. I think you're looking at a huge price break here because the asking price was way too high for what you were actually getting.

thestreet: Sorry you're right it's 23.08% off list. My math was off.

buyer2312: I think you are talking about the 2BR 5P unit in the South building which has swinging doors from one of the bedrooms into the living room and faces south directly into NSP. The 1 BR 5P unit that was recently sold was in the North building, has an open north view of the park. Streeteasy mistakenly attached the layout for 5P-S to the page for 5P-N, which led to the erroneous calculation of $608 ppsf. The actual ppsf for 5P-N is $740.

Admittedly, it is very confusing and I'm surprised the sponsors did not anticipate this. They should have given the North building apartments different numbers, maybe 5P-N, 6P-N, etc. I can see this being a problem for appraisers, comps, post office, UPS, etc.

You're right findmeahome. The sponsor explained that the North 5P buyer was the 2nd buyer ever at the Edge who put down their earnest money sight unseen when it existed only in blueprint at the peak of the market. The sponsor renegotiated in 2008 when the market cratered in order to keep them. So yeah, they got a great deal for sticking it out and not losing their nerve. Good for them. The discounts the sponsor has actually been conceding to have hovered around 10% from what I have heard and seen. 23% discounts just do not exist anywhere at the moment.

So far closings between the Edge and NSP are not too far off and it looks like there is still some flexibility at the Edge (depending on certain units), which in my opinion puts the Edge in a better position.

About 10% off the asking seems to be about what things are going for. Probably a bigger discount for the courtyard units and less for the prime views.

I made some charts from data I got on Street Easy. Average price/sf is around 750 with courtyard units going for 650 and upper floor prime views upwards of 950.

http://xa.yimg.com/kq/groups/49976515/sn/1942957780/name/edge_sales_floor.jpg

http://xa.yimg.com/kq/groups/49976515/sn/1813079308/name/edge_sales_size.jpg