The Edge

politikat - what is the dealkiller you are talking about at 80 Met?

I almost bought an apt at 80 Met but just hated dealing with their broker.

The 70 berry buyers who said at the time that they didn't expect much similar alternative on the market anytime soon were more or less right. 29 S 3rd, e.g, is nowhere near as nice. The Bedford is too small. I like the idea of boutique buildings but finding a nice one isn't easy. 80 Met is way too big too fit that category, but 58 feels smaller and nicer to me. I like outdoor space of some sort and in 58 and 80 met you do have the issue of the ptac's that sound loud from outside (not so much inside).

The quiet down by the waterfront is indeed nice, and special -- what a contrast to the ultra expensive west side highway waterfront buildings that sell for 40% more.

politikat, buyerbuyer I initially was relentless in trying to find a small boutique building to buy into, but i didn't see anything at the level of quality of The Edge or 80 Met. I bought into the edge 6 months ago and love it. Never thought I'd go into such a big development but i personally think this building is going to be one of the highest quality buildings to invest/live in.

politikat and J1972 - same on this end. We wanted to be in a top quality construction (considering the loads of poor quality all around w'burg) and we considered primarily 80 Met and The Edge. As 80 Met was less negotiable, we opted for the Edge PLUS were able to get amazing water views. We are amazed by how quiet and peaceful it feels, and (despite my being against the hooplah on the amenities in the building) realized that we got much more bang for our buck there than 80 Met in terms of pool, gym, etc. etc. I also believe you can't go wrong on either building; though our personality fit that of 80 Met more, the Edge deal won out.
must say, the Edge's marketing campaign didn't help - i don't think it portrays well the feel, quality and vibe of the building.

I agree and slightly disagree with all of you.

I agree that in terms of construction quality, 80Met/58Met, Edge, NSP1/2, and 125 North 10th are significantly above everything I have seen in Williamsburg. I do NOT include 14 Hope in that mix.

Further, I would say that 80Met/58Met is a clear step better than Edge, which is a slight step better than NSP1/2 and 125 North 10th.

Due to the reasons Chiquita has mentioned, I found Edge was still a better value than 80 Met so I have bought there. I should be closing in the next month/month and a half, moving in around 2 months.

Looking forward to meeting everyone...

From the sound of things, with such high demand and low supply, Phase 2 of Edge and NSP3 should start up pretty soon!

Jabra, ya, I think 14 Hope construction is just OK, but acceptable, way better than Apts and Lofts inventory, and I liked the location and scale. I think right between L and JMZ is a good way to go, and there are tons of great restaurants popping up like crazy in that area, way more than 7th and Kent.

BkBuyer, when I was right on the verge of signing a contract at 80 Met, I was in my unit and a heavy utility truck hit a pothole on Metropolitan and it was LOUD. Looking at the road after, its been patched and repatched, a total mess, potholes everywhere, and the windows were not very soundproof at all.

With all the construction that will continue for years on Kent, I really didn't like the proposition of traffic/street noise. I think that noise level from unit to unit is probably better at 80 Met, there is some sound seepage from the hallways into Edge units.

I agree with politikat. When we visited 80 MET the windows did a very poor job of keeping the sound out. The street noises were quite loud as was a truck idling on the east side of the building. It was a big negative for us.

Jabra when you say " would say that 80Met/58Met is a clear step better than Edge", I wonder what you are basing that on.

One of THE most fundamental issues, something you experience almost every day of the year, every hour of the day, is hvac system, and the Edge system as I understand it is better than those ptac units at 80 met. I do know the units at 80 met and 58 met and some other boutique buildings are kind of loud.

I agree the HVAC system at 80 Met is not ideal. However, overall, 80 Met is a quality building. Unlike most of the developments (including the mega projects) in Williamsburg, 80 Met did not go up in a year or less. 80 Met went up over a 3 year period not because of construction delays or financing problems, but because quality was not compromised. It's the only new construction in the area that has more brick than glass or metal frames. Not only are the common areas, wall coverings, elevator and floors first class but they were installed without cutting corners. That is, varying gaps between floor tiles, misaligned wall panels, poor brickwork are rare. Classic, timeless, understated design, well constructed. Quiet, not a lot of bling or flash. Compare the feeling when stepping into an 80 Met unit - it simply feels solid. Yes, I'm a fan.

Buyerbuyer and BillyRes, you are both correct and I agree with both.

Buyerbuyer, you are correct, I missed those things. I wasn't at 80 Met long enough to experience outside noises. Therefore, my opinion only applies to what BillyRes was talking about.

I had the good fortune to get a hard hat tour earlier on at 80 Met and saw the actual level of extra sound insulating that they put behind the drywall. I also confirm the floorboard and installation joins etc are better than the more slapdash Edge.

That being said, the noise of the area of 80 Met that people are reporting definitely makes me feel better about my Edge purchase. Also, another non-quality related issue that factored into my decision, is that the 80 Met apts just felt a lot darker than the Edge ones. I don't know why, maybe because the windows are smaller?

Hi, All. Thanks for sharing your experiences and opinions--very helpful.

Something that I haven't yet read about here: any new Edge owners do a cash purchase with a contigency? The sales agent was non-comittal about whether or not the sponsor might be interested. I'm considering a smaller 2BR on the 20-something floor in the south tower facing east (Brooklyn). Haven't made an offer yet because I'm unsure of the timing of selling my current place/buying in the Edge. Meanwhile, I'm getting concerned that the market may pick up before I can get my current place sold and commit to the new place. Anyone have insights on timing issues? Leverage in negotiating (or not) for cash purchases? Latest $/ft2?

I recently had my lawyer get in contact with the building to check on the sales statistics. Currently they're at about 44% sold (closed and in contract). When she last checked in November it was about 29%. They are definitely picking up momentum, and once they hit the 50% number I think you'll see even more sales since other banks will be able to join, and lending will become easier. When we negotiated our contract back in October we certainly had some leverage in negotiations because they had less sales. That might disappear as more contracts are signed, and people become less fearful of buying into project. Just my opinion of course!

buyer 2312--thanks for the sales info. Do you have an opinion about what effect (if any) offering cash might have on negotiating price? Does the sponsor have any incentive for giving a bigger reduction if financing is not involved, especially after the building is 50% sold?

Just to compare with the numbers of units sold, counting the closed units in ACRIS:

There are 96 of ~360 units closed in the south tower (and 40 of 152 storage units) and 30 of ~205 units closed in the north tower (with 15 or 98 storage units closed), for a total of 126/565 units closed, or about 22-23%.

Is anyone buying (or already bought) using a home inspector for the walk-through? I'm not sure if it makes economic sense and was wondering what others are doing.. Thanks.

pdr708 - personally I don't think offering cash will necessarily affect the price that much, but of course it never hurts to try. They certainly are trying to make deals at this point they still have many units to sell, and want to see the process move as quickly as possible.

hi everyone.
I am seriously consider to buy the edge, just want to get some opinion before I make an offer. I am looking for an unit around $700 per sq feet which I think is facing south... what kind of offer you think is reasonable? thanks

buyer2312--thx for ur comments. Are u comfortable saying what type of unit u bought? If u r in the building, what is ur experience of living there?

Anyone else willing to share what happened selling one's current place to buy in the Edge?

bears2973 - i think the price/sq.ft. is highly variable based on layout, # of like units left, views, exposure, etc. I can tell you that many Manhattan facing units, especially those on higher floors have gone over $1k/sq.ft. whereas those facing the courtyard have been in the $700's/sq.ft.

The unit I am looking at is facing courtyard and edge asking for $700 per sq feet and I am not sure how much I should offer them.. maybe $650 per sq feet from the start point?

I am thinking in buying a unit at The Edge. The thing is the apartment is facing the backyard and in a low floor... do you think it will be easy to rent in let's say 5-6 years from now? This is one of my main concerns.... thanks for your comments and ideas!!!

A few questions:

1. Rental units: I am told that there will be over 300 rental units (presumably for middle income earners) next to the North and South Towers. Did anyone have concerns about that?

2. Water pressure: Any issues with water pressure? The few times I have turned on the bathroom faucets they seem to lack water pressure.

3. Fixtures: The brochure states some high-end bathroom fixtures, but on my latest visit to the South Tower I noticed American Standard faucets. Does anyone know why?

joseesq and holaman
- i think it's already easy to rent now - the w'burg rental market is actually quite strong - in an edge-like building, one brs could easily go over $3k, and 2 beds over $4k - 'don't think the rental market's likely to be weaker, frankly - and i believe waterfront property, since it's limited, will always be in demand so long as the neighborhood continues improving its infrastructure
- i had no concerns about the middle income rental units - they're already there and they have very little to actually do with the project: different layouts, finishes, amenities, etc.
- no issues with the water pressure on my end - was actually concerned at first b/c of the rainshower fixtures, but no issues at all
- fixtures - not seeing american standard ... actually, just checked and they are, yes - but they're quite nice; they don't feel cheap to me at all - i'm sure there are multiple grades of quality per brand (like GE, for example)
hope this helps

I recently checked the water pressure in a unit where no fixtures were installed. It was high. Also, the fixtures are exactly the same as in the showroom or sales material, they look very high quality without being over the top. Kitchen faucet is grohedal with pullout spray, maybe that's what you're referring to?

The kitchen faucets were high-end, the bathroom faucets were American Standard. Where exactly are the rental units? I can't figure out from the description if they are on Kent Ave or closer to the waterfront.

The rental units are the low buildings on Kent Ave. They're separate from the South and North Condo towers and they don't share the common areas.

Rental market is strong in WB, so I wouldn't worry.

Thanks! Who provided the best price for condo insurance? I'm looking for $75k on Coverage A & $50K for Coverage B. I have a few quotes, but they all seem high.

k

the condo insurance that we got was from allstate. about 500 for the year for the coverage that you need for the edge.

the water pressure is low because its a green building and they are looking to reduce the amount of water consumption throughout the building.

gettingreadytosign, just to clarify: the water pressure itself is NOT low. I toured a unit without shower heads or other fixtures, and the water was shooting out of the pipes with very high pressure.

In accordance with LEED certification (this certification is awarded to green buildings), they use, however, low-flow fixtures to reduce water consumption. This is generally the case in every LEED certified building. A lower flow per minute may not necessarily mean that the water flow "feels" very much reduced, though. Low flow fixtures usually aerate the stream of water to give it a full-pressure feel. That said, I guess they have no control on what kind of fixtures unit owners install after they have moved in.

Do the Edge units have any range hoods? It looks like there are only lamps above the stove. Does that cause the kitchen area to get very greasy?

polisson, i agree with you 100 percent, but in the case of the edge, the fixtures (shower heads) do not feel like a regular shower head.

and the pressure from the kitchen sink, bathroom faucet and bathroom sink are all perfect.

nce: the sponsor will install a range hood for you free of charge if you ask for it. Enough buyers complained about this back in the day that the sponsor agreed to install on request. My attorney included this in my purchase contract and it was included my punch list during my walkthrough inspection. You will lose the default lighting with the range hood but it does have small recessed lighting. It's not something the sponsor advertises but they will accommodate you if you sic your buying agent or attorney on them about including it in your contract.

NCE and SalvyDiCopa:

That is true only if you remember to negotiate the hood as a part of your initial contract. I did not. Afterwards, they refused to put one in for me.

Jabra: you're right, you have to remember to put it into your contract. You can still have it installed, but you'll have to pay for it of course.

the cost of those bosch vents is less than 1000 i believe..

so it's not a big screw up not to have asked...

Thanks, great to know. I take it since there isn't any place to vent that it is the non-vented type of range hood and it goes through the filter and then right back out again? I guess we'll just do that on our own.

I have my intiial walk-through in a South Tower 1BR scheduled for this Thursday. Anyone have any advice on particular things to pay attention to? Also, did anyone try to get the Sponsor to install electrical outlets in particular places?

edgepledge..fyi, in case you didn't see it, there is a good discussion on this in general in the recent comments on the nsp2 thread.....but obviously it doesn't bring up any specific Edge things to look for

@buyerbuyer -- thanks. That discussion on the NSP2 thread is quite helpful.

Some more questions:

1. FHA Financing – Phasing by floor
Different people have written that The Edge was approved for phasing by floor for FHA purposes. Where did that information come from? And for floors 1-9, South Tower, what is the percentage sold for FHA purposes?

2. Range hoods

Why would it be necessary? Couldn’t you just open the windows?

@joseesq for your second question, airborne oil (from cooking with butter/oil/grease of any type) will settle absolutely everywhere. Some of it will go out the window, but you'll also get a nice coating on your walls, cabinets, ceiling, etc. A range hood with a filter will help both by filtering the air (encouraging the grease to collect on it) and by keeping it moving (hopefully in the direction of your windows, since it wont be externally vented).

joseesq: if you cook regularly, then trust me, you want a range hood. Speaking for my unit, there is no window immediately near my range so opening my windows that are located on the far opposite side of my unit is not gonna cut it.

The entire building is approved for FHA financing. It was separated into phases to give additional options for conventional/fannie financing.

I don't cook regularly, but I can see how not having a rangehood can be an issue for some people upon resale. On FHA financing, I will ask the question differently. I know the whole project is FHA approved, but the way I understood it, floors 1-9 were approved as an FHA phase and that that phase is 50% in contract (as compared to the whole project, which is not at 50% in contract).

Anyone have any Edge-specific advice for my first walk-through?

Hi joeesq, My understanding is that floors 1-9 in the South building qualify for conventional Fannie financing.

hi everyone,

I am new to this and was wondering what you usually include with your offer to the seller? Thanks in advance for any help!

edgepledge, my walk-through went smoothly at the Edge. I did have an extra pair of eyes with me, which is always helpful, but neither one of us found anything major. Some touching up in certain spots is all we had on the list. The bldg rep will also note things down if they see something. I even pointed out some tiny cosmetic issues that most people wouldn't notice and they took care of it without any hassle. I would just follow one of the many checklists you can find on the web or the one posted here. good luck!

The water pressure was more than sufficient in my apt. You can always change the shower head if its not your taste.

edgepledge: The overall level of fit and fitness was outstanding so I was very pleased during my walk-through. I did find a few things, but no showstoppers. By dumb luck it was a very cold windy day on my walk-through so it helped me find a leaky window. That was the biggest issue of the day for me. This is what I checked for but everyone I've talked to so far said that the building management has been great about fixing stuff quickly so I'm not losing any sleep over something that I may have missed:

1. check for damaged flooring (my floor was scuffed up pretty bad so without my prompting they promised to replace the entire floorboards)
2. range hood installation (if you included in your contract)
3. loose door handles, faucets, doorknobs
4. cracked paint/drywall
5. paint on windows (i.e.painting blemishes)
6. Any scratches or discoloring of any kind on any surface
7. chips, cracks, deformities on any surface (i.e. countertop)
8. all appliances are fully functional (frig, range, W/D, microwave, etc, but keep in mind that manufacturer's warranty kicks in, not the building's responsibility)
9. Faucets, showerhead, bathtub stopper, sink, toilet are in working order, water pressure (hot/cold), no leakage
10. All doors, windows, and cabinets open and close flush
11. Check for window sealing (drafts, leakage)
12. Check the PTAC unit and verify that AC/heater works.

would agree with salvydicopa
i would add that, if you have a balcony, check for any excess caulking - mine had a bit
there was a dented electrical outlet that they fully replaced also
basically, no big issues in any way but don't be afraid of pointing out anything you see - a little touch-up paint, whatever
by the way - do you all know that the fridge has touch-screen technology inside? (i would have, had i read the manual) - it's pretty cool and we have an ice-maker, too - i just found this out last week and it made my day *lol* ... it's the little things :)

chiq -- Where is there caulking on the balcony (maybe it's obvious when you look). One thing on the balcony that bugs me is when the surface of the bottom of the above balcony is all irregular, which they are sometimes, and I will check for -- not sure if they would consider that too picky, but it would seem to be easy to fix.

hfscomm1 spots caulk. watch out below.

looking to make an offer on a unit that's about 930 sq ft, not a high floor with no water views or anything special, just not a courtyard view. The listing is around 740k I believe. Would it be reasonable to offer 650K starting? I think that's about 12% below listing. Also, what are some contingincies that buyers should normally include in their offer? Thanks so much for any help. REALLY need it.

Many thanks to all for these helpful suggestions!

dh423: it's really hard to say what's a reasonable haircut for the average unit. There are +165 different layouts so in my opinion you can't apply a global rule for what's "reasonable." Asking for a 12% discount could get you laughed out the room for some units, but for others it may make sense. It all depends. IMHO, 12% is asking a lot, the sponsor for sure will scream bloody murder, but I haven't seen your unit so don't take my word for it. My advice for what it's worth is that if you're struggling trying to define what's "reasonable," maybe it's best you hire a buying agent who can help you find the sponsor's floor. The seller will be paying your agent's commission and I don't buy that whole "the sponsor will give you a discount if you don't use a buying agent" riff. That's a myth. Of course the sponsor doesn't want you to use an agent . The sponsor is just not going to give the unit away, they want to extract the highest price possible and close in the quickest amount of time from buyers.

At the end of the day, you should know your budget, your absolute ceiling. Give clear instructions to your agent that they are to go no higher than your max budget. Otherwise, be firm with the sponsor that you will go no higher than a certain ceiling. Another option is that if they won't budge on asking price, then ask them to contribute more towards your closing costs in a meaningful way, beyond the typical transfer tax credit (which the seller usually pays). It may be a win-win situation in that the sponsor can protect their comp pricing while you can save on upfront costs. Everything is on the table prior to contract execution so wheel and deal as hard as you can in order to stay within your budget. For example, in my situation, the sponsor was taking way too long to countersign my contract (i.e. the sponsor's attorney is overwhelmed, out sick, holidays, vacation, blah blah blah). Therefore, I asked that they waive the sponsor's attorney fee from my closing cost and I got it. That saved me $1800. The moral of the story is that everything is open to negotiation prior to signing of the contract and you can wrangle concessions if you are negotiating in good faith. The more you demonstrate intent to close, the more the sponsor is willing to negotiate. They just want to close, and they will play ball with the contenders and turtle up against the pretenders.

I agree with what's been said re negotiating. Remember that the building does not want lower sales prices being published so they are willing to pick up significant parts of the closing costs. Sometimes I think this is better because they can add up to easily 30k, which cannot be mortgaged. So if they are willing to pick up a chunk of that, it's money that will not be coming out of your pocket immediately vs. money that can be mortgaged.

thank you salvydicopa and buyer2312 for your input. Your advice is very helpful.

In addition, I have seen similar units sell for 7-10% below their listing price in recent weeks which made me think if I could strat the offer at around 12% so that the end agreed price can be around the 7-10% range I see similar units closing as. These are the units I saw that I am comparing it to

South building
1) Unit 10J (which is a 933sq ft unit, 2br 2ba) All the J lines are the same, rectangular floor plan. Very simple and plain no angles or anything. I went to see 11J and know that it listed at 780k and was told each floor up/down was 5k difference so I assume 10J's listing was 775k. It sold for 705k which is about a 9.6% decrease from the listing price. This was listed on streeteasy as a sale on 1/19/11

2) Unit 19J should have been listed for 820K based on the above that the agent told us. It sold for 760K which is a 7.3% decrease from the listing price. This was listed on streeteasy as a sale on 12/6/10

North building
1) Unit 7F- this unit is the same layout of the one we are interested in. It is the same layout as the J line said above just slightly larger, about 20 sq ft larger. I see on streeteasy that 5F is listed for 770K so i would imagine 7F to be around 780K. This unit sold for 723,975 which is a 7.2% decrease from the listing price.This was listed on streeteasy as a sale on 1/27/11

Based on these units, as they are similar if not the same as the one we are interested and the prices they sold at recently can I make the assumption that I can go ahead and start the offer process at around 12% below listing? Or do you still think that is an outrageous number to start with? I don't want to scare off the seller but at the same time, like everyone else, I do want it for the best/lowest price possible.

Hi Everyone -

I just noticed the recorded sale from 2/11 in the South building.... 5N a unit with 645 sq ft. for 410k. There is a resale, 4N, on for 499k. I was looking in the 500k range and was never shown an N line and I can't find a floor plan or anything on the line at all on the web. Has anyone seen the N line? Any clue on what would account for a sale that is so out of whack with the ppsf?

recent closings on higher floors (ie contracts done post-crisis) will show you the price for a line; at least in lines i looked at there was a clear pattern to prices, with about 5k per floor higher

It's a west-facing one-bedroom. For plans, go to ACRIS, then http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2010080200079002, then to about page 100.

Never mind, I mixed up North and South.

The N in the south building is a studio with interior "home office". Same URL, pages 70-75.

hi BreukelenZoo, I was also surprised to see the resale of 4N, both for the asking price and for the time it came to the market. do you guys think that unit in lower floors will be easy resale in the near future?

I have a question about the heating in the North Tower - is it true that it wortls via the A/C only? Do I have to expect a huge ConEd bill because of that? I thought there was some central heat or am I mistaken? Any help with this issue is very much appreciated, Thanks!

Any flooding on the property from yesterday's rain?

Any input on this?

In addition, I have seen similar units sell for 7-10% below their listing price in recent weeks which made me think if I could strat the offer at around 12% so that the end agreed price can be around the 7-10% range I see similar units closing as. These are the units I saw that I am comparing it to

South building
1) Unit 10J (which is a 933sq ft unit, 2br 2ba) All the J lines are the same, rectangular floor plan. Very simple and plain no angles or anything. I went to see 11J and know that it listed at 780k and was told each floor up/down was 5k difference so I assume 10J's listing was 775k. It sold for 705k which is about a 9.6% decrease from the listing price. This was listed on streeteasy as a sale on 1/19/11

2) Unit 19J should have been listed for 820K based on the above that the agent told us. It sold for 760K which is a 7.3% decrease from the listing price. This was listed on streeteasy as a sale on 12/6/10

North building
1) Unit 7F- this unit is the same layout of the one we are interested in. It is the same layout as the J line said above just slightly larger, about 20 sq ft larger. I see on streeteasy that 5F is listed for 770K so i would imagine 7F to be around 780K. This unit sold for 723,975 which is a 7.2% decrease from the listing price.This was listed on streeteasy as a sale on 1/27/11

Based on these units, as they are similar if not the same as the one we are interested and the prices they sold at recently can I make the assumption that I can go ahead and start the offer process at around 12% below listing? Or do you still think that is an outrageous number to start with? I don't want to scare off the seller but at the same time, like everyone else, I do want it for the best/lowest price possible.

Williamsburg, every unit in both towers have Central Air/Heating installed. Each room also has a separate ac/heat unit in it, so it gives you the option of controlling each room separately, which will cut down on the electric bill.

joseesq, there were no flooding issues yesterday.

Dh423:

your research and reasoning sound reasonable. better to bid too low cuz you

can always go up but if you start too high...

Thank you Jabra for your input.

For those that have bought into the EDGE thus far or even those familiar with buying an apartment, what comps and/or concessions should I ask for in the offer we give? Perhaps, specifically with the EDGE or just in general?

dh423 -

In general,you are going to first look for a reduction of the purchase price. Then you want to try to get the sponsor to pay their attorney's fees as well as NYS and NYC transfer taxes. You can also try to have the sponsor pay your common charges for some amount of time. You could also negotiate for a closing credit of some amount. Lastly, if you want it, you could try to get the sponsor to throw in a storage space. Keep in mind, you are unlikely to get all of these things.

However, at the end of the day, in my opinion, there isn't really a mystery to the process. The prices paid for similar units (absent concessions) to the one you are interested in are readily available online. If your unit is a less desirable unit, they will be willing to negotiate more. On the other hand, the more desirable your unit, the less the sponsor will negotiate. If the sponsor pays their attorney's fees and transfer taxes, that will decrease the amount they are willing to negotiate on the purchase price etc... In general, I think it is more likely that this building will negotiate with you on concessions than on the purchase price. I think there is wiggle room on the purchase price of particular units, as your research has indicated; but, in general, I think 10% is ambitious for an average unit in the building. 7% appears attainable on some units, but it may be attained at the cost of some of the other concessions.

Remember, this isn't like bidding on a home in the suburbs, the sponsor isn't likely to be offended by a low bid in the way that some home owners might be. No harm in bidding low to begin with, as long as your bid is serious.

NWT - Thanks for posting that link. I didn't know about those floor by floor plans before. Very helpful.

Holaman - That resale is surprising to me. Perhaps the seller is just testing the market. I don't really know. However, 499k seems to me like some serious wishful thinking. I spent a lot of time looking at courtyard units and in my opinion once you hit the 5th floor the units really began to feel not just dark, but very dark. Maybe the darkness feeling wouldn't matter too much to someone who is looking for that type of home occupancy where the "bedroom" has no windows. As far as resale of lower units in general is concerned, I think you are getting into a dangerous game competing against the sponsor. Sponsor obviously has far superior marketing power and usually a greater ability to be flexible on price. So, I think resale right now is not likely to do all that well.

thank you breuklenzoo. Duly noted.

I guess I'm asking real specifically when during the process to ask for such things. The last time we considered making an offer on a unit we asked the listing agent what our next steps should be. He said all we had to do was make an initial offer and include what concessions we may want. Regarding transfer taxes, attorney fees and so forth I thought these could be included in the counter offering stage. Is this correct? Otherwise, in that initial offer do I ask for these things right up front? I know there is no concrete procedure and it's dependant on each situation but I guess I wanted to get some advice on what you all thought we could ask for in that initial offer since it sounds like it's a common thing to ask for concessions in the intial offer other than just offering a price.

dh -

I offered ~15% off purchase price and asked for sponsor to pay legal fees and transfer taxes. Sponsor wasn't willing to meet my price but was willing to pay legal fees and transfer taxes. From that point it was a process in which I incrementally increased offer and the sponsor increasingly tagged on concessions.
In the end we met pretty close to the middle. I guess it might be a good idea to use the concessions as bargaining chips in the counter offer stage. For me, sponsor paying transfer tax and their attorney fees were a must, so that is why I included it in initial offer. Hope that helps. Best of luck!

Sorry i think my initial offer was actually closer to ~10% off purchase price.

Does anyone know the original sponsor sale price for the South Edge 4N resale?

http://www.citi-habitats.com/viewsales.php?adID=253226

According to streeteasy and ACRIS, 4N South hasn't been sold yet. 4N North has been sold recently, so maybe that's the one that is up for resale? Maybe the broker screwed up the ad? The ad clearly described the 4N South layout though (645 sq ft)...

Just moved, very happy. Good quality construction, finishes and service. Well thought out.. There was even a huge event with babies in the play room this weekend and looove having my "free" bagel after my sunday morning long runs..

We had our walk through today, everything was in pristine condition. Very excited to move in next week!

BreukelenZoo has it about right, as far as process and negotiation.

My question is, when was it that you could get 10% off? Maybe last Aug or Sep. by mid October, the sponsor was getting less and less willing to budge. Riht now, sales are going quickly with around 20 contracts signed in Feb. With all this activity, he sponsor might not be willing to negotiate s much as early last fall...

Do you think an appraisal and inspection needs to be done on these new units?

If you are borrowing, the lender will require an appraisal.

Whether an inspection is required has been the subject of much debate. I would venture to guess more than 90% were sold without an professional inspector participating in the walk-through. I am unaware of any significant issues arising during the 5+ months since the building opened and management has been very good at addressing any minor issues missed on the walk-through.

To the range hood people:

1. If the sponsor installs a range hood, what brand and model will they install? Does it compliment the existing decor?
2. How much of the lighting under the cabinets is lost? (Don’t range hoods have lights?)
3. Is any cabinet lost because of the range hood?

joseesq-

I got a range hood installed. Its from Bosch and fits into the decor very nicely. They did a good job installing it. You will lose the lights under the cabinets, but the range hood has two bright lights on its own, with a separate knob for each the lights and the fan. You do not lose any cabinet. If there was any way to send a picture I could do that for you. I wish I could have seen one installed first, because I was very nervous to mess up the clean decor, but now Im very happy with it being installed.

Joseesq
1) don't know brand/model.,,It looks fine (nothing will be as nice as not having any)
2) you lose 40-50% of lighting capacity,,range hood has a high/low light system
2) No cabinet is lost

The mortgage company will order the appraisal, as for the walk through it's really overkill to bring someone along with you. Everything is usually in brand new condition and any minor blemishes that happen to arise the building is very good about taking care of.

Thank you!

yooeff99, lucaton

Does the vent look anything like this?

http://media.bosch-home.com/Files/Bosch/Us/us_en/ProductFiles/ProductImages/EpsImages/MCSA040075_DUH30252UC_def.eps?Width=1000

joseesq,

Im pretty sure thats the vent.

The height of the Elica range hood is shorter. I have that installed and it looks nice.

http://www.ventingdirect.com/elica-ebl430-30-under-cabinet-range-hood-with-400-cfm-blower-and-four-speed-touch-control-from-the-bellagio-collection/p1356677

if you are trying to negotiate the sponsor to install a range hood do you have a choice in what they will install? Or is the bosch one the default one they will choose to install?

dh423: I would bet that there is a standard one that they install. Although not everyone is getting one from them, I'm sure they still got some sort of bulk discount and are making some sort of profit off of the transaction.

yea the listing agent suggested the bosch one when i had initially asked about the range hoods.

Now that people have moved in, are there nightly basketball games? Is there any organization to the usage of the court?

@BreukelenZoo I agree with you that resaling a unit now or even in the next 2-3 years is not a great idea, mainly taking into account the number of available units the building still has.... My question was more related to resaling the unit in the future, let's say 5 or 10 years, when the building will ideally be fully sold. It is true that new developments will come up in the market ... but still... the edge is the edge... and from my point if view quite unique for its location, construction quality and ammenities. I hope that a unit in the lower floors with courtyard view will still be an easy sale...

Any thoughts on coating the floors? I know they are prefinished, but had the thought that an extra coating might help seal against spills/liquid/dirt etc, especially if children or pets are around. On the other hand, it might make it a lot harder to repair/replace boards, and the prefinishes are usually very durable and therefore hard to sand to coat again...

nce, the floors are not SOLID wood, they are like 3/4" thick. so i dont know if you can even sand them and restain them.

The bathroom grout needs to be sealed. I don't think ours was and it looks like crap now. very upset about it.

gettingreadytosign: Don't get so upset. All I can say is that they have been SUPER about fixing stuff so just ask them nicely and I'm sure they will make things right with your bathroom grout issue. Good luck.

Hey gettingreadytosign, not sure what you mean by the floors are 3/4" thick but not solid wood; sounds kind of contradictory. My information is that the floors are 3/4" solid white oak.

I guess you missed the grout issue on your walkthrough. Most people have reported that the management was very helpful in getting those minor issues (like missing grout) resolved, even if they weren't raised prior to closing. Anyway, I'd say check with the management and see if they can help you.