The Edge

Some great pix of the complete amenties in the south tower - http://www.citi-habitats.com/popfiles/show_pictures.php?adID=661996&pos=2

Anyone have up-to-date info about how many apartments have closed? How many with signed contracts? Is anyone living in the building yet?
thanks

I saw at least two people living in the building a month ago when we were looking at available units.

They sort of say at the sales office, and it is confirmed on here, that sales with firm contracts are about 28%, plus about 20 contracts outstanding from the massive wave of sales in august after the price cuts (hmm...well, sort of massive), and then there are about 5% in limbo who are apparently walking away or refusing to close so far or attempting to negotitae more than the Edge will offer. The Edge pricing is to discount a modest amount and no more because, they say, they have to pay off the financing. With their pace of sales and pricing policy, it will take a long time to reach 50%, and easily two more years to sell out. That's fine but it does make the project vulnerable to shocks that could stop or slow sales in the meantime, leaving a partially sold building. Given that they are so firm on not discounting further, I would guess their back up plan is to rent if some macro shock, or higher interest rates, or whatever, slows sales.

Interesting analysis buyerbuyer. I think they are closer to the 50% threshold in the South Tower, though, and I think they have approval to divide the building into different phases to reach this sales thresholds mor easily. But regardless of this, they have several lenders that are willing to finance at the current percentage sold. And they also have FHA. So, it seems there are several financing options available.

Prisoners Dilemma...

buyerbuyer, I understand the very latest numbers are around 29%. I take it they added some new signed contracts this week.

I did not have any success getting an FHA lender to split buildings for purposes of the calculation. However, given the new numbers they are only a few units away from the 30% required by FHA. I'm guessing they will be there in a week or so.

I count 26 closings, all in South Edge. 14F sold for $791/sqft. 11B sold at $913/sqft and came with a storage room. 4Q was $700/sqft. 6Q $725/sqft + storage room. 7Q $729/sqft + storage. Not sure about the sq footage of the other closed units. Either way, to reach 30% sold they'll need another ~150 closings. It took 5 weeks for the first 26 closings, so at this pace it'll take 7 months just to reach 30% closed :(

I understand there are 41 closed to date. I would expect a slug to close quickly when they hit 30% closed/in contract. Without 30% buyers can't use FHA. I believe FNMA borrowers can start closing when the buildings hit 51%.

Percentage-sold thresholds for both FHA and Fannie refer to closed or in contract (not just the closed units).
New closings are showing up on streeteasy every day, but the delay seems to be up to one month.

Have you guys heard that if the building doesn't have more than 50% units closed, they cannot charge us maintenance fee? I was told that is by law. but I am not able to google to confirm.

29% of 575 units is 167 units. Am I wrong that there are 575 units in phase I? If not 167 is a long way from what is shown on easystreet and a long way from treetownal's 41 closed even if you add in the 20 outstanding but firm contracts mentioned by buyerbuyer. Is my math correct?

Nibur there are a number of signed and unclosed contracts. There are units not being offered for sale (being held back for management and insiders), so I think the relevant FHA/FNMA measurement is a little lower than 575.

The numbers I have seen are 41 closed, 120 signed contracts and 20 more out with lawyers.

Treetownal- I hope you have seen these with your own eyes as I am contemplating buying but want an FHA mortgage and would want to move in soon.
Thanks

I just spoke to a lender who said that the building is 27% sold or in contract. It is still possible to get a conventional loan from one of the approved lenders but the rate is a little higher - 5.25% for a 30-yr. fixed for a buyer with very good credit risk.

keeks -- have you talked to Metlife?

Interesting discussion on the NSP2 board about why it is a better investment than the Edge. Anyone here disagree?

siulobow - I have not talked to MetLife, have u? I heard today that the bldg is now 31% sold. Not sure how much I trust that figure, but if it is true, FHA loans are now possible and the rates are still good.

Metlife does offer conventional loan with a max of $417k.

Sounds kind of fishy... If I needed financing, I'd check with the sales office instead....

FHA financing available from both BofA and Wells Fargo @ below 4.5% and no points. We are in the process of closing now and has not been an issue at all.

Approved Funding also offers good rate for FHA and conventional loan with no points.

I agree w/ Siu that Approved has great rates but communication is bad and dont hold your breath because they are slow.

I was told by WF that they will begin closings after 30% is reached. As of last week Edge was 29%.

I was at the building this week and the amenties in the south tower look amazing. Line are down in the basketball court, gym has be equiped, pool area looks amazing, theater room is done, and the party rooms are ready for a party! Halloween party at the Edge?

how many new contracts / offers accepted in september? (august was almost 20 they say, basically a response to advertising....but not sure about september)

wb1234567,
I think the guy from Approved is good and responsive.

wb1234567
I also think the guy from Approved is good and responsive we recently just closed at deal with him at the Devonshire House that another bank could not get done. In fact it took this bank months to finally say "Your turned down." Approved Funding funded my loan with in 30 days which I think is more then fair for this crazy environment we are in right now..

uh oh, you are bursting the enthusiasm bubble of all these purchasers who can't wait to get in and enjoy all the 'ammenities'

Given that a number of contracts were signed at the original ask without any concessions, it is not surprising that those contract holders are trying to get out of their contracts.

Those enthusiastic about the amenities probably signed at 2010 prices.

Anyway, "contract", if they weren't willing to re-negotiate (or not enough), best of luck to you.

Just out of curiosity are you using the interstate land sales full disclosure act in your defense, or did the Edge miss the deadline to being closings? About 32 closings thus far, so I'd imagine there's more than a handful trying to back-out.

re_guru, so 14F sold for $395K based on your price per sq ft number. What do you think the price diff is for each floor in the same line? $5K?

Hi all,

I was wondering if people have any recommendation for agents. I think I might be interested in buying at the Edge but I believe an agent could help with the negiotiaton process - lower price, possible storage unit, reduced closing cost, etc.

Shoot! I thought you were talking about U2's guitarist 'The Edge', who is a budding real estate developer in Malibu, California and has some controversial plans for developing hillsides there.

http://www.leavesinthewind.com/PROJECT/tabid/59/Default.aspx

csqg25 - check out Mike Allen at Apartments and Lofts. i just started looking - he's my agent and he's great...knowledgable, experienced, and most importantly (to me), down to earth and nice to be around. i found him through a friend who had a great buying experience with Mike.

Using an agent for a new development is like throwing away an extra 2% or so discount they are highly predisposed to give you if you have no agent., assuming you have even minimal negotiating skills.

don't hire a buyer's broker just to negotiate for you, especially if you've already decided to make an offer at a particular development. a buyer's broker is of minimal value when purchasing new construction in my opinion. they are more helpful for navigating co-op boards, making offers on unusual, niche apartments that don't have comps, etc, none of which would apply to the Edge. just make your direct offer based on comps easily available on streeteasy and acris, or if no comps are available, start your negotiating somewhere between 10-15% off ask. the seller's broker is actually in a better position to let you know whether your offer is within the price range likely to be accepted by the developer. a broker is a broker is a broker; they just want to get a deal done. there's no reason to get another one involved. as mentioned above, going without a buyer's broker essentially pays for your closing costs.

Any word from anyone there recently on sales in Sep and oct ....They were telling everyone about a flurry of sales in August, so i wonder if it is keeping up.

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.

Contract....if you're going to use this forum this extensively you might share some info about what is going on there....just a thought....

are they moving inventory at the (modest) discounts they are offering now?....

Buyerbuyer+findmeahome - I have to respectfully disagree with both of you regarding the value of buying agents for new developments. I don't know where people get this idea that developers, out of the kindness of their own hearts, are highly predisposed to give you a 2%+ discount if you don't use an agent. Yeah right, that so-called discount is already priced into their counteroffer so you're not really saving anything if you can't find a bottom, which most buyers are not sophisticated enough to find on their own. A good buying agent can help you do that and save you money in the long run. What good is that 2% discount if you overpaid? Developers and selling agents are highly motivated for you NOT to retain a buying agent so they can have their way with you during negotiations because they have no responsibility to you the buyer for anything except not to lie (legally). Look, if you fancy yourself as a shrewd negotiator or a RE vet, then by all means, negotiate on your own and cut out the middleman as much as possible, but let's face it, most buyers are not. They are not charities, they will not simply give away their units. The more a developer and their selling agents discourage you not to retain a buying agent, the more you should think about retaining one because they are sharks who couldn't give a damn about you because their primary mission is to obtain the highest price possible in the quickest amount of time from you. Real estate transactions are a complicated process. It's not so cut and dry as so many things can torpedo a deal. If there is any hesitation or doubt as to your ability or willingness to negotiate on your own, don't try to be a hotshot and just hire a reputable buying agent with lot's of positive recommendations. It's their job to protect you through all phases of the buying process and will give you the peace of mind that you are not alone or defenseless against the developer and their selling agents. And please don't think that SE has the most up-to-date recorded sales info. There are lot's of inventory that are in the pipeline that won't be reflected on the site for months so it's not a 100% true representation of reality.

Can anyone tell me about the school district in the area? I'm very interested in starting a family here but I'm afraid the schools aren't great. How are some of the young family buyers handling it?

hi family! we moved to WB when we bought a condo 4 years ago. our kid is at PS84 in the dual language spanish program. we started there in prek and have had excellent teachers and are truly happy. the parents there have become our best friends, and we all hang out together. there's a new principal, who is very optimistic and forward thinking and has brought in new staff and sent teachers to do new training is some great progressive teaching methods. do not worry at all. the parents community in WB at large is open and welcoming. there's a good yahoo group: brooklynbabyhui for WB and surrounding areas.
84 is a magnet school which means that they accept out of zone students. it's on grand and berry, so close to the Edge. the building itself is newer and clean and sunny. there's a great playground within the school and a bigger city playground next to it which is the big hangout for local families. every sunday, ps84 families hang out between 3 and 6, so we have a built in massive playdate. the school is in flux, so by the time you would have a kid there, it will probably be very different from whatever you could read about it.
i cannot say enough about how great it is to raise a family here. we moved from park slope, and prefer this community by far. for other schools, there's PS31 which is also a magnet school and PS132 has a gifted and talented program.

wisco, thank you so much for posting the information. we have been going back and forth about the school system in WB. It's nice to see that parents are happy with the neighborhood and school system. it makes our decision to move to a new area very welcoming.

Thank you Wisco, that was helpful.

Once my offer was accepted, my broker instructed me to send a check for $200 to the sponsor so they can delist my unit. Like a dingbat, I blindly mailed my check, but once the euphoria of my having my offer accepted died down, I asked myself, "why the hell do I need to pay the sponsor to have them delist my unit?" Does that make sense to you??? Anyway, my friends told me that this is how developers try to snooker you into paying for BS fees so have them cut the crap and refund my $200. I instructed my broker to go get my $200 back but she saluted whatever the sponsor ran up the flagpole and told me that it was standard industry practice and that I had to eat it. Gee, thanks for nothing. I ran to my lawyer and fortunately he stood up for me and told the sponsor that by law the fee is refundable upon closing. The sponsor quickly backed down and I'm going to get my $200 back. Goes to show how valuable having a good lawyer can be and how to keep a broker in check.

Your $200 check was, in all likelihood, for the sponsor to send a copy of the offering plan to you/your attorney. Most, if not all, new developments, require you to pay between $50 and $200 to obtain a copy of the offering plan. The check is either not cashed unless the sale falls through and you fail to return the offering plan in like new condition, or you are given a closing credit of $200.

Whoever you are juuceman, I give you a LOT of credit for that name.

For those of you that have done a walk-through or closed- Are there anythings other than minor blemishes that needed to be fixed? Just wondering if there are any weak points in the apartments. Thanks

Yeap, that's what my broker told me, but the sponsor cashed my check anyway. Per my lawyer, the offering plan is mine to keep so long as I close. By law the sponsor must make available the plan to the bank and make public record, e.g. so they can't charge me for something that I'm legally entitled to upon closing. But to your point, if I don't close and I don't return the plan, then they are entitled to the $200. My lawyer is awesome!

You can make an appointment with the Attorney General's office to borrow a copy of the offering plan, and photocopy it. Given the length of the offering plan, the hassle of making an appointment with the AG's office and having the bound document copied, it's easily worth the $200. Trust me, in the scheme of the costs you're going to incur, it's the least of it.

Any recent sales figures -- we're well into the fall season, so it will be interesting to see if the summer discounts have led to significant sales. If not, then you really have to wonder what they will do.

Salvyd's right in at least one sense...Streeteasy definitely does not have the most accurate sales prices... when I bought my coop I paid 65,000 more than the 'recorded' price- it had been flipped by a deal that the sponsor made with some buyers who do not legally 'close' on the apartment but do seem to own the deed- It helps the sponsor in that they can report the sale to the bank and get their financing and the sponsor tells the person when they can put the apartment on the market (usually when the line has sold out). That buyer then has a few months to sell.

At the height of the market these shenanigans were rampant in new buildings...the guy puts a few thousand down and in effect gets to 'own' the apartment even though he never closes...while I paid the sponsor one amount, another check went to the 'buyer' and my purchase price was not something that streeteasy is reporting as the 'actual' price because it doesn't tell you about that flipped price you paid to the third party.

Yeah, would agree with juuceman. The 200 seems like a pretty minor expense (in the grand scheme of things). And it is furthermore common practice to charge for the offering plan

Anyone know how much is a storage unit and if there is an additional maintenance fee?

Is it better to deal with the in-house sales team or work with a broker?

Spalding: that's the $64k question. Some days I wonder what the hell I need a buying agent for and others I thank my lucky stars I have one. I'm happy I got the price I wanted yet in the back of my mind I wonder could I have gotten more concessions on my own? At the end of the day, the only question that seems to matter most is "can I afford it?"

Another option is you could go for one of those brokers who will split the commission with you, though I don't quite see the benefit of that if you had a number in mind and have the willpower to stand by it.

Though I'd really like to see official price cuts announced, it's no secret the developer is following a "let's make a deal" type strategy. I'd say $650/sq ft is a good number to shoot for if you're buying now. I think some units at NSP2 moved when that number was negotiated.

650 a square foot, are you nuts! there is not a unit that sold for 650 in the building where are you getting that number from? the price per sq. ft. on these units are high, but in this building you cant really do that. the finishes and the over all building is constructed much better than NSP2, so you pay a higher price per sq. ft. If you are looking for cheap price per sq. ft. there are plenty of buildings around williamsburg and greenpoint, but not this one.

gettingreadytosign: maybe he meant as the initial offer price. No reason why you can't submit a lowball offer of $650/sq ft and start the negotiations from there. What's the worse thing that can happen, the sponsor says no? So what? That's when the real negotiation starts.

They are cutting prices, but not that low. They are playing ball on some units and not on others. Basically if you are looking at a wall or another building you can play lets make a deal, but if you have a view they are not gonna come down much. I put two different offers in on two different apartments, on the one with no view they came down 12.5% and on the one with the view only 6.5%. In the end, I went with the one that had the better view. It was more price per sq. ft. than I wanted to spend, but I felt that when someone comes to buy at the building (resale) they will most likely want to freeze to death on that walk to a nice view. Not to look at another building or an internal courtyard.

Prices on some of the courtyard units don't seem to bad. I would say it's comparable to other less desirable buildings in the area.

"
the finishes and the over all building is constructed much better than NSP2, so you pay a higher price per sq. ft."

I think very highly of the Edge, and am pretty familiar with the nicer one-bed units. Don't take this as bashing the building, and if you like it, and think it is the best you can get for your money now, do it, but I just don;t think that a few years in the future, when all the towers on the water are sold out, that the Edge will command a premium. People will look at view, balcony, layout, ....but if two units are basically comparable in those regards I don't really think nsp1 or 2 are so inferior that that would result in much different price per square foot. Again, I like the Edge I just don't see this as a long term market perception difference. [side note: how the respective towers manage monthlies might turn out to be a bigger differentiating factor].

buyerbuyer: Just heard 31% closed

The Edge is a good investment for a long term perspective, like 10-15 years and if you don't think of re-selling. The new glamourous Rafael Vinoly's Domino development with 2,000 apartments has been approved few blocks down. Construction is scheduled to start at the end of 2011. Availability in the neighborhood will be over the demand. Plus if they decide to build the other tower at Edge, the site may turn again in a costruction site with a not pleasant view for the tenants.

@thestreet. I agree, prices for internal units at Edge are comparable to less desiderable building in the area. However monthly charges at Edge are double because of the many amenities.

Common charges at "edge" are actually comparable to other (full service) buildings as well: northside piers, 80 met, 125 north 10th all have similar common charges. The amenities don't actually drive up the common charges by much; the main expense is for concierge and super. (Also, common charges include heat, (hot) water, gas, etc.; at some other buildings heat needs to be paid separately with the electricity bill, an expense that can be several $100s / month.)

Everyone is entitled to their opinions and value is always subjective, but the Edge in my humble opinion is a much higher quality product than NSP in terms of fit and finish, amenities, fixtures/appliances which I think justifies its premium versus the NSP projects. Besides, I never hear much complaining about the Edge's construction quality, fit and finish, fixture quality on any message board yet the complaints about NSP's substandard marble tabletops, bathtubs, and etc, are legion. NSP's only advantages in my mind is that the units are more spacious and cheaper. If that's what drives your sense of value, then great, NSP is a fine choice. But I think buyers 5-10+ years from now will see the difference and for the ones where quality matters, the Edge has clearly set the benchmark. My hope is that neither project devolves into a rental pit since renters will never take care of the property as well as buyers, thereby driving down value. People do care about quality as much as they do affordability, especially if their intent is to procure a bona fide primary residence. If quality is not of much importance to you, then I'm going to infer that going rental is one of your major motivations.

Prices at the Edge won't hold up. The building has too many units that still sit unsold. Additionally, the apartments are not designed for long term ownership. They have no closets or storage. Given the sheer number of knots involved in the development, and the number of units that will become available kn 5-10 years whenthe market rebounds, just ad the tax abatement begin to see the coming sunset, you're not going to recover the increased "value" of the Edge. Couple this with the smaller floorplans than offered by NSP, and that the Domino project is going to offer 2200 units of whatever is valued at that time, and you're in a a poor position to hold out. Finally, the value of your finishe is subject to new owners gut renovating the unit when they purchase it. Oh yeah, let's not forget that whenever the market recovers, the developer has the ability to build a larger tower, closer to the water, with newer fixtures and layouts and views unaffected by new development.

Paying more money per square foot for more poorly laid put units in a significantly higher traffijed building isn't anything other than good marketing paying off.

No disrespect juuceman, but you make a lot of assumptions about the future. It's all conjecture until the market ultimately decides who deserves to command the premiums and who doesn't. Whatever the market will bear right? I think people need to stop thinking that their homes as a lottery ticket. Much like the steroid era in baseball, those days are most likely over and very unlikely to reappear again. Double digit increases in home values per annum is and never was normal.

Look, there is no such thing as a perfect apartment in NY. Lord knows all of us have scoured the boroughs viewing hundreds of apartments finding lot's of things to nitpick about; closets, floor plan, kitchen, windows, bathroom, tubs, sink, etc etc etc. I have viewed all the new developments in midtown, LIC, Brooklyn, Jersey City, etc and they all have their fair share of floorplan oddities and headscratchers so don't think that the Edge is any worse than what's already out there in the market. I'm sure even the Domino will have a few of their own oddball floorplans and design flaws of their own. Everyone has them. Yet even with all these flaws, apartments get bought and sold every single day. The market chugs along. Who the hell knows when Phase 2 will break ground, how the Domino project will turn out, when the market recovers, or when we will have peace in the middle east??? All joking aside, The Edge is a great product in my mind, nothing comparable to it for their price points anywhere in the city based on all the new developments I have viewed in the city.

salvydicopa - I agree with you that my opinion, as well as many others expressed regarding long-term value and resale, are conjecture. Everyone values different aspects of new developments differently. My concerns are with the amount of new construction along the waterfront within a mile of the Edge and NSP, the sheer number of units in each of the current developments, the number of projected units coming on-line in the next few years, and with whether waterfront development will continue post-Bloomberg.

salvydicopa is right. let's stop thinking of an apt as a lottery ticket! i have been looking around for one year and eventually i choose the Edge for a few simple reasons. It is a nice Waterfront property, with a spectacular views, exceptional amenities (i.e. where else you find an all season spectacular, large, sunny pool like at The Edge?) in a lovely neighborhood. It is like living in a resort but at only 15 minutes from Union Square. For me it worked just fine. I am now happy and this is what I was looking for.
What is going to happen in 5 or 10 or 15 years? On the long run, as John Galbraith used to put it, we will be all dead.
Cheers.

what do you think could be good bid for apt on the nice line?
the edge price is 860/sf, what is a realistic number to propose for sf down from 860? anybody knows?
$650/sq is not going be accepted, I think 750, may be???
Tks

Alberto - That quote was from JM Keynes.
Quite appropriate thought. Speaking of countercyclical investing...

I agree with many of your comments, predicting the future is almost impossible. We really have no idea what real estate will be like in Williamsburg 5-10 years from now, and quite frankly anywhere! My wife and I are about to sign a contract for an apartment in the South building, and it's because there is no other building like this in New York, we've looked. You really feel like you are in a luxury hotel with all the amenities. Stuff like a pool and gym (golf room for me) are extremely important to us. If you are someone who will not use the amenities then this building is probably overpriced, so it's a matter of how you value the entire package. Evaluating real estate is a very subjective process, and people simply do not have the same criteria for what makes a great purchase. That's why I'm not surprised about the variety of opinions on the Edge, but we think it's great!

Tax abatement has been approved and will be in effect beginning in January '11.

Skir- Thanks for the correction in ref to the quote "In the long run..we're all dead" by John M. Keynes :)

If tax abatement doesn't go into effect until Jan '11, how much are those who moved in paying as far as taxes?

And are the CC's being waived at this point? If so, for how long?

I too looked for over a year for my apt in lower Manhattan and Brooklyn and hands down The Edge was the right one for me and my family in terms of neighborhood, solidly constructed building, quality of finishes, good layout, stunning views and probably the best amenities package around (not to mention one of the best private pools built by any developer). After being in for over a month, I report that its been an amazing and trouble free month living here, with a very small punchlist, and a well organized, switched-on management team that has addressed issues very quickly and a gourmet supermarket to lookforward too. At the end it comes down to your own personal choice what works best for you as you are dropping alot of money for your home which is serious stuff. as for the future of the building, only speculations and assumptions can be made now but it will be hard to pin point anything in this volatile economy.

Regarding the future of Williamsburg as a neighborhood, personally I think it is evolving into a great hood with more quality restaurants, bars and shops popping up all the time. The waterfront/park development from South Williamsburg up to greenpoint will further transform this currently industrialized area into to a long stretch of vibrant, usable waterfront public space, similar to the water front development in the dumbo/Brooklyn heights area.

CC's have been waived for 6 months or more.

J1972, do you know which supermarket signed up?

do you know why the CC were waived? because it's not at 50% occupancy?

J1972, thanks. What about taxes?

IIRC you had to prepay 6 months of taxes at the closing, and it was based on a number that is definitely higher than the abated amount. I think my 6 month prepayment was $600 for a 2br, so I anticipate getting a refund or rolling this amount over into the next year.

There has been so much confusion regarding this project's 401a situation and I'm not claiming I'm an expert in this by any means but let me try to regurgitate what my lawyer told me based on the 401a "gap" risk between approval and implementation.

1. Although this project is 401a approved, it does not mean it has been implemented, of which we're at the mercy of the city agencies that handle the Edge's application.
2. The sponsor has already paid RE taxes to the city up until the next reassessment period. Therefore, they are only asking buyers to escrow 6 months of the abated taxes. The sponsor would have to escrow the full RE taxes with the city while they wait for 401a implementation but I heard that they got an abatement on the abatement so they themselves have only escrowed only for the abated amount so far based on their privileged "ongoing construction" status. (This project is getting every break in the book by the city for sure)
3. The sponsor has not committed any further capital to pay the taxes upfront to the city on the assumption that 401a will long be implemented by then and all the individual units have been apportioned by then so that we the owners can receive our own individual tax bills.
4. The worst case scenario is that for whatever reason, 401a is not fully implemented after 6 months and buyers end up escrowing for the full RE taxes until 401a implementation kicks in which is a matter of when not if. If the abatement has not been implemented by then, and the taxes have been apportioned, then we will receive a nice little bill from the city for the full RE taxes until such time the abatement kicks in and we get our money back.

Trying to get an answer from the sponsor's lawyers regarding the Edge's 401a situation and what the variables are that could cause a delay in implementation has been like pulling teeth. The sales reps are useless regarding this topic so talk to your lawyer if you think this will be a real concern for you or not.

Sorry thestreet, I missed your last post. If 401a will be implemented in Jan-11, then the gap risk is moot. Thanks all.

treetownal, i paid about the same amount in taxes too at closing. CC'd was waived as part of agreement

anyone know if the edge has locked in a supermarket?

I was told by an agent 2 weeks ago that the lease was signed by a supermarket but he couldn't disclose who yet. I'm sure it will be revealed soon. He also anticipates vaguely the opening will in 6 months. I'm looking forward to having a supermarket downstairs from The Edge.

I don't disagree with any of the positive comments about the building (except that I wonder if it will, long term, actually command a premium psf vs nsp). There is one big issue -- what are sales figures? If they have only sold say 10% more of the building this year (and they were below that not long ago), in a year where interest rates are super low, then that would imply say 5 more years to sell out, and I doubt if they will wait that long, meaning they would probably start renting or reduce prices more. This is conjecture. I just think they need more sales or have to take another look at prices. Maybe someone has recent sales data.

you're letting it all go tonite.

My impression is that sales have picked up momentum since the building opened. But it seems to take several months from a contract signing to the closed deal eventually showing up on streeteasy.

Agreed,,it does seem sales picked up quite a bit after the building was open or near to open, and they started advertising. But my question is -- and it really depends on how it's working -- if this only resulted in say 10% or so of new sales for all of 2010 (and maybe it's more, but nothing like that has been reported on here so far by various people talking to the Edge marketing office), then how long can they continue such slow sales pace.

When I look at the listing, many apartments are now listed by many other real estate companies. I thought the brand new condos are originally listed by Developer Group.

I was out there in the afternoon -- between 2 and 3 almost all the southern face of the south tower was in shadow; in the summer the southern facing side gets a lot of afternoon sun but nsp2 is a bigger issue in winter, and if nsp3 goes up it will block even more of what might be late afternoon winter sun. It looked the a and b lines and the apartments easternmost on the south side might not get sun much at all in winter....but I'm not sure. All of the north tower was in shadow due to the south edge building. Not saying this for bashing purposes, but just noting one of the perils of close proximity to other towers.For many this would be a non-issue.

beware of the troll.

beware of columbiacounty ignored comment. Why unhide?

my point, exactly.

brilliant.

For any one that has closed at the edge, did anyone buy flood insurance?