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March 18, 2009

The Edge Tests the Price-Cutting Waters

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Contrary to what developer Jeff Levine indicated when he spoke last month at the Brooklyn Real Estate Roundtable, a first round of price cuts has started at The Edge in Williamsburg. According to StreetEasy, ten units have been reduced so far. One of them—Apartment #3G-N—had its price cut from $1,690,000 to $695,000 (which seems like it must be a typo). A 654-square-foot one-bedroom which used to be $755,000 is now $530,000, a reduction of 30 percent. Think this will get buyers' attention?

UPDATE: The Edge HAS NOT cut prices. There was a mix-up with how the price information was input. We now return to our regularly scheduled programming.

Development Watch: The Edge [Brownstoner]
The Edge Tops Out [Brownstoner] GMAP
The Edge Sells Burg's Most Expensive Condo [Brownstoner]
Development Watch: The Edge [Brownstoner]
Development Watch: The Edge [Brownstoner]
Photo by mugsniffer




Posted by Brownstoner at 11:39 AM | Comments (23)
Categories: Condos, Williamsburg

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Comments

This is starting to look interesting. At a asking price of 530K, this could be had at 470-480K. I could see myself living on the waterfront......just need another reduction of 50K.
I think those with good credit, a job and a down payment will have some interesting options come fall- but of course those people are becoming few and far between. I only have 2 of the 3.

Posted by: 7andfive at March 18, 2009 11:50 AM

7andfive, my thinking exactly.

But the streeteasy listings seem a little screwy. The square footages and floorplans don't seem to correspond to the units listed.

Posted by: tonewlots at March 18, 2009 11:58 AM

They'll probably drop by another 30% by the time this thing is built, no?

Posted by: SnarkSlope at March 18, 2009 12:07 PM

Besides the view, I don't see the attraction in being so far from the subway in a plain white box in a building that looks like something in Anytown, USA.

Especially not for anything near 530k for a 1 bedroom.

Posted by: 11217 at March 18, 2009 12:08 PM

Hey 11217, Live in the Slope and always enjoy your comments. Just wanted to throw that out there. If you even want to grab coffee in the area, let me know!

Posted by: LincolnSlope at March 18, 2009 12:27 PM

timing is not on the developer's side. Tolls on the bridges not helping matters either (ie adds onto the list of hurdles). suspect most of these units will be sold to scavenger buyers who are circling right now waiting for prices to tank much further. Really not seeing any reason to rush in - especially when these could become reasonable priced rentals.

Posted by: more4less at March 18, 2009 12:35 PM

11217, you keep propagating this myth that the waterfront is far away from the train. It's a 5-6 minute walk tops (check Google Maps if you doubt it). Enough.

Posted by: bjw2103 at March 18, 2009 12:59 PM

Sorry, but I walk fast and it takes me 10-15 to walk from Bedford to the water.

Posted by: 11217 at March 18, 2009 1:14 PM

11217 - do you walk in a zig zag and reverse every four steps?

Posted by: dittoburg at March 18, 2009 1:31 PM

I think levine probably needs medication on his pathological optimism.

Posted by: dittoburg at March 18, 2009 1:33 PM

Sometimes ditto. Depends how stoned I am.

Posted by: 11217 at March 18, 2009 1:39 PM

The problem is that the walk is also awful. I went last weekend to Williamsburg for a concert and was amazed at how weird it feels. It's not the type of place, like Bayridge, or Park Slope, or Fort Greene, where you can take a stroll. I can't put my finger on it, but it feels kinda gross to me.

Posted by: LincolnSlope at March 18, 2009 2:46 PM

Agree fully, LincolnSlope.

Posted by: 11217 at March 18, 2009 2:50 PM

Bait and switch by design.

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 18, 2009 2:59 PM

LincolnSlope, the walk down North 7th is not bad at all. I'll agree it's not as pleasant in other parts of WB, especially in the eastern stretches. I don't think that's isolated to WB though - 4th Ave (not the mention the blechy parts west of there) is pretty awful, Myrtle in FG, those are not great for leisurely "strolls" either.

Posted by: bjw2103 at March 18, 2009 3:23 PM

Bjw2103:

They also don't ask $755,000 for a ONE bedroom on either Myrtle or 4th Avenue.

Posted by: 11217 at March 18, 2009 3:32 PM

11217, that's one of the pricier 1BRs, and though I agree they're overpriced, there's no doubt that the views have a lot to do with the pricing there. None of that has anything to do with the walk to and from the train though.

Posted by: bjw2103 at March 18, 2009 3:35 PM

Bjw2103:

Walks to and from trains do make a difference with pricing though. On the Upper East Side, there is a HUGE discount on identical apartments...one on York Avenue and one near Lexington Avenue. You do pay more to be closer to services....the farther you get away from Union Square heading out towards Avenue D, it gets progressively less expensive.

I agree...the view adds something, I suppose, but not enough for someone to pay 5K a month for a 1 bedroom.

Posted by: 11217 at March 18, 2009 3:39 PM

11217, I agree that distance to trains makes a big difference. York to Lex is twice as long a walk as Kent to Bedford though.

Posted by: bjw2103 at March 18, 2009 3:52 PM

FACT: The walk from Kent to Bedford is 5 minutes and change.

"Walks to and from trains do make a difference with pricing though. On the Upper East Side, there is a HUGE discount on identical apartments...one on York Avenue and one near Lexington Avenue. You do pay more to be closer to services....the farther you get away from Union Square heading out towards Avenue D, it gets progressively less expensive"

Ever look at the prices for places on East End Avenue? Or Fifth Avenue? More expensive then the buildings off of Lexington for sure. Not trying to compare those streets to Kent Avenue of course - but your theory is faulty.

Posted by: dirty_hipster at March 18, 2009 5:16 PM

I also believe the housing stock in the far west village is more pricey then that located in the vicinity of W4th and 6th avenue.

Posted by: dirty_hipster at March 18, 2009 5:18 PM

You're right dirty hipster.

Now that you've brought this to my attention, I think they should raise the prices to 1.5 million for a 1 bedroom. 755K just isn't enough for such a short walk and amazing location.

Even though they can't sell any at the prices they're asking.

Seriously though, you have a point about the West Village, although I don't find the two comparable in the least. In theory anyway, mine is wrong. You have a valid point.

Posted by: 11217 at March 18, 2009 5:26 PM

yup - but as always we agree the prices are way too high. Kent is NOT Fifth Avenue haha.

Posted by: dirty_hipster at March 19, 2009 11:27 AM

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