The Edge Is Making a List, Checking It Twice
The Edge may still be holding out on cutting prices, but the massive Williamsburg development is finding other, more creative, ways to try to attract buyers, according to Curbed. Condo hunters are now invited to use the Edge’s handy 70-item checklist of amenities and features to compare the waterfront project with other competing developments. Sustainably…
The Edge may still be holding out on cutting prices, but the massive Williamsburg development is finding other, more creative, ways to try to attract buyers, according to Curbed. Condo hunters are now invited to use the Edge’s handy 70-item checklist of amenities and features to compare the waterfront project with other competing developments. Sustainably harvested floors and kitchen cabs? Check. Plunge pool with waterfall? Check. Bosch Cooktop and wall oven? Bien sur. (See the entire list here.) What’s more, in a show of bravado, The Edge is offering potential buyers a free car service ride to the competition as long as they visit The Edge first.
Williamsburg’s Edge Does a Bit of Trash Talking [Curbed]
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]
I don’t think it has too much of an affect when prices are so high. It’s maintenance costs more than taxes that most people pay attention to, and they aren’t cheap at The Edge, nor are they going down…especially if they can’t fill the building up and the few people who buy have to cover the costs of keeping up the building and all those amenities.
I think The Edge is a terrible building, and it’s certainly no bargain at the asinine prices they are asking.
The neighborhood is saturated with thousands of overpriced, crappy condos.
Generally true, 11217, but when they passed the new zoning for Greenpoit/Wmsbg they gave incentives for building affordable housing, including bigger buildings and longer 421a. That’s why Edge and Northside have 25 year 421a benefits; they both built the requisite affordable apartments. The taxes start increasing in 20 years and go up to full taxes by the 25th year. So if I buy an apartment at either of those projects, I can sell in 10 years and the person who buys from me still has another 10 years of full benefits, then 5 more years of partial benefits. That ought to have a positive effect on my resale, don’t you think?
“One of the things about the WBurg waterfront is that the taxes are absurdly low, like $5 a month per apartment for 25 years, which is basically forever.”
***
Its important to note that tax abatements/exemptions are applied for by the developer and granted by the city to offer incentives to developers for building and marketing a new property. Usually, a 10-Year Tax Abatement is granted meaning that the actual property taxes that were assessed to the building and its individual units will get relief for the first 10 years of occupancy. The tax relief is the greatest right when the building is ready for occupancy and then increases every 2 years (20% every 2 years) until the 10 years is up, and at which time the property taxes will have hit their maturity.
***
A: Let me be absolutely clear! The 421A Tax Exemption which is granted to developers by the city as an incentive to build and develop neighborhoods, is great for the developer’s sales team as they ask top dollar for new units with temporarily low monthly expenses and a DUPE TO THE BUYER WHO INTENDS ON SELLING AFTER THE ABATEMENT EXPIRES!
I’m sure I will get a lot of harsh words for this post from either some colleagues or sales managers, or developers, but I can’t help it! This is how I feel and think its important to at least play devil’s advocate to anyone considering paying over $1,300 a square foot for a new development whose asking price can be this high because the monthly expenses are temporarily low due to the 421 Tax Exemption.
Don’t get me wrong, new developments are a great product and perfect for those who can afford them. But for those seeking an investment play, its hard to rationalize the price per square foot + higher closing costs on some of these developments considering they will get more expensive to carry every two years for the next 10 or 15 years.
I shopped the Edge recently & checked out a model. The place is pretty nice- the kitchens are beautiful and have pantries, which makes a huge difference. The floors are nicer than most and the master bathrooms have a good warm feel to them. Like all new development, storage space is inadequate, but I bet you could get a storage space in the basement (which they’re selling) for nothing! I’m skeptical about the “green” thing, does it really make a difference? Will it save any money?
One of the things about the WBurg waterfront is that the taxes are absurdly low, like $5 a month per apartment for 25 years, which is basically forever. This is true for Edge and Northside Piers. Big news: Taxes are going up in this city. If you’re locked in for 25 years, that’s got to be a good thing.
How much will people really use the pool, basketball court, “plunge pool (?)”, virtual golf, massage rooms, gyms, petting zoo, lunar landing module, on-call sushi chef, etc., I’m not sure. It could be one big party, or just another bunch of stuff to pay for out of common charges. I’m betting on the party, but who knows?
plunge pool = pool of buyers at ask
***Bill Thompson for Mayor (TUESDAY!!!)***
Rob, the clinics are on 4th Avenue! But maybe they’ll put disinfectant in the plunge pool.
“The Edge Is Making a List”
Of what? Unsold apartments?
***Bill Thompson for Mayor (TUESDAY!!!)***
haha rob – so true!
quote:
“If you’re a dude – and pick up some girl with choppy bangs at union pool and bring her here – you’ll prolly get laid.”
gross. i hope this condo development has a free STD clinic as one of it’s gazillion wonderful amenities!
*rob*