September 11th, 2006
The Real Estate Board of New York announced last week that Brooklyn property values continue to rise despite a nationwide slowdown. The price of apartments Listed in Dumbo rose 10% between 2004 and 2005 and 4% borough-wide. “Of the 18 Brooklyn neighborhoods surveyed, DUMBO/Fulton Ferry had the highest apartment sale prices, with an average of $1.3 million – or $780 per square foot. Brooklyn Heights had the highest sale prices for one- and two-family homes, with an average of $3.1 million – or $891 per square foot.”
Let’s take a look at the current condos in Dumbo. I looked at four real estate firms that have Dumbo listings, Douglas Elliman, Corcoran, Halstead, and Brown Harris Stevens. There are others such as Nestseekers, who have many listings, but I was too lazy to add up the 91 listings they have (sorry Nestseekers. If you email me your stats, I’ll be happy to add it to this list).
Here’s what’s on the market in Dumbo, Brooklyn as of September 10, 2006:
- Douglas Elliman has 6 listings. The average asking price is $1,265,500 while the average price per square feet is $818.81.
- Corcoran has 43 listings. The average asking price is $1,053,741 while the average price per square feet is $774.93.
- Halstead has 4 listings. The average asking price is $1,192,250 while the average price per square feet is $936.02.
- Brown Harris Stevens has 4 listings. The average asking price is $1,492,500 while the average price per square feet is $888.79.
So adding up the 57 condos on the market:
- the average asking price is $1,116,541, while
- median price is an even $1,000,000 and
- average price per square feet is $801.95.
In other words, Dumbo is expensive. The real estate brokers I talk to say that although condos stay on the market longer these days, Dumbo is still selling at asking prices and should continue to increase in value. But I wonder how well the values will hold with more inventory – condos nearing completion (such as J Condo or Beacon Tower) and investors trying to flip property. Do you think Dumbo real estate will keep going up?