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Will Dumbo Real Estate Continue to Rise in 2006?

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?

{Brooklyn Heights, Dumbo Win BK’s Elitist Crowns, Curbed}
{B’KLYN HEIGHT$, BOROUGH’S REAL ESTATE BUCKS MARKET, NY Post}

Filed in Real Estate at 5:40 am

11 Responses to “Will Dumbo Real Estate Continue to Rise in 2006?”

Pete Says:
September 11th, 2006 at 8:50 am
Not sure the Gold St. condos are really considered Dumbo and since these were priced so badly to begin with it can’t be applied to the Dumbo as a whole but still interesting to see the fairly aggressive reductions this weekend.

http://www.streeteasy.com/nyc/sales/dumbo-brooklyn/price_changed%3C2%7Cprice_changed_pct%3E%3D5
Bubby Says:
September 11th, 2006 at 4:09 pm
Given how many transactions Karen Heyman (now Sotheby’s) has brokered in the hood you should include her listings as well (then watch the average go up).
nab Says:
September 11th, 2006 at 6:58 pm
hi, what is happening with the Vista on vinegar hill ?
Dan Says:
September 11th, 2006 at 8:43 pm
The Vista on Vinegar Hill seems to be selling pretty well, even without a model unit available yet. It’s been on the market for about three months now and (according to Streeteasy) 19/31 units are in contact.
Debbie Says:
September 12th, 2006 at 11:03 am
Does anyone have any info on the Nexus Building in Condo? What % have they sold? Is the building nice? Trying to get info if anyone has any on this new construction.
Joe Says:
September 12th, 2006 at 11:10 am
I’ve taken a look at the condos in Nexus. The fixtures are very nice and finishes seem pretty fit. They also have parking inside the building which is nice. The only drawback is that the ceilings are normal height (not lofts) like 70 Washington Street, 1 Main or 30 Main Street buildings. I think most of them are sold, but if you look on the links above, there seem to be some on the market. You can also try:
http://www.streeteasy.com/nyc/building/147-front-street-brooklyn
Lindsay, Nestseekers Says:
September 19th, 2006 at 1:21 pm
Happy to do the stats for you!
Regarding the Nexus, there’s one left at $2M and the cheapest 2br in DUMBO - 3B at $875K.
If you ever need any real estate in the area, I can get you in or get you info.
Lindsay VP Nestseekers 917.279.9585
john Says:
September 28th, 2006 at 12:08 am
Why are there so many apts for sale in 1 Main? What am I missing? The quality of the building even accounting for leaking windows seems much better than much of the new construction I’ve looked at…
Park Slope Live » Meanwhile, in Dumbo: Ain’t No Bubble Burst Says:
November 8th, 2006 at 7:09 am
[...] Amidst all the fretting about faltering markets and bursting bubbles, Dumbo NYC looks around its neighborhood and concludes that asking prices in those expensive blocks between the Brooklyn and Manhattan bridges aren’t tumbling. Specifically, it surveys apartments listed by Douglas Elliman, Corcoran, Halstead and Brown Harris Stevens. The blog concludes that the average asking price for 61 condos on the market is $1,158,829 (+3.79% in 2 month), while the median price is $1,075,680 (+7.57%) and the average price per square feet is $851.14 (+6.13%). The Dumbo blog last surveyed asking prices in September. FSBO’s not included. · Dumbo Real Estate Market: November 2006 Edition [Dumbo NYC] · Will Dumbo Real Estate Continue to Rise in 2006? [Dumbo NYC] [...]
longtermresident Says:
February 4th, 2007 at 4:58 pm
Nestseekers doesn’t have any exclusives in the neighborhood. Feel free to call a good qualified agent or the listing agents for real listings. Nestseekers also disrespects the nabe by plastering poles with their fake listings to get unsuspecting buyers to call them. Shameful.
Dumbo NYC, Brooklyn » Archive » Dumbo Top Ten in 2006 (DumboNYC.com) Says:
June 21st, 2007 at 5:54 pm
[...] Real Estate Boom ContinuedReal estate pricing/sales in 2006 went up and up. No one knows whether the real estate prices will continue to go up in Dumbo in 2007, but [...]