Dumbo Real Estate Market: November 2006 Edition
November 7th, 2006
Rooftop, Sweeney Building with views of J Condo, Beacon Tower, and 70 Washington
Two months ago, I looked at four realtors with exclusive listings in the Dumbo Brooklyn area. In my un-scientific number-gathering, here’s what I found for the four real estate firms:
For Sept 2006, 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.
Two months later, for the sake of consistency, I’ve added up the condos on the market for the four real estate firms.
As of 11/6/06, there are 61 condos on the market:
- the average asking price is $1,158,829 (+3.79% since the 2 months), while
- median price is $1,075,680 (+7.57%) and
- average price per square feet is $851.14 (+6.13%).
The above numbers don’t include Sotheby’s Realty since I didn’t include them in my previous market update. I include the numbers from Sotheby’s Realty below. Here’s what’s on the market in Dumbo, Brooklyn as of November 6, 2006:
- Douglas Elliman has 8 listings. The average asking price is $1,437,571 while the average price per square feet is $789.73.
- Corcoran has 47 listings (many of them J Condo or Beacon Tower). The average asking price is $1,029,945 while the average price per square feet is $813.44.
- Halstead has 4 listings. The average asking price is $1,288,750 while the average price per square feet is $960.62.
- Brown Harris Stevens has 2 listings. The average asking price is $1,537,500 while the average price per square feet is $900.29.
- Sotheby’s Realty has 7 listings. The average asking price is $1,528,983 excluding the $8.6 million listing of the Clocktower penthouse (which would skew the average).
This is obviously not reflective of the sale price or market value, but meant as a comparison of what’s on the market two months ago vs today. Any brokers out there see increases in sale prices?
{Will Dumbo Real Estate Continue to Rise in 2006?, DumboNYC.com, 9/11/06}
{Dumbo Market is Still Blazing (For Now), Curbed.com, 9/12/06}
5 Responses to “Dumbo Real Estate Market: November 2006 Edition”
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- 30 Main Street, 7C Sold. Will Dumbo Real Estate ‘Hold Up’?
November 7th, 2006 at 4:26 pm
Yes, sale price does not reflect market value, but if you compare other markets around NYC, the sale price has decreased, not increased.
November 7th, 2006 at 4:30 pm
The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.
“At Goldman, total pay will average $659,000 per employee, based on analysts’ estimates for $35.7 billion in revenue, the firm’s average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”
That’s a lot of cash flooding the real estate market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aqH6cACPmrMo&refer=home
November 8th, 2006 at 7:08 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] [...]
January 7th, 2007 at 8:56 am
I was just in Modern Tots’s new store on Pearl St. what a Mecca for childrens furniture / design. it’s a beautiful store w/ great stuff and a cool kids play area.
-Janis
September 23rd, 2009 at 11:52 pm
The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.
“At Goldman, total pay will average $659,000 per employee, based on analysts' estimates for $35.7 billion in revenue, the firm's average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”
That's a lot of cash flooding the real estate market.
http://www.bloomberg.com/apps/news?pid=20601109…