Aug 2007 Edition: Lowest Dumbo Apartment on the Market
August 23rd, 2007
NYC real estate prices continue to increase despite a housing slump in the rest of the country. Dumbo is no exception in NYC, with average and median asking prices above $1million and average price per square feet inching closer to $900. So let’s take a look at the least expensive apartments in Dumbo. The least expensive on the market is priced at $475,000. There are currently two units on the market at this price:
Alcove studio 540 sqft (with 104 sqft roof terrace), Storage Bin Included, 9 Ft Ceilngs, Subzero, Wide Plank Maple Floors, Washer/Dryer Hook Up Nero Impala counters, Kohler stainless steel sinks, Deep-Soaking Tub
Maint/CC: $386
Taxes: $29 (monthly)
$880 per sqft
Alcove studio 582 sqft; Features include granite kitchen countertops, designer hardwood cabinets, marble vanities, sinks and showers with Grohe faucets, soaking tub, elegant Brazilian cherry wood floors, Asko washers and dryers
Maint/CC: $350
Taxes: $9 (monthly)
$816 per sqft
With these prices, is Dumbo real estate protected from its proximity to Manhattan or are we due for a correction?
{Corcoran listing for 206 Front St, #2D}
{Citi-habitats Listing for 100 Jay #5J}
Previously:
{Dumbo Condo Real Estate Market: April 2007 Edition}
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August 23rd, 2007 at 10:20 am
I think we’re beginning to see the start of price correction in DUMBO, check out Streeteasy.com, most of the for sale listings have dropped their prices in the last 2 weeks. There are a lot of listings priced at over $900 a square foot that have already dropped prices. How much more prices will go down is anyone’s guess.
August 23rd, 2007 at 11:21 am
Not sure about a price correction for Dumbo. This is a desirable neighborhood with little inventory. That said, the studio has been sitting on the market, but have heard there is interest in the one-bedroom and another one bedroom in the building sold at ask after sitting on the market for 6 days.
August 23rd, 2007 at 11:40 am
Streeteasy.com listing / 1 bed sold at $927 per square foot / a flip profit of $160K
August 23rd, 2007 at 11:59 am
I am not sure that Streeteasy link represents an actual sale. The listing was pulled two days ago, but I live in the building and someone just moved into that unit a few days ago. I’m not sure what is going on.
As for a price correction in DUMBO, I think the issue isn’t so much declining prices (yet), but rather investors who are trying to flip properties at prices that are just too aggressive, thus leading to price cuts. I don’t know if we are at $900/sq ft yet in the area, outside of exceptional units with great views or other features that really distinguish them from what else is on the market.
August 23rd, 2007 at 12:15 pm
I live in the building, too. It is an actual sale.
August 23rd, 2007 at 4:57 pm
Reality check I work Wall Street and here asking 1350 sq foot to live in condo on 25 Broad St. Whats better Dumbo or Wall St area. Duh DUMBO far superior.
August 23rd, 2007 at 5:29 pm
DUMBO is great, but why is it far superior to Wall Street area? just asking..
August 24th, 2007 at 12:05 pm
Look I can enjoy the two parks enjoy the fresh air off river,catch a free flick enjoy sculpture garden, and generally feel at peace otoh over here Waal St)where I am now its congested daytime but sorta dead after 6 PM, Maybe its just me but I prefer dumbo cobblestones and picturesque views to downtown esp if I get it at discount
June 20th, 2008 at 1:37 pm
[...] we wrote about the cheapest Dumbo apartments on the market in August 2007, the real estate market was well on its way down outside of NYC. The lowest priced condo on the [...]