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Lowest Priced Dumbo Condo (and Other Tidbits)

June 20th, 2008

When 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 market was $475,000 ($880/sq.ft). Today, 10 months later, there’s still talk of real estate bottoming out, but based on some of the recently sold condos in Dumbo on streeteasy.com, it doesn’t seem so much a bottom…yet. The price per square feet for smaller condos (under 800 sq.ft) in contract are pricing out around $740, while the larger condos (above 1200 sq.ft) are pricing out over $1200. (Excluding the Brooklyn record at One main Penthouse at $7million ($2187/sq.ft)).

To get a better sense from realtors, we spoke to a few Dumbo-based realtors who said, “although there are units sitting on the market a little longer, they’re still selling at or near asking price.” They agree that inventory is still tight in Dumbo but the ones sitting on the market longer aren’t in “prime Dumbo” buildings.

Currently the cheapest Dumbo condos listed in contract are:

$550,000 (70 Washington, $686/sq.ft)
$580,000 (85 Adams, #15B, $745/sq.ft)
$580,000 (85 Adams, #15C, $745/sq.ft)
$590,000 (100 Jay, #8H, $737/sq.ft)

The cheapest on the market not in contract is listed at $599,000 at 100 Jay Street, #8L ($795/sq.ft) offered by Nestseekers.

What do you think? Is the Dumbo market stable? or will it go down much more?

Filed in Dumbo Tidbits, Jay Street, Real Estate at 1:37 pm

7 Responses to “Lowest Priced Dumbo Condo (and Other Tidbits)”

Bobbybaby Says:
June 20th, 2008 at 2:50 pm
Ok so I am no real estate expert but hey if these are in contract since January what gives its June now. Or is this common practice.
Harry the Hawk Says:
June 20th, 2008 at 6:09 pm
Silly asking brokers a question and expecting an honest, thoughtful answer. 70 Washington and 100 Jay not “prime Dumbo”? How about actually looking at 8K and 8L at 100 Jay and looking at what they look at- i.e. they can reach out and touch the subway on the bridge; they’re the least desirable units in the entire building.. 100 Jay is the highest quality building in DUMBO, far exceeding any Walentas slop.
daily bridge Says:
June 20th, 2008 at 6:34 pm
maybe if you want to live in the ugliest, worst located building in dumbo. it is near the F but farthest from the park and surrounded by the least attractive buildings in the neighborhood. and you aren’t a broker yourself?
anon Says:
June 20th, 2008 at 7:23 pm
J Condo is the highest quality building in Dumbo? It’s a matter of opinion, but all the Walentas buildings are pre-war buildings with the thickest floorplates and the tallest ceiling heights. Any of those will hold its value longer than recently constructed buildings.
Why Your Manhattan Home Didn’t Sell » Dumbo condos not cheap Says:
June 24th, 2008 at 6:16 pm
[...] Dumbo NYC scoured StreetEasy to compile a list of the neighborhood’s cheapest condos. Surprise: There aren’t many bargains. Dumbo units with the lowest price tags that are currently in contract include a $550,000 spread at 70 Washington and a $590,000 condo at 100 Jay. The price-per-square-foot on the relative bargains ranges from $686 to $745. The lowest-priced Dumbo listing that’s not in contract is a $599,000 unit at 100 Jay. The most interesting aspect of the piece is its comparison to a similar survey of the hood’s cheapest condos 10 months ago. Last August, there was a unit available for $475,000, though the price-per-square foot on the two least-expensive condos topped $800, quite a bit more than what we’re seeing today. (These weren’t in contract, so it’s not a 1-to-1 comparison, and we’re not accounting for month-by-month inventory fluctuations.) So, does the drop in $/psf indicate a wee correction in Dumbo or does this comparison include too few data points to mean much? [...]
mrs. muir Says:
July 17th, 2008 at 7:10 pm
I hope the prices drop! so i can move there.
Bobbybaby Says:
July 18th, 2008 at 3:36 pm
I gotta say Dumbo is tres special and I lived Heights for awhile like 8 years but the lofts down here are much nicer. I do not think the Dumbo wannabees make sense like (no offense) 189 Bridge and the like. So in sum I think we maintain value.