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?