Dumbo NYC

Notes from the DUMBO, Brooklyn NY neighborhood


Is Dumbo Real Estate Holding Steady?

July 25th, 2008

One Main Street

A discussion post on StreetEasy poses the question: Is Dumbo worse off than other areas of Brooklyn? According to SteetEasy data, median listings in Dumbo have increased to $1,100,000 from $1,025,000 in March, and median rents are at its peak at $4,750 per month. Of course listings don’t mean much, as they don’t reflect the closing price at all, and some of the more aggressive listings have lowered their price lately. Also, Dumbo is a relatively small neighborhood, so high end penthouses such as the $7million 1 Main Street condo will skew data significantly. We periodically report the lowest priced condos and the entry price in Dumbo is still approximately $550,000. I don’t have the current statistics and while we won’t know how Dumbo is faring compared to other parts of Brooklyn and Manhattan, prices seem to be holding steady. But it depends on who you talk to.

What do you think?

n
Is Dumbo Real Estate and Rent Holding Steady?
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Filed in Real Estate at 1:25 pm
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  • the knowledge
    I heard the con edison plant is going too
  • Bobbybaby
    Tho to follow on I really dont get why Financial District is more expensive than Dumbo. I mean they have no parks like ours. Real rat problem over there as well. And Fulton street subway explodes people onto the street. And Nassau street is similar to Iraq or wartime Vietnam.

    No Foragers around there either. I was looking just for ease of commute but if I now 15 minutes from Wall do I need to be 5 minutes.

    Plus the area has become magnet for Eurotrash camera fetished tourists worse than even dumbo
  • Bobbybaby
    Couple things. Firstly you cannot trade DUMBO for Lower Manhattan sad to say. I have an interest in theis new development on Ann St and what my 1 bedroom in Dumbo will sell at only gets me a studio at Ann St.

    Secondly I had to call 911 yesterday due to the two aggresive panhandlers outside pea market. I commented that while most of us work Mon Fri they seemed to work everyday. Maybe not so innocuous but I said it. Both the guy and the the skag went right after me verbally. More than I care to take so I called 911 Police never showed then we got hit by thunderstorm and I went home.
  • SC?
    I was told by a friend that the Con Edison plant is going to be converted into another section of the Brooklyn Bridge Park. Does anyone know if this is true?
  • fratello
    I've read elsewhere that the parks department is going to build a new building there, as part of the park. Leaving the space open, OK, that I can get, but tearing it down to build another building that will almost certainly have less character, that seems like a waste.
  • mike d
    isn't it going to be part of the park?
  • fratello
    The art deco Purchasing Department Building should never have been torn down. That's a crime. It could have been adapted in so many ways: how about an elementary school and community arts center? Something really fabulous better go there, something that won't get torn down in 70 years.
  • dd
    Very high prices don't skew medians... They only skew means (averages)
  • keiferdude
    old timer - thanks for the link!

    I did check it out. Looks like the psf prices were preconstruction and also from a few years ago to boot. I wonder what those units are going for today?
    I would love to have a garage come with my apartment - what with all the broken car windows in the hood of late.
  • sadsadsad
    my point is, the article is stupid. the topic has been covered six ways from sunday. let it be already. none of us are real estate experts, and at the end of the day, it is whatever the hell it is. so don't fear-monger and don't write BS articles on topics that have been killed to death. yes, that's right...killed to death. hold on to your dumbo condo, ride this shizzie out and relax. man! dude, this place is RE gold, and just wait until that park gets completed. are you kidding, that and a nice market upturn is going to make us all rich. so let's all just chill, and be happy we got in when we did, and not worry every g-damned day about the value of our homes. go outside and fly a kite in the park, and enjoy your investment instead of worrying about it every second. have i answered your question?
  • old timer
    keiferdude, check out http://dumbonyc.com/2006/12/07/fulton-ferry-con...

    sadsadsad, so what's your point? DumboNYC is just asking the question. I've seen my rent in Dumbo go up 10% each year. that's a lot, but I got in at a good deal.
  • keiferdude
    I wonder what those new condos across the street from the Purchase building are like? It seems like a real primo location and it looks as though they have a private garage in the building. Btw, the Purchase Building is almost completely down.
  • sadsadsad
    must be a slow news day in dumbo, because the dumbonyc moderator is trying to make news where there is none. the steeteasy link takes you to a comment thread attached to no article and there's like 5 comments in there, most of which are trying to explain to someone which building is which. settle down, woodward.
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