Lowest Priced Dumbo Condo (June 2009)
June 22nd, 2009
(100 Gold Street)
From time to time, we’ve kept an eye on the cheapest Dumbo apartments on the market (how many of us can afford the million dollar condos (at buildings such as 30 Main, 1 Main, 70 Washington) or the Dumbo-premium priced $8.5 million One Main St loft?)
In 2007, the entry price for Dumbo was $475,000 or approx $820-880 per sq ft (these were sold at asking). In June 2008, the entry price was approximately $550,000 or approx $745 per sq ft. One year later, Wall Street turned upside down, economies crashed, and housing market tanked across America. But somehow Dumbo seems to be holding up, at least according to recent sales and by brokers.
Currently the cheapest Dumbo condos are:
- $450,000 (100 Jay Street, $773/sq.ft)
- $475,000 (100 Jay Street, 11F, $899/sq.ft)
- $525,000 (100 Gold Street, $750/sq.ft (see See prior info @ 100 Gold)
Recent closing prices are equal to 2008 pricing but less than 2007. We’re still waiting to see how far (if at all) down closing prices go. We’ve said before, is Dumbo real estate protected from its proximity to Manhattan?
8 Responses to “Lowest Priced Dumbo Condo (June 2009)”
Leave a Reply
- Lowest Priced Dumbo Condo (October 2009)
- Lowest Priced Dumbo Condo (and Other Tidbits)
- Is Dumbo Real Estate Holding Steady?
- Rent Check: Current 5 Least Expensive in Dumbo
- FSBO: 30 Main Street, C Unit
- FSBO: 84 Front Street #4D
- Aug 2007 Edition: Lowest Dumbo Apartment on the Market
- 68 Jay Street Bar June 07 Events
- J Condo Owners Can See Their Place
- One Main PH Set at $25M
June 22nd, 2009 at 5:53 pm
which of the two new towers do you think will hold its value better; 85 adams or 100 jay?
June 22nd, 2009 at 8:02 pm
My guess is the elitist 100 Jay but who knows. I definitely don’t think you get your money’s worth in this city when it comes to real estate. What a travesty.
June 22nd, 2009 at 9:14 pm
but people just keep on getting less for their money every 10 years. funny how that happens.
June 25th, 2009 at 7:35 pm
maybe people will realize NYC is not the greatest place to live.
June 25th, 2009 at 8:25 pm
Like moi….who is gettin the hell out of here in 6 months! Yay!!
June 25th, 2009 at 9:20 pm
Whenever you look at prices you need to look at sales volume. You’ll always find one or two sales in a community- some people have to move. There have been almost no sales in Dumbo because prices are too high and asking prices are unrealistic. In a down market, prices are adjusted when people have to sell due to death, divorce, job relocation and foreclosure. Those are the sellers who are force to accept the reality of the market – its not what it was in 2008, 2007, 2006 and maybe not 2005.
June 25th, 2009 at 10:27 pm
true you have to look at sales volume, but people are still buying at relatively high prices in DUMBO. a friend put their loft on the market last month and already closed at asking price. so there are still buyers who want to move here.
June 27th, 2009 at 9:12 am
Dumbo is great. People do need places to live so there will always be a few sales. But NYC, without the foriegn buyers trading on the dollar, is one of the least affordable places to live. Somthing gotta give and if the choice is between moving or what you’ll pay, prices have got to come down to what people feel comfortable with.