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?