The Real Estate Board of New York announced last week that Brooklyn property values continue to rise despite a nationwide slowdown. The price of apartments Listed in Dumbo rose 10% between 2004 and 2005 and 4% borough-wide. “Of the 18 Brooklyn neighborhoods surveyed, DUMBO/Fulton Ferry had the highest apartment sale prices, with an average of $1.3 million – or $780 per square foot. Brooklyn Heights had the highest sale prices for one- and two-family homes, with an average of $3.1 million – or $891 per square foot.”
Let’s take a look at the current condos in Dumbo. I looked at four real estate firms that have Dumbo listings, Douglas Elliman, Corcoran, Halstead, and Brown Harris Stevens. There are others such as Nestseekers, who have many listings, but I was too lazy to add up the 91 listings they have (sorry Nestseekers. If you email me your stats, I’ll be happy to add it to this list).
Here’s what’s on the market in Dumbo, Brooklyn as of September 10, 2006:
- Douglas Elliman has 6 listings. The average asking price is $1,265,500 while the average price per square feet is $818.81.
- Corcoran has 43 listings. The average asking price is $1,053,741 while the average price per square feet is $774.93.
- Halstead has 4 listings. The average asking price is $1,192,250 while the average price per square feet is $936.02.
- Brown Harris Stevens has 4 listings. The average asking price is $1,492,500 while the average price per square feet is $888.79.
So adding up the 57 condos on the market:
– the average asking price is $1,116,541, while
– median price is an even $1,000,000 and
– average price per square feet is $801.95.
In other words, Dumbo is expensive. The real estate brokers I talk to say that although condos stay on the market longer these days, Dumbo is still selling at asking prices and should continue to increase in value. But I wonder how well the values will hold with more inventory – condos nearing completion (such as J Condo or Beacon Tower) and investors trying to flip property. Do you think Dumbo real estate will keep going up?
{Brooklyn Heights, Dumbo Win BK’s Elitist Crowns, Curbed}
{B’KLYN HEIGHT$, BOROUGH’S REAL ESTATE BUCKS MARKET, NY Post}
Not sure the Gold St. condos are really considered Dumbo and since these were priced so badly to begin with it can’t be applied to the Dumbo as a whole but still interesting to see the fairly aggressive reductions this weekend.
http://www.streeteasy.com/nyc/sales/dumbo-brooklyn/price_changed%3C2%7Cprice_changed_pct%3E%3D5
Not sure the Gold St. condos are really considered Dumbo and since these were priced so badly to begin with it can’t be applied to the Dumbo as a whole but still interesting to see the fairly aggressive reductions this weekend.
http://www.streeteasy.com/nyc/sales/dumbo-brooklyn/price_changed%3C2%7Cprice_changed_pct%3E%3D5
Given how many transactions Karen Heyman (now Sotheby’s) has brokered in the hood you should include her listings as well (then watch the average go up).
Given how many transactions Karen Heyman (now Sotheby’s) has brokered in the hood you should include her listings as well (then watch the average go up).
hi, what is happening with the Vista on vinegar hill ?
hi, what is happening with the Vista on vinegar hill ?
The Vista on Vinegar Hill seems to be selling pretty well, even without a model unit available yet. It’s been on the market for about three months now and (according to Streeteasy) 19/31 units are in contact.
The Vista on Vinegar Hill seems to be selling pretty well, even without a model unit available yet. It’s been on the market for about three months now and (according to Streeteasy) 19/31 units are in contact.
Does anyone have any info on the Nexus Building in Condo? What % have they sold? Is the building nice? Trying to get info if anyone has any on this new construction.
Does anyone have any info on the Nexus Building in Condo? What % have they sold? Is the building nice? Trying to get info if anyone has any on this new construction.
I’ve taken a look at the condos in Nexus. The fixtures are very nice and finishes seem pretty fit. They also have parking inside the building which is nice. The only drawback is that the ceilings are normal height (not lofts) like 70 Washington Street, 1 Main or 30 Main Street buildings. I think most of them are sold, but if you look on the links above, there seem to be some on the market. You can also try:
http://www.streeteasy.com/nyc/building/147-front-street-brooklyn
I’ve taken a look at the condos in Nexus. The fixtures are very nice and finishes seem pretty fit. They also have parking inside the building which is nice. The only drawback is that the ceilings are normal height (not lofts) like 70 Washington Street, 1 Main or 30 Main Street buildings. I think most of them are sold, but if you look on the links above, there seem to be some on the market. You can also try:
http://www.streeteasy.com/nyc/building/147-front-street-brooklyn
Happy to do the stats for you!
Regarding the Nexus, there’s one left at $2M and the cheapest 2br in DUMBO – 3B at $875K.
If you ever need any real estate in the area, I can get you in or get you info.
Lindsay VP Nestseekers 917.279.9585
Happy to do the stats for you!
Regarding the Nexus, there’s one left at $2M and the cheapest 2br in DUMBO – 3B at $875K.
If you ever need any real estate in the area, I can get you in or get you info.
Lindsay VP Nestseekers 917.279.9585
Why are there so many apts for sale in 1 Main? What am I missing? The quality of the building even accounting for leaking windows seems much better than much of the new construction I’ve looked at…
Why are there so many apts for sale in 1 Main? What am I missing? The quality of the building even accounting for leaking windows seems much better than much of the new construction I’ve looked at…
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Pingback: Park Slope Live » Meanwhile, in Dumbo: Ain’t No Bubble Burst
Nestseekers doesn’t have any exclusives in the neighborhood. Feel free to call a good qualified agent or the listing agents for real listings. Nestseekers also disrespects the nabe by plastering poles with their fake listings to get unsuspecting buyers to call them. Shameful.
Nestseekers doesn’t have any exclusives in the neighborhood. Feel free to call a good qualified agent or the listing agents for real listings. Nestseekers also disrespects the nabe by plastering poles with their fake listings to get unsuspecting buyers to call them. Shameful.
Pingback: Dumbo NYC, Brooklyn » Archive » Dumbo Top Ten in 2006 (DumboNYC.com)
Pingback: Dumbo NYC, Brooklyn » Archive » Dumbo Top Ten in 2006 (DumboNYC.com)
Given how many transactions Karen Heyman (now Sotheby's) has brokered in the hood you should include her listings as well (then watch the average go up).
Given how many transactions Karen Heyman (now Sotheby's) has brokered in the hood you should include her listings as well (then watch the average go up).