Dumbo Real Estate Market: November 2006 Edition


  Rooftop, Sweeney Building with views of J Condo, Beacon Tower, and 70 Washington

Two months ago, I looked at four realtors with exclusive listings in the Dumbo Brooklyn area. In my un-scientific number-gathering, here’s what I found for the four real estate firms:

For Sept 2006, 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.

Two months later, for the sake of consistency, I’ve added up the condos on the market for the four real estate firms.

As of 11/6/06, there are 61 condos on the market:
– the average asking price is $1,158,829 (+3.79% since the 2 months), while
– median price is $1,075,680 (+7.57%) and
– average price per square feet is $851.14 (+6.13%).

The above numbers don’t include Sotheby’s Realty since I didn’t include them in my previous market update. I include the numbers from Sotheby’s Realty below. Here’s what’s on the market in Dumbo, Brooklyn as of November 6, 2006:

  • Douglas Elliman has 8 listings. The average asking price is $1,437,571 while the average price per square feet is $789.73.
  • Corcoran has 47 listings (many of them J Condo or Beacon Tower). The average asking price is $1,029,945 while the average price per square feet is $813.44.
  • Halstead has 4 listings. The average asking price is $1,288,750 while the average price per square feet is $960.62.
  • Brown Harris Stevens has 2 listings. The average asking price is $1,537,500 while the average price per square feet is $900.29.
  • Sotheby’s Realty has 7 listings. The average asking price is $1,528,983 excluding the $8.6 million listing of the Clocktower penthouse (which would skew the average).

This is obviously not reflective of the sale price or market value, but meant as a comparison of what’s on the market two months ago vs today. Any brokers out there see increases in sale prices?

{Will Dumbo Real Estate Continue to Rise in 2006?, DumboNYC.com, 9/11/06}
{Dumbo Market is Still Blazing (For Now), Curbed.com, 9/12/06}

10 Comment

  • Yes, sale price does not reflect market value, but if you compare other markets around NYC, the sale price has decreased, not increased.

  • Yes, sale price does not reflect market value, but if you compare other markets around NYC, the sale price has decreased, not increased.

  • The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.

    “At Goldman, total pay will average $659,000 per employee, based on analysts’ estimates for $35.7 billion in revenue, the firm’s average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”

    That’s a lot of cash flooding the real estate market.

    http://www.bloomberg.com/apps/news?pid=20601109&sid=aqH6cACPmrMo&refer=home

  • The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.

    “At Goldman, total pay will average $659,000 per employee, based on analysts’ estimates for $35.7 billion in revenue, the firm’s average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”

    That’s a lot of cash flooding the real estate market.

    http://www.bloomberg.com/apps/news?pid=20601109&sid=aqH6cACPmrMo&refer=home

  • Pingback: Park Slope Live » Meanwhile, in Dumbo: Ain’t No Bubble Burst

  • Pingback: Park Slope Live » Meanwhile, in Dumbo: Ain’t No Bubble Burst

  • I was just in Modern Tots’s new store on Pearl St. what a Mecca for childrens furniture / design. it’s a beautiful store w/ great stuff and a cool kids play area.

    -Janis

  • I was just in Modern Tots’s new store on Pearl St. what a Mecca for childrens furniture / design. it’s a beautiful store w/ great stuff and a cool kids play area.

    -Janis

  • The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.

    “At Goldman, total pay will average $659,000 per employee, based on analysts' estimates for $35.7 billion in revenue, the firm's average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”

    That's a lot of cash flooding the real estate market.

    http://www.bloomberg.com/apps/news?pid=20601109

  • The story about how bonuses on Wall Street this year will increase 20% may bring prices and sales in DUMBO (convenient to Wall Street) up.

    “At Goldman, total pay will average $659,000 per employee, based on analysts' estimates for $35.7 billion in revenue, the firm's average compensation ratio of 47.4 percent for the past five years and a payroll of 25,647 at the end of the third quarter. That includes an average bonus of about $398,000.”

    That's a lot of cash flooding the real estate market.

    http://www.bloomberg.com/apps/news?pid=20601109