Lowest Priced Dumbo Condo (June 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:

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?

16 Comment

  • which of the two new towers do you think will hold its value better; 85 adams or 100 jay?

  • which of the two new towers do you think will hold its value better; 85 adams or 100 jay?

  • 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.

  • 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.

  • but people just keep on getting less for their money every 10 years. funny how that happens.

  • but people just keep on getting less for their money every 10 years. funny how that happens.

  • maybe people will realize NYC is not the greatest place to live.

  • maybe people will realize NYC is not the greatest place to live.

  • Like moi….who is gettin the hell out of here in 6 months! Yay!!

  • Like moi….who is gettin the hell out of here in 6 months! Yay!!

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.