Dumbo Is One of the Most Expensive NYC Neighborhoods (Q2 2011)

East Dumbo from above

SoHo and Tribeca are the two most expensive neighborhoods in NYC (exceeding $2 million in median home prices for Q2 2011). But Dumbo is the forth most expensive neighborhood in NYC, according to a Property Shark analysis released today. Previous real estate reports already showed that Dumbo is the most expensive Brooklyn neighborhood. Property Shark says, “Surprisingly, Dumbo surpassed many high-end Manhattan neighborhoods and is in forth place with a median sale price of $1,075,000, 9% up from the median sale price recorded in Q2 2010, which was $990.000.” One realtor told us that “despite the overall market, it makes sense that Dumbo is so pricey due to the low inventory and higher demand. More families and finance industry professionals want to move to Brooklyn and Dumbo is a good option in terms of convenience and community.”

We’ve seen new developments in Dumbo such as 205 Water Street and 192 Water Street get strong attention from prospective buyers, but the Property Shark report also mirrors the tight rental market in Dumbo. As some real estate firms confirmed earlier this year, the Dumbo rental market remains strong in 2011. People who were priced out of Dumbo were looking at less expensive Manhattan neighborhoods such as Midtown and Lower East Side as early as 2008. The only other Brooklyn neighborhood in the top 10 for sales is Boerum Hill at number 10, with a medium sales price of $801.000.

(Q2 2011, Most Expensive Neighborhoods chart, Propertyshark.com)

{Find Rentals in Dumbo with Naked Apartments, 20Jul2011}
{1 Main Street Penthouse Back on the Market for $23.5M, 15Apr2011}
{Dumbo 1-2 Bedroom Rentals Most Expensive in Brooklyn, 23Mar2011}
{Rental Market in Dumbo To Stay Strong in 2011, Say Realtors, 13Jan2011}
{Early Census Bureau for Dumbo Isn’t Much of a Surprise, 22Dec2010}
{Priced Out of Dumbo? Try Manhattan., 26Nov2008}
{Dumbo is Brooklyn’s Priciest Neighborhood, 02Oct2008}

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