30 Main Street, 7C Sold. Will Dumbo Real Estate 'Hold Up'?


The 30 Main street unit we featured in October closed last week. According to the owner, after posting the FSBO website, they enlisted Charles Homet of Halstead Property to market the property in mid-November. After 6 months on the market, the condo sold at $1.425mil (10% less than the $1.585mil asking).

Considering the market, 10% below asking seems like the seller got a good price. Back in March 2009, when we talked with a few Dumbo brokers, they said “Dumbo’s condo prices have lowered somewhat around ~5%, it seems to be weathering the economic downturn due to its proximity to Manhattan and the fact that the neighborhood is very small.” But a Time article written yesterday predicted that home prices in metropolitan NYC (which includes Westchester, northern New Jersey and other nearby areas) “will fall 40.6% from the prices that prevailed in March.” But again, Dumbo is a small neighborhood with limited stock. Another FSBO at 70 Washington Street we featured in late April 2009 is already in contract after only 2-3 weeks with Sotheby’s. Time will tell how real estate will play out in Dumbo.

{FSBO: 70 Washington Street, #4S, 20Apr2009}
{FSBO: 30 Main Street, C Unit, 21Oct2008}
{FSBO: 84 Front Street #4D Sold, 15Sept2008}

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