"Too Many iPods" Threaten Price Stability in Dumbo
The well-publicized price drop at 85 Adams may be just the tip of the iceberg for Dumbo, reports Brooklyn Papers. Although prices in the nabe jumped 15 percent last year, from $620 per square foot in 2004 to $717 and the average apartment now goes for $1.25 million, a wave of new supply coming on…
The well-publicized price drop at 85 Adams may be just the tip of the iceberg for Dumbo, reports Brooklyn Papers. Although prices in the nabe jumped 15 percent last year, from $620 per square foot in 2004 to $717 and the average apartment now goes for $1.25 million, a wave of new supply coming on line threatens to dilute values. Perhaps a certain Corcoran power broker put it best when he spoke thus: Last year, DUMBO was Brooklyn’s iPod, but if you have too many iPods out there, they aren’t going to sell as well. Download that.
Prices Dropping in Dumbo [Brooklyn Papers]
Holey Archisneckshore [Photo by Krispy on Flickr]
it does have a local school. quiet a few of them. what the person is trying to say is that colored negroes and hispanics attend the school. understand?
Daily shootings? Seems unlikely anywhere in NYC right now. It is of course in a school district (same as Brooklyn Heights, I imagine), but does not have a local school.
Price drops are a good thing. However, unless there is a real building boom in New York, the supply shortage will still keep real estate prices in the stratosphere and out of line with New York salaries which have been lagging behind national growth rates for several years.
Very true although a nice place it does not compare to park slope or the gardens, the worst part i see in Dumbo is the closeness to the power plant that causes cancer, and the farragut houses with the daily shootings and lack of a school district. No school dist means no familys and overdevelopment with rising intrest rates is a cause for concern, mayor bloombergs prediction won t help either
Having actually lived there, I always thought DUMBO was a great place, but clearly required a substantial discount to Brooklyn Heights, Park Slope and Cobble Hill due to lack of transportation (the A/C and F are very close, but are not in the center of the hood where you want them), schools, fresh air, and ability to open windows due to noise. Somehow the hype took prices there to stratospheric (sp?) levels above all those other great nabs. I don’t get it. I loved living there, but it was in part because I could do it at the time at a discount to the other neighborhoods. Now, I don’t know that I would choose it.
True. “Prices” it is.
Everytime I read one of Iceberg’s comments I imagine him in a dark room with the shades drawn sitting among notebook after notebook after notebook after notebook filled with handwritten scribblings…all stacked to the ceiling.
I used to rent an office space in DUmbo and commute from Cobble Hill. Once upon a time, it was an interesting,lovely neighborhood filled with artists who couldn’t afford Manhattan. You got used to the roar of the trains overhead. But in the last year, the place turned into a constant construction zone with bulldozers, backhoes and the pounding of pylon driving drowning out even the rumble of the “R’ train. Now it makes me think of the far east upper west side or the east 30’s with all those tall modern buildings that make your spirits sink. The people supporting condos in the Brooklyn Bridge park should take note.