Dumbo on the Cheap: Half Mil+ Entry Fee

Dumbo NYC scoured StreetEasy to compile a list of the neighborhood’s cheapest condos. Surprise: There aren’t many bargains. Dumbo units with the lowest price tags that are currently in contract include a $550,000 spread at 70 Washington and a $590,000 condo at 100 Jay. The price-per-square-foot on the relative bargains ranges from $686 to $745. The lowest-priced Dumbo listing that’s not in contract is a $599,000 unit at 100 Jay. The most interesting aspect of the piece is its comparison to a similar survey of the hood’s cheapest condos 10 months ago. Last August, there was a unit available for $475,000, though the price-per-square foot on the two least-expensive condos topped $800, quite a bit more than what we’re seeing today. (These weren’t in contract, so it’s not a 1-to-1 comparison, and we’re not accounting for month-by-month inventory fluctuations.) So, does the drop in $/psf indicate a wee correction in Dumbo or does this comparison include too few data points to mean much?
Lowest Priced Dumbo Condo (and Other Tidbits) [Dumbo NYC]
Photo by backharlowroad.