http://www.streeteasy.com/nyc/sale/123829-condo-50-bridge-street-dumbo-brooklyn

I have been watching this apartment and another one at 79 Bridge for a few months and both just went down, down, down, in price and then eventually off the market. I know this is technically Vinegar Hill, but only a few blocks from the F Train. Does anyone know of any articles, etc. that shows DUMBO in particular is being harder hit by the market?

When I think of DUMBO, I'm not thinking about these buildings. I'm thinking One Main, Shelby and 70 Washington. These buildings have been very successful to date.

DUMBO has actually been more stable than much of nearby Brooklyn. There has been a lot of construction, but JCondo sold out before the crash, and the others resorted to some renting, with only some price chops. There isn't a lot of new inventory hitting now, most of it hit already.

Vinegar Hill is another story.. thats been having major problems for years (see 99 gold). That stuff is going to be down for a while... its missing most of what people pay DUMBO dollars for.... not being next to the projects (dumbo residents thank vinegar hill for being hte buffer), the park (already finished in the prime areas), the cobbestone shopping areas (main/washington), the yuppie bastards (filling up jcondo and 70 washington) and even a 3-4 block trip to thhe A train for some of those.

J Condo, 70 Washington and One Main are all so new and soul-less. I was interested in the converted warehouses.

babsie, J Condo I can understand but 70 Wash and One Main soul-less? Have you ever been in either building?

Two classic buildings. Both have a soul that has improved with time.

> I was interested in the converted warehouses.

Uh, 70 Washington and 1 Main are converted warehouses/factories.

They're two of the building exteriors that make DUMBO DUMBO. I don't love the job they did inside 70 Wash, but thats the case with pretty much anything coming to market. 1 Main is the best / most expensive old building conversion in the area, and for a reason. Its also probably the most filmed/photographed building in the area.

My guess is this guy doesn't actually know where DUMBO is....

Eddie, I can't believe that we agree on something. You actually made a sensible statement that wasn't manic.

I'm impressed.

Well, maybe because we're finally talking about something you aren't shilling for...

;-)

good one. bump

"DUMBO has actually been more stable than much of nearby Brooklyn."

Sounds like EddieWilson is doing the shilling now. Interesting how he craps on every neighborhood except for the one he lives in.

Yes, I'm looking for DUMBO prices to double this year.
Get a grip.... you have no idea what you're talking about.

The Heights/Cobble Hill/Carrol Gardens will be the most stable in Brooklyn, more so than DUMBO. The neighborhoods I mentioned would have issues are LIC and the Flatbush corridor. DUMBO was just lucky that the inventory hit before the main part of the crash.

Also, you'll notice that today I noted Upper East and FiDi as longer-term bets...

So what exactly am I shilling for again?

I think those apartments the original poster mentioned have sold. "Unavailable" is the terminology that Streeteasy uses when a property goes off the market. Streeteasy doesn't speak to anyone, their system simply goes to that Web address, sees that the property is no longer listed there, and then Streeteasy marks it as unavailable. In 4 months, once the papers have been processed, the sales will appear on ACRIS (what does that stand for?) and then Streeteasy will mark them as Sold. Of course, the owners could have decided not to sell, or something else, but usually it means it's sold.

"The Heights/Cobble Hill/Carrol Gardens will be the most stable in Brooklyn, more so than DUMBO."

Eddie, isn't this exactly what we were arguing about a few weeks ago?

fratello, these haven't sold. The linked listing in the OP reads "Temporarily off the Market." That's the broker's doing. The other three read "No Longer Available," but two of them are over 6 months old (they'd have cloded by now) and none of them are listed "In Contract." There are obviously closings in the building, as there's a sales price for 517's April closing.

Automated City Register Information System

> Eddie, isn't this exactly what we were arguing about a few weeks ago?

Reread the thread... I said the margin might close, but DUMBO will keep its PSF advantage over 'em. And, I'm talking more about CH/CG. Long term, I'd definitely put the bet there, I think BH is sort of maxed out.

I also said I hated DUMBO....

actually, the bigger point is, I'd short *any* of Brooklyn right now...

Do me a favor Eddie and short the Toren. There is no doubt in my mind you are a contrary indicator.

The more you dump on the Toren and the Flatbush Corridor, the more amendments I get declaring price increases. Keep up the good work.

I went into contract 2.5 months ago and my apartment has appreciated $16,000. Another words, individuals are buying same layout as mine for more money on lower floors. Not saying this is an earth shattering amount but sure better than a decrease.

By the way, where does Mr. Wilson reside?

Junk, I really think as much as Eddie is likely whatever you think of him, your "appreciation" is merely a marketing expense for the developer, so I wouldn't pat myself on the back for $16K.

Marketing expense? What are you talking about? Let me repeat, the exact same apartment underneath me sold for thousands more than I paid for mine. That isn't marketing. Are you an Eddie Wilson clone? Not patting myself on the back. I said it wasn't earth shattering. Sometimes I wonder what rocks some of you guys crawl out from under. Weird.

> Junk, I really think as much as Eddie is likely whatever you think of him, your "appreciation" is
> merely a marketing expense for the developer, so I wouldn't pat myself on the back for $16K.

Why is it any surprise that the place that uses that idiotic trick is the same place that suckered JunkMan into buying there? Guess he got what he deserved...

Sorry, that last sentence was mean... I take that back.

But I still have to laugh about JunkMan buying the same shtick twice...

Any neighborhood that is not grounded with occupants living there for a good length of time is suspect to go down dramatically. LIC for instance, even Williamsburg, but to a lesser extent. The owners for these areas have little equity. If prices come down, the equity for some owners become negative and the best move is to keep the banks away until the sheriff comes. Why pay inflated prices even if you can afford it?

that is a good point. The high potential underwater factor can hurt if things do turn sour....