DUMBO One Of The Best Spots For Home Buyers In City, Report Says

DUMBO, NY — Those looking to buy a home in Brooklyn would have the best luck in DUMBO — if they can afford it — while people looking to sell should have an easier time next door in Cobble Hill, a report found.

StreetEasy ranked the best neighborhoods around the city for buyers and sellers in 2017 and found that DUMBO was the fourth best for buyers, the only spot in Brooklyn to make that list. The neighborhood came in behind Midtown, Central Park South and Midtown South, according to the report.

However, the report found that the majority of the neighborhoods better for buyers also happened to be some of the priciest around the city with luxury condo buildings filling up the list of available places to buy. The cheapest neighborhood in the top 10 was Long Island City, which still had a median asking price of $1.1 million last year.

The top neighborhoods for sellers tended to be more affordable and further away from Manhattan, except for Prospect Heights and Cobble Hill which both had median asking prices of more than $1 million last year, the report found.

Queens neighborhoods dominated the top seller's list, with Flushing coming in at the top, according to the report. Woodhaven, Kew Gardens Hills, Glendale, South Jamaica and Briarwood also cracked the top 10.

Cobble Hill ranked eight for sellers and is one of the most competitive to buy a place with homes spending a median of just six weeks on the market, the shortest time in any part of the city in 2017, according to the report.

StreetEasy cited the neighborhood's limited housing stock, easy commute and plethora of bars and shopping as reasons for its high prices and ease of selling.

Not all homes around the city cost more than a million dollars, but cheaper options have much higher demand and buyers have less negotiating powers, according to the study.

More than 9,000 homes were listed on StreetEasy for $500,000 or less in 2017, but the cheaper homes spent an average of 25 days or less on the market than more expensive ones, the report found.

While neighborhoods like DUMBO had 38 percent of their listings get the price lowered, top seller neighborhoods like Flatbush, Woodhaven and Briarwood only had 10 percent or less getting a price cut, the report said.

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