I have always loved DUMBO and began visiting many years ago when Rice first opened there. Then I started going for the glorious hot chocolate of Jacques Torres. And it all tasted so much better after a nice bike ride and descending into the cobblestone streets of the neighborhood. Early on it was a bit thrown together but still very cool with artist events, the park on the water and a few galleries to peruse. As much as I loved the area I have to admit at the time I did not get the pricing. I also wondered if high-end buyers would flock to this area. After a few years of being cautious I had to reconsider my perspective, this was now another established, stable NYC neighborhood. See my problem was thinking that this would not stick, buyers would grow tired of the area and what was hot...would flop and those that purchased would be left in a lurch.
I have lived in NYC a long time and my consciousness is filled with the bust years of the 80's and lack luster sales market of the 90's. But the city itself has changed, there has been a paradigm shift of sorts, buyers buy to stay, put down roots or start a a family here with long term plans to stay. Back in the 80's, 90's most were here for a fling, after 5 years they were ready to move on. Back to the Midwest or the suburbs for a life that mirrored their past perhaps. I came and stayed and wound up raising a family in Chelsea and the West Village. No problem getting into West Village Nursery School, as a matter of fact we were the first second generation. My then wife went there in the 60's!
Most of you reading this will laugh if I tell you Soho and Tribeca were ghost towns at night. When we ate at Montrachet in the 80's, the patrons that took a car service from the UES would not wait in the street! This is not an exaggeration. I came to NYC and landed in the East Village in 1982 as a musician and part of the famed music scene at places like the Mudd Club, Maxes Kansas City and CBGBs. My mother cried when she saw where I lived! Burning cars were a typical occurrence on Avenue B, drug users lined up around the block to by their stuff out of a hole in an abandoned building. Everywhere you walked someone asked you "Works?" The paraphernalia for shooting heroin. Nope, we ain't going back to that in my lifetime. And if we do, there will be bigger things to worry about than real estate prices.
Wow I drifted a bit there, back to D.U.M.B.O! As noted in the piece from the StreetEasy blog this a a wonderful, diverse and dynamic neighborhood. There are some amazing developments in the area, from converted loft buildings to breathtaking modern high rises with views that will knock your socks off! These homes don't come cheap, not the discount one would expect of the Brooklyn of the past. But relatively speaking the pricing is quite compelling compared to similar new construction in Tribeca or resale there.
I understand it's not for everyone and we very rarely advise people on neighborhood choice. I just thought it was worth a mention, perhaps go have a look at some of the buildings mentioned in the blog on StreetEasy. Either way it is certainly a nice day trip on a weekend when you are staying in the city. yet another great thing about living in NYC, we often did "day trips" to different neighborhoods, from Arthur Avenue in the Bronx for great Italian food to a flea market in Park Slope. Take it all in and enjoy!