Are we in a Buyer’s or Seller’s Market?

Manhattan New York Real Estate – Are we in a Buyer’s or Seller’s Market?

Currently we are working with BOTH qualified buyers and serious sellers in the Lincoln Center and as well as other Manhattan neighborhoods, so we are seeing what is happening in the market place and have our hands on the pulse of the market.

On the other hand, if you have been reading the news headlines about the ultra-luxury NYC Real Estate market, it can make you feel confused or puzzled about current state of the market.

If you are an serious buyer search for a fair priced apartments in any of the core Manhattan neighborhoods such as Lincoln Center Upper West side, you may have a far different experience of any signs of slow-down.  

It is essential to step back and take a look at where we are in the current cycle as Real Estate market always runs in cycles.

Dorchester_155West68St_827_BroadwayView

Everybody and news media is going to have their own interpretations, although its fairly agreed upon that the market stabilized in or around 2010 after the 2008 crash, so we are in about the sixth year of recovery. 

The last few years the price increased in a fast and consistent pace without much of slow down, eclipsing the previous peak pricing in most neighborhoods.  It feels like starting in 2015, the crazy buyer demand started to slow down and now we have entered a more balanced marketplace.  

What we can share is that unrealistic sellers who insisted push the price up above the fair market price, finally see the buyers resistances and not offer on the property.  We have seen more price drop for properties that have been on the market for 90 days or longer, sellers now are more open minded regarding accepting offers that are mortgage contingent, something sellers previously would not want to discuss as they were holding out for an all cash buyer.

We can also share is that we are seeing well priced properties located in prime neighborhoods in Manhattan see a lot of demand.  This is not a buyers market if you are looking in the entry level (Yes, relative to Manhattan) pricing in any of the prime Manhattan neighborhoods.  

For example, we recently had unit in Dorchester Towers condo, our asking price was $975,000.  This is a segment of the market where there are very few one bedroom condominiums for less than a million dollars, we had immediate demand from different types of buyers, including owner occupants, investors, and parents buying for their children. 

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Lincoln Square is a neighborhood where a lot of people want to be. 

We received a handful of offers, some people coming in bidding $100,000 less than the asking price telling us that they will wait it out and see if we are on the market in a month or two, but we also received bids and offers near the asking price, finally selling for $965,000.  This was a price the owner and we felt was extremely fair, a record for the building actually on a price per square foot basis for that layout.  

We do see buyers having more choose to from in the luxury to ultra-luxury sector of the market, both from new construction condominiums that are still being built and from resale units of recently closed luxury condos that were bought by investors.  That rush to make a decision has tapered off, as buyers are looking at more and more properties before making a decision.

Overall we would say the market is very healthy, with the right expectations a seller is going to get a very good price for their property.  Buyers are purchasing in a marketplace where they might have some more choices than they previously had with the ability to close on what they want.  

If you would like to discuss the market for your specific needs or Dorchester Towers condo unit, call us so we can have a detail conversation on your interest. Call us at (917)837-8869 today.

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Dorchester Towers Condo #1018 Studio For Rent

Dorchester Towers Condo #1018 Studio For Rent | 155 West 68th Street #1018 For Rent (NOW RENTED)

BRAND NEW RENOVATED studio apartment on tenth floor of Dorchester Towers Condo.

This bright studio has Northern facing unit has sunny views of Broadway. Ample closet space and storage space, a separate dressing room, an eat in kitchen with functional layout.

Great spacious layout that is easy to place furnitures and furnishings.Dorchester_1018 FOR RENT1018_LR

Brand new kitchen with white cabinetry and new appliances.

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Dorchester_1018_Bathroom

Bright tenth floor view with Broadway street exposure.View_Dorchester_1018Floor plan of #1018 below
1018 FLOORPLAN
155 West 68th Street The Dorchester Towers is a full time doorman condominium located in the Lincoln Square neighborhood. The building has an newly renovated lobby, with recently renovated hallways, a fitness room, roof top deck, laundry on every floor up to the 22nd floor, and beautiful circular driveway make the Dorchester Towers one of the most desirable buildings in the neighborhood.

(NOW RENTED)

Call us if you are a Dorchester condo owner that has a unit you would like to sell or rent. We can discuss what is the current market value for your Dorchester apartment. (917)837-8869.

http://dorchestertowerscondo.com/category/on-the-market/

http://dorchestertowerscondo.com/faq/

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Dorchester Towers Condo – 2015 Year Review Market Report

Dorchester Towers Condo – 2015 Year Review Market Report

In 2015, there were just a few sales at the Dorchester Towers.  The lower number of sales was a reflection of inventory just not making itself available versus a scenario of lots of units coming on the market and nobody wanted to buy.  To the contrary, buyers demand is still strong, but in a more balanced real estate environment.

In 2015, we saw total of (3) different actively listed Dorchester units came on the market and closed in 2015.

With an additional couple of units transferred through private owner sales.  This number was a drop off compared to number of sales occurred in 2014, when there were about a dozen sales.  We have been writing this newsletter for years now and track the volume of sale of sales and pricing quite extensively.

DorchesterThe lack of inventory has been something that we have been talking about for years now, low inventory levels have been present in the Manhattan condominium market for awhile now.

We tracked a big run up in prices from 2010-2014 in the resale condominium market.  In 2015, we saw just how much buyers were willing to spend for certain types of apartments, the price ceiling was established.

With escalating prices the past couple of years, new price levels were being established and eventually just how high it would go before buyer resistance would eventually happen.

For example, we saw that “days on market” start to increase in 2015 and initial asking prices had to be reduced or price negotiations take place to find the price point where a buyer would commit.  This is not to be misunderstood that prices have decreased, we still see prices maintain or increase from 2014 prices, we see it as a plateau or leveling off.

What we always find important to address is that the Real Estate market works within the segment of individual markets.  If you are looking for a studio or one bedroom condominium in our neighborhood, you will be hard pressed to find much availability.  Or if you want a two bedroom/two bathrooms condo for less than $2,000,000 again your search will be very limited.

 

With that being said, it is always find it important to look in detail at the segment of the market your apartment falls under. Below are the sales in 2015:

(1) Alcove studio sold in 2015:

It was a 545 sq ft Western facing on the 10th floor sold for $700,000, with an original asking price of $725,000 (Another studio sold in a private sale, it was a 600 sq ft Eastern facing alcove Studio sell for $745,000.)

(1) One bedroom unit sold in 2015:

It was an 18th floor Southwestern exposure, 633 sq ft sold for $855,000, originally asking $890,000

(1) Two Bedroom/Two and a Half Bath unit sold in 2015

Fully Renovated on the 31st Floor sell for $2,000,000, originally asking $2,195,000.

With just single sales occurring for each size apartment, trying to make a trend comparing price per square from 2015 to 2014 is just not going to be realistic because our sample size is too small

Our conclusion for year-end 2015, we saw moderate price growth compared to 2014, with most apartments being listed for more than what they sold for. There were more price negotiations taking place in 2015 than we saw in 2014. We are in what we would describe as year 4-5 of a price growth cycle, inventory still remains historically low, demand is strong but buyer’s are hesitant of bidding on an overpriced apartment.Dorchester_155West68St_827_BroadwayView

If you are thinking of selling in 2016 and want to know what you can do to maximize your sale here is our #1 Tip:

The improvements you make to the apartment will play an important role in the price you will receive and the days on market. Fewer buyers will buy property they need to update, they would rather pay more for a “Turn-Key” apartment than put additional cash and the time and stress involved in a renovation. Not every owner has the ability or desire to conduct a full renovation, but there are going to be certain improvements that are very cost and time effective, putting your apartment in the best position possible to take advantage of the market.

We have met and talked to many Dorchester owners who wanted to know how to maximize their condo unit when it comes to renovating, give us a call, we would be happy to stop by and talk to you in person.

Nicely renovated one bedroom facing Broadway for rent:  http://dorchestertowerscondo.com/155-west-68th-street-1424-for-rent/

Summer End 2015 Market Report:  http://dorchestertowerscondo.com/dorchester-towers-condo-end-of-summer-2015-in-review/

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155 West 68th Street #1424 FOR RENT

155 West 68th Street #1424

(NOW RENTED)

This is a spacious renovated one bedroom unit Broadway Facing One Bedroom for Rent at Dorchester Towers.

when you enter the apartment and you will notice a updated kitchen with Silestone countertops, Liebherr Refrigerator, Bertazzoni Italian Stove, Miele Dishwasher, Custom Cabinetry, and an open breakfast counter-top perfect for entertaining.

The apartment features new Air Conditioning/Heating Units, White Oak Wood Floors, Entire Apartment Wired for TV, Audio/Visual, and Internet, large walk in closet and dressing room with custom built-ins.

Bathroom features both porcelain and natural stone tile and a glass enclosed shower with Grohe Fixtures outfitted with thermostatic controls.

155West68thStreet1424_Eileen_HsuDouglasElliman_FloorPlan_7219014_high_res155 West 68th Street Dorchester Towers Condo is a full service building has 24 hour doorman, concierge service, laundry on every floor up to the 22nd floor, fitness room on the lobby level, separate mail package room, roof deck, and on site management office. A fantastic location conveniently located to multiple subway lines, bus lines, grocery stores and the Lincoln Center of the Performing Arts.

(THIS IS NOW RENTED)

Call us if you have a Dorchester Towers condo you would like to sell or rent, we can help you maximize your investment (917)837-8869. Or visit Midtown West Platinum Condo at 247 West 46th Street.

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Dorchester Towers Condo END OF SUMMER 2015 in Review

Dorchester Towers Condo END OF SUMMER 2015 in Review

It’s been a fairly quiet Summer in terms of new sales coming available in the building.

A few “convertible two bedrooms” have been on and off the market and a few private sellers tested the market at higher price points without any significant response.

Listing inventory for apartments in the neighborhood that fall into similar price points compared to the Dorchester has still been low, creating a nice stability.  We are seeing more cautious behavior from buyers who are looking to purchase.  Some of this cautious behavior could be reflected in that buyers do not feel the need to overpay for an apartment they feel has a noticeable challenge.  The number one challenge that will deter a buyer are apartments that need significant renovations.

(Here are some of the units we sold and rented in Dorchester Towers Condo)

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Looking at the market as a whole, the last couple of years saw a big increase in prices and we may be seeing a plateauing of what has been a hot market over the last couple of years. We are seeing apartments taking longer to sell now, with the very aggressively priced listings needing price drops to find buyers. Competitively priced apartments continue to see strong amounts of demand.

The lack of supply continues to be the driving factor stabilizing the current market.

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As many of you know we aim to be the leading resource for Dorchester Towers Real Estate news and will keep you updated as the Fall 2015 Season progresses.

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AN IMPORTANT NEIGHBORHOOD UPDATE:

Meetings have been conducted regarding school rezoning on the Upper West Side.  Most notably, the proposed plan as of the last meeting alters the zoning boundaries, with the Dorchester Towers placed outside the PS199 zone. Nothing has been decided as of the writing of this newsletter but obviously it is a big concern as PS199 has been a very popular school for many people who buy and rent apartments at the Dorchester Towers. Please note: The rezoning has not been finalized and more school board and community meetings will take place.  If you have any additional information you would like to share with us, we would love to hear from you.

We are Morgan Evans and Eileen Hsu, residents of the Dorchester Towers and the consistent top selling Real Estate agents for the Dorchester Towers Condominium.

We have the most thorough track-record of results of any sales team, and we sell Dorchester for the best price and fastest compare to any other agent.

If you are an owner and are thinking of selling or renting your Dorchester Tower condo unit, Contact us for a confidential discussion of your Dorchester condo unit at (917) 837-8869.

http://dorchestertowerscondo.com/dorchester-towers-condo-alcove-studio-507-for-rent/

http://dorchestertowerscondo.com/dorchester-towers-condo-summer-2015-market-report-infographic/

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Dorchester Towers Condo Alcove Studio #507 For Rent

Dorchester Towers Condo Alcove Studio #507 For Rent| 155 West 68th Street #507 For Rent $2850 Per month 

(THIS IS NOW RENTED)

155 West 68th Street unit #507 is a fully renovated alcove studio on the fifth floor of Dorchester Towers condo. This alcove layout is extreme function and with ample closet space, with a very large walk-in closet.

Below are photos of the open living room with open functional layout.

Dorchester_507

This unit has Western exposure with excellent afternoon sun-light.

Below are photos of renovated kitchen and bathroom.

155West68thST_507KitchenBathDorchester is one of the most sought after condo in the Lincoln Center Upper West side neighborhood. A very recent renovated lobby and concierge upon with a landscaped circular driveway. Building Amenities include new fitness room on the lobby level, a roof top terrace, laundry on every floor up to the 22nd floor, garage, on-site resident manager and management offices.

Here is a floor plan of the unit.

155West68thStreet_507Floorplan

Available November 18th, 2015 and please note, no dishwasher in the kitchen.

It is for rent for $2850 per month.

(THIS IS NOW RENTED)

Please call us at (917)837-8869 for other availabilities or if you would like us to rent out and SELL your Dorchester Towers condo.

To read about Dorchester Towers Condo market report click here:

http://dorchestertowerscondo.com/category/market-report/

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155 West 68th Street #209 One Bedroom for RENT

155 West 68th Street #209 One Bedroom for RENT

**APPLICATION PENDING – NO LONGER AVAILABLE**

Dorchester Towers Condo one bedroom for rent.

BRAND NEW RENOVATION. This is a top to bottom renovation one bedroom unit in Dorchester Towers. Available to rent immediately.

This Dorchester Tower unit feature: beautiful Hardwoods, new stainless steel kitchen appliances, countertops and cabinetry. Ample closet space includes two walk-in closets, linen closet and generous entry way coat closet.

The apartment is set back from the street bringing in excellent amounts of Western sunlight.

Dorchester_209Livingroom

 

Dorchester_209Bedroom

completely renovated kitchen with Frigidaire stainless appliances and functional cabinetry, tile backsplash and tile floor.

Dorchester_209_Kitchen2Newly update kitchen with tasteful floor to wall tiles and new fixtures.

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209 FLOOR PLAN155 West 68th Street – The Dorchester Towers Condominium is a full time doorman building, including a newly renovated fitness room, updated laundry rooms on the 2-22nd floors, landscaped roof top deck on the 22nd floor, live in resident manager and convenient circular driveway.

CentralPark_WatermarkedPrime Lincoln Square location just blocks to Central Park, multiple grocery stores, Lincoln Center of the Performing Arts, subways and restaurants.

To see what else is available, click on link below:

http://dorchestertowerscondo.com/category/on-the-market/

To read about Dorchester Market Report, click this link:

http://dorchestertowerscondo.com/category/market-report/

**APPLICATION PENDING – NO LONGER AVAILABLE**

Call us today to find out other availabilities in Dorchester Towers rental (917)837-8869.

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Dorchester Towers Condo #2126 JUST RENTED

Dorchester Towers Condo #2126 JUST RENTED|155 West 68th Street #2126 Converted Two Bedroom JUST RENTED

Views, Views and Views from this Convertible Two Bedroom/ One Bathroom unit we just RENTED at the Dorchester Towers Condominium and for good reason.

This 21st Floor unit has Eastern view looking across the Upper West Side towards Central Park West.  Here is a photo from Living room windows.

Dorchester_2126_LivingRoomView2

As soon as you enter the apartment, you will be drawn immediately to the windows and look out and appreciate this New York City skyline view.  The Eastern exposure brings in all day of sunlight, see living room photo below:

Dorchester_2126_LivingRoomBoth kitchen and bathroom have been updated with solid quartz counter tops and modern tile accents.

Dorchester_2126_Bathroom_kitchen

 

Dorchester Towers #2126 master bedroom easily accommodates a King Sized bedroom and multiple pieces of accent furniture.  Each bedroom in the apartment has the same Eastern exposure, so you can wake up in the morning with plenty of sunshine.

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In the unit #216, The second converted bedroom is perfect for a home office or guest suite.  A full size bed would be the ideal size, along with room for a desk and book case.

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Here is the floor plan of Dorchester Towers #2126 Converted Two Bedroom

2126_DorchesterFloorPlan

The Dorchester Towers is located at 68th and Broadway, one of the best Lincoln Square locations. The building is few Avenues/city blocks away from Central Park, multiple subway lines, lots of grocery stores including Gourmet Garage, Trader Joe’s and Fairway.

This is a full service condominium with a nicely appointed amenity package including a circular driveway, fitness room, laundry on every floor up to the 22nd floor, 22nd floor roof top deck, live in resident manager and management offices and a recently renovated lobby and hallways that should be fully renovated by the end of 2016.

Dorchester_towers_condo_roof

 

If you are interested in renting or buying an apartment at the Dorchester Towers, we consistently have multiple apartments for rent and sale in the building, call us today at (917)837-8869.

Dorchester Towers Condo Market Report: http://dorchestertowerscondo.com/category/market-report/

To See what else is on the market: http://dorchestertowerscondo.com/category/on-the-market/

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155 West 68th Street #827 One Bedroom for Rent

155 West 68th Street #827 One Bedroom for Rent|Dorchester Towers Condo unit 827 Broadway Facing One Bedroom for Rent

****JUST RENTED****

Dorchester Towers condo is located at 155 West 68th Street, on the corner of Broadway and West 68th Street, in the prime section of Upper West side.

This one bedroom on the Eighth floor of Dorchester Towers condo has an open view of tree top Broadway exposure, it is one of the most desirable layout in the building. There is open blue sky, open Eastern sunshine and iconic Broadway view.

 

Dorchester_155West68St_827_BroadwayView

This unit at Dorchester Tower has gone under gut renovation, there is brand new flooring, closet doors, painting, light fixture and everything in the apartment.

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This is a brand new unit and never lived in, there is also custom cabinetry for the HVAC unit in both living room and bedroom.

Dorchester_155West68St_827_LivingRoom

Kitchen is also renovated in top of the line taste, tiled wall with modern fixture and brand name appliances.

Dorchester_155West68St_827_Kitchen

Bedroom also has a Sunny Broadway facing exposure.

Dorchester_155West68St_827_Bedroom

Light and airy bathroom with mosaic tiles and contemporary fixture.

Dorchester_155West68St_827_Bathroom

Below is a floor plan of unit #827 in Dorchester Towers condo, it is a functional and spacious layout for all living room and dining room furniture.

FloorPlan_Floorplan_Web_VersionDouglasElliman_FloorPlan_28409801_Floorplan_Web_VersionDorchester Towers Condo unit #827 is on the market for rent for $3,650 per month and available as soon as application is approved.

Call us (917)837-8869 to schedule an appointment to see it today.

UPDATE: THIS IS NOW RENTED. If you are looking to rent similar unit in Dorchester Towers Condo, give us a call today (917)837-8869 and we can provide you the latest availabilities. 

Click below to see what else is on the market in the building:

http://dorchestertowerscondo.com/category/on-the-market/

To read about Dorchester Tower Condo market report, click link below:

http://dorchestertowerscondo.com/category/market-report/

 

 

 

 

 

 

 

 

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155 West 68th Street #1528 Dorchester Towers Condo (JUST RENTED)

155 West 68th Street #1528 Dorchester Towers Condo (JUST RENTED)

Dorchester Towers Condo located at 155 West 68th Street New  York NY 10023, this unit is on the fifteenth floor with open city views with Eastern (Broadway) Facing One Bedroom now available at the Dorchester Towers.

Unit 1528 at Dorchester Towers Condo has a great layout, excellent closets, including a large walk-in, updated kitchen with dishwasher, everything you would want in a full service building.
Dorchester_155W68_1528_BedRoomSpacious Eastern facing living room and bedroom.
Dorchester_155W68_1528_LivingRoomDorchester_155W68_1528_Kitchen

Dorchester_155W68_1528_Bathroom

The Dorchester Towers Condominium, perfectly located in the Lincoln Square neighborhood is a full time doorman condominium. The building has a recently renovated lobby and full time concierge upon entering from the circular driveway.

Dorchester building amenities include a recently built windowed fitness room on the lobby level, a 22nd floor landscaped roof top terrace, laundry on every floor up to the 22nd floor, garage, on-site resident manager and management offices.

THIS UNIT IS NOW RENTED. If you would like to find a one bedroom unit for rent or for sale, call us (917)837-8869 and we can provide you with the latest availabilities.

If you are a Dorchester Towers Condo owner, looking to rent or sell your unit, we can help. We are the top selling and renting agents in Dorchester Towers condo, call us today (917)837-8869 and we can discuss the market price for your Dorchester unit.

Read about our latest SUMMER 2015 Market Report on Dorchester:

http://dorchestertowerscondo.com/dorchester-towers-condo-summer-2015-market-report-infographic/

To see other Dorchester Towers condo owner testimonials about our service:

http://dorchestertowerscondo.com/testimonials/

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