Author Archives: Eileen

DORCHESTER TOWERS CONDO – 2017 YEAR END REPORT

DORCHESTER TOWERS CONDO – 2017 YEAR END REPORT 155 West 68th Street New York NY 10023

In summing up Manhattan Real Estate in 2017, we first have to look back on 2016 which was dominated by the extremely long and intense election year.  Historically, election years typically correspond with some type of slow down in the Real Estate market due to the uncertainties they bring and 2016 followed that same pattern. The year end market reports of 2016 agreed that a shift had occurred, that the bidding wars and price escalations from the last couple of years had run its course. A normalization or plateau of pricing was occurring, which can typically be translated that buyers were gaining more advantage.

In 2017 most people expected the hangover of the deep uncertainty that the election brought to burn off and for activity to normalize. However, that never really happened. We saw extremely strong performance in the financial markets in 2017, but that did not carry over to strong buyer demand for residential Real Estate.  A “wait and see” approach was setting in, apartments were taking longer to sell and often had to be more negotiable to secure a buyer. More uncertainty persisted. Capping off 2017 was the passage of the tax reform bill, which has direct implications to home ownership in New York.  

Hidden in the negative, we find a positive – the Manhattan market is very segmented in that performance and demand had various results, and in our opinion, from what we were seeing in other neighborhoods, sales prices were very respectable at the Dorchester Towers in 2017.  

Let’s look at some overall market numbers and see what happened?

(Data sourced from Elliman Report Q4 2017 Manhattan Sales)

  • Median sales prices down 4.7% in the 4th Quarter of 2017 compared to 4th quarter in 2016
  • The total number of sales were down 13.9% over the same time period.  
  • Active listing inventory was up by 3.2%
  • The amount of negotiability from the last listing price was 5.9%, up slightly.
  • Approximately 64% of all condo sales were “all-cash” with 90% of the deals above 5 million dollars being all cash and 46% of the deals below $500,000 being all cash

In summary: Prices were down. Total sales were down. Inventory increased from 4th Quarter 2016 to 4th Quarter of 2017.

Headlines and data points are useful to understand trends but the Manhattan Real Estate market is neighborhood and building specific. To effectively understand what effects you as a Dorchester Towers condo owner is to dive in and look at what sold at the building in 2017.

Let’s Dive In! This is our 7th year tracking the Dorchester Towers condo market sales, we don’t know of any other Real Estate agents who have put together a consecutive compilation of this type of information – we find it extremely valuable.

Studios at Dorchester Towers:

With over 9 different studio layouts in the building ranging in size from 530-780 square feet, there is a large variety in terms of what they actually sell for.  

As an example: This past year we sold an alcove studio on the 3rd floor for $775,000. The original asking price was $799,000. At the end of the year one of the larger studio layouts, a 748 sq feet unit came on market, and was asking $925,000.  

The studio market is an interesting segment of the market in that it does not make up a huge amount of the overall inventory and most studio buyers are working with a well-defined budget. When a studio starts to get priced closer to a One Bedroom, the demand decreases significantly because a buyer will always want the true one bedroom if the cost is similar.   

The most demand typically is in the alcove studio layout because of the privacy and flexibility it provides.  Looking at the chart the pricing varies greatly.

However, the price per square foot has seen a gradual rise.  Knowing how to price a studio at the Dorchester, you really have to understand the exact layouts and views because there is so much difference between the different layouts.  

2017 2016 2015 2014 2013 2012 2011 2010
Number of Units Sold 1 4 2 3 1 0 6 1
Average Price $775,000 $828,750 $712,500 $821,666 $709,000 0 $587,965 $560,000
Average Price/Square Foot $1,419 $1,278 $1,260 $1,188 $1,176 0 $1,008 $1,025


One Bedrooms at Dorchester Towers:

The One Bedroom market at the Dorchester had some very strong prices in 2017.  As mentioned before, different segments of the market performed differently in 2017.  So why did One Bedroom units do well? The sub $1,000,000 doorman condominium has probably the most active buyers looking in it.  There is not a whole lot of inventory to look at so when a properly priced apartment with no major flaws comes available, you should see interest.  What is a major flaw? If the unit needs renovations, it does not have an open view, or it has a unusual layout.

The ceiling for one bedrooms in the building has been that $1,000,000 threshold.  A couple of apartments have sold very close to it, but have not broken it. Probably a function of a few market factors such as the New York mansion tax which is a tax of 1% of anything that sells over the $1,000,000 and that combination of really nice renovation plus a good view which has potential to push that million dollar threshold.

One Bedroom units made up 40% of the market with a median price of $999,000 per the Douglas Elliman 4th Quarter Market Report. You can see that the largest portion of the marketplace is buying a One Bedroom and price wise, Dorchester Tower One Bedrooms are right around the market price.  

Two One bedrooms closed for just under $1,000,000 in 2017. One started above it at asking $1,065,000 and closed just below $1,000,000 at $998,000. Not achieving that asking price definitely reflects that despite strong demand for One Bedroom Condos in the Lincoln Center area, buyers were still looking for value.  The original asking price in our opinion was a bit overpriced since it was not the most newly renovated apartment and it had a Northern Exposure, which tends to not be as popular as the Eastern and Western views. However, $998,000, is a very strong price. The other one bedroom was facing Broadway (tends to be the most desirable view) that was in somewhat of an estate type condition, and it sold for $995,000 – a very good price as well.  

There are at least 10 different One Bedroom Layouts in the building, ranging in size from 571 square feet up to 693 square feet with all variety of different views and exposures.  As a general rule, the more traditional one bedroom layout is straight – forward (a view not looking directly at another building), with less obstructions, therefore more demand from buyers an apartment will receive.  

Comparing 2016 to 2017, the average price went up but the price per square foot went down. It was a $30 sq/ft difference and with just two apartments each year to compare – overall not a whole lot of change over the last year.  

Despite those two apartments selling well, late in the year, we did see a couple of one bedrooms take longer to sell and some price drops were occurring.  We will definitely be on the lookout to see what these one beds will end up selling for.

2017 2016 2015 2014 2013 2012 2011 2010
Number of Units Sold 2 2 1 3 0 1 6 3
Average Price $997,000 $946,500 $855,000 $868,333 0 $585,000 $667,500 $646,833
Average Price/Square Foot $1495 $1,524 $1351 $1,363 0 $1,025 $1,064 $1,030

Junior Four (One Bedroom with Dining Alcove) at Dorchester Towers:

Often referred to as the Junior 4 Layout, because of the total number of rooms, most of these apartments tend to be converted to have a second smaller bedroom.  Many also refer this layout as ‘Convertible Two Bedroom’ units.

The Convertible Two Bedroom at the Dorchester has a number of layouts with square footage ranging from 883 sq ft all the way to 1,100 sq ft, with most of them hovering around that 900 sq ft range.  What typically makes the largest difference in price between these layouts is whether it has a One bathroom or One and a half bathroom.  

The Convertible Two Bedroom layout has continued to be a desirable segment of the market because it fits a niche for buyers who likely do not have the ability to jump up to the price point of a true Two Bedroom and Two Bathroom unit and likely grew out of the One bedroom unit they used to reside in.  

For the type of buyer who was living in a One Bedroom and One Bathroom and maybe their family expanded, or for the second home buyer who is use to having multiple bedrooms and multiple bathrooms in their primary residence, the Convertible Two Bedroom layout is a great fit, and an even better fit is when there are more than one bathrooms.  

In 2017, we saw three Convertible Two Bedrooms sell, two of them had one and half bathrooms and the other was a single bathroom.  There was a pretty big price difference between the apartments when the extra half bathroom was an option.

The Convertible Two Bedrooms with One and Half Bathrooms sold for $1,400,000 and the other sold for $1,460,000.  To note, both of those apartments had converted the dining alcove into a second bedroom and they were corner layouts, facing South and East, which is one of the more popular views.

The other Convertible Two Layout with one bathroom, had not converted the dining alcove into a second bedroom so it was being sold as a very large one bedroom one bathroom.  That apartment sold for $1,240,000.

Is that extra bathroom really that much of a difference maker?  A pretty sizeable price difference occurred between the apartments that had one and a half bathroom as opposed to just one.

The majority of the buyers are always going to prefer that extra half bathroom, the premium for it is going to be a case – by – case basis pending on the exact layout, how renovated the apartment is, what else is on the market and just overall market activity.

We would recommend that in order to maximize price if you are selling your Convertible Two Bedroom, is having the second Bedroom already built out. It will provide more opportunity to attract the largest pool of buyers who are looking for that entry level two bedroom style apartment.  

What found that in 2017 for the Convertible Two Bedroom Category, the price ceiling probably exists for this type of apartment. A Convertible Two Bedroom that had an asking price of over $1,600,000 came on the market and has since undergone two price drops and is still available.  

Despite strong sales in 2017 in the Dorchester, overpricing or aggressive pricing resulted in lack of interest and increased days on market that typically leads to a lower price than what you could have originally achieved.  

2017 2016 2015 2014 2013 2012 2011 2010
Number of Units Sold 3 3 1 4 1 3 6 3
Average Price $1,367,000 $1,240,000 $1,075,000 $1,148,750 $1,300,000 $1,061,333 $953,333 $920,000
Average Price/Square Foot $1,573 $1,243 $1,216 $1,302 $1,296 $1,180 $1,038 $1,034

Looking Ahead for 2018:

The keyword that seems to being rightfully repeated is “uncertainty.”  It will take time to understand the full implications of tax reform on residential real estate.   The problem with uncertainty is that what usually comes with it is a wait and see approach to making a buying decision. If buyers perception is that prices are going to go down then we start to see days on market go up. There are more price drops and more aggressive negotiations. Whether that is the case or not depends on the specific type of apartment they are looking at.

The key for a seller in 2018 is to create a sense of urgency and to really understand how their apartment fits into the context of what their target buyer is looking for. Within each type of apartment size you have a price range that most buyers will be looking for.  Step outside of that price range and you will very likely see very little interest. We think that is quite evident from the apartments that we have seen linger on the market with price reductions – they were over confident with the initial asking price and the result was the days on market increased and that led to the buyer’s perception that something was wrong with the apartment.  

A specific marketing campaign, expert knowledge and understanding of the market, and years of experience in 2018 will play a larger role in a successful sale.

Did you enjoy reading this 2017 Market Report? If so, we would love for you to share it with our fellow Dorchester neighbors and friends.  As owners ourselves in the Dorchester Tower we take great pride in representing the building and helping achieve maximum prices for our owners whether they are selling or renting.  

We also would love to hear from you on what you thought of the market report. Feel free to give us a call so we can discuss any specifics aspect of the market you may want to know more about. We look forward in hearing from you.

 

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Dorchester Towers Condo #25E VIDEO

DORCHESTER TOWERS, 155 West 68th St, 25E – Upper West Side, New York

 

Sun drenched high floor unit with over 1200 sq ft Two Bedroom Two and a Half Bathroom Condominium with dining alcove is now available for rent at the Dorchester Towers Condominium

This bright apartment has expansive Eastern Views looking out towards Central Park, there is excellent sunlight throughout the day.

Apartment 25E has just been renovated, kitchen includes new quartz countertops, tile backsplash, and stainless steel appliances. New flooring throughout the apartment and both bathrooms have been updated.

Both the master bedroom and 2nd bedroom have ensuite bathrooms and are extremely spacious. Additional features include great closets and a dining alcove that is often converted to a Third bedroom.

Call us to schedule an appointment today.

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Dorchester Towers Condo 155 West 68th Street #25E FOR RENT

Dorchester Towers Condo 155 West 68th Street #25E FOR RENT

HIGH FLOOR AND SPACIOUS RENTAL UNIT AVAILABLE at Dorchester.

This is a 25th Floor unit with over 1200 sq ft TWO BEDROOM and TWO & HALF BATHROOMS for anyone who is looking for large spaces in the Lincoln Center neighborhood.

Dorchester Towers Condo 25E is a corner apartment located on the 25th Floor with unobstructed Eastern exposure looking out towards Central Park, you have excellent sunlight throughout the day.

Each room is spacious, easy for furniture placement and large dining room table.

One of the most attractive feature of unit 25E is the open exposure facing East with all day sunlight and New York landmark view.

Both the master bedroom and 2nd bedroom have en-suite bathrooms and are extremely spacious. Additional features include great closets and a dining alcove that is often converted to a Third bedroom. Spacious and large bedroom with multiple exposures windows with partial view of Central Park.

The apartment (25E) has just been renovated, kitchen includes new quartz countertops, tile backsplash, and stainless steel appliances. New flooring throughout the apartment and both bathrooms have been updated. 

Bathroom is renovated with new tiles, fixtures and glass shower door.

The floor plan shows its expansive layout.

THIS UNIT IS NOW AVAILABLE FOR RENT FOR $6,500 PER MONTH. CALL US TO SCHEDULE AN APPOINTMENT TO SEE IT TODAY. (917)837-8869.

To see what is on the market for Dorchester Towers Condo click here:

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

Dorchester Towers Condo unit #816 Spacious junior one bedroom for rent

We are Morgan Evans & Eileen Hsu are Dorchester Towers residents and Dorchester Towers Condo specialists. We are top selling Real Estate agents selling Dorchester Towers condo.

We successfully sold and leased multiple Dorchester Towers condo units because of our intimate knowledge of Dorchester such as past building history, most recent sales or rental market, updated building rules, upcoming renovations, detail financial building information, familiarity of the neighborhood, and most importantly our creative methods to showcase this wonderful building we live in. Many Dorchester Towers condo owners have worked with us and received exceptional service, you can read about it here on our testimonial page (http://dorchestertowerscondo.com/about-us/)

There are lots of other agents who may have sold or rented one unit in Dorchester tower in their Real Estate career, but that does not mean they have the most updated and intimate knowledge of this ever changing Real Estate market especially within this specific building.

We can be reached at (917)837-8869, contact us for a fair market evaluation of your condo unit today.  Please see our Testimonial page here or Dorchester Market Report.

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Dorchester Towers Condo 155 West 68th Street #816 FOR RENT

Dorchester Towers Condo 155 West 68th Street #816 FOR RENT

Very large and spacious 780 square foot studio that has been thoughtfully converted to have a bedroom partition. This layout is the largest studio layout in the building, excellent floor plan that easily accommodates living room with dining room.

Full wall of windows and functional size is great for many furniture arrangement and placement.

Kitchen cabinets have been painted white with lots of storage space.

 

Roof deck at Dorchester Towers condo is one of the nice feature of this building.

155 West 68th Street Dorchester is a full time doorman and concierge, along with a fitness room, landscaped roof deck on the 22nd floor. Laundry rooms on every floor up to the 22nd floor make the Dorchester Towers a prime Upper West Side condominium building.

Owner prefers no Pets and no smokers.

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155 West 68th Street Dorchester Towers condo #307 FOR SALE

155 West 68th Street Dorchester Towers condo #307 FOR SALE

This wonderful alcove studio is well proportioned, plenty of closets, very open and sunny with many furniture arrangement possibilities. The Dorchester Towers Condominium has a full time doorman and concierge, laundry is on every floor up to the 22nd Floor, there is a fitness room, roof deck, live in resident manager, and convenient circular driveway while entering the building. Prime Upper West side location that can’t be beat, just blocks to multiple subway lines, both Central and Riverside Parks, the Lincoln Center of the Performing Arts, multiple grocery stores, restaurants and shopping.

The functional floor plan is perfect for different furniture placement. The apartment can be set up with private sleeping area and entertaining/living space.

A full wall of windows with plenty of light and open-ness.

 

 

 

If you would like to talk about your Dorchester Towers condo unit, call us today so we talk in details. Fall is near and many owners call us and we met them in person to talk about Dorchester!

We can be reached (917)837-8869 today or we can meet you in person as well. Hope to talk to you very soon!

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

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

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Dorchester Towers Condo unit 10-01 Alcove Studio For Rent

Dorchester Towers Condo 155 West 68th Street #1001 Alcove Studio For rent (RENTED)

Wonderfully renovated Alcove Studio on the 10th floor with Eastern exposure in Dorchester Towers Condominium.  It has a wall full of windows and ideal layout for any furniture placement, it is a must see.

 

No expense was spared in this renovation. Wide plank flooring throughout with an attention to detail including venetian plastered walls and custom cabinetry.

This alcove studio kitchen has high end finishes include an open kitchen layout with Sub Zero refrigerator, glass tile backsplash, custom cabinetry, with a soap stone countertop.

Additional features include a large walk in closet and wall of closets in the dining room.

 

The renovated bathroom has been expanded and includes glass enclosed soaker tub, floor to ceiling tile white marble tile, and new finishes.

155 West 68th Street The Dorchester Towers is a 24 hour white-glove doorman and concierge condominium in the heart of Lincoln Square neighborhood.

Dorchester Towers has brand new modern lobby and hallways, a fitness room, roof top deck, laundry on every floor up to the 22nd floor, and landscaped circular driveway make the Dorchester Towers one of the most desirable buildings in the neighborhood.

This unit is now (RENTED).

We are Morgan and Eileen, we have helped many owners sell and rented their Dorchester apartment, we are very familiar with the neighborhood prices and market condition. If you are a Dorchester condo owner and would like sell or rent  your unit, give us a call, we can help you.  (917)837-8869. 

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Dorchester 155 West 68th Street unit 9-24 FOR SALE

Dorchester 155 West 68th Street unit 9-24 FOR SALE (CONTRACT SIGNED)

Sunny and bright Eastern Views of one and only Broadway from this 9th floor spacious one bedroom at the Dorchester Towers on West 68th Street and Broadway corner.


It has a very large living room and functional layout facing Broadway rarely comes available for sale. This apartment is ready for you to make it your own. The photo above is a virtually staged photo with furniture in place so you can have some ideas of how well layout the unit is and can fit a full set of furniture and dining room furniture.

This is the living room without the furniture, you can see it is large and very easy to place furniture and all the essential pieces for living and dining. Well size bedroom is also facing Broadway with bright open Sunny Eastern exposure.The bathroom and kitchen can be updated with each individual creativity.functional layout of kitchen and bathroom.Floor plan attached shows this unit has great layout and no square footage is wasted.

155 West 68th Street The Dorchester Towers is a full time doorman and concierge condominium in the heart of Lincoln Square neighborhood.

Dorchester Towers has an recently renovated lobby and hallways, a fitness room, roof top deck, laundry on every floor up to the 22nd floor, and circular driveway make the Dorchester Towers one of the most desirable buildings in the neighborhood.

(CONTRACT SIGNED)

We have sold and rented many Dorchester units, so we are very familiar with various layouts in this building. Contact us if you are a Dorchester condo owner and would like sell or rent  your unit.  (917)837-8869. 

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Dorchester Towers Condo Alcove Studio #901 FOR RENT

Dorchester Towers Condo Alcove Studio #901  – 155 West 68th Street unit 9-01 For Rent

The sunny and bright alcove studio on the ninth floor is now available at the Dorchester Towers address 155 West 68th Street New York NY 10023.

This spacious studio boasts two walk in closets, and a dressing room which is a bonus to any Manhattan living. Extremely large at 600 square feet, this alcove studio with a eat-in kitchen.

Great Eastern exposure looking out towards the landscaped circular driveway of the Dorchester Towers Condominium.

24 hours white-glove doorman and concierge, along with a fitness room, landscaped roof deck on the 22nd floor, and laundry rooms on every floor up to the 22nd floor make the Dorchester Towers a prime Upper West Side condominium building.

No smokers and owner prefers no Pets.

If you would like to talk about your Dorchester Towers condo unit, call us today so we talk in details. Summer is here and many owners call us and we met them in person to talk about Dorchester!

We can be reached (917)837-8869 today or we can meet you in person as well. Hope to talk to you very soon!

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155 West 68th Street Dorchester unit 1225 FOR RENT (RENTED)

155 West 68th Street Dorchester unit 1225 FOR RENT Upper West Side New York city 10023 (RENTED)

Junior One Bedroom unit #1225 at Dorchester Towers Condo is now available for rent at the Dorchester Towers, this unit boast fantastic New York city sky view and sun-flooded Eastern exposure.

This unit at Dorchester has generous closet and living space. The living room has the quintessential Eastern Views that overlook the Upper West Side. The apartment has Four Large Closets which is very special for any Manhattan apartments.

Updated kitchen and bathroom in Dorchester Towers Condo unit #1225.

Here is the floor plan of unit 1225 at Dorchester Towers condo in the Upper West Side.


155 West 68th Street, also known as Dorchester Towers Condo in the heart of Upper West side. It is a full service doorman condominium located in the prime Lincoln Square neighborhood.

The building has an fully 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.

This apartment is now RENTED, call us (917)837-8869 to find out what is available for rent or for sale.

We are the Dorchester Towers condo experts whether you are thinking selling, renting or buying in this special building.

There are many agents who may have sold or rented one unit in Dorchester tower in the past, but that does not mean they have the most updated and intimate knowledge of this ever changing Real Estate market especially within this specific building.

In this fast pace Manhattan market, it is most beneficial for owners to work with agents like ourselves who specialize in Dorchester Towers and be the advocate for you when you decide to sell or lease your Dorchester Tower units.

We can be reached at (917)837-8869, contact us for a fair market evaluation of your condo unit today.  Please see our Testimonial page here or Dorchester Market Report.

 

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Dorchester Towers Condo 155 West 68th Street #331 For Rent (RENTED)

Dorchester Towers Condo 155 West 68th Street #331 For Rent (RENTED)

Dorchester Towers Condo unit #331 – The living room faces Southwest brings in excellent light facing the buildings landscaped garden circular driveway. Wonderful living room dimensions provide excellent options for both entertainment, dining and relaxing.

A corner unit with both a South and Western Exposure, this apartment has excellent features such as both a windowed kitchen and bathroom, ample closet space, newly renovated bathroom and kitchen with tree top level views bringing in all day sunlight.

The windowed kitchen at Dorchester unit #331 has been renovated with black granite countertops, white modern cabinetry and stainless steel appliances.

Dorchester Towers Condo unit #331 has a great master bedroom that can accommodate a King Sized Bed, bed side tables, reading chair and armoires or Wardrobes . The second bedroom is very special with a corner exposure that will fit your Queen Sized Bedroom, or it can be a Home Office or Guest Room.

The Dorchester Towers is a full time doorman condominium with the following amenities: Fitness Room, laundry on every floor up to the 22nd floor, roof deck on the 22nd floor, landscaped circular driveway, live in resident manager. The perfect UWS location near multiple subway lines, both Central and Riverside Parks and all of the neighborhood dining, shopping, and grocery that you expect out of this fantastic location.

Pets on a case by case basis.

This apartment is now RENTED, call us (917)837-8869 to find out what is available for rent or for sale.

SPRING IS HERE, we received many phone calls from owners that are thinking of selling and renting their Dorchester unit. We know all of the unique layout and floor plans. We would be happy to share with you some useful tips when it comes to renovating to put on the market. Give us a call or drop us an email. We would love to hear from you.

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 or schedule an appointment to see this rental today.

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