Category Archives: Dorchester Towers Condo

Dorchester Towers Condo 2014 Year in Review MARKET REPORT

Dorchester Towers Condo Market Report 155 West 68th Street New York NY 10023 Dorchester Towers Condo 2014 Year in Review

2014 was a strong year for sales at the Dorchester.

Sales volume more than doubled compared to 2013 with Eleven (11) Apartments sold and closed in 2014, with a few additional off market sales as well. The momentum of rising prices and low levels of inventory in 2013 carried over into 2014, where we saw very strong price increases with closed prices for many units hitting new levels. We believe that the combination of building improvements along with the robust Manhattan condominium market provide an excellent time for sellers to put their apartments on the market for sale.

In 2014 the sales market at Dorchester Towers was dominated by smaller units – a role reversal from 2013 when we did not have any one bedrooms come on the market for sale and just one studio sold.  In 2014 the mix of apartments there were three studios, three one bedrooms, four Junior 4 (Convertible two bedroom) and

one large three bedroom/three bathroom combination apartment. 

Some of the trends we saw while we actively marketed and sold at the Dorchester in 2014 were new price levels for studios and one bedrooms, big turnouts at the first open houses for Junior-4 (Convertible two bedroom) apartments, premium prices for move in condition and newly renovated apartments and buyers  continue to love the lobby and addition of the fitness room in the building.

With that being said, let’s review individual segments of the Dorchester Towers Sales Market and keep in mind we did not factor in the off-market sales into this report, but if you would like to know what those units sold for as well, feel free to reach out to us.

Studio/Junior One Bedrooms at Dorchester Towers:

Three studios/Junior one units sold in 2014, an increase from 2013 where just one came on the market.

The studio market is always a bit tricky for people to evaluate pricing because of the various layouts and

sizes of the studio apartments.  There are over 10 different layouts for studios in the building, ranging in size from 530 sq ft up to 780 sq ft.  As a general rule, the L-Shaped alcove studio layouts that can be converted to what is commonly known as a junior-one Bedroom tend to sell with the highest price per square foot because of the inherent value of creating a small one bedroom apartment.  Studio apartments did quite well in terms of reaching new price levels in 2014.

We tracked two Studios, in what we would describe fall into the oversized category in the building (780 and 748 sq ft) sell for $855,000 and $775,000.  Looking at those on a price per square foot basis, it does not appear to be very impressive just $1,096 and $1,036, but looking at the overall prices achieved, they are very strong. And a third studio, an alcove studio that was converted into a Junior-One bedroom on the 21st floor with an open Southern exposure sold for $835,000, at $1,432 sq/ft!

Dorchester_1928_LRLet’s put these sales into a past context, in 2013 with just a small sample size of one alcove studio selling for $709,000, which on a per square foot basis come out to $1,176 and looking back even further into what we would describe as the bottom of the market in 2010 and 2011 the average price for a studio was right around $575,000 and selling at just over $1,000 sq/ft.

The conclusion is that the sales market for studios in the building is very segmented.  To compare alcove studios, oversized studios, converted junior-one bedrooms as a whole can be very confusing.

From our experience with selling and renting multiple units in the building, we are extremely familiar with each different layout and layouts of its kind within the building, as well as the typical buyers reaction to each unique layout. We highly encourage studio owners to reach out to us to determine the market value of their apartment. You can send us an email to (Morgan.Evans@elliman.com)

 

2014

2013

2012

2011

2010

Number of Units Sold

3

       1

0

6

1

Average Price

$821,666

$709,000

0

$587,965

$560,000

Average Price/Square Foot

$1,188

$1,176

0

$1,008

$1,025

 

One Bedroom at Dorchester Towers:

In 2014, there were three one (1)bedroom units came on the market for sale. Previously and consequentially important in 2013, we did not see any one bedrooms come on the market in the building for sale, with that being said, we would conclude that there is a pent up demand for one bedroom units. 

In last year’s market report we made the following statement about the One Bedroom market and now let’s take a look at what actually happened:

“Are all One Bedrooms going to sell for over $1,300 sq/ft or $1,200 sq/ft now?”

2014

2013

2012

2011

2010

Number of Units Sold    3

0

1

6

3

Average Price

$868,333

    0

$585,000

$667,500

$646,833

Average Price/Square Foot

$1,363

    0

$1,025

$1,064

$1,030

 

 

We had the opportunity to bring two of the three one Bedrooms on the market last year.  The first one bedroom, #927, was a Broadway facing, in what we would describe as a well maintained but not a recently renovated condition.  We listed the #927 for sale for $899,000 and had multiple offers and ended up closing over the asking price at $910,000.  A definite RECORD PRICE for a standard one bedroom in the building. 

Dorchester_524_viewWe also saw an Amsterdam facing one bedroom on the 8th Floor, marketed as renovated, seeing the unit in person, the unit was a bit quirky, come on the market with an asking price of $945,000! After two weeks on the market, the price was reduced to $900,000. It ended up closing for $875,000.  It was an aggressive original asking price, but ended up selling at a very strong figure.  The other on-market one bedroom that sold in 2014 was a short sale, meaning that the sale was contingent on bank approval, a specialized sale.  We represented that unit and it closed right before the end of 2014.

Looking forward and answering that question we asked back in last year’s market report, we would say yes, most one bedrooms will be selling for well over $1,300 sq/ft.  There is a lot of demand for a one bedroom condominium in the Lincoln Square neighborhood, with very little inventory.  Naturally, if a low floor or original condition apartment is for sale, it is not going to sell for the premium that a move-in condition or renovated apartment will command, but overall it’s a very in-demand segment of the market.

 

 

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

The Junior 4 (Convertible two bedroom) market continues to be one of the most popular layouts in the Building.  The main reason is that it fits a desirable segment of the market which are those buyers who want that second bedroom and possible second half bathroom but typically do not have or do not want to spend the money it takes to buy a true two bedroom/two bathroom because it’s a very big jump to that apartment size.

The Junior 4 (Convertible two bedroom) category in the building is much like the studio segment of the market in the sense that there are many different layouts and configurations and pricing will vary specifically depending on those layout differences.  There are over a dozen different layouts in the building for these types of apartments.  Like we previously mentioned but important to mention again, the apartments that have the extra half bathroom are a difference maker, and the easier it is to convert the additional bedroom will impact pricing.  From our selling and renting multiple units in the building, we are extremely familiar with each different layout and its like kind layouts within Dorchester, we highly encourage condo owners to reach out to us to determine the market value of the Dorchester unit.

At the beginning of 2014, we brought on market unit #12-04, a Junior 4 unit for sale in its original condition.

We marketed aggressively and we had multiple strong offers within the first week of showing with a massive open house turnout over 100 visitors. The unit went into contract above the $995,000 asking price and closed for $1,015,000. We also sold another original condition Convertible Two Bedroom on the 14th Floor, for $1,100,000 later on in the year.

Two Junior-4 apartments both having 1.5 bathrooms sold for $1,200,000 and $1,280,000 respectively.  The more expensive of the two was on a high floor in a very nicely renovated condition, reflective in the high price it achieved.

This was a good year showing the difference in value that renovations and that an extra half bathroom can have in the final value for this segment of the market.  The demand is healthy for this segment of the market, a lot of the demand is coming from people who have outgrown their studios or one bedrooms, and foresee or demand the need for that second bedroom that this type of apartment provides.  This is definitely a segment that we can help in how to price effectively and market correctly to most benefit a Dorchester Tower seller.

 

2014

2011

2012

2011

2010

Number of Units Sold

4

1

3

6

3

Average Price

$1,148,750

$1,300,000

$1,061,333

$953,333

$920,000

Average Price/Square Foot

$1,302

$1,296

$1,180

$1,038

$1,034

 

Two Bedrooms at Dorchester Towers:

Unlike 2013, where two bedrooms were the most active segment of the market, we did not see any two bedrooms come on the market for sale in 2014.  But that does not mean that there was not a demand for them.  We received many calls throughout the year from move-up buyers who currently want to buy a two bedroom and wanted to know if we knew of anybody interested in selling, unfortunately the supply just wasn’t available.  Two bedrooms units are rare in the Dorchester Towers, mostly found in the Tower portion of the building starting from the 22nd floor and higher floor.  Many of those larger units are owned by the management, making it even harder to acquire one of these coveted apartments.

The overall market demand for two bedroom condominiums is quite strong, much of the new condominium products being built are for larger units, and many with the starting prices for new construction at $2,500 sq/ft,

it makes buying a two bedroom units that much more difficult.

If you do own a two bedroom and are interested in the present value of your Dorchester Towers Condo,

give us a call (917)837-8869 and we would be happy to provide you with a current market evaluation.

2014

2013

2012

2011

2010

Number of Units Sold

0

3

2

1

0

Average Price

0

$1,728,000

$1,392,500

   $1,160,000

0

Average Price/Square Foot

0

$1,495

$1089

$988

0

 

Three Bedroom / Three Bathroom at the Dorchester Towers:

A very rare three bedroom and three bathroom apartment came on the market for sale in 2014.  This was a combination unit, combining a two bedroom/two bathroom unit with a standard one bedroom unit, with a total combined size of around 1900 sq ft.  It is a very large unit indeed for this building.  A unique sale with unique pricing, coming on the market asking $3,100,000 and closed for $3,426,000. On a price per square foot basis, this closed for about $1,800 sq/ft, which falls into a market price for what similar sized Three Bedroom condos are selling for in the neighborhood.

Dorchester Towers Condo Market Report Conclusions for 2014:

Prices went up significantly across all types of apartments in the building. With sales volume doubling within the building and pricing increasing at the same time in 2014 creates a very healthy environment for sellers.

We saw a run up in pricing in the Manhattan condominium market with a lot of buyers developing a certain level of “buyer fatigue” by the end of year-Going to multiple open houses and entering bidding wars to lose out time and time again.  Most indicators point to a strong market in 2015 but not as frenzied as in 2014.  The inventory levels are still historically very low, we see strong demand from cash buyers and interest rates are historically low as well creating that much more affordability.

Something else we found important was that in 2014, when the lobby renovation was 100% complete and the gym was 100% operational, buyers had a much better impression of the building than in years past and were more comfortable paying competitive pricing for the Dorchester condo units. With the hallway renovation still in planning stages but scheduled to take place, it positions Dorchester Towers condo to compete with neighborhood condominiums that much better.

We are Morgan Evans and Eileen Hsu, residents of the Dorchester Towers and we 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. Or email us at Morgan.Evans@elliman.com or EHSU@elliman.com

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Dorchester Towers Condo 155 West 68th Street unit 906 FOR RENT

Dorchester Towers Condo 155 West 68th Street unit 906 FOR RENT THIS IS NOW RENTED.

Wonderful one bedroom available immediately in 155 West 68th Street New York NY 10023, a fantastic prime Upper West Side condo building.

155 West 68th Street_906 Living Room

155 West 68th Street_906 bedroom

This very Sunny Western exposure apartment is move in ready. The apartment has generous closet space, including two large walk-in Closets. The unit also has very functional layout that makes the perfect one bedroom unit in the building.

155 West 68th Street 906_Kitchen

Dorchester 906 FLOOR PLAN

 

Dorchester Towers has a 24 hours doorman, package room, roof deck, laundry on every floor, circular driveway, conference room and newly renovated fitness room for residents.

This unit #906 is available immediately, call today (917)837-8869 to schedule an appointment.

***No Pets Allowed in this unit***

 

 

Click this link to see an EASTERN facing Dorchester unit for rent:
http://dorchestertowerscondo.com/155-west-68th-street-1928-for-rent/ 

 

 

 

All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.

All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

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Dorchester Towers Condo 2013 Year in Review Market Report

Dorchester Towers Condo 2013 Year in Review Market Report

In 2013, less apartments sold at Dorchester Towers than in past few years, however prices increased significantly.  A total of Five (5) apartments sold and closed in 2013, down from Eight (8) in 2012 and Fourteen (14) in 2011.  Basically fewer units were coming on the market, but much higher prices were being achieved.  This reflected the overall sales market for Manhattan condominiums in 2013, which would be categorized as having very limited inventory with far more demand than the supply that come on market.   

In 2013, the sales market at Dorchester Towers was dominated by larger Two Bedroom units.  Three out of the Five apartments to sell were Two Bedrooms, with just one alcove studio selling and just one Junior-4 (1 Bedroom with dining alcove) closing by the end of the year.

Some of the trends we saw while we actively marketed and sold at the Dorchester in 2013 were big turnouts at the first open house, multiple offers being made for well priced apartments, and a very positive reaction to the lobby renovation and addition of the fitness room.

With that being said, let’s review individual segments of the Dorchester Towers Sales Market.

 

Studio/Junior 1 Bedroom at Dorchester Towers:

One Studio Unit Sold in 2013. We represented the owner of the sale of this Broadway Facing Alcove Studio on the Sixth Floor.  In 2012 there were zero (0) Alcove Studio’s to came on the market, so we were expecting a pent up demand when this apartment to came on the market.  This apartment was also Broadway Facing, which has become an increasing valuable and the most sought after view in the building. This unit came on the market asking $689,000, and we were able to quickly secure an all cash transaction that closed for $709,000. (here is the link of details of that studio http://dorchestertowerscondo.com/dorchester-tower-broadway-facing-one-bedroom-for-sale/)

155West68thStreet628_VIEW

In 2011, prices for studios ranged from $490,000-$660,000, with an average price per square foot of about $1,008 sq/ft.  Transitioning to 2013, the price per square foot increased about 17% to $1,176.  As we have mentioned before in our annual reports, studios at Dorchester Towers have a huge variety in layouts and sizes, so there will always be a wide range in values. If the view is obstructed and on a lower floor a lower expectation of value has to be considered.

Because of the nature of the range in values for studio apartments, we pride ourselves in having an expert knowledge of every layout so we can properly maximize our owner’s ability to sell for maximum price in today’s marketplace.  Because of a lack of quality studio condominium inventory, we expect prices to continue to appreciate in this segment of the market.

STUDIO_2013_Dorchester

 

One Bedroom at Dorchester Towers:

In 2013, there were no one (1)Bedroom apartments to come on the market for sale. The One Bedroom market at Dorchester Tower’s is definitely one of the most sought after types of apartments.  They typically have very efficient layouts meaning there is very little wasted space, they usually have great closet space, they are usually offered for sale in a price range that has a large pool of buyers.   For example throughout 2013, we had an incoming stream of calls from buyers asking if any One Bedrooms were coming on the market for sale, and unfortunately we did not have the inventory to provide. So far in 2014, we had the opportunity to market unit# 927, a Broadway facing One Bedroom, asking $899,000.  We were able to quickly secure an all cash buyer and are already in-contract in within a week of being on the market.

From 2010-2012, the average price per square foot for a One Bedroom was around $1,040 sq/ft and now in 2014, we have unit# 927 which had a price per square foot at $1,340 sq/ft.  Because the apartment has not closed yet, we cannot disclose the contract price, but feel free to reach out to us as we have a very good pulse on the upward direction sales prices are going in the building.

Are all One Bedrooms going to sell for over $1,300 sq/ft or $1,200 sq/ft now? It depends on a number of factors: View, Apartment Renovations, Marketing Exposure, other available inventory in the Building and in the neighborhood.  For your own consultation of apartment value, call us directly so we can provide you with an exact assessment of your Dorchester unit.

ONE_BEDROOM_Dorchester

 

 

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

The Junior 4 (Convertible Two Bedroom) Market is one of the most Popular Layouts in the Building.  There are over a dozen different layouts in the building for these types of apartments.  With various sizes and configurations, the most desirable usually being having the extra half-bathroom and dining alcove that is easily configured to a 2nd Bedroom.  Those layouts essentially work as an entry- level two bedroom apartment and have been in high demand recently.  Because the inventory levels for a true Two Bedroom are low, this type of apartment has created a niche in the marketplace for those buyers who need that additional room, but are not ready yet for the true two bedroom price point. (below is a photo of unit #1204 Junior four, convertible two bedroom in Dorchester Towers condo)

1204_dorchester_view

There was an additional Junior-4 apartment on a higher floor with 1.5 Bathrooms that was very nicely renovated that came on the market asking over $1,600 sq/ft.  It’s recently had a contract signed, so we don’t know what the contract price is until it closes, but we know is that it took about 6 months from first entering the market to going in-contract, which is a very long time in this marketplace.

At the beginning of 2014, we brought on market unit #12-04, a Junior 4 apartment on the market for sale in its original condition. We marketed aggressively and we had multiple offers within the first week of showing with a massive open house turnout over 100 visitors. The unit went into contract above the $995,000 asking price. (here is a detail link of #1204 http://dorchestertowerscondo.com/dorchester-towers-convertible-two-bedroom-1204-for-sale/)

1204_Dorchester_LivingRoom2

Living Room photo of unit #1204 in Dorchester Towers Condo.

We anticipate this segment of the market to continue to be very desirable in 2014, especially when it is priced accurately.

Junior4_Dorchester2013Prices

 

 

Two Bedroom at Dorchester Towers:

Two Bedroom Apartments were one of the most active segments of the market in 2013.  Three apartments may not seem like a lot, but during the summer of 2013, these three very different Two Bedroom apartments were all on the market and all sold at very strong prices.  The price range varied considerably from a small 924 sq ft Two Bedroom on the 24th Floor selling for $1,335,000, transitioning to a larger 1174 sq ft Two Bedroom on the 34th Floor selling for $1,750,000, and finally a 1,354 sq ft Two Bedroom with a large terrace on the 16th Floor selling for $2,100,000.  The Two Bedroom category of the condominium market in the Lincoln Square neighborhood has very limited amounts of inventory especially in the sub-$2,000,000 price range.

So the buyer demand is ready to look at and purchase quality inventory.  We had the opportunity to market and sell the Two Bedroom apartment on the 34th Floor, so we have valuable insight into exactly what those buyers are looking for and how to best position and market the apartment for maximum sale price. (Here is a link for #34B, a two bedroom we sold in 2013: http://dorchestertowerscondo.com/dorchester-towers-at-155-west-68th-street-unit-34b/)

Two_bedroom_Dorchester 
Dorchester Towers, 155 West 68th Street, 34B - Upper West Side, New York

Dorchester Towers, 155 West 68th Street, 34B – Upper West Side, New York

155_West68_34B_view

Open Western exposure from unit #34B of Dorchester Towers Condo

 

Dorchester Towers Condo Market Report Conclusions:

So what does it all mean and what to expect in 2014? Condo prices appreciated significantly across essentially every segment of the Manhattan marketplace.  The financial markets and stock market increased significantly, raised rents in 2011 and 2012, combined with lack of quality inventory and foreign investment demand pushed prices higher as any buyer who was thinking of purchasing was forced into action.

Now also combine that with the recent lobby renovation in the building and addition of the fitness room and the planned renovation of the hallways.  The aesthetic of the first impression when entering the building along with a more competitive amenity package with the introduction of the fitness room validated the higher asking prices.  Essentially Dorchester Towers has become more competitive with the surrounding condominium buildings in the neighborhood. (Below is a photo of newly renovated lobby hallway)

Dorchester_LOBBY

Newly renovated lobby hallway of Dorchester Towers condo.

Looking forward, we expect more inventory in 2014 than in 2013, something we are already experiencing. With prices increasing, new benchmarks are being set, so sellers are becoming more confident to put the units on the market and with good reason.  Decreased inventory combined with what remains strong buyer demand is a recipe for a healthy sales market in 2014.  Buyers are still very savvy, even with the limited amount of inventory they still spot an overpriced apartment pretty quickly.  When an apartment is priced beyond the typical range for what it is and what it offers, they will sit on the market. “Days on market” is usually a seller’s number one enemy, as the longer it remains on the market the less likely they are to achieve the highest price possible.

Most predictions indicate that prices will remain strong in 2014, with historically low amounts of inventory, creating a robust marketplace.  We have seen already in 2014 that when priced and marketed effectively, the buyer demand is still alive and well.

Morgan Evans and Eileen Hsu, residents of the Dorchester Towers are the consistent Top Selling agents for the Dorchester Towers Condominium.

DorchesterTowersCondoSpecialists_SM

We have the most thorough track record of results of any sales team, we sell Dorchester for the best price and fastest compare to any other agent.  We know which banks will finance in the building, which contractors to hire to get the apartment ready to be shown, when is the best time to come on the market for sale, everything you need to assure a successful transaction.

If you are an owner and are thinking of selling or renting your Dorchester Tower condo unit, we welcome to contact us for a confidential discussion of your Dorchester condo unit at (917) 837-8869. Or email us at Morgan.Evans@elliman.com or EHSU@elliman.com

 

Watch our Dorchester Towers video below:

 

2014 DE Disclaimer

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Dorchester Tower Condo #927 BROADWAY FACING One Bedroom For Sale

Dorchester Towers Condo 155 West 68th Street #927 BROADWAY FACING One bedroom for sale.

(THIS IS NOW SOLD and CLOSED)

This spacious one bedroom unit located on the 9th floor of Dorchester Towers Condo.

155-West-68th-Lr_V

155-West-68th-Br1_v

Dorchester Towers unit 927 has ample closet spaces in the apartment, it is one of the most desirable feature for many buyers who are looking for extra closet space in Manhattan New York.

From both living room and bedroom windows with open Broadway. The apartment face East and very sunny throughout the day.

155-West-68th-View3_V

155-West-68th-View1_v

Dorchester Towers condo ViewFLoorplan_927_dorchester

Sale Price: $899,000
Common charge: $528/month
Tax: $599/month
Assessment: $136/month
Size: 671 sq ft.

This is one of the very first one bedroom for sale with Broadway facing exposure.

Unit#927 IS NOW SOLD and CLOSED.

If you would like to be on the first to call waiting list for Dorchester Towers Condo, or Dorchester owner that would like to know the fair assessment of your Dorchester unit, Call us at (917)837-8869 or email Morgan.Evans@elliman.com , we can talk about your specific unit in Dorchester!

 

 

 

 

 

 

 

 

 

_____________________________________________________________
All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.
The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

 

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Dorchester Towers Convertible Two Bedroom #1204 For Sale

Dorchester Towers Convertible Two Bedroom #1204 For Sale | 155 West 68th Street #1204 New  York NY 10023 For Sale

(THIS IS NOW SOLD and CLOSED)

Highly desirable and Rarely Available Spacious convertible Two Bedrooms and One Bathroom is now on market at the Dorchester Towers Condominium.

1204_Dorchester_livingRoom

Dorchester unit #1204 is a corner unit with South and West Exposures brings in lots of sunlight from this 12th Floor unit.

1204_Dorchester_LivingRoom2
This Dorchester corner unit has a windowed Bathroom, ample Closet Space (total of 6 closets) Throughout. There is a dining alcove ready to be converted to a Second Bedroom.
1204_dorchester_view
155 West 68th Street, the Dorchester Towers Condominium Street is one of the most well established Lincoln Center Condominium Buildings. Dorchester Towers Condominium has 24 hours doorman and concierge, a convenient circular driveway, laundry on every floor, roof top deck, bike and personal storage, on-site management and live in superintendent, pet and investor friendly.

(THIS IS NOW SOLD and CLOSED)

If you are a Dorchester Tower condo owner and would like to know the comparable sales in the building, we are happy to discuss all in details with you. Call us today at (917)837-8869 or email us Morgan.Evans@elliman.com and EHSU@elliman.com , we will be sure to respond promptly.

 

 

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Dorchester Towers Condo SPRING 2013 Market Report

Dorchester Towers Condo SPRING 2013 Market Report

The first four months of 2013 at Dorchester Towers saw just One (1) apartment come on the market for sale.  We had the opportunity to list apartment, 628, an alcove studio  facing Broadway.  The asking price was $689,000 and it went into contract very quickly at over asking price! A real lack of inventory exists on the marketplace right now.  Dorchester Towers is of no exception when it comes to the lack of market inventory, as active brokers in the building we consistently receive phone calls from interested buyers focusing their search on anything available in the building.  So if you are thinking of selling, now would be a great time to give us a call.

With the Spring Market upon us, the uptick in the rental season is in place.  This is the time of year that rentals are at their peak, with more and more rental buildings being built in our neighborhood figuring out the best way to find a tenant has never been more important.  High end rental buildings are sprouting up what seems everywhere in the Upper West Side right now.  First right across the street between 66th and 67th on Amsterdam, a 20 story luxury rental building is planned that anybody who lives on the Western side of Dorchester is so familiar with. Then you have the massive tower being built on 62nd and Amsterdam, that is suppose to be adding somewhere in the 330+apartment range to the marketplace.  A new luxury rental at 77th and Broadway the Larstrand is supposedly close to completion.
Dorchester_Towers_condos
There will be a lot of competition for higher end rentals in the foreseeable future in the neighborhood.  Dorchester Towers is essentially surrounded by these types of buildings, you have the Aire at 200 West 67th Street, The Corner at 72nd and Broadway, and these new luxury rentals still in development.  So the question is, What to do with your Dorchester Tower apartment if you need to rent it.  The answer in our opinion is all about positioning, pricing and exposure.  Competing with a brand new building  with its 100% higher end renovated units, all of the amenities you can ask for, is going to be difficult if a unit owner wants the same level of rent as those buildings will command.
As the weather warms up in New York city, this is a good time to contact us if you are thinking of selling or renting out your Dorchester Towers condo units. We have a list of previous Dorchester condo owners that have worked with us and would be happy to recommend us to you. Call us today at (917)837-8869.

 

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155 West 68th Street Dorchester Towers Condo TWO BEDROOM MARKET REPORT year 2012/2013

155 West 68th Street New York NY 10023 is the address for Dorchester Towers Condo located in the Lincoln center area of Upper West Side. The building is conveniently located near all the shopping, transportation, Central Park, Riverside Park, and Lincoln Center. This is a great building and many buyers and home seekers often looking for TWO BEDROOM in this building, play our market report video to learn more. We would love to hear from you if you would like to discuss more in details.

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Dorchester Towers condo 2012/2013 Overview

DorchesterTowers_2013_Overview

Dorchester Towers Condo 155 West 68th Street is one of the most popular Upper West Side condo because of its location and desirable layouts in each unit. Morgan Evans and Eileen Hsu sold and leased many units in the building, here is Morgan Evans discuss market report 2012 and prediction for year 2013.

 

one of our favorite Midtown West Condo, the Platinum 247 West 46th Street.

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Dorchester Towers Condo 2012 Year in Review Market Report

Dorchester Towers Condo 2012 Year in Review Market Report

We would characterize the sales market at Dorchester Towers reflecting the overall Manhattan sales market, very little inventory with pent up demand.  Overall, there were 8 total sales in the building; 7 that came on the market and 1 off market sale.  For our purposes we only follow the transactions that occurred on the open market as we do not have enough information regarding off market sales.  Prices were UP in 2012, with the evidence of some very strong sales for larger units. With very few apartments coming on the market, when an unit did come available open houses with high exposure marketing, it were full and strong offers were made.  We predict more of the same in the 2013 sales market.

Let’s jump into the individual segments of the Dorchester Towers Sales Market.

Studio/Junior 1 Bedroom at Dorchester Towers:

No Studio or Junior 1 Bedroom condos came on the market for sale in 2012.  Unlike in 2011, when there were Six (6) sales in the building.  So we do not have any hard evidence to compare numbers, however the sales market for entry level apartments has been in very high demand.  A lot of the studio units at Dorchester Towers have the highly desirable Alcove Studio layout.  They also typically have very low common charge and Real Estate taxes making them ideal for investors and first time buyers.  Looking at the year 2010, 2011, sales figures prices have gone up, we expect the same for year 2013 when a seller works with the right agent with maximum market exposure.

2012

2011

2010

Number of Units Sold 0

6

1

Average Price

0

$587,965 $560,000
Average Price/Square Foot

0

$1,008 $1,025

Dorchester_Sold_Rent_3rowB

One Bedroom at Dorchester Towers:

There was just One (1) Sale for this segment of the market in 2012. The One Bedroom market at Dorchester Tower’s is definitely one of the most sought after types of apartments. When you compare one bedroom pricing to that of the One Bedrooms in other surrounding condominium buildings we come in a lot lower. The average one bedroom in neighboring buildings (Coronado at 155 West 70th Street, Copley at 2000 Broadway, Alexandria at 201 West 72nd Street) typically will start at $850,000 and up from there.  Those are newer buildings which have more amenities than Dorchester (for now), but when the average price for a Dorchester One Bedroom being is usually more than $100,000 less, it creates a lot of demand for buyers who are looking to buy in this neighborhood and are price conscience.

In 2012, we had just One (1) sale for a one bedroom apartment, which we represented the owner.  The price point it sold for can be slightly misleading in regards to what a typical one bedroom will sell for in the building.  It was a lower floor (4th) 20-Line layout (South facing), the smallest One Bedroom (571 square foot) configuration that was in an Original year 1964s Condition.  When looking at the price per square foot calculation, it sold at what we consider is a good price for both the seller and the buyer considering the work that would have to be completed.  We have sold many units in Dorchester Towers, so we priced the unit according to various factors to maximize profit for the sellers. For a renovated, higher floor One Bedroom with an improved exposure, either exposure East (Broadway) or West (Amsterdam), you could easily expect pricing to be significantly more.

2012

2011

2010

Number of Units Sold   1

6

3

Average Price

$585,000

$667,500 $646,833
Average Price/Square Foot

$1,025

$1,064 $1,030

1910_view

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

The Junior Four (Convertible Two Bedroom) Market is one of the most interesting segments in the building.

We look at this apartment segment as two different sections: The apartments with 1 bathroom and those that have 1.5 bathrooms.   The reason being is that there is a considerable price difference between the two.  When it is priced correctly, both sections of the Convertible Two bedroom market see a lot of demand, but the last two sales this year that had the 1.5 bathrooms showed overwhelming demand.  Essentially these apartments that can be converted to a Two (2) Bedroom with their 1.5 bathrooms function as a mini-Two Bedroom apartment, and are priced significantly lower than what a True Two Bedroom/Two Bathroom is selling for.  Where else can you buy an apartment that functions like a Two Bed/Two Bathroom Condominium for around $1,000,000? There is a lack of inventory in the neighborhood for Convertible 2 bedrooms under $1,000,000 in the Lincoln Square area of the Upper West Side.

2012

2011

2010

Number of Units Sold

3

6

3

Average Price

$1,061,333

$953,333

$920,000

Average Price/Square Foot

$1180

$1038

$1034

Dorchester_Sold_Rent_3row

Two Bedroom at Dorchester Towers: 

We receive more requests for Two Bedroom Apartments than any other size of apartment in the building.

We also have a waiting list of all cash buyers that have lost out on other sales. There just are not that many two bedrooms in the building.  Mainly found in the high floor tower section of the building, the two bedroom market performed well in 2012.  In 2012, we saw Two, Two (2) Bedroom apartment sell, one in the tower on the 34th Floor with 2 bathrooms and the other was a combination unit of the 16 Line (large studio) and the 15 Line (One Bedroom) that was converted to Two Bedroom with home office and Two Bathrooms.  Demand for Two Bedroom Apartments is extremely high right now, especially if it is priced and marketed properly. We expect multiple interested buyers when the next fair priced Two Bedrooms comes on the market with the proper market exposure. Dorchester owners who worked with us are often impressed by our experiences and market information of the building and marketing efforts.

2012

2011

2010

Number of Units Sold

2

1

0

Average Price

$1,392,500

$1,160,000

0

Average Price/Square Foot

$1089

$988

0

 

A Combination 4 bedroom/3 bathroom sold in 2012:

This beautiful apartment was located on a low floor.

A combination of the 30 line and 31 line with a South/East/West Exposure.  This combination was sold for $2,550,000 and was on the market asking $2,690,000.  This apartment had been gut renovated and was in mint condition.

Dorchester Towers Condo Market Report Conclusions:

Dorchester Towers condo units sold very well in 2012, much like the entire condominium market in Manhattan New York.  There are limited inventory coming available with pent up ready and willing buyer demand created multiple offer scenario’s and higher prices than past years especially when the property is well priced and aggressively marketed to reach a wide audience. We feel that any Dorchester owner/seller who was waiting for prices to bounce back is now looking at an opportunity that supply is extremely limited and buyer demand is just waiting for the right apartment to come on the market.

We are the consistent Top Selling agents in Dorchester Towers condo.  

DORCHESTER_portrait_BW

We successfully sold and leased multiple 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.

In this consumer savvy and an immediate need for information days and age, it is most beneficial for owners to work with agents like us who are extremely experienced and familiar about Dorchester Towers and be the advocates for you when you decide to sell or lease your Dorchester Tower units.

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.

If you would like to receive an Exclusive Detailed List of each apartment that sold at Dorchester Towers in 2012 including our personal Insights email us at Morgan.Evans@Elliman.com and ask for Dorchester 2012 Sold List.

 

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Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

The Dorchester Tower’s sales market so far in 2012 has not seen too much inventory come available, however most apartments have been selling quickly once they come on the market.  The initial open houses are seeing large amounts of foot traffic, with a number of apartments receiving offers within the first couple weeks of being on the market.  Below is a breakdown of what has sold so far this year.

Dorchester unit 230/231– Sold for $2,550,000, asked $2,690,000, 2221 sq

Dorchester unit 420-Sold for $585,000, asked $625,000, 571 sq ft

Dorchester unit 1132-Sold for Full Price, asked $899,000, 892 sq ft

Dorchester unit 29C-Sold for $1,255,000, asked $1,175,000, 956 sq ft

Dorchester unit 34B-Sold for $1,360,000, asked $1,450,000, 1174 sq ft

Dorchester Tower One Bedroom-Just the single unit has sold.  The One Bedroom market is extremely desirable in the building, low common charges and real estate taxes, combined with efficient layouts with generous closet space.  A well priced renovated Dorchester Towers One Bedroom apartment will sell quickly in today’s active market.

Dorchester Tower Junior 4-Two Junior Four Apartments sold in the first half of 2012.  Both were convertible two bedrooms, which is always a desirable option for a lot of buyers.

Two Bedroom-There are very few Two Bedrooms that come to market at Dorchester Towers and the one that did so far this year was on a high floor and had very nice western and southern views.  There is a pent up demand for well priced Two Bedrooms in the building, when something comes available expect it to sell quickly.

4 Bedroom/3 Bathroom-This unique apartment was a combination that underwent a gut renovation.  A unique apartment, we won’t see this apartment size come available too often in the building.

Dorchester Tower’s is going to be renovating the lobby, planned to begin in the late Summer. A hallway renovation is also planned, but details are still being finalized. There is also a proposal for a fitness room to be added to the lobby level of the building.

The renderings of the lobby renovation look extremely tasteful and we feel will greatly improve the first impression new buyer’s or renter’s will have when entering the building.  An updated lobby and fitness room will definitely improve the value of the apartments in the building.

The first half of 2012 saw increased buyer traffic, quick sales, with what we would say is very little room to negotiate for buyer’s.  Demand for well priced Lincoln Square condominiums for sale, puts Dorchester Towers condos for sale in a strong position as their is pent up demand for what is a relatively small amount of inventory.

We are very experienced and knowledgeable of Dorchester Towers Condo market for both sales and rental.Call us (917)837-8869 and we can discuss in details if you would like to sell or buy a condo unit in this wonderful building.

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