Category Archives: Market Report

Dorchester Towers condo 2016 SUMMER END MARKET REPORT

Dorchester Towers condo 2016 Summer End MARKET REPORT|

155 West 68th Street Market Report Summer End 2016

In today’s Real Estate market, we firmly believe that information and knowledge is your number one resource when it comes to making informed decisions.  It can be overwhelming to try to figure out what is actually happening when you are seeing different headlines, conversations and reports.

The Real Estate market in 2016 has not been easy to narrow down. Is the market up, down, sideways? The top end of the luxury market is in a period of adjustment, with pricing and buy side demand levels finding its way into headlines.  Now where are the majority of the transactions on the condominium re-sale side of the business taking place? This is an alternate discussion, we still see relatively low amounts of inventory, with consistent demand for entry level pricing. If we had to characterize the market we would say that if the apartment is in a Dorchestergood neighborhood with no serious defects, and priced based on the last three months of comparable sales, there will be a strong demand and the apartment will sell within a reasonable amount of time.

As Dorchester Towers building specialists, we always want to provide you with a specific and relevant market report about Dorchester Towers. So let’s discuss all things Real Estate related at the Dorchester Towers.

What has been selling in Dorchester so far this year?

We track all of the sales that come onto the open market and stay aware of all of the off market sales that are happening without being listed by a brokerage company.

So far this year, there have been a handful of studio, one bedroom and Junior four (Convertible Two Bedroom) sales.  Studios ranging in price from $745,000-$940,000. A One Bedroom selling for  $965,000 and the Convertible Two Bedrooms selling between $1,150,000-$1,200,000.

As we have mentioned before, with so many different layouts in the building, each apartment sale can be looked at differently based on the particular size, view and apartment condition.

We had the opportunity to represent both buyers and sellers in several of the transactions that have taken place this year.  From what we have seen, the apartments that have sold for the highest prices have been renovated.  As residents of the building, it seems that more and more people are renovating, which definitely impacts resale value and the amount of time to sell, when they are put on the market.  The fact of the matter is that the building is about 50 years old and some of the apartments look their age.

We sold Dorchester #1509; this is a true one bedroom on the smaller end of the square feet spectrum at 600 sq ft that underwent a full modern renovation a few years ago.  We listed it for $975,000. We had conversations with other brokers and interested buyers where we came up with that price.  We received a lot of interest and had a couple of offers within the first 30 days and we finally sold for $965,000, which is one of the highest prices achieved in the building for a regular one bedroom apartment.

Dorchester_Towers_1509_livingRoom2

Dorchester_Towers_1509_Kitchen

Douglas Elliman keeps track of the price ranges that each apartment size is selling for in different neighborhoods. For example, in the West Side (boundary of 60th to 110th Street), Median Price for a one bedroom Condominium in 2016 was approximately $955,000.  In our opinion, Dorchester #1509 falls right in line with what other one bedrooms have sold for on the West Side. This was a higher floor apartment with meticulous renovations, so what it may lacked in overall size it more than made up for in other areas.

What About Condominium Owner Rentals at the Dorchester Towers?

According to the August 2016 Douglas Elliman Rental Market Report, rents in Manhattan were described as flat compared to to 2015 and the overall supply of apartments increased.  Concessions were being used by landlords.

What is always challenging in the Real Estate market is what we are seeing and feeling and when it actually shows up in headlines and market reports.  This year we have had multiple listings in the building take longer to rent out than in years past and we were feeling that tenant demand was a bit sluggish.  We found it helpful to see that what we were experiencing was actually reflective in the most recent market reports.

What is the number one reason potential renters do not rent an apartment?

Of course, it can be the price, though if the potential renter already saw the apartment in person, they know the price already. What we have found at the Dorchester Towers is the condition of the apartment​ can be a factor​.  We have had a lot of repeat feedback that potential renter who tend to look in the building and who are looking for a full time doorman building in our location, also require a certain level of renovation.  Generally, potential renters want an updated kitchen with new appliances, updated bathroom with new fixtures and solid wood plank floors throughout the apartment. They are open to spending a few hundred dollars more per month for the same size apartment and in newly renovated condition.   So the less renovated inventory will sit on the market longer while trying to find the us on roof_BWright tenant who can look beyond the latest and greatest finishes and values a great location at a smart price.

Moving Forward:

The Real Estate market in Manhattan is rewarding both entry level and mid-entry price points with the most buyer side activity.  Priced effectively with the right exposure and marketing, you will have the best opportunity to maximize your sale.  As Dorchester owners ourselves, we’d love the opportunity to speak to you if you want any specific information about your apartment and what it could sell for or rent for in today’s market.

Read Other Dorchester Market Reports click on this link  http://dorchestertowerscondo.com/category/market-report/

Dorchester #1509 Renovated One Bedroom: http://dorchestertowerscondo.com/dorchester-towers-condo-one-bedroom-for-rent-1509/

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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. 

Dorchester_Roofdeck2

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 – 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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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)

Dorchester_Sold_Rent_3rowA

 

 

Dorchester_Sold_Rent_3rowB

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.

Dorchester_Sold_Rent_3rowC

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.

Dorchester_Sold_Rent_3rowDD

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 SUMMER 2015 MARKET REPORT (INFOGRAPHIC)

Dorchester Towers Condo SUMMER 2015 MARKET REPORT (INFOGRAPHIC)

The first half of the year has been relatively steady. Both buyers and sellers have reacted to the continued lack of supply within the condominium re-sale market.

Buyers have been bidding away at the most select properties once they come available and sellers have achieved strong pricing with more realistic expectations.

The frenzied 2014 market created a trend where we witnessed and continue to see some sellers and Real Estate brokers push prices to a level where buyers backed away until either a realistic price adjustment occurred or sky high expectations cooled off.

INFOGRAPHIC_Dorchester_WEB

The first half of the year has been relatively steady. Both buyers and sellers have reacted to the continued lack of supply within the condominium re-sale market.

Buyers have been bidding away at the most select properties once they come available and sellers have achieved strong pricing with more realistic expectations.

The frenzied 2014 market created a trend where we witnessed and continue to see some sellers and Real Estate brokers push prices to a level where buyers backed away until either a realistic price adjustment occurred or sky high expectations cooled off.

In terms of Dorchester Towers specifically, the ‘Average Days on Market’ increased from 40 days to 54 days before a contract was signed. The Price negotiability increased from 2.5% (2014) to about 5.4% (YTD 2015). This increase does not indicate prices are decreasing, in fact the prices are still holding steady and increasing in certain segments, indicating that we are seeing a more measured price appreciation.

Price Analysis

  • Alcove Studios: Up about $100 sq/ft since 2014
  • One Bedrooms: Holding steady since 2014
  • Two Bedrooms: Increased $200 sq/ft since the last sale in 2013

In today’s market, new construction condo market is currently the hottest segment of the market place. For brand new renovations or recent renovations, buyers will pay a premium and the likelihood of multiple offers is at its highest.

Having completed our own gut renovation, and having seen multiple apartments renovated recently, if you are interested in Contractor Referrals or curious about what upgrades would maximize the price of your apartment, we would be happy to discuss this with you in private as well.

Continuing into the rest of 2015, with continued low Inventory levels, still historically low mortgage rates for those that need financing, and an overall confidence in New York City as a global safe haven, all indicators of a healthy and active Real Estate Market.

We are Morgan Evans and Eileen Hsu, we are also Dorchester condo owners. Contact us for a confidential and obligation free discussion at (917) 837-8869.

Or send us an email at Morgan.Evans@elliman.com or EHSU@elliman.com

 

Dorchester Rentals that we recently rented:

http://dorchestertowerscondo.com/dorchester-towers-condo-one-bedroom-for-rent-1509/

 

Dorchester Towers Condo #1833 We Just Recently SOLD.

http://dorchestertowerscondo.com/155-west-68th-street-1833-spacious-one-bedroom-with-home-office-for-sale/

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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 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/)

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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.

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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)

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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/)

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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.

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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/)

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

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

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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)

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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.

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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.

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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.

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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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155 West 68th Street SUMMER END MARKET REPORT

DORCHESTER TOWERS  | 155 West 68th Street

SUMMER END MARKET REPORT

The summer months we saw a decent amount of activity for the sales market at Dorchester Towers.  Three different Two(2) Bedroom apartments came on the market for sale.  The prices ranged from $1,400,000 to $2,200,000.  One of those three apartments is currently In-Contract.  The average price per square foot for the Two Bedrooms was in the range of $1500-$1600 sq/ft which is very large increase from previous sales.

 
Dorchester units IN CONTRACT: The In-Contract listing was a listing that we represented the owner and we received a strong amount of interest and were able to secure a highly qualified buyer within 30 days of being on the market.  The other Two Bedrooms have both received interest and offers on them, but for various reasons have not had a buyer sign a contract yet, as of September 30th, 2013.
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We also saw Two(2) Junior-4 Apartments come on the market.  These Junior-4 (Convertible Two Bedroom) came on the market asking from $1,300,000 to $1,400,000.  The previous sales for a Junior 4 occurred closer to the $1,100,000 range.

Dorchester Towers Condo Renovation:The other notable project at Dorchester Towers was the completion of the lobby renovation that included a gym/fitness room to the amenity package.  As a resident of the building I can say that the lobby renovation was very tastefully done, the overall feedback has been extremely positive.  The addition of the gym when it is complete will also be a very welcome feature of living in the building.

Other than the alcove studio we sold back in the first quarter of 2013 for $709,000, we have not seen any standard One Bedroom’s or studio’s come on the market.  My prediction is that when one of these apartments does come available, if priced and marketed effectively will receive tremendous interest.

Dorchester Interesting Time! As we have  previously mentioned in our monthly newsletters, we are at an interesting time for sales at Dorchester Towers.  The building has drastically improved itself with the lobby renovation and the upcoming hallway renovations.  The overall sales market for condos like those found at Dorchester Towers is extremely robust, with very little inventory available.  Owner’s are asking more for the apartments than what we saw 1 or 2 years ago.  There is a tendency to push and push the pricing to an unrealistic limit and those apartments are still sitting.  We are at a time where asking prices will increase for Dorchester apartments with the features that today’s buyers are looking for(decent views, renovated, not noisy).  Just how much the prices will increase to is a function of what a buyer is willing to pay.

Morgan Evans and Eileen Hsu are both DORCHESTER TOWERS CONDO residents, and  top producing duo at Douglas Elliman Real Estate.

They have both sold and leased multiple units in Dorchester and consistently breaking sales record for Dorchester. It is no wonder Dorchester condo owners always work with Morgan and Eileen.

Call (917)837-8869 to see how Morgan and Eileen can help you with your Dorchester Towers condo unit today.

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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.
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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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