Category Archives: Market Report

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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Dorchester Towers Condo Rental Market Report Spring 2012

Dorchester Towers Condo 155 West 68th Street Rental Market Report Spring 2012

Spring Summer season is one of the most optimal time for both condo owners and renters to be on the market looking for their ideal rental unit.

Most people do not likes moving in the middle of the winter, even an uncommonly mild Winter weather one like we just had.  Because of this, many of the rental leases are usually up for renewal in the Spring or Summer time of the year.

We have been assisting Dorchester condo owners selling and renting their units for many years now, and it is in our experiences that Spring rental market is traditionally the strongest time for owner’s to be able to maximize the rents received for their condo investment.

At the Dorchester Tower’s there is a unique rental market.  Mainly it is because about almost half of the building is owned and rented out by the sponsor and the other units are owned by individual owners. A potential interested tenants can either rent directly from the sponsor’s management company or an individual owner depending on availability.

Spring Flowers at Dorchester Towers Driveway

At Dorchester Towers Condo, the Sponsor’s Management units are usually updated to a good to brand new renovation.  Condo owners have a varying degree of renovation.  The most challenging to rent units are the 1960s original condition or somewhat original condition apartments.  There are also condo owners who have completed some beautiful renovations, surpassing the management renovations.

Condo owners have a choice to decide whether they will allow a pet in the apartment or not, the sponsor managed unit will allow pets with appropriate disclosure signed.  There is a pet policy that has to be followed.  If you are a Dorchester Towers Condo, please keep in mind that if you prefer tenants not have pets of any kind, dogs or cats typically, that will narrow down the pool of potential tenants.  We have rented many Dorchester Towers units for many condo owners,  and from our past experience, we would say that 25% of people seem to have a pet of some kind.

Pricing for a Dorchester Tower’s Rental units as of 4/2012:

  • Studios- $2500-$2900
  • One Bedrooms-$3000-$3500
  • Junior 4(Convertible Two)- $3800-$4700
  • Two Bedroom/Two Bathroom-$5200+

Sponsor management units command a higher rent than a condo owner.

If you are interested in renting an apartment at Dorchester Towers call us today at (917) 837-8869.

These are active units as of month of April of 2012, to use these prices as a guide, keep in mind that the prices will depend on several factors: market inventory, exposure, renovation, floor height, and different terms of the offer of the potential tenant.

If you are a Dorchester Towers Condo owner, Please call us (917)837-8869 so we can discuss in specific details on your Dorchester unit if you are a Dorchester Towers unit (mail us at Morgan.Evans@Elliman.com or EHSU@elliman.com)

 

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2011 Two & Three Bedroom Market Report in Dorchester Towers Condo

We wrote part I alcove studio/junior one bedroom in Dorchester Tower condo and Part II Dorchester Tower condo One Bedroom Market Report few days ago, here is the Part III Dorchester Tower condo market report for larger condo units.

These three parts of Dorchester Towers Condominium Market Report outline the detail the sales activity that took place in 2011. Because of our market knowledge and familiarity of the building, many Dorchester Towers owners decided to work with us to sell their condo units.

In 2011, we track that 14 sales occurred in the building.  That was a significant increase from 2010 where approximately 10 sales occurred.  Some of the sales were private sales without coming on the open market and nonetheless, every sale gives an overall idea of the price point that apartments are selling at.

Junior 4-Convertible 2 Bedroom

Floor of Unit Sold Price Asked Price Size* Price Per Sq Ft
2 $950,000 $1,050,000 902 $1053
15 $860,000 $950,000 874 $983
3 $1,050,000 N/A 975 $107

Average Price per square foot for Junior 4’s was $1038 and the average price was $953,333.
Two Bedrooms with dining alcove area (Convertible Three)

Floor of Unit Sold Price Asked Price Size* Price Per Sq Ft
23 $1,160,000 $1,694,000 1174 $988

The Junior 4, Convertible 2 bedroom market at Dorchester Towers Condominium is another type of apartment that is going to have varying prices.  A number of layouts have a 1.5 Bathrooms.  This second bathroom creates a lot more value.  The physical layout and sizes vary, creating some apartments where a 2nd Bedroom can be created much more easily and comfortably.  Again, comparing the right layout to an apartment you are interested in buying or selling is essential.

Click on below links to see other size apartment market report:

2011 alcove studio/junior one bedroom Market Report in Dorchester Tower condo

2011 One Bedroom Market Report in Dorchester Towers Condo

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

In this consumer savvy and an immediate need for information days and age, it is most beneficial for owners to work with agents like ourselves who specialize in Dorchester Towers and be the advocate for you when you decide to sell or lease your Dorchester Tower units.

We can be reached at (917)837-8869, contact us for a fair market evaluation of your condo unit today.

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2011 One Bedroom Market Report in Dorchester Towers Condo

We wrote about the market on alcove studio/junior one bedroom in Dorchester Tower condo in part I of Dorchester Towers Condo market report. Here is the report on One Bedroom Sales in Dorchester.

Dorchester Towers Condominium at 155 West 68th Street New York, New York had a very robust 2011 in sales activity.

This 2011 Dorchester Towers Condominium Market Report is going to detail the sales activity that took place in 2011. We have great track record in selling and leasing the building units, and we had the opportunity to help multiple owners to sell their condo units in Dorchester Towers in year 2011.

In 2011, we track that 14 sales occurred in the building.  That was a significant increase from 2010 where approximately 10 sales occurred.  Some of the sales were private sales without coming on the open market and nonetheless, every sale gives an overall idea of the price point that apartments are selling at.

One Bedroom Sale Data for 2011

Floor of Unit Sold Price Asked Price Size* Price Per Sq Ft
8 $720,000 $750,000 693 $1038
18 $680,000 $799,000 617 $1102
5 $645,000 $689,000 600 $1075
15 $625,000 $625,000 601 $1039

Average Price per sq ft for One bedrooms was $1063.50 and the average price was $667,500. Overall, these are healthy sales figures for the one bedroom in Dorchester Towers Condo.

Here the link (http://dorchestertowerscondo.com/2011-alcove-studio-jr-one-bedroom-market-report-in-dorchester-towers-condo/) for our Part I market report on Alcove Studio/ Junior One bedroom in Dorchester. Please check back in for our part III, we will discuss larger size apartments in Dorchester Towers condo market. Or you can always contact us directly at (917)837-8869 to find out specific unit you are interested in or own.
We have omitted the exact apartment number to give the current owner’s some sense of anonymity.  However if you want to know the exact apartment, what view, condition and any other pertinent information contact us at (917) 837-8869 or email at us here: http://dorchestertowerscondo.com/contact-us/

*All information regarding a property for sale, rental 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.

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2011 Alcove Studio & Jr. One Bedroom Market Report in Dorchester Towers Condo

Dorchester Towers Condominium at 155 West 68th Street New York, New York had a very robust 2011 in sales activity.

This 2011 Dorchester Towers Condominium Market Report is going to detail the sales activity that occurred.  As building specialists, we had the opportunity to help multiple owners to sell their condo units in Dorchester Towers in year 2011.

In 2011, we track that 14 sales occurred in the building.  That was a significant increase from 2010 where approximately 10 sales occurred.  Some of the sales were private sales without coming on the open market and nonetheless, every sale gives an overall idea of the price point that apartments are selling at.

In Dorchester Towers Condo Market Report Part 1, we will discuss Alcove Studio & Junior One Bedroom Sales, in part 2 and part 3, we will discuss larger size apartments in Dorchester Towers condo market.

Alcove Studio/Junior 1 Bedroom Sale Data for 2011.

Floor of Unit Sold Price Asked Price Size* Price Per Sq Ft
4 $660,000 $725,000 603 $1094
7 $650,000 $688,000 748 $868
17 $582,000 $595,000 549 $1060
9 $575,000 $595,000 546 $1053
2 $570,793 N/A 529 $1079
7 $490,000 $495,000 545 $899

Average price per square foot for studio was $1,008 and the average price was $587,965.
 
The studio apartment at Dorchester Towers Condominium has a number of different layouts, varying in size from 780 sq ft to about 530 sq ft.  Some can be converted to a Junior One bedroom Bedroom layout more easily than others.  Because of this, the pricing varies a lot, the average pricing is just a general number, in order to get a true idea of value you need to compare the most like kind layout.

Please check back in for our part 2 and part 3, we will discuss larger size apartments in Dorchester Towers condo market. Or you can always contact us directly at (917)837-8869 to find out specific unit you are interested in or own.
We have omitted the exact apartment number to give the current owner’s some sense of anonymity.  However if you want to know the exact apartment, what view, condition and any other pertinent information contact us at (917) 837-8869 or email at us here:http://dorchestertowerscondo.com/contact-us/

*All information regarding a property for sale, rental 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.

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2010 Dorchester Towers Condo Overall Market Report

2010 Dorchester Towers Condo Overall Market Report

In 2010, there were eight Dorchester units sold at the Dorchester Towers Condominium at 155 West 68th Street, New York, New York 10023.For a comparison of years past, in 2006 15 properties sold, in 2007 12 properties sold, in 2008 12 properties sold and in 2009 11 apartments sold.There was a dip in the number of properties sold in 2010. This could be a result of a number of different factors.  Almost all of the properties that came on the market in the building during the year ended up selling.  Like the rest of the market typically the only sellers that put their apartments on the market actually want to sell them and buyers are only willing to make offers on apartments that are priced relative to whats selling in their respective buildings and in the neighborhood.  This creates a situation where fewer apartments trade.We are going to provide a basic breakdown of the sales that occurred in 2010.

As Dorchester residents and also a Real Estate agents of Dorchester Towers we would like to note that pricing an apartment at Dorchester Towers has a lot to do with understanding the unique variables that make up this building.  Because the building is over 40 years old the condition of most apartments can vary widely, because of the unique shape and position of the building floor and exposure play a considerable part in the price an apartment will demand.

These variables are unique to each situation, and if you are curious about your specific apartment and how it compares to what’s sold, we recommend you to contact us (917)837-8869 so we can break down the differences between your apartment and what has sold this past year.  The figures we provide are accurate as far as the closing information we receive from multiple sources, but often prices are a reflection of different variables that are not as easily quantifiable.The breakdown of apartments was as follows:

Junior Four Apartments are typically a 1 bedroom apartment with an L-shaped Living Room.  The addional wing of the living room can often be turned into a second small bedroom or used as a dining space.  Now at Dorchester Towers there are a number of different layouts for Junior 4 apartments.  Some layouts are more functional and have more value than others as the additional room will have a built in closet already and have a window.  The ayouts where the dining alcove space does not have a window or have a built in closet are not able to be marketed as a “real” bedroom space.

Three one bedroom Apartments Sold.  Average price was $646,833.  The average sq ft was 628 sq ft. That is about $1030 sq ft.

  • A third floor south facing 633 sq ft 1 bedroom sold for $626,000
  • A third floor south east facing 650 sq ft 1 bedroom sold for $672,500
  • A 17th floor West facing 601 sq ft 1 bedroom sold for $642,000.

The one bedroom market at Dorchester Towers is highly desirable as most of the apartments will fall into the $600,000-$700,000 price range. This price range in the Lincoln Square area for condominiums doesn’t have very much inventory with a fairly high number of buyers.
One alcove studio(Junior 1 Bedroom) sold for $560,000.  It was a western facing on the 5th Floor, 546 sq ft apartment.
One 3 bed 2.5 bath Sold -This combination apartment faced Broadway on the 18th floor sold for $2,150,000.  This combination featured over 1800 interior sq feet with an additional outdoor terrace, making it quite a unique Dorchester Apartment.
So how do these prices compare to 2009?

Breakdown of the type of units SOLD in 2009.

  • Studios- 2 studios sold- Average price of $545,000 at an average price/sq ft of approximately $1001
  • 1 Bedroom-4 One bedrooms sold – Average price of $675,000 at an average price/sq ft of approximately of $1054
  • Junior 4*- 3 Units Sold, Average Price- $902,053 at an average price/sq ft of approximately $1,000
  • 3 bed/3 bath-1 unit sold at $2,200,000.00 price per sq ft of $1035
  • 4bed/3 bath-1 unit sold at $1,610,000.00 price per sq ft $782

One bedrooms are selling for about 4% less than last year. Junior Four Apartments if you take the average sold for about $1030 sq/ft, but in my opinion the 31st floor apartment is skewing the numbers as that apartment is not very typical of the average Junior 4 in the building.  The other two sales are more typical and both of those sold for around $860,000.00 at about $966 sq ft.

The larger two and three bedrooms do not trade very often so the valuation really depends on the renovation, view, floor and layout.

Overall, much like the rest of the marketplace, renovated apartments are selling for a premium compared to apartments that need work.  In this marketplace buyers who have to purchase and then renovate will demand and expect to receive a discounted price as the out of pocket expenses and time involved to renovate will be considerable.

Dorchester Towers has faired well in the Manhattan marketplace.  We feel that our prime location in the Upper West Side, our low common charges, and well maintained and serviced building have to do a lot with that.

Again, we (Morgan Evans and Eileen Hsu) are Dorchester residents ourselves, Thanks for taking your time to look at our Dorchester Towers Report, if you are thinking of selling, leasing or buying in Dorchester Tower, we would like to hear from you. We worked with many Dorchester sellers and owners in the building in selling or leasing their condo units therefore we are very familiar and have a stellar track record in selling of this building, if you are thinking of either selling or leasing of your Dorchester unit, or would like a fair market assessment of  your Dorchester Towers Condo unit, call us today at (917)837-8869. You can also email us byclicking this link (or visit this page: http://dorchestertowerscondo.com/contact-us/)

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