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)
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.
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.
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.