Unit 2126 FOR RENT 155 West 68th Street

DORCHESTER TOWERS 155 West 68th Street #2126 FOR RENT $4650 Per Month ***APPLICATION IS NOW PENDING***

This is an open city views unit Eastern facing looking onto the Central Park West Buildings from this 21st floor converted Two Bedroom Condominium at the Dorchester Towers.

This Dorchester Tower unit has Renovated Kitchen and Bathroom, Generous Closets, 9 ft tall ceilings, Large Master Bedroom, make this the perfect starter two bedroom apartment.
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155 West 68th Street, Dorchester Towers is one of the most well established condominiums in Lincoln Square. Gorgeous lobby renovation with a new fitness room, full time doorman and concierge, roof top deck, laundry on the floor, garage, and landscaped circular driveway make the Dorchester a very sought after location.
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This Dorchester Converted Two Bedroom unit #2126 is available June 1st, call us to schedule an appointment today. ***APPLICATION IS NOW PENDING***

If you are a Dorchester Tower Condo owner, and would like to sell or rent out your Dorchester unit, we have the experience to help you with the process. Call to work with us today (917)837-8869.

Read about the most recent Market Report with all the 2014 sales analysis:

http://dorchestertowerscondo.com/dorchester-towers-condo-2014-year-in-review/

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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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155 West 68th Street #1833 SPACIOUS ONE BEDROOM with HOME OFFICE NOW SOLD

155 West 68th Street #1833 SPACIOUS ONE BEDROOM with HOME OFFICE NOW SOLD

One Bedroom Condominium is now available at 155 West 68th Street, the Dorchester Towers. THIS UNIT NOW SOLD and CLOSED.

155 West 68th Street New York NY 10023 |The Dorchester Towers Condominium is one of the most well established buildings in the Lincoln Square neighborhood. The building is few blocks from culture center Lincoln Center, Central and Riverside Parks, multiple subway lines, restaurants and shopping.

Unit #1833 has South Western facing exposure providing all day bright sunlight into the apartment. The unit has renovated kitchen and bathroom. The oversized living room lays out perfectly for both dining and entertaining. An additional bonus space could be used as a massive walk-in closet, home office or sleeping area.

Dorchester_1833 COLLAGE

In addition, the apartment has 3 closets that includes a spacious walk-in-closet that are very well structured for a lot of storage is a wonderful feature. Low common charges and taxes make this an ideal investment property.

dorchester_1833_homeoffice_BA

1833_REVISED FLOORPLAN

Dorchester_1833VIEW

Dorchester Towers Condo amenity includes a new fitness room, multi-floor laundry, landscaped Roof Deck, both bike and storage rooms, live-in resident manager and is Pet Friendly. 

(Tenants in place until 6/30/2015 $3,375 per month)

  • Dorchester Towers, 155 West 68th Street, 1833
  • Price: $890,000
  • Monthly Maintenance/CC: $547
  • Monthly Real Estate Tax: $492

Assessment of $135 through July 2015, decreasing to $67/month until December 2016.

THIS UNIT NOW SOLD and CLOSED.

If you are a Dorchester condo owner and thinking about selling, call us and we can discuss your condo value in today’s market. Call direct at (917)837-8869.

Other units in Dorchester Towers Condo for Rent:

Unit #2020 For Rent: http://dorchestertowerscondo.com/155-west-68th-street-2020-one-bedroom-for-rent/

Unit #906 For Rent: http://dorchestertowerscondo.com/dorchester-towers-condo-155-west-68th-street-unit-906-for-rent/

 

 

 

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Dorchester Towers Converted Two Bedroom #503 (RENTED)

Dorchester Towers, 155 West 68th Street, 503 – Upper West Side, New York

JUST RENTED (contact us to find other comparable units in Dorchester).

Bright and Sunny Convertible Two Bedroom and 1.5 Bathroom is now available for rent at the Dorchester Towers.
Dorchester_Towers_503

 

This is a tree-top 5th floor corner with a Southeastern exposure with fantastic sunlight throughout the day. This unit has a very generous closet space, updated kitchen and bathrooms.

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Dorchester_Towers_503_Bedroom2

 

Dorchester_Towers_503_Bathroom Dorchester_Towers_503_Kitchen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

503_Floorplan155 West 68th Street -Dorchester Towers is a full time doorman condominium, with circular driveway entry-way, building amenity has a new fitness center, multi-floor laundry room, roof top deck and residents conference room.

CALL US (917)837-8869 to schedule an appointment to see this unit today.

**************

Click on link below for other possible rental units in the building:

Unit#906 For Rent (http://dorchestertowerscondo.com/dorchester-towers-condo-155-west-68th-street-unit-906-for-rent/)

Unit #1928 For Rent (http://dorchestertowerscondo.com/155-west-68th-street-1928-for-rent/)

 

 

 

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155 West 68th Street #2020 One Bedroom For Rent

155 West 68th Street unit 2020 New York, New York 10023 FOR RENT

Dorchester Towers Condo – this is a 20th floor Southern Facing True One Bedroom apartment for Rent at the Dorchester Towers.

Dorchester_Towers_2020_BedroomUnit 2020 is a sunny one bedroom has a direct southern exposure located on the 20th floor of the building. Ample closet space and a great layout make this a fantastic apartment for anyone looking to move to Upper West Side.

Dorchester_Towers_2020_LivingrRoom2

Dorchester Towers has 24 hours doorman service, separate package room, on site management office, fitness center, residents conference room, and roof deck for residents use.

Dorchester_Towers_2020_LivingRoom

 

Dorchester_Towers_2020_Kitchen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dorchester_Towers_2020_Bathroom

 

 

2020_Floor_Plan

 

 

This unit is Available February 1st, contact us to schedule an appointment.

(917)837-8869.

 

 

 

 

Click on link below for other possible rental units in the building:

Unit#906 For Rent (http://dorchestertowerscondo.com/dorchester-towers-condo-155-west-68th-street-unit-906-for-rent/)

Unit #1928 For Rent (http://dorchestertowerscondo.com/155-west-68th-street-1928-for-rent/)

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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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155 West 68th Street #1928 FOR RENT (RENTED)

155 West 68th Street|Dorchester Towers Condo unit 1928 FOR RENT 

Asking $3,250 per month.

Sunny One Bedroom unit at the Dorchester Towers 155 West 68th Street is now available for immediate occupancy.

Dorchester_1928_LR

This is a High Floor(19th) unit that has captivating Broadway Eastern exposure bringing in sunlight as well as the picturesque Broadway. This apartment features an optimal layout with ample storage and closet space.

Dorchester_1928_LR_only

Dorchester_1928_LivingroomRever

Dorchester_1928Kitchen

Dorchester_1928 Floorplan

The Dorchester Towers Condominium is a full time doorman building, the building has a circular driveway with wonderful landscaping.

Dorchster_driveway

The building lobby is newly renovated with a fitness center as well as conference room for residents to use. Other building amenities include laundry on every floor up to the 22nd floor, landscaped roof deck on the 22nd floor, fitness room, live in superintendent, and an excellent building staff.

This is available now Asking $3,250 per month., contact us at (917)837-8869 to schedule an appointment.

To read about Dorchester Market Report, click on this link below:

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

TO DORCHESTER TOWERS OWNERS: We are Morgan Evans and Eileen Hsu, we have successfully sold and leased multiple Dorchester Towers condo units because of our intimate knowledge of Dorchester such as past building history, most recent sales or rental market, updated building rules, upcoming renovations, detail financial building information, familiarity of the neighborhood, and most importantly our creative methods to showcase this wonderful building we live in. 

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

12/05/2014

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DORCHESTER TOWERS CONDO 155 West 68th Street #1014 TWO BEDROOM FOR RENT

DORCHESTER TOWERS CONDO 155 West 68th Street #1014 New York NY 10023.

Unit#1014 in Dorchester Towers Condo is a Two Bedroom/1.5 Bathroom Corner Apartment. This apartment is Sunny with Northeast Exposure of Broadway from this spacious apartment for rent at the Dorchester Towers.

*****THIS IS NOW RENTED******

Dorchester1014_LR

Dorchester1014_View

Dorchester Towers Condo #1014 has a very functional layout, the spacious master bedroom fits a king size bed, second Bedroom is also rather spacious that can be use as a home office, the powder room is perfect for guests and convenience. This unit has ample closet space and storage space, and a rare windowed bathroom.

Dorchester1014_LR2
155 West 68th Street – Dorchester Towers Condominium is situated in the prime Lincoln Square area of the Upper West Side. 24 hour white glove doorman building with brand renovated lobby, fitness room, roof top deck, laundry on every floor up to 22nd floor, and very convenient circular driveway.

155West68thStreet1014_Eileen_HsuDouglasElliman_FloorPlan_16337063_high_res

Dorchester Towers Condo #1014 rental price is $4,850 per month. Call (917)837-8869 to schedule a showing.  *****THIS IS NOW RENTED****** For other units similar to this one, or to be put on first to know list, please contact us.

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155 West 68th Street #524 One Bedroom On Market Sale

Dorchester Towers Condo  155 West 68th Street #524 One Bedroom For Sale ***THIS IS NOW SUCCESSFULLY SOLD AND CLOSED***

Beautiful Eastern Views of Picturesque Broadway from this Spacious One Bedroom Condo for Sale at the Dorchester Towers. Great Kitchen with a fantastic layout. Extremely generous closet space including two walk-in closets and spacious entry closets.

Dorchester_524_view

Dorchester_524_view

This sunny one bedroom in Dorchester Towers has spacious living room layout that allows a dining spacing as well as other functional layout ideas.

 

 

Currently the living room has been partition off as second bedroom space.

Dorchester 524 Living room partition

155 West 68th Street #524 Living room window

Both kitchen and bathroom has been updated to move-in condition. 

155 West 68th Street Kitchen

155 West 68th Street 524 Bathroom

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Please note: THIS IS A SHORT SALE. Subject to lender approval.

Must be an ALL CASH purchase.

Lender approval process approximate 4-6 months.

Sale Price: $870,000

Common charge: $523/month
Real Estate Tax: $594/month
Assessment: $135/month
Size: 643 sq ft.
.

Dorchester_524 Floor plan

 

 

 

Dorchester Towers Condo has a circular entryway allow easy drop off for passenger or groceries that is a convenience that is often overlooked.

Dorchester Towers Building amenities include a  around the clock doorman, concierge service, a newly built fitness room, on-site management, live-in superintendent,  laundry on every floor up to the 22nd floor, bike and personal storage rooms, and on-site parking.

Call us at (917)837-8869 today to schedule an appointment to see it.

 

 

Dorchester_driveway____________________________________________________________

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

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.

*****THIS IS NOW IN CONTRACT******

If you are a Dorchester Towers condo 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

Read about Dorchester Towers condo by click on links below:

http://dorchestertowerscondo.com/dorchester-towers-condo-2013-year-in-review/

Watch our video about Dorchester Towers Condo:

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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.

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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:

 

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