Category Archives: Market Report

Real Estate market 2018 – END OF YEAR REPORT

DORCHESTER TOWERS 2018 YEAR IN REVIEW

FIRST, A QUICK SNAPSHOT OF THE OVERALL MARKET NUMBERS, THEN WE’LL DIVE INTO THE DETAILS!

Let’s begin with the Douglas Elliman 4th Quarter Market Report. A few statistics stood out to us and are definitely worth noting. With the total number of sales declining for the fifth consecutive quarter, inventory is up 11.8% to just over 6,000 apartments.

When inventory goes up, typically that means prices will go down, and that’s exactly what we’re seeing. Condo median prices were down 9.5%, new development prices were down 25.5% from the 4th Quarter of 2017, and listing discounts from last list price for condos was 6.7% – the highest quarterly average in 6 years! In addition, days on market from last list date was 106 days.

According to StreetEasy, more sellers cut asking prices during the week after Labor Day than any other week in StreetEasy history. Asking prices fell on 774 homes, exceeding the previous record of 713 set during the week of March 22, 2009.

So, what happened in 2018?

Simply stated, 2018 was a “buyers’ market”. Looking at all the metrics, a clear theme of lower prices, more listings to choose from and more negotiability all told a story of buyers having the advantage.

However, it’s not all bad news. There’s a silver lining.

Yes, condo median prices were down 9.5%, but even this downswing is nothing like what we saw in 2008. Another interesting statistic is the fact that in December 2018, 5% of apartments sold for more than the asking price and 9% sold AT the asking price.

That tells us a good portion of listings are selling relatively quickly at or above the asking prices; typically, good news for sellers. So, even though it was a buyer’s market, there was still opportunity for sellers depending on their particular property and how that apartment fit into the larger marketplace.

Now, let’s drill down a little more and see how apartment sales at the Dorchester Towers did in 2018…

We will dive into each category, but a small spoiler up front: They fared well. Prices were off a bit, but not much. Apartments did take longer to sell and required more negotiations, but they did sell. Now, let’s get started!

** Please note: This is our 8th year tracking the Dorchester Towers condo market sales, and this year we added days on market to the report. This measurement allows you see how long it was taking to sell in each year; something we find very important to track in this type of market.

STUDIOS AT DORCHESTER TOWERS

As we begin with studio apartments, it’s important to keep in mind that there are over nine studio layouts in Dorchester Towers ranging from 530 – 750 square feet. This is important because the various layouts get priced much differently.

We classify studios as either alcove or jumbo studios. Alcoves are great because they can often be converted into a one bedroom, and jumbo studios are popular because you get a lot of square feet for the money.

This past year we had a great case study for one of the Jumbo Studios. It was a 21 line on a higher floor, and it came on the market asking $925,000. To sell, the seller ended up reducing the price roughly 9.5%, which coincidentally was the exact same amount the 4th quarter Douglas Elliman report said that condo median prices went down. It also took 124 days for a contract to be signed, much longer than we’ve seen in the past. This apartment was a good example of how buyers in 2018 reacted to aggressive asking prices and aren’t getting serious until the prices started dropping.

It’s true that studios are generally always in demand because they are great for entry level buyers; however, looking forward into 2019, we believe studios will take even longer to sell unless they are realistically priced.

	2018	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	1	1	4	2	3	1	0	6	1
Average Price	$837,000	$775,000	$828,750	$712,500	$821,666	$709,000	0	$587,965	$560,000
Average Price/Square Foot	$1119	$1,419	$1,278	$1,260	$1,188	$1,176	0	$1,008	$1,025
Days on Market	124	43	64	42	54	19	0	103	53

ONE BEDROOMS AT DORCHESTER TOWERS

In 2018, one bedroom apartments stayed fairly consistent on pricing compared to the previous year. In 2017, two One bedroom apartments sold; One for 995,000, the other for 998,000. In 2018, four different one bedroom apartments closed in the range of $910,000-$998,000, with an average price of $959,500.

It’s great news that the pricing stayed steady, but unfortunately the days on market increased significantly in 2018. Often when days on market increases, it’s the first step in a softening of prices. Buyers are not acting as quickly, they are taking more time making offers and offer prices tend to taper downward in this scenario.

Currently, there are two one bedroom apartments on the market and both are asking in the mid-800K range. They are both on a lower floor, which does provide a little explanation for the price, but we haven’t seen one bedroom apartments close in the mid-low 800,000 range since 2014/2015.

Seeing days on market increase puts more pressure on the importance of value pricing right out of the gate. The first 30 days on the market are now more important than ever.

	2018	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	4	2	2	1	3	0	1	6	3
Average Price	$959,500	$997,000	$946,500	$855,000	$868,333	0	$585,000	$667,500	$646,833
Average Price/Square Foot	$1486	$1495	$1,524	$1351	$1,363	0	$1,025	$1,064	$1,030
Days on Market	105	46	31	76	24	0	128	34	19

THE JUNIOR – 4 (CONVERTIBLE TWO BEDROOM)

Often referred to as the Junior – 4 Layout, because of the total number of rooms, most of these apartments have been converted to have a second smaller bedroom. Many also refer to this layout as the ‘convertible two bedroom’ apartment.

The convertible two bedroom at the Dorchester has a number of layouts with square footage ranging from 883 sq. ft all the way to 1,100 sq. ft, with most of them hovering around the 900 sq. ft range. What typically makes the largest difference in price between these layouts is whether it has a one bathroom or one and a half bathrooms.

The convertible two-bedroom layout has continued to be a desirable segment of the market because it fits a niche for buyers who likely don’t have the ability to jump up to the price point of a true two bedroom / two bathroom unit, but have outgrown the one bedroom unit they are currently in.

We did not see any Junior- 4 type apartments sell this past year. The only activity was a Junior – 4 that had been on the market in 2017 with a starting price of $1,620,000. After a series of price drops and remaining on the market for over six months, it was taken off the market when the last asking price was $1,468,800. This was another clear example of an ambitious initial asking price turning into prolonged days on market that ultimately didn’t lead to a sale.

	2018	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	NONE	3	3	1	4	1	3	6	3
Average Price		$1,367,000	$1,240,000	$1,075,000	$1,148,750	$1,300,000	$1,061,333	$953,333	$920,000
Average Price/Square Foot		$1,573	$1,243	$1,216	$1,302	$1,296	$1,180	$1,038	$1,034
Days on Market		27	76	30	36	28	58	68	84

TWO BEDROOM APARTMENTS AT DORCHESTER TOWERS

It’s been a few years since any two-bedroom apartments sold in the building. The last one was in 2015 and it was a brand new renovation on the 31st floor. It was a corner apartment with a large floorplan and sold for $2,000,000; down from an asking price of $2,195,000.

The main reason we don’t see two-bedroom apartments come up often is simply because there are not many of them. They are pretty much found in the tower portion of the building with a few scattered on the lower floors. The two-bedroom condo market has a lot of demand, so if one comes up for sale, we always anticipate a great turnout.

	2018	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	NONE	NONE	NONE	1	0	3	2	1	0
Average Price				$2,000,000	0	$1,728,000	$1,392,000	$1,160,000	0
Average Price/Square Foot				$1,696	0	$1,495	$1089	988	0
Days on Market				37	0	84	75	144	0

FOUR BEDROOM APARTMENTS AT DORCHESTER TOWERS

We had the opportunity to list a four-bedroom combination over the Summer.

Apt. 304/305, located on the SW corner of the building. The owners created a very nice combination back in 2012, with a beautiful kitchen that impressed a lot of buyers who viewed the apartment. The apartment was 1849 square feet and we listed it at just under three million. We had multiple offers within the first month or so and ended up closing at $2,895,000.

Before this sale, the last time a four-bedroom apartment at Dorchester Towers came on the market was back in 2012. This was another nicely renovated combination unit on the 2nd floor and sold for $2,550,000.

Combination units at the Dorchester Towers are always unique, when and how they were combined is always a big talking point for many buyers. Often, they are attractively priced versus other competing apartments in the neighborhood. The fact that it’s so hard to find two apartments to combine in the first place makes them a desirable option for many people.

Looking ahead in 2019:

Last year we ended the report by saying there was a lot of uncertainty in the market. In 2018 that uncertainty disappeared, and it was clear we were operating in a buyer’s market. A buyer’s market in NYC is very rare. We saw it in 2001 and for a few years after 2008.

The key for a seller in 2019 is to decide how your apartment is going to get noticed.

With more inventory to compete against, how will your apartment stand out in a crowd?

Another important lesson for sellers in 2019 is to be patient. Buyers will take longer to make their decision and they might come back to the apartment a half dozen times before making an offer and ultimately signing the contract.

If you’re planning to sell in 2019, don’t get too worried. Smart timing, marketing and negotiating can still get you what you want from your property. As always, if you have any questions about the market in general or Dorchester Towers specifically, we are happy to help.

Dorchester Towers Condo Summer 2018 Report

What is happening so far in 2018 in Dorchester Towers condo?

It is all over the headlines, this year has been categorized as being in a “Buyer’s Market”.

Many NYC apartments are taking longer to sell, year over year prices are down, and more inventory is coming on the market.

Most buyers are looking for value, expecting deeper discounts and taking longer before making any final decisions.

What’s confusing about the market is that not all segments of the market are reacting the same way – there are some pockets of stability and some segments showing some sluggish behavior. Naturally, when you are buying or selling your own apartment everybody wants to know where their search fits in.

DORCHESTER TOWERS CONDO – 2017 YEAR END REPORT

DORCHESTER TOWERS CONDO – 2017 YEAR END REPORT 155 West 68th Street New York NY 10023

In summing up Manhattan Real Estate in 2017, we first have to look back on 2016 which was dominated by the extremely long and intense election year. Historically, election years typically correspond with some type of slow down in the Real Estate market due to the uncertainties they bring and 2016 followed that same pattern. The year end market reports of 2016 agreed that a shift had occurred, that the bidding wars and price escalations from the last couple of years had run its course. A normalization or plateau of pricing was occurring, which can typically be translated that buyers were gaining more advantage.

In 2017 most people expected the hangover of the deep uncertainty that the election brought to burn off and for activity to normalize. However, that never really happened. We saw extremely strong performance in the financial markets in 2017, but that did not carry over to strong buyer demand for residential Real Estate. A “wait and see” approach was setting in, apartments were taking longer to sell and often had to be more negotiable to secure a buyer. More uncertainty persisted. Capping off 2017 was the passage of the tax reform bill, which has direct implications to home ownership in New York.

Hidden in the negative, we find a positive – the Manhattan market is very segmented in that performance and demand had various results, and in our opinion, from what we were seeing in other neighborhoods, sales prices were very respectable at the Dorchester Towers in 2017.

Let’s look at some overall market numbers and see what happened?

(Data sourced from Elliman Report Q4 2017 Manhattan Sales)

Median sales prices down 4.7% in the 4th Quarter of 2017 compared to 4th quarter in 2016
The total number of sales were down 13.9% over the same time period.
Active listing inventory was up by 3.2%
The amount of negotiability from the last listing price was 5.9%, up slightly.
Approximately 64% of all condo sales were “all-cash” with 90% of the deals above 5 million dollars being all cash and 46% of the deals below $500,000 being all cash

In summary: Prices were down. Total sales were down. Inventory increased from 4th Quarter 2016 to 4th Quarter of 2017.

Headlines and data points are useful to understand trends but the Manhattan Real Estate market is neighborhood and building specific. To effectively understand what effects you as a Dorchester Towers condo owner is to dive in and look at what sold at the building in 2017.

Let’s Dive In! This is our 7th year tracking the Dorchester Towers condo market sales, we don’t know of any other Real Estate agents who have put together a consecutive compilation of this type of information – we find it extremely valuable.

Studios at Dorchester Towers:

With over 9 different studio layouts in the building ranging in size from 530-780 square feet, there is a large variety in terms of what they actually sell for.

As an example: This past year we sold an alcove studio on the 3rd floor for $775,000. The original asking price was $799,000. At the end of the year one of the larger studio layouts, a 748 sq feet unit came on market, and was asking $925,000.

The studio market is an interesting segment of the market in that it does not make up a huge amount of the overall inventory and most studio buyers are working with a well-defined budget. When a studio starts to get priced closer to a One Bedroom, the demand decreases significantly because a buyer will always want the true one bedroom if the cost is similar.

The most demand typically is in the alcove studio layout because of the privacy and flexibility it provides. Looking at the chart the pricing varies greatly.

However, the price per square foot has seen a gradual rise. Knowing how to price a studio at the Dorchester, you really have to understand the exact layouts and views because there is so much difference between the different layouts.

	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	1	4	2	3	1	0	6	1
Average Price	$775,000	$828,750	$712,500	$821,666	$709,000	0	$587,965	$560,000
Average Price/Square Foot	$1,419	$1,278	$1,260	$1,188	$1,176	0	$1,008	$1,025

One Bedrooms at Dorchester Towers:

The One Bedroom market at the Dorchester had some very strong prices in 2017. As mentioned before, different segments of the market performed differently in 2017. So why did One Bedroom units do well? The sub $1,000,000 doorman condominium has probably the most active buyers looking in it. There is not a whole lot of inventory to look at so when a properly priced apartment with no major flaws comes available, you should see interest. What is a major flaw? If the unit needs renovations, it does not have an open view, or it has a unusual layout.

The ceiling for one bedrooms in the building has been that $1,000,000 threshold. A couple of apartments have sold very close to it, but have not broken it. Probably a function of a few market factors such as the New York mansion tax which is a tax of 1% of anything that sells over the $1,000,000 and that combination of really nice renovation plus a good view which has potential to push that million dollar threshold.

One Bedroom units made up 40% of the market with a median price of $999,000 per the Douglas Elliman 4th Quarter Market Report. You can see that the largest portion of the marketplace is buying a One Bedroom and price wise, Dorchester Tower One Bedrooms are right around the market price.

Two One bedrooms closed for just under $1,000,000 in 2017. One started above it at asking $1,065,000 and closed just below $1,000,000 at $998,000. Not achieving that asking price definitely reflects that despite strong demand for One Bedroom Condos in the Lincoln Center area, buyers were still looking for value. The original asking price in our opinion was a bit overpriced since it was not the most newly renovated apartment and it had a Northern Exposure, which tends to not be as popular as the Eastern and Western views. However, $998,000, is a very strong price. The other one bedroom was facing Broadway (tends to be the most desirable view) that was in somewhat of an estate type condition, and it sold for $995,000 – a very good price as well.

There are at least 10 different One Bedroom Layouts in the building, ranging in size from 571 square feet up to 693 square feet with all variety of different views and exposures. As a general rule, the more traditional one bedroom layout is straight – forward (a view not looking directly at another building), with less obstructions, therefore more demand from buyers an apartment will receive.

Comparing 2016 to 2017, the average price went up but the price per square foot went down. It was a $30 sq/ft difference and with just two apartments each year to compare – overall not a whole lot of change over the last year.

Despite those two apartments selling well, late in the year, we did see a couple of one bedrooms take longer to sell and some price drops were occurring. We will definitely be on the lookout to see what these one beds will end up selling for.

	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	2	2	1	3	0	1	6	3
Average Price	$997,000	$946,500	$855,000	$868,333	0	$585,000	$667,500	$646,833
Average Price/Square Foot	$1495	$1,524	$1351	$1,363	0	$1,025	$1,064	$1,030

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

Often referred to as the Junior 4 Layout, because of the total number of rooms, most of these apartments tend to be converted to have a second smaller bedroom. Many also refer this layout as ‘Convertible Two Bedroom’ units.

The Convertible Two Bedroom at the Dorchester has a number of layouts with square footage ranging from 883 sq ft all the way to 1,100 sq ft, with most of them hovering around that 900 sq ft range. What typically makes the largest difference in price between these layouts is whether it has a One bathroom or One and a half bathroom.

The Convertible Two Bedroom layout has continued to be a desirable segment of the market because it fits a niche for buyers who likely do not have the ability to jump up to the price point of a true Two Bedroom and Two Bathroom unit and likely grew out of the One bedroom unit they used to reside in.

For the type of buyer who was living in a One Bedroom and One Bathroom and maybe their family expanded, or for the second home buyer who is use to having multiple bedrooms and multiple bathrooms in their primary residence, the Convertible Two Bedroom layout is a great fit, and an even better fit is when there are more than one bathrooms.

In 2017, we saw three Convertible Two Bedrooms sell, two of them had one and half bathrooms and the other was a single bathroom. There was a pretty big price difference between the apartments when the extra half bathroom was an option.

The Convertible Two Bedrooms with One and Half Bathrooms sold for $1,400,000 and the other sold for $1,460,000. To note, both of those apartments had converted the dining alcove into a second bedroom and they were corner layouts, facing South and East, which is one of the more popular views.

The other Convertible Two Layout with one bathroom, had not converted the dining alcove into a second bedroom so it was being sold as a very large one bedroom one bathroom. That apartment sold for $1,240,000.

Is that extra bathroom really that much of a difference maker? A pretty sizeable price difference occurred between the apartments that had one and a half bathroom as opposed to just one.

The majority of the buyers are always going to prefer that extra half bathroom, the premium for it is going to be a case – by – case basis pending on the exact layout, how renovated the apartment is, what else is on the market and just overall market activity.

We would recommend that in order to maximize price if you are selling your Convertible Two Bedroom, is having the second Bedroom already built out. It will provide more opportunity to attract the largest pool of buyers who are looking for that entry level two bedroom style apartment.

What found that in 2017 for the Convertible Two Bedroom Category, the price ceiling probably exists for this type of apartment. A Convertible Two Bedroom that had an asking price of over $1,600,000 came on the market and has since undergone two price drops and is still available.

Despite strong sales in 2017 in the Dorchester, overpricing or aggressive pricing resulted in lack of interest and increased days on market that typically leads to a lower price than what you could have originally achieved.

	2017	2016	2015	2014	2013	2012	2011	2010
Number of Units Sold	3	3	1	4	1	3	6	3
Average Price	$1,367,000	$1,240,000	$1,075,000	$1,148,750	$1,300,000	$1,061,333	$953,333	$920,000
Average Price/Square Foot	$1,573	$1,243	$1,216	$1,302	$1,296	$1,180	$1,038	$1,034

Looking Ahead for 2018:

The keyword that seems to being rightfully repeated is “uncertainty.” It will take time to understand the full implications of tax reform on residential real estate. The problem with uncertainty is that what usually comes with it is a wait and see approach to making a buying decision. If buyers perception is that prices are going to go down then we start to see days on market go up. There are more price drops and more aggressive negotiations. Whether that is the case or not depends on the specific type of apartment they are looking at.

The key for a seller in 2018 is to create a sense of urgency and to really understand how their apartment fits into the context of what their target buyer is looking for. Within each type of apartment size you have a price range that most buyers will be looking for. Step outside of that price range and you will very likely see very little interest. We think that is quite evident from the apartments that we have seen linger on the market with price reductions – they were over confident with the initial asking price and the result was the days on market increased and that led to the buyer’s perception that something was wrong with the apartment.

A specific marketing campaign, expert knowledge and understanding of the market, and years of experience in 2018 will play a larger role in a successful sale.

Did you enjoy reading this 2017 Market Report? If so, we would love for you to share it with our fellow Dorchester neighbors and friends. As owners ourselves in the Dorchester Tower we take great pride in representing the building and helping achieve maximum prices for our owners whether they are selling or renting.

We also would love to hear from you on what you thought of the market report. Feel free to give us a call so we can discuss any specifics aspect of the market you may want to know more about. We look forward in hearing from you.

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 Dorchester good 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

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_BW right 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/

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.

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.

Dorchester The 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.

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/

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.

http://dorchestertowerscondo.com/dorchester-towers-condo-alcove-studio-507-for-rent/

http://dorchestertowerscondo.com/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.

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/

Dorchester Towers Condo 2014 Year in Review MARKET REPORT

Dorchester Towers Condo Market Report 155 West 68^th 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 21^st floor with an open Southern exposure sold for $835,000, at $1,432 sq/ft!

Let’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.

We also saw an Amsterdam facing one bedroom on the 8^th 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 14^th 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 22^nd 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

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/)

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.

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.

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)

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/)

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.

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/)

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

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)

Newly renovated lobby hallway of Dorchester Towers condo.

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

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

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

DorchesterTowersCondoSpecialists_SM

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

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

Let’s look at some overall market numbers and see what happened?

Studios at Dorchester Towers:

One Bedrooms at Dorchester Towers:

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

Looking Ahead for 2018:

Dorchester Towers condo 2016 Summer End MARKET REPORT|

155 West 68th Street Market Report Summer End 2016

What has been selling in Dorchester so far this year?

What About Condominium Owner Rentals at the Dorchester Towers?

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

Moving Forward:

Dorchester Towers Condo – 2015 Year Review Market Report

In 2015, we saw total of (3) different actively listed Dorchester units came on the market and closed in 2015.

(1) Alcove studio sold in 2015:

(1) One bedroom unit sold in 2015:

(1) Two Bedroom/Two and a Half Bath unit sold in 2015

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.

Dorchester Towers Condo END OF SUMMER 2015 in Review

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.

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.

Price Analysis

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

Studio/Junior One Bedrooms at Dorchester Towers:

One Bedroom at Dorchester Towers:

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

Two Bedrooms at Dorchester Towers:

Three Bedroom / Three Bathroom at the Dorchester Towers:

Dorchester Towers Condo Market Report Conclusions for 2014:

Dorchester Towers Condo 2013 Year in Review Market Report

Studio/Junior 1 Bedroom at Dorchester Towers:

One Bedroom at Dorchester Towers:

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

Two Bedroom at Dorchester Towers:

Dorchester Towers Condo Market Report Conclusions:

Watch our Dorchester Towers video below:

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