Category Archives: Market Report

Dorchester Tower Condo #927 BROADWAY FACING One Bedroom For Sale

Dorchester Towers Condo 155 West 68th Street #927 BROADWAY FACING One bedroom for sale.

(THIS IS NOW SOLD and CLOSED)

This spacious one bedroom unit located on the 9th floor of Dorchester Towers Condo.

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Dorchester Towers unit 927 has ample closet spaces in the apartment, it is one of the most desirable feature for many buyers who are looking for extra closet space in Manhattan New York.

From both living room and bedroom windows with open Broadway. The apartment face East and very sunny throughout the day.

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Sale Price: $899,000
Common charge: $528/month
Tax: $599/month
Assessment: $136/month
Size: 671 sq ft.

This is one of the very first one bedroom for sale with Broadway facing exposure.

Unit#927 IS NOW SOLD and CLOSED.

If you would like to be on the first to call waiting list for Dorchester Towers Condo, or Dorchester owner that would like to know the fair assessment of your Dorchester unit, Call us at (917)837-8869 or email Morgan.Evans@elliman.com , we can talk about your specific unit in Dorchester!

 

 

 

 

 

 

 

 

 

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All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.
The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

 

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155 West 68th Street SUMMER END MARKET REPORT

DORCHESTER TOWERS  | 155 West 68th Street

SUMMER END MARKET REPORT

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

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

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

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

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

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

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

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

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Dorchester Towers Condo SPRING 2013 Market Report

Dorchester Towers Condo SPRING 2013 Market Report

The first four months of 2013 at Dorchester Towers saw just One (1) apartment come on the market for sale.  We had the opportunity to list apartment, 628, an alcove studio  facing Broadway.  The asking price was $689,000 and it went into contract very quickly at over asking price! A real lack of inventory exists on the marketplace right now.  Dorchester Towers is of no exception when it comes to the lack of market inventory, as active brokers in the building we consistently receive phone calls from interested buyers focusing their search on anything available in the building.  So if you are thinking of selling, now would be a great time to give us a call.

With the Spring Market upon us, the uptick in the rental season is in place.  This is the time of year that rentals are at their peak, with more and more rental buildings being built in our neighborhood figuring out the best way to find a tenant has never been more important.  High end rental buildings are sprouting up what seems everywhere in the Upper West Side right now.  First right across the street between 66th and 67th on Amsterdam, a 20 story luxury rental building is planned that anybody who lives on the Western side of Dorchester is so familiar with. Then you have the massive tower being built on 62nd and Amsterdam, that is suppose to be adding somewhere in the 330+apartment range to the marketplace.  A new luxury rental at 77th and Broadway the Larstrand is supposedly close to completion.
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There will be a lot of competition for higher end rentals in the foreseeable future in the neighborhood.  Dorchester Towers is essentially surrounded by these types of buildings, you have the Aire at 200 West 67th Street, The Corner at 72nd and Broadway, and these new luxury rentals still in development.  So the question is, What to do with your Dorchester Tower apartment if you need to rent it.  The answer in our opinion is all about positioning, pricing and exposure.  Competing with a brand new building  with its 100% higher end renovated units, all of the amenities you can ask for, is going to be difficult if a unit owner wants the same level of rent as those buildings will command.
As the weather warms up in New York city, this is a good time to contact us if you are thinking of selling or renting out your Dorchester Towers condo units. We have a list of previous Dorchester condo owners that have worked with us and would be happy to recommend us to you. Call us today at (917)837-8869.

 

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155 West 68th Street Dorchester Towers Condo TWO BEDROOM MARKET REPORT year 2012/2013

155 West 68th Street New York NY 10023 is the address for Dorchester Towers Condo located in the Lincoln center area of Upper West Side. The building is conveniently located near all the shopping, transportation, Central Park, Riverside Park, and Lincoln Center. This is a great building and many buyers and home seekers often looking for TWO BEDROOM in this building, play our market report video to learn more. We would love to hear from you if you would like to discuss more in details.

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Dorchester Towers condo 2012/2013 Overview

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Dorchester Towers Condo 155 West 68th Street is one of the most popular Upper West Side condo because of its location and desirable layouts in each unit. Morgan Evans and Eileen Hsu sold and leased many units in the building, here is Morgan Evans discuss market report 2012 and prediction for year 2013.

 

one of our favorite Midtown West Condo, the Platinum 247 West 46th Street.

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Dorchester Towers Condo 2012 Year in Review Market Report

Dorchester Towers Condo 2012 Year in Review Market Report

We would characterize the sales market at Dorchester Towers reflecting the overall Manhattan sales market, very little inventory with pent up demand.  Overall, there were 8 total sales in the building; 7 that came on the market and 1 off market sale.  For our purposes we only follow the transactions that occurred on the open market as we do not have enough information regarding off market sales.  Prices were UP in 2012, with the evidence of some very strong sales for larger units. With very few apartments coming on the market, when an unit did come available open houses with high exposure marketing, it were full and strong offers were made.  We predict more of the same in the 2013 sales market.

Let’s jump into the individual segments of the Dorchester Towers Sales Market.

Studio/Junior 1 Bedroom at Dorchester Towers:

No Studio or Junior 1 Bedroom condos came on the market for sale in 2012.  Unlike in 2011, when there were Six (6) sales in the building.  So we do not have any hard evidence to compare numbers, however the sales market for entry level apartments has been in very high demand.  A lot of the studio units at Dorchester Towers have the highly desirable Alcove Studio layout.  They also typically have very low common charge and Real Estate taxes making them ideal for investors and first time buyers.  Looking at the year 2010, 2011, sales figures prices have gone up, we expect the same for year 2013 when a seller works with the right agent with maximum market exposure.

2012

2011

2010
Number of Units Sold 0

6

1
Average Price

0

 $587,965 $560,000
Average Price/Square Foot

0

 $1,008 $1,025

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One Bedroom at Dorchester Towers:

There was just One (1) Sale for this segment of the market in 2012. The One Bedroom market at Dorchester Tower’s is definitely one of the most sought after types of apartments. When you compare one bedroom pricing to that of the One Bedrooms in other surrounding condominium buildings we come in a lot lower. The average one bedroom in neighboring buildings (Coronado at 155 West 70th Street, Copley at 2000 Broadway, Alexandria at 201 West 72nd Street) typically will start at $850,000 and up from there.  Those are newer buildings which have more amenities than Dorchester (for now), but when the average price for a Dorchester One Bedroom being is usually more than $100,000 less, it creates a lot of demand for buyers who are looking to buy in this neighborhood and are price conscience.

In 2012, we had just One (1) sale for a one bedroom apartment, which we represented the owner.  The price point it sold for can be slightly misleading in regards to what a typical one bedroom will sell for in the building.  It was a lower floor (4th) 20-Line layout (South facing), the smallest One Bedroom (571 square foot) configuration that was in an Original year 1964s Condition.  When looking at the price per square foot calculation, it sold at what we consider is a good price for both the seller and the buyer considering the work that would have to be completed.  We have sold many units in Dorchester Towers, so we priced the unit according to various factors to maximize profit for the sellers. For a renovated, higher floor One Bedroom with an improved exposure, either exposure East (Broadway) or West (Amsterdam), you could easily expect pricing to be significantly more.

2012

2011

2010
Number of Units Sold   1

6

3
Average Price

$585,000

 $667,500 $646,833
Average Price/Square Foot

$1,025

 $1,064 $1,030

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

The Junior Four (Convertible Two Bedroom) Market is one of the most interesting segments in the building.

We look at this apartment segment as two different sections: The apartments with 1 bathroom and those that have 1.5 bathrooms.   The reason being is that there is a considerable price difference between the two.  When it is priced correctly, both sections of the Convertible Two bedroom market see a lot of demand, but the last two sales this year that had the 1.5 bathrooms showed overwhelming demand.  Essentially these apartments that can be converted to a Two (2) Bedroom with their 1.5 bathrooms function as a mini-Two Bedroom apartment, and are priced significantly lower than what a True Two Bedroom/Two Bathroom is selling for.  Where else can you buy an apartment that functions like a Two Bed/Two Bathroom Condominium for around $1,000,000? There is a lack of inventory in the neighborhood for Convertible 2 bedrooms under $1,000,000 in the Lincoln Square area of the Upper West Side.

2012

2011

2010
Number of Units Sold

3

6

3
Average Price

$1,061,333

$953,333

$920,000
Average Price/Square Foot

$1180

$1038

$1034

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Two Bedroom at Dorchester Towers: 

We receive more requests for Two Bedroom Apartments than any other size of apartment in the building.

We also have a waiting list of all cash buyers that have lost out on other sales. There just are not that many two bedrooms in the building.  Mainly found in the high floor tower section of the building, the two bedroom market performed well in 2012.  In 2012, we saw Two, Two (2) Bedroom apartment sell, one in the tower on the 34th Floor with 2 bathrooms and the other was a combination unit of the 16 Line (large studio) and the 15 Line (One Bedroom) that was converted to Two Bedroom with home office and Two Bathrooms.  Demand for Two Bedroom Apartments is extremely high right now, especially if it is priced and marketed properly. We expect multiple interested buyers when the next fair priced Two Bedrooms comes on the market with the proper market exposure. Dorchester owners who worked with us are often impressed by our experiences and market information of the building and marketing efforts.

2012

2011

2010
Number of Units Sold

2

1

0
Average Price

$1,392,500

 $1,160,000

0
Average Price/Square Foot

$1089

$988

0

 

A Combination 4 bedroom/3 bathroom sold in 2012:

This beautiful apartment was located on a low floor.

A combination of the 30 line and 31 line with a South/East/West Exposure.  This combination was sold for $2,550,000 and was on the market asking $2,690,000.  This apartment had been gut renovated and was in mint condition.

Dorchester Towers Condo Market Report Conclusions:

Dorchester Towers condo units sold very well in 2012, much like the entire condominium market in Manhattan New York.  There are limited inventory coming available with pent up ready and willing buyer demand created multiple offer scenario’s and higher prices than past years especially when the property is well priced and aggressively marketed to reach a wide audience. We feel that any Dorchester owner/seller who was waiting for prices to bounce back is now looking at an opportunity that supply is extremely limited and buyer demand is just waiting for the right apartment to come on the market.

We are the consistent Top Selling agents in Dorchester Towers condo.  

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We successfully sold and leased multiple units because of our intimate knowledge of Dorchester such as past building history, most recent sales or rental market, updated building rules, upcoming renovations, detail financial building information, familiarity of the neighborhood, and most importantly our creative methods to showcase this wonderful building we live in.

In this consumer savvy and an immediate need for information days and age, it is most beneficial for owners to work with agents like us who are extremely experienced and familiar about Dorchester Towers and be the advocates for you when you decide to sell or lease your Dorchester Tower units.

If you are an owner and are thinking of selling or renting your Dorchester Tower condo unit, Contact us for a confidential discussion of your Dorchester condo unit at (917) 837-8869.

If you would like to receive an Exclusive Detailed List of each apartment that sold at Dorchester Towers in 2012 including our personal Insights email us at Morgan.Evans@Elliman.com and ask for Dorchester 2012 Sold List.

 

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Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

The Dorchester Tower’s sales market so far in 2012 has not seen too much inventory come available, however most apartments have been selling quickly once they come on the market.  The initial open houses are seeing large amounts of foot traffic, with a number of apartments receiving offers within the first couple weeks of being on the market.  Below is a breakdown of what has sold so far this year.

Dorchester unit 230/231– Sold for $2,550,000, asked $2,690,000, 2221 sq

Dorchester unit 420-Sold for $585,000, asked $625,000, 571 sq ft

Dorchester unit 1132-Sold for Full Price, asked $899,000, 892 sq ft

Dorchester unit 29C-Sold for $1,255,000, asked $1,175,000, 956 sq ft

Dorchester unit 34B-Sold for $1,360,000, asked $1,450,000, 1174 sq ft

Dorchester Tower One Bedroom-Just the single unit has sold.  The One Bedroom market is extremely desirable in the building, low common charges and real estate taxes, combined with efficient layouts with generous closet space.  A well priced renovated Dorchester Towers One Bedroom apartment will sell quickly in today’s active market.

Dorchester Tower Junior 4-Two Junior Four Apartments sold in the first half of 2012.  Both were convertible two bedrooms, which is always a desirable option for a lot of buyers.

Two Bedroom-There are very few Two Bedrooms that come to market at Dorchester Towers and the one that did so far this year was on a high floor and had very nice western and southern views.  There is a pent up demand for well priced Two Bedrooms in the building, when something comes available expect it to sell quickly.

4 Bedroom/3 Bathroom-This unique apartment was a combination that underwent a gut renovation.  A unique apartment, we won’t see this apartment size come available too often in the building.

Dorchester Tower’s is going to be renovating the lobby, planned to begin in the late Summer. A hallway renovation is also planned, but details are still being finalized. There is also a proposal for a fitness room to be added to the lobby level of the building.

The renderings of the lobby renovation look extremely tasteful and we feel will greatly improve the first impression new buyer’s or renter’s will have when entering the building.  An updated lobby and fitness room will definitely improve the value of the apartments in the building.

The first half of 2012 saw increased buyer traffic, quick sales, with what we would say is very little room to negotiate for buyer’s.  Demand for well priced Lincoln Square condominiums for sale, puts Dorchester Towers condos for sale in a strong position as their is pent up demand for what is a relatively small amount of inventory.

We are very experienced and knowledgeable of Dorchester Towers Condo market for both sales and rental.Call us (917)837-8869 and we can discuss in details if you would like to sell or buy a condo unit in this wonderful building.

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Dorchester Towers Condo Rental Market Report Spring 2012

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

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

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

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

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

Spring Flowers at Dorchester Towers Driveway

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

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

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

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

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

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

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

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

 

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2011 Two & Three Bedroom Market Report in Dorchester Towers Condo

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

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

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

Junior 4-Convertible 2 Bedroom

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

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

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

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

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

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

2011 One Bedroom Market Report in Dorchester Towers Condo

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

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

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

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2011 One Bedroom Market Report in Dorchester Towers Condo

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

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

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

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

One Bedroom Sale Data for 2011

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

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

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

*All information regarding a property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

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