2010 Dorchester Towers Condo Overall Market Report

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

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

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

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

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

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

Breakdown of the type of units SOLD in 2009.

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

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

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

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

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

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