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.
