Manhattan Condo Living

The Dorchester Towers Condominium (155 West 68th Street) offers a unique ability for your buying and rental  needs.  Dorchester Towers is one of the largest  full service condominium buildings on the Upper West Side. Dorchester Towers has about 680 units spread out over 32 floors and two towers.

The spring selling season at Dorchester Towers was definitely true to form as more activity and lots of foot traffic made its way into our building.  The first quarter market report saw significant declines in pricing, volume of sales, and a surge in inventory levels.  How busy was the spring going to be when typically sales are at their highest?  There was a lot of traffic and sales occurred, but only on properly priced apartments.  

Dorchester Towers saw a number of properties come on the market.  Including our one bedroom listing apartment 1433.  With such close proximity to Lincoln Center and various subway lines open house traffic is always strong in the building.  Some of our open houses had a dozen people waiting for the doors to open.  Well priced property sees a lot of activity and buyers are looking for value.  

Currently on the market in Dorchester Towers are a variety of apartments, alcove studios all the way up to a 4 bedroom 3 bath combined unit.  We see a lot of people who currently live in the building or who have lived in the building in the past now looking to possibly purchase.  This just goes to show that the building management and quality of life at Dorchester Towers is strong.

Renting in Dorchester Towers is still a strong option for many people.  If you are looking for a studio, one bedroom, junior 4, two bedroom or three bedroom, it is all available.  Here are a couple of apartments that are currently available:

• Dorchester Towers Alcove Studio for Rent
• Dorchester Towers One Bedroom for Rent
• Dorchester Towers Three Bedroom for Rent

For Dorchester Towers Condominium sample floorplans for 1-Bedroom Floorplan , 1-Bedroom w/dining alcove(JR 4) Floorplan or 2 -Bedroom 2.5 Bath Floorplan.  If you are looking for a studio, alcove studio or different configuration contact us and we will provide your desired request.

For a complete list of the current apartments for sale at the Dorchester Towers Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (212)321-7122 for further details.
*If you are thinking of selling your Dorchester Tower Apartment ( 155 West 68th Street)*

**We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment.  Our approach to selling your apartment is intentionally unique.  We use strategies that most real estate agents do not use.  If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.**

Copyright © 2009 By Morgan Evans, All Rights Reserved.*Dorchester Towers Condominium (155 West 68th St) May Month in Review*

Dorchester Market Report-February Dorchester Towers Condominium (http://dorchesternyc.wordpress.com/)

Dorchester Towers Condomonium Market Report

Dorchester Towers currently has 3 apartments on the market for sale.  Their is a mix of apartments available.  There is one alcove studio, a junior one bedroom and a two bedroom available.  Prices range from $600,000 - $1,300,000.  For such a large building, approximately 340 individual owned apartments, only three units make up approximately 1%.  Typically in a market like ours we see 5-15% of the units for sale in any given building.  

As a resident of Dorchester Towers Condominium, we keep track of the sales and pricing activity very diligently.  If you are thinking of selling your Dorchester Towers Condominium apartment you want to have the most up-to-date information of recent building sales and overall market trends.  In today's market in-contract pricing is the most relevant  useful information.  Closed sales are too lagging, properties that have closed within the past month probably went in contract 3-4 months ago, if its new development that number could be 6-12 months ago.  The buyers that will be looking at your apartment will be using today's news reports, today's market evaluations, to help them make a decision on the pricing they are willing to bid at.  

Here are two of the most useful statistics:

• The Negotiability Factor or the % Discount from Last Asking Price:

The Negotiability Factor has to be looked at within the right context.  This is a number that a seller is willing to negotiate from their last asking price.  9.5% represents all price ranges of property that went into contract, so if you are looking at 2 million + properties or 350k studios your reality will be quite different.  We see a lot of buyers put in bids for a property 20-30% below the current asking.  These offers for price points below $1,000,000 are not really going anywhere.  The sellers that we are working with just are not negotiating with those type of offers.  The fact that the % discount from last asking price to the in-contract price is about 9-10% seems realistic to the transactions that we are doing at this time.

• The % Discount from Original Ask to Last Asking Price:

The % Discount from Original Ask to Last Asking Price is the amount a property has been discounted in order to get an offer on a property.  I do not feel that the amount to discount is a cut and dry figure.  It will depend on the original ask and how realistic that number was to begin with.  If a property has been on the market for 6 months and has not had any offers and was priced 10% high to begin with, then dicounting by 8% will probably not do much to increase traffic.  A property like that might take a signficiant price decrease depending on the price point it falls in.  If a property was priced extremely competitively a month ago, but has not received an accepted offer yet, than decreasing in the neighborhood of 5-10% will probably give that apartment a lot more interest and traction.  It will really depend on whats the competition and what property is going in-contract for within that building, neighborhood, and price range.

Conclusions:

1. Having up-to-date market information will give you the edge when it is time to negotiate
2. If you are a seller, and if you really want to sell, in-contract sales data is the most realistic information.  Closed sales data is lagging.
3. Having a comprehensive understanding of the price point and sub

To Read More on Dorchester Towers  Real Estate Click below links:

1. Dorchester Towers Condominium Sales 2008 Year in Review: 
2. Dorchester Towers Condominium at 155 W 68th St Rental Report
3. Other Dorchester Tower related blog posts here: http://dorchesternyc.wordpress.com/

For a complete list of the current apartments for sale at the Dorchester Towers Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at  (212)321-7122 for further details.

*If you are thinking of selling your Dorchester Tower Apartment (155 West 68th Street)*

**We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment.  Our approach to selling your apartment is intentionally unique.  We use strategies that most real estate agents do not use.  If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.**

Copyright © 2009 By Morgan Evans, All Rights Reserved.*Dorchester Towers Condominium (155 West 68th St) Market Report*  

The Dorchester Towers Condominium (155 West 68th Street) offers a unique ability for your rental needs.  Dorchester Towers is one of the largest  full service condominium buildings on the Upper West Side.  It has about 680 units spread out over 35 floors.  

What makes Dorchester Towers unique is that about half of the units are owned by individual owners and the other half are owned by the original sponsor. What that means to you is that if you are looking for a rental apartment you can either rent from an owner or from the sponsor who owns the remaining units in the building.  Typically the sponsor renovates their units before they put them on the market.  They will do a gut renovation and deliver the apartment with brand new bathrooms, kitchen, parquet hardwood floors, moldings, doors and fixtures.  If you are looking for a renovated rental apartment in the Upper West Side this will be a terrific opportunity.  

Renting from the individual owner does not necessarily mean that the apartment will be renovated.  It will depend solely on if the owner has completed any prior renovations.  The apartment might be in a semi-original condition or it might have undergone a gut renovation with high end appliances and finishes.  Either way all of the building's amenities are at your disposal.  If you are interested in pricing, incentives, and availability for both individual and sponsor owned apartments at the Dorchester Towers contact me.

The first thing you see at the Dorchester Towers Condominium is the circular driveway and the landscaped garden leading to the renovated lobby.  Doorman and concierge await you as you enter the spacious foyer.  A package room and a total of nine elevators.  There are laundry rooms on every floor up to the 21st floor.  Garage facilities are also attached to this Upper West Side condominium building.  

Here are sample floorplans for 1-Bedroom Floorplan , 1-Bedroom w/dining alcove(JR 4) Floorplan or 2 -Bedroom 2.5 Bath Floorplan.  If you are looking for a studio, alcove studio or different configuration contact us and we will provide your desired request.

Dorchester Towers Condominium Sales 2008 Year in Review: If you are an owner or potential owner of an apartment at the Dorchester Towers Condominium.

For a complete list of the current apartments for sale at the Dorchester Towers Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (917)837-8869. To Read More Dorchester related blogs here: or (http://dorchesternyc.wordpress.com/)

*If you are thinking of selling your Dorchester Tower Apartment ( 155 West 68th Street)*

**We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment.  Our approach to selling your apartment is intentionally unique.  We use strategies that most real estate agents do not use.  If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.**

Copyright © 2009 By Morgan Evans, All Rights Reserved.*Dorchester Towers Condominium (155 West 68th St) Rental Report*  

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.

 Dorchester Towers Condominium Report

2008 Real Estate Year in Review

• In 2008 12 properties sold at Dorchester Towers at 155 W 68th St New York, New York 10023..  
• The building has approximately 680 apartments which half are owned by individuals.  
• The turnover rate was approximately 3.5% last year.  
• For a comparison of years past, in 2007 ~ 12 properties sold and in 2006 ~ 15 properties sold.  On average the typical turnover rate for any given building is approximately 7-9%.

As we all know the Dorchester Towers Condominium have a number of different layouts for each type of bedroom. Each layout offers its unique exposure, 
 

• Alcove Studios - 2 Units Sold ~ Average Price/ Square Foot: $ 956.50

• One Bedroom - 6 Units Sold ~ Average Price/ Square Foot: $ 1,069

• One Bedroom w/ dining alcove(Junior 4) - 4 Units Sold ~ – Average Price / Square Foot: $ 947

     *No 2 bedroom's sold in 2008*

 Compared to The Upper West Side Condominium  w/doorman in 2008:

• Alcove Studios - Average Price of $677,000 ~ Price/ Square Foot: $ 1,157

• One Bedroom - Average Price of $922,000 ~  Price/ Square Foot: $ 1,158

• One Bedroom w/ dining alcove(Junior 4) - Average Price of  $1,010,561 ~ Price/ Square Foot: $ 1,228

• Two Bedrooms - Average Price of $1,685,000  ~ Price/ Square Foot: $ 1,367 

Market Report

As we all know the real estate sales market has shown a significant decline over the last quarter of 2008.  According to the 4th Quarter Market Report from Douglas Elliman, September brought significant change to the Manhattan Housing market.  At the close of the prior quarter, there was significant turmoil in the financial markets and unprecedented intervention by federal government agencies.  Sales contract activity showed evidence of a decline in activity of 40% to 75% compared to the same period last year.  Contract price levels showed an average decline of 20%.

In the month of December based on Contracts Signed

• The average sales price was $984,903. 
• The median price was $650,000.    
• The percent discount from last asking price was 9%
• The percent discount from original asking price was 16%
• The percent discount from original ask price to last ask price was 8%
• 26% of all sales were below $ 500,000
• 47% of all sales were between $500,000 and $1,000,000.
• 73% Sold below 1 million
  
• 17% between $1,000,000 and $2,000,000.
• 4% between $2,000,000 and $3,000,000
• 5% between $3,000,000 and $5,000,000 
• 1% above $5,000,000

Our Analysis:

This is a market where information is king.  If you are a buyer looking for the best price possible, closed sales data is stale.  You need up to date information, properties that go in contract in the last 30 days.  As experts in this neighborhood we have this information.

This report is the only up to the minute monthly report fot the Dorchester Tower Condonominium at 155 W 68th St, New York, NY 10023.  How are we able to have such up to date information?? We live in the building!! As residents of the Dorchester Towers we understand what makes our building unique.  As resident experts we understand the dtails of the building, the doorman, the management. We know there are more layouts that you can keep track of and that no two apartments are the same.  

We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment.  Our approach to selling your apartment is intentionally unique.  We use strategies that most real estate agents do not use.  If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.

For more information, please contact Morgan Evans or call 917-837-8869

For a link to Dorchester Towers Rental Report Click Here

Read more about Dorchester Tower here: http://dorchesternyc.wordpress.com/

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.