Manhattan Condo Living

Dorchester Towers-155 West 68th Street has seen a steady number of apartments come on the market for sale so far in 2011. In 2010 we tracked 8 sales occurred in the building and in 2009 Eleven sales occurred. On average over the past 5 years there is approximately 10-12 sales occurring.

So far in the first 6 months of the year we have had 6 (Six) apartments closed and another 4 (Four) are currently in-contract or have offer's accepted. We are well above pace for the typical number of sales. So the question is, why is that?

Many of the apartments at Dorchester Towers fall into a sweet spot of desirability for a big pool of buyer's looking for a condominium in the Lincoln Center area of the Upper West Side. An example being a One Bedroom apartment ranging in size of 600-700 sq ft priced in the $625,000-$750,000 range. That is a price range that has very limited supply right now. Most of the alcove studio's in the building are in the 550-600 sq ft range and priced typically around $550,000-$600,000. That is a very desirable combination of price, apartment size, at this location. The Junior 4 apartments that can be converted to a small two bedroom also fit a nice niche in the market. Some of these apartments have a second half-bath which make them extremely desirable. Being able to get a convertible two bedroom condo in a full service doorman building like Dorchester Towers in the price range of $850,000-$1,000,000 is a strong part of the market.

The condition of an apartment has been one of the largest influences on individual pricing in the building. When an apartment is sold in an original condition(circa 1965) compared to a recently renovated apartment the price per square foot difference is quite evident. The unrenovated apartments are going to sell on the lower end of the price point for their segment of the market.

Here is a summary of what has sold and is currently in contract at Dorchester Towers:

Sold:

• Apartment 710(Alcove Studio in original condition) $490,000
• Apartment 721(Junior 1 Bed/Very Large Alcove Studio) $650,000
• Apartment 817(1 Bed, renovated) $720,000
• Apartment 1512(Junior 4, 1 Bath, original condition) $ 860,000
• Apartment 23B(Convertible 3, 2.5 Bath) $1,160,000
• Apartment 208(Convertible 2, 1.5 Bath, renovated) $950,000

In-Contract:

• 509(1 Bedroom)-Last Asking Price was $689,000
• 1509(1 Bedroom)-Last Asking Price was $625,000
• 428(Junior 1 Bed)-Last Asking Price was $725,000-Offer Accepted
• 1701(Junior 1 Bed-Last Asking Price was $595,000

So far this year we have represented 5 transactions in the building. If you are an owner thinking of selling or renting your apartment contact us today. We can be reached at (917) 837-8869.

• http://dorchesternyc.wordpress.com/2011/06/06/155-west-68th-street-1107-sunny-alcove-studio-for-rent/
• http://dorchesternyc.wordpress.com/
• http://dorchesternyc.wordpress.com/2011/05/18/junior-one-bedroom-for-saledorchester-tower-condo-155-west-68th-street-new-york-ny-10023/

Now is a great time to find out how much your Dorchester Apartment could sell for.

Dorchester Towers NYC : May 2010 Report

Dorchester Towers NYC has been active during the New York City spring selling season.  We have seen a number of apartments enter the market, have offers accepted and closed in the last couple of months.  Let's get right into what properties have sold for so far since our last report, Dorchester Towers NYC: February 2010.


Dorchester Towers NYC Closed Apartments

• 1605-A Western facing Junior 4 apartment closed in the second week of May for $870,000.00  Its original asking price was $929,000 and had a contract signed in approximately 45 days.  The apartment is quoted from Property Shark to be 975 square feet, so the price per square foot was $892.00.  The listing discount(negotiability factor) from original price was approximately 6.4%.
• 707-A Western facing alcove studio closed for $560,000. At 546 square feet this apartment sold for approximately $1025 sq/ft.  This apartment originally came on the market for $625,000 in late August of 2009 and decreased the price 4% to $599,000 about 1 month into the listing period.  Approximately 3 weeks after the price was decreased it had an offer accepted and contracts were signed.  Once the contracts were signed it took approximately 7 months for it to close.  7 months is an above average amount of time to close on the property, there could be different reasons why it took so long, but one reason could be difficulty obtaining financing in Dorchester Towers because of the fannie-mae guidelines concerning sponsor ownership in condominium buildings. The listing discount(negotiability factor) from the original asking price was 10.4% and the listing discount from the last asking price was 6.5%.
• 302-This 1 bedroom facing the circular driveway closed for $672,500 the third week of May.  At 651 square feet this 1 bedroom Dorchester Apartment sold for approximately $1,033 sq. ft.  This apartment came on the market asking $695,000 in early March, had contracts signed in late March.  The listing discount(negotiability factor) was 3.2% from the original asking price.

Dorchester Towers NYC In-Contract Apartments

At Dorchester Towers right now there is only 1 apartment in-contract.

• 333-A South facing 1 bedroom facing the circular driveway.  This renovated apartment came on the market for $625,000 at the end of March and had a contract signed approximately 1 month later.  This is a 633 square foot apartment.

Dorchester Towers NYC Condominiums for Sale

• A 804 sq ft junior 4 1 bedroom on the 21st floor asking $925,000.00
• A 902 sq ft junior 4 1 bedroom 1.5 bath on the 29th floor asking $1,295,000.
• A 3 bedroom on the 18th floor asking $2,195,000.

For specific information regarding these apartments including condition, exposure, layout and pictures please contact us and we will provide all of the requested information.

What to take away from the report?

If you are an owner at Dorchester Towers NYC and are thinking of selling your apartment the numbers show that if an apartment is priced competitively within comparable Upper West Side condominium buildings your apartment will sell receive offers relatively quickly.  We see that buyers are still looking to negotiate a certain percentage off the asking price.  Sometimes its taking a price drop to get to the right price where the offers that are being made are willing to be accepted.

An extremely important aspect of the sale of the property will be how the buyer will be obtaining financing for their purchase.  Because the sponsor at Dorchester owns approximately 48% of the apartments in the building, obtaining financing has become extremely difficult.  We have developed relationships with a couple of the banks who do in indeed provide financing opportunities for prospective buyers in our building.  If you would like to speak in more detail about the difficulties of obtaining financing we will be more than happy to speak with you.

If you are a buyer and would like to receive all of the apartments that are available in the building or would like to be notified when an apartment does come available, call me today at (917) 837-8869.

TO READ MORE OF DORCHESTER TOWERS BELOW:  

• Dorchester Towers Condominium-January 2010 (2009 Year in Review)
• Dorchester Towers : May 2009 Month in Review
• Dorchester Towers Condominium Rental Report March 2009
• Dorchester Market Report-February 2009 Dorchester Towers Condominium
• Dorchester Towers Condominium 2008 Year in Review
• Dorchester Towers NYC Condominiums-February 2010 Report

To Contact us to talk about the Dorchester Towers, you can reach me at (917) 837-8869 or email at morgan.evans(@)elliman.com

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 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 or (917)837-8869 for further details.

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.