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Dorchester Towers Condominium: 155 West 68th Street 2009 Year Review

27 Jan 2010 Comments Off

by eileenhsunyc in How to Buy Manhattan Condo, Real Estate

The Dorchester Towers, built in 1965, is located in the prime Lincoln Center area of the Upper West Side in Manhattan. Apartments at the Dorchester Towers are well known to have spacious and practical layouts, numerous large closets throughout each apartment, and open western and eastern exposures. The mix of the apartments in Dorchester Towers Condominiums varies with a variety of layouts including mostly studio apartments both straight and alcove, one bedroom and junior 4 apartments commonly converted to 2 bedroom layout, and very spacious 2 bedroom units. There are combination units forming larger 3, 4 and 5 bedroom apartments.

Most desirable aspects of Dorchester Towers is its unique position: It sits on the whole block between Broadway and Amsterdam Avenue on 68th and 69th Streets, combined with the circular driveway at the main entrance on 68th Street provided fantastic double exposures from many of the units from both towers. Dorchester Towers has a full-time doorman and concierge, package room, garage, roof deck, bike storage/storage units and fantastic laundry rooms on every floor on the eastern tower. The location of Dorchester Towers is one of its best selling points, being right in the heart of Lincoln center its residents have great access to subways(1,2,3) bus lines(M104 and M5) and all of the amenities the neighborhood has to offer. About a 5 minutes walk to both Central and Riverside Park, a variety of shopping, the movie theater just across the street, gyms and everything else you would expect to have in this vibrant and well established neighborhood.

In 2009 11 apartments sold at the Dorchester Towers Condominium at 155 West 68th St, New York, New York 10023

For a comparison of years past, in 2006 15 properties sold, in 2007 12 properties sold, and in 2008 12 properties sold. So it appears that Dorchester Towers Condominium in Manhattan is right on its average of how many units sell every year.

The turnover rate was 3.24%.

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

*- The Junior 4 Layout or 1 bedroom with dining alcove has some of the most variation in apartment layout, # of bathrooms, and square footage in the entire building. Each unit has to be looked individually to determine a specific price point based on its unique characteristics.

*- The Junior 4 Layout or 1 bedroom with dining alcove has some of the most variation in apartment layout, # of bathrooms, and square footage in the entire building. Each unit has to be looked individually to determine a specific price point based on its unique characteristics.

How do the Prices in Dorchester Towers Compare to 2008?

• Studios-2 Units Sold at an average price of $956 sq/ft
• 1 Bedroom-6 units sold at an average price of $1069
• Junior 4-4 Units Sold at an average price of $947

What does this all mean?

Because Dorchester Towers Condominium is such a large building, 680 apartments, and the specific location and design of the building, taking up the entire block from 68th to 69th Street from Broadway to Amsterdam, the layouts, exposures and floor level have dramatic effects on the pricing of each unit. The building was originally built in 1965 and converted into condominiums in the late 80′s so the physical condition of each unit will depend on each individual owners ability to remodel.

At Dorchester Towers Condominium it is very important to know the fine points of the building because there are so many layouts and variations that will effect pricing. Understanding individual lines, a pricing history of similar apartments, exposure and view will greatly impact a pricing strategy or bidding strategy for both buyers and sellers.

TO READ MORE OF DORCHESTER TOWERS BELOW:

• Dorchester Towers : May 2009 Month in Review
• Dorchester Towers Condominium Market Report
• Dorchester Towers Condominium Rental Report
• Dorchester Towers Condominium, 155 W 68th St
  
  

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.

Manhattan Condo Under $500K

18 Jan 2010 Comments Off

by eileenhsunyc in How to Buy Manhattan Condo, Real Estate

Manhattan Condo Under $500K is a popular request – We receive multiple phone calls a day from investors or first time home buyers looking for properties under $500,000.  Savvy buyers are on the market right now looking for a condo as their long term investment. Our team is active on the market and have a list of the best Manhattan Condos within that price range if that is what you are looking for.

Manhattan Condo Under $500K are usually studio apartments. A studio apartment is typically a complete living area including the kitchen, living area, sleeping area – without walls. The only private area is the bathroom. The size for the studio apartments are anywhere from 150 Square feet to 550 Square feet. Depending on the location, condition, exposure and market inventory, studio apartment price per square feet is approximately $1,000 per square feet.

Manhattan Condo Under $500K can also be a good Real Estate investment for first time investors. We work with many first time investors that prefers to put their cash in Real Estate market than in stocks in today’s market. Many of our first time investors are also conservative investors therefore we have always recommend to start at studio apartments and if they enjoy it, we expand their Real Estate portfolio to larger apartments. Studio apartments are good Real Estate investments because the price is the entry level of our market place here in Manhattan New York, it is easier to find renters to occupied the apartment, it is also in high demand in the sales market if the investor ever decides to sell the studio apartment.

Manhattan Condo Under $500K are in high demand among first time home buyers. Many of our first time home buyer have been past clients of ours that rented apartments from us. We do both sales and rentals, many times our rental past clients turn into sales clients once they saved up enough down payment or have decide to enter the home owner market. In 2009, many of our financial savvy past clients have decided to enter the market to buy vs rent. At studio apartment prices, if the buyer decides to take out a mortgage, it will be most likely under conforming loan amount and the buyers in todays market are receiving historic low of mortgage interest rates.

Manhattan Condo Under $500K are popular among pied-a-terred or second home buyers. Besides servicing the local market, we also work with many buyers from out of town, oversea foreign buyers. Manhattan New York is a city that everyone loves and would like to own a piece of. Our out of town buyers look into studio apartments as a long term investment as well as second home for them when they visit the city of Big Apple.  Not only it is a wise investment, they save the hotel expenses when they or their family/friends visit the big city. Especially during holidays, many of our out of town past clients come into Manhattan New York to enjoy the festive lights and the holiday energy that this big city has to offer.

Contact us for your own Real Estate consultation call (917)837-8869.

Read more:

• To learn more the terminology of Manhattan New York Real Estate
• One of best Midtown Studio that is perfect for second home or investment
• Samples of Studios under $400K, please call us for more listings

If you are a buyer that would like to have a private one on one buyer consultation. Please contact us now at (917)837-8869. If you are a buyer that speaks Chinese and would like work with someone that speaks your Chinese dialect, call us now at (646)644-6929.

We are both English and Chinese Speaking Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we specialize in connecting the local Manhattan sellers with both local and international buyers with our preferred buyer networks. Call us today at (917)837-8869.

How to Buy a Manhattan New York Condo (Part IV) as Foreign Nationals

15 Sep 2009 Comments Off

by eileenhsunyc in How to Buy Manhattan Condo, Real Estate

We are Manhattan Condo Specialists, in our How to Buy a Manhattan New York Condo series in Part I as first time home buyers, Part II as first time investors, Part III parents can buy for children, this series Part IV we will discuss foreigner buying in Manhattan New York Condos.

Foreign National Buyers and out of town buyers MUST READ before you buy a condo in Manhattan New York: Foreign National Buyers and out of town buyers represent a good portion of our business. The strong demand of investment properties in New York city by foreigners as the news media has been writing about the softer market here in Manhattan. Our team have been serving foreign buyers in Manhattan Real Estate market for a long time, and not only for the foreign buyers, out of town buyers often find Manhattan Real Estate a unique market of its own.

Here are few considering factors for Foreign Buyers and Out of town buyers before investing in Manhattan New York Real Estate:

• Why do you want to buy in New York?
• Are you aware of the purchase process?
• How much do you want to ‘disclose’ about yourself?
• Do you know the difference between Co-op, condop and condo?
• How much financing do you plan to obtain if any?
• Do you have an US bank account?

As experts in working with Foreign National buyers and out of town buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.

• How to Buy a Manhattan New York Condo (Part I) as first time home buyer
• How to Buy a Manhattan New York Condo (Part II) as first time investor
• How to Buy a Manhattan New York Condo (Part III) as Parents Buying for Children
• Manhattan New York Condo Specialists
• Manhattan New York Condo Listings
• Dos and Don’t before you buy Manhattan Real Estate!
• Manhattan New York Different types of Buildings
• We sell ‘AS IS’ condition: No Inspection in Manhattan New York Real Estate

If you are looking to purchase Manhattan New York Condo, we are the Manhattan Condo Specialists. Please contact us as we will be able to access ALL the Manhattan Condo listings in area of your preference. To receive prompt response, please email us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com. Call us at (917)837-8869.