Dorchester Tower - 155 West 68th Street Market Report (2008 Overview)

By
Real Estate Agent with Douglas Elliman Real Estate

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%.

Breakdown of the Type of Units that Sold in 2008 - 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 Condominium 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 details 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.

Posted by

 ____________________________________________________________________________

 

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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