Dorchester Market Report-February 2009 Dorchester Towers Condominium

Dorchester Market Report-February Dorchester Towers Condominium

Dorchester Towers Condominium 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

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*

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