Dorchester Towers NYC : February 2010 Report

Dorchester Towers NYC : February 2010 Report

The first two months of this year have seen some activity in the Dorchester Towers.  Properties have closed and sold, gone into contract and also been brought onto the sales market.

Closed Sales in Dorchester Towers in the first two months of the year:

I am going to include a sale that closed in the very last couple of days of 2009.    

  • Jr. 4- A high floor(31st) closed for approximately $1,040,000.00  There was about an 8% discount from the original asking price to the closed price.
  • Another slightly smaller Jr.4 with a NE exposure on the 8th floor closed for $825,000.00.  There was approximately an 5.7% discount from the original asking price to the closed price.

-Keep in mind that both of these apartments had the extra half bathroom already established in the unit, a feature that not all junior 4 layouts in the building possess-

In-Contract Apartments:

1 Bedroom-A western facing 1 Bedroom on the 17th floor has a contract signed.  The asking price at time of contract signing was $689,000.  Until it closes the closing price is not published.  But something to consider is the time on market from when the property was first introduced to the time the contracts were signed which in this case were approximately 2.5 months.  

-Keep in mind that the median number of days on market to Contract Signed since last asking price was a little over 2 months in Manhattan-

Studio-A 546 sq ft western facing on the 7th floor studio has a contract signed at the last asking price of $599,000.  It was first listed for $625,000 and then decreased the price 4% to $599,000 about 1 month into the listing period.  Approximately 3 week after the price was decreased it had an offer accepted and contracts were signed.  Again it took a little less than 2 months from the time the property went on the market until it had a contract signed.

For Sale Apartments:

1 Bedroom w/ dining alcove- There is one higher floor Jr. 4 apartment with half bath available with an asking price of $1.295 million. There is a 16th floor Jr. 4 with just one bathroom asking $929,000.  

3 Bedroom- There is 1 Three Bedroom apartment available with an asking price of $2.295 million dollars.  

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?

When a property is priced competitively we see a lot of activity at the Dorchester Towers Condominiums and we see buyers ready to make offers that are being accepted.  We see some negotiation from the last asking price to the closed price but is it well within the average discount spread across all residential sales in Manhattan.  

Another factor and rather large one is the time it is taking from contract signed to closing.  If a property in contract at the Dorchester Towers needs financing in order to purchase it, we are seeing longer and longer amounts of time to close.  This is something that we are going to focus an upcoming post next month specifically about.  Because of the structure of the ownership in the building getting financing can be an arduous process and one that needs to be handled by an expert that knows the Dorchester building specifically.    

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

TO READ MORE OF DORCHESTER TOWERS BELOW:  

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.

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