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Two Portland Penthouse units hit the market!

This week there were two new penthouse condos that came on the market. One was priced at $1,995,000 and the other at $2,200,000. Yesterday I toured the unit with the higher price. The agent is pushing the fact that it was named “Top 10 penthouses to die for” on MSN Real Estate… I however, was not as impressed. Let’s start with what is right with this beautiful unit. The architectural elements throughout this penthouse were very nice. Warm woods on the floors and ceiling gave a cozy feeling to the unit. But when paying over $2,000,000, cozy is maybe not the feeling I would want! Having three bedrooms and three parking spaces is a nice plus. The finishes in the bathrooms and kitchen were very nice. Now with what I did not like about this unit. I felt somewhat cramped in this 2,239 square foot unit. The main living area seemed very tight to me. While the kitchen was nice, it featured GE Monogram appliances instead of the typical higher end Sub Zero and Wolf appliances we are accustomed to seeing in this price point. The biggest disappointment was the outdoor living area. While the deck was a spacious 800+ square feet, it faces west directly into the 405 freeway noise! The freeway is only one block away. In addition, this is a mid rise building, and while yes it is a penthouse, you still have the neighbors next door at Avenue Lofts and Irving Street Lofts looking down onto your deck so not much privacy. At $2,200,000, my expectations in this price would be something more like the PH3 that sold at the Metropolitan last year for $2,240,000. That penthouse had 3,245 square feet and a massive deck that was pretty much on top of the world with total privacy in one of Portland’s most desirable buildings!

Portland Penthouses

The other unit that came on the market was priced at $1,995,000 and away from the freeways in the heart of the Pearl District. Slightly larger with 2,550 square feet, this unit just lives much larger. While the deck space is smaller than the other penthouse, it still has plenty of space with 628 square feet with 3 mountain views and a much quieter location so that you would actually use your deck! This unit is in one of my favorite loft style buildings… The Elizabeth!

 

If you would like to tour either of these Portland penthouse units or any other luxury condominiums in Portland, give me a call and we can set up a tour and take a look at some of Portland’s most beautiful condominiums. If you are looking to buy a condo in Portland, OR., why not work with Portland’s condo specialist!
Brad Golik  503-896-8856
http://www.BradGolik.com

http://www.LuxuryCondosofPortland.com

Certified Condominium Specialist (Press Release April 9, 2014)

Brad Golik of Windermere Northwest and LuxuryCondosofPortland.com has distinguished himself in the field of (luxury) condominiums and townhomes sales by earning the prestigious Certified Condominum Specialist® designation. This national designation is given to select real estate agents who have demonstrated the specialized education, market knowledge, competence and experience in successfully and effectively listing and selling condominiums, townhomes, and other forms of common interest developments (CID).

The certification and designation are offered by the Council of Condominium Specialists®  which is the national, premier independent authority in assisting real estate professionals in providing high quality service and superior market expertise to the buyers and sellers of condominiums and townhomes (CIDs).

Brad Golik is the first real estate agent in Oregon to receive the Certified Condominum Specialist® designation!

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The designation indicates the recipient real estate agent has worked diligently to complete essential real estate training and has met specific performance standards to demonstrate expertise in their local condominium/townhome (CID) market to provide the high quality real estate services his clients deserve. Real estate sales are a complex and challenging field to begin with,” said Candy Peak, Director of the Council of Condominium Specialists®, “but selling a property that is in a common interest development (CID), which involves both an individual and shared ownership in real estate, such as a condominium, townhome, planned development or any other property that is part of a homeowners association, requires an agent with the specialized real estate knowledge and expertise to professionally navigate a buyer or seller through the intricate path of common interest development ownership and sales.

“My commitment is to provide outstanding service to my clients,” said Golik, and “the Certified Condominium Specialist® designation ads additional benefits for my ability to meet the needs of condominium and townhouse buyers and sellers in my area. My membership in the Council of Condominum Specialists® Network also provides me with the marketing tools and networking capabilities that bring added benefits to my clients.”

For current information on condominium and townhome sales in your neighborhood and to receive a market evaluation on your property, contact Brad Golik at 503-896-8856 or through email at pdxluxcondos@gmail.com . You can also visit http://www.LuxuryCondosofPortland.com

Working with a Condo Specialist…Retraction?

In a recent post I discussed my opinion on the pricing of a new listing that came on the market. To me, the importance of writing in a blog, is to give your unbiased opinion on a subject matter that you know something about. In this last post, I mentioned specific unit numbers and I apparently offended an agent and possibly the owners of the unit I mentioned. My purpose of this blog is certainly not meant to offend anyone at anytime, but to give good sound advice that people can follow to make good decisions when buying or selling a condominium in downtown Portland. My comments were based solely on the comps that I was looking at for some prospective buyers. In real estate, there is an ethical code of conduct to follow. I will always do my best to follow these codes to be the best professional that I can be. Writing in a blog can b a tricky thing. You don’t want to offend a seller in any way but you also want to protect possible buyers by giving your professional opinion. There is a very fine line between what is acceptable and what is not. For now, I will have conversations with our corporate attorney and management to discuss what is allowed and what is not. For now, I will not mention specific, active unit numbers but will continue to share my opinion on the Portland condo market.

Thank you for following TheCondoPulse.com!

Working with a Condo Specialist!

Today I saw a listing come on the market that prompted me to write in my blog on the topic of working with a specialist. The listing was a condo in the Pearl District that came on the market priced at $1,699,901.  (901?) Well the 901 is not the issue…interesting, but not the issue. The issue is the crazy price! This is a floor plan I know very well. It is also a floor plan that has MANY comps to support the pricing and where it should be. The o2 stack in this particular building has had 2 sales in the last year and 3 recent pendings. I currently have some buyer’s coming into town that will be looking in the $1,000,000 price range and this could be a perfect unit for them… except for one thing, the price! I called and spoke with the listing agent to see if there was a typo on the pricing ( yes, I really did!) He said to me that the pricing is correct. I asked him how he came up with the pricing on this unit. He told me that a unit (#1002) just went pending at $1,999,000 (and finally sold for $1,837,000)  Well this is an 02 stack but it is also over 500 sq. ft. larger with many additional amenities to it.  The agent had 5 very good comps to use and selected the one that doesn’t make any sense!  The 02 units with the exact same floor plan as this particular unit sold for: #202…6 floors lower…$825,000, #602…2 floors lower…$899,000. 2 of the same units also just went pending (perfect comps!!!) #302 went pending priced at $925,000 and unit #502 went pending priced at $975,000. Now something can be said that the high priced unit is on a higher floor and looks over the apartment building next door, certainly worth an extra $100,000 over unit #502. The Casey Portland I did question the agents reasoning on his pricing and mentioned that I would probably not show it to my out of town clients because it was so overpriced. His comment to me “That’s fine”. Really? When a property is so overpriced, reasonable negotiations are often very hard to come by, either the seller is not realistic or the seller’s agent has given the seller unreasonable expectations and then the seller won’t move off of their price. Well the topic of this blog post was “Working with a specialist”. The agent in this case is not a condo specialist and is in fact an agent from Hillsboro. In his defense of pricing, he told me that he has priced plenty of properties! This may be the case but he has NOT priced many downtown condos. What is the problem that seller might have by not working with a specialist? Well in this case. This unit runs the risk that it will not get shown because of my reasoning above. When it doesn’t get shown over time, the price must come down. What will probably happen here is the agent will drop it $100,000, and it still won’t get shown so he will drop it another $100,000 and it still won’t get shown. At this point the listing starts to become stale and it loses all of it’s WOW factor. Eventually. The price will get down to where it should have been to start. At this time you will start to get the lowball offers because it has been on the market for so long and it ends up selling for well below where it should have sold if it where priced right from the beginning. This agent clearly does not understand pricing in the downtown condo market… much as I would not be an expert in pricing Hillsboro properties!  In addition, because this agent doesn’t normally work with condo buyers, he doesn’t have the marketing in place that has been targeting condo buyers for any length of time. To me, this is a BIG reason to select a condo specialist to represent you in the sale of your condo or loft! If you are a buyer and would like to see this beautiful unit, my advice to you, be patient! The price will come down. Call me and I will fight for a price that is realistic and makes sense for both you and the seller. http://www.LuxuryCondosofPortland.com http://www.BradGolik.com

Portland Penthouse Update!

Portland Penthouse Update How are Portland penthouse sales going since the beginning of 2014? There has been some recent activity in penthouse units that have been on the market for sometime now. Last week, the two remaining penthouses at Encore got offers and are now in a Pending status. Unit #1606, priced at $1,850,000 and unit #1604 priced at $1,580,000. These units have been on the market a long time but patience may have paid off for the developer as these two units when sold will still have gotten over $650 a square foot. ( will keep you posted when they do close). In comparison, Unit #805 at Pacifica Tower was finally sold. Originally priced at $1,500,000, the agent then dropped the price $150,000 after only 1 month to $1,350,000. The sale closed last week at $1,228,900 … or only $455 a sq. ft.! This was a massive 18% off of the original list price! This is only slightly higher price per sq. ft.  than a couple of the regular units recently sold for at Pacifica! I am not sure why the agents at Pacifica were not able to get something closer to the numbers the two penthouses at Encore got. Sure, Pacifica is not in the Pearl, but $200 a sq. ft. difference is HUGE for VERY comparable penthouse units! PenthouseUpdatePacificEncore Other penthouses that are still on the market vary from the very attractive unit #901 at Waterfront Pearl which offers over 3,100 sq. ft and priced at $1,850,000 to the grossly overpriced penthouse unit #1601 at The Civic. The Civic unit, with only 2102 sq. ft, and located in what is not the best location is priced at $1,450,000. In my opinion, this unit is at least $200,000 high…maybe more. And the recent sale of the unit at Pacifica, with fantastic water and bridge views… and 2700 sq. ft and selling at only $455 a sq. ft. is going to kill any hopes of the owners getting anywhere near it’s list price of $1,450,000!   If you are in the market for a Portland penthouse or other Portland luxury condominium, please give us a call and we will set a tour for you to view Portland’s finest condominiums! Give me a call today at 503-896-8856.

An agent that “Knows” your Portland high-rise building!

As a real estate agent, it always hurts to be interviewed for a listing and not get it. Today that happened to me on a condo that I know I could have done a great job of marketing on. The reason I did not get the listing over the other agent is that the seller was told by the other agent that because he had a few recent transactions in the sellers building, he knew the building better! It was certainly disappointing to hear that I did not get the listing for this reason. This is not the first time I have heard this from a seller as there are many agents that live in many of the high rise condos throughout Portland. In fact there are several agents living in the building mentioned above and those agents “Know” the building much more than the other agent does. The point I want to make here is that when selling a condo, knowing the building is NOT going to get the condo sold… good marketing will! I often tell sellers to search the internet like buyer’s do and see if those agents that “know” the building, show up anywhere? So if that agent says he knows the Atwater really well, search like a buyer would on that building. Go to Bing and search for “Atwater Place condominiums”, go to Google and search “Atwater Place amenities and HOA fees”. One thing I can tell you for certain is that those agents that say they know the building don’t show up on these searches…anywhere! Who does show up? Well, my websites show up on almost all of these searches. You will also find a couple of other agents that specialize with condos that show up on a regular basis as well.

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The difference with my marketing is that my “Search Specific” websites show up and these are websites where I will be featuring YOUR listing and it shows up… and stands out in front of the buyer’s, which I call serious buyers that are searching for the above keywords we mentioned above. In my opinion, If  I where a seller, I would much rather hire an agent that knows how to market the building and the condo, not someone that “knows” the building!

Should you list your condo with the same agent that helped you buy it?

The answer is …

Probably not! Why not you may ask? The reason is simple. Most real estate agents may sell 1-3 condos a year. No matter how good these agents may be, their marketing is just not geared towards condo buyers. Now we all know that every agent on the planet will tell you they will “Market” your home on the internet. Being on the internet and being marketed on the internet are two totally different things. If you are looking to sell your condo and want to find out who would be the right agent to list your condo…here is something to think about. Think like a buyer! If you are thinking like a buyer does, it will lead you down the path that a typical buyer would go down. That is a path to exposure! To me, this is the most important aspect of listing your condo. Now don’t get me wrong, it is extremely important to work with an agent…like me, who is strong with negotiations. But exposure is hugely important! And when I say exposure, it doesn’t just mean getting many buyers to look at your condo or loft. It also means that the exposure is GOOD exposure! This is why you will hear me talk about the importance of good photographs. 1st impressions are EVERYTHING!!! If you attract a lot of buyers to your listing and they are not excited about seeing the property you have listed, you as an agent have failed and you won’t get a second opportunity. Those buyers are long on their way to go visit the condo that really stood out to them. If you have followed my blog for any length of time you have probably heard me say over and over that “Any agent can sell your condo…but at what price?” Why would you not select an agent that gives your condo or loft the best opportunity to be seen by the most serious buyer’s in the best of ways? In getting back to whether you should have the agent that helped you buy your condo be the one that list it… ask yourself this. Does this agent have marketing that is directed towards condo, loft and townhomes everyday.
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Remember, it doesn’t cost you anything more to work with a specialist who gives you way more marketing for your dollar… but hire the wrong agent and it can cost you plenty!

See how we have recently sold condos, townhomes and lofts on www.PacificaTowerCondo.com   www.Portland-Townhome.com

Portland Penthouses

Portland Penthouses

We all know that the Portland condo market has picked up and is doing well. How about the upper end condo market. Currently in Portland, there are eight penthouse condos for sale in the price area of $1,000,000 and higher. From a penthouse at Pacifica Tower priced at $950,000 to the “still on the market” penthouse at the Envoy priced at $2,495,000. In addition to the penthouses on the market, there also a couple lower floor units in the +$1,000,000 market such as a 13th floor unit at The Henry priced at $1,475,000 and a very steeply priced 10th floor condo at The Casey priced at $1,999,000. I say steeply priced because at nearly $2,000,000, I expect to be looking over nearby buildings…not looking into them. If I were going to spend $2,000,000 for a luxury condo, I think your dollars could be more wisely spent on unit #901 at Waterfront Pearl. This unit offers a spacious 3185 square feet with 3 bedrooms and a large extra room that could be an ideal theatre room, something you don’t often get with condo living. In addition, you are almost sitting on top of the Willamette River so views are pretty amazing!
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In the last couple weeks, a penthouse unit at The Gregory was listed at $1,999,500 and sold in under a week. Yes, there are buyers out looking in this price range! When buying a penthouse condo in Portland, make sure that you are working with an agent that knows the market. If you are looking for a beautiful Portland penthouse condo, like the penthouse that just came on the market yesterday at The Meriwether, call me today and we can begin the process of not only finding you a great penthouse, but also negotiate you the very best price. When you work with me not only will you get a great tour of all the available penthouse condos, you will also get good advice as to the history of each unit and why they may have been on the market for so long or why one may sell quickly when others will not.

I am in the condo market everyday. I work hard to know the pricing in this market. This is something you will not have if you are selecting one of the luxury agents in Lake Oswego for example! And when it comes to selling one of Portland’s luxury condominiums, nobody offers a better condo marketing program in the + $500,000 condo market!

The Elizabeth Lofts Lawsuit!

It’s finally here! The lawsuit at the Elizabeth lofts is coming to an end. The Elizabeth HOA and  the company Victaulic Co.  have come to a settlement. The terms of the settlement have not been disclosed and at this point it  is not in writing as the two parties are still working on the correct language of the settlement. It is believed that Victaulic Co. does not want the financial terms to be disclosed to the public. My best guess is that it is because they are still in litigation with The Edge, Avenue Lofts and Benson Tower.

Owners of  units at Elizabeth were looking at a possibility of  some serious special assessments, ranging from $10,000 to $15,000. Now with the  settlement in place ( we hope) the possible assessment could be closer to $500 per unit.

As we hear more on the settlement  amount, terms and conditions, we will let you know everything we hear!

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