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Marketing Condominiums

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It’s that time of the year again, when we start to see many more listings come on the market. And, like every year, we see many come onto the market where the listing agent just doesn’t care about doing a great job for his client! What do I mean by this? It’s simple and can be described in 2 words…PROFESSIONAL PHOTOS! This last week I was shocked as I looked at every new condo listing that came on the market. If I had to guess, I would say only 60-65% of the new listings had professional photos. You have heard me rant on this topic before…but I just can’t hold back! Here is my message to those agents who decided a “point and shoot” camera was ok… you are being paid a commission to market your clients condo in the best possible way, so do it! Go spend a few hundred dollars and do the job right! I have always believed in good marketing for my listings and that has to start with great photos. Now here is my message to those sellers who hired these agents to sell their condo… If they don’t care enough about you to spend a few hundred dollars to make your listing shine, then they are probably the wrong agent to be attempting to sell your place. In my experience, an agent that won’t pay for professional photos, most likely will not do anything else in terms of marketing. If they are to cheap to pay for professional photos, do you really think they will pay for additional marketing tools like quality print media, a listing website, a video, aerial drone footage or anything else?

I often ask myself when I see these listings, why do people hire agents like this? Do they just have a close relationship and are willing to sacrifice getting top dollar? Do they just not realize that there are agents out there that will give them so much more value for their commission dollars spent?

I have always believed in doing everything possible to make my listings stand out from the hundreds of other listings on the market and good marketing is the answer. For many years, certain beers have sold well because of their marketing. Their beer is no better than other beers but the perception is better because of marketing. In real estate, the same can be true. Every listing I take is not going to be a total jewel and sometimes the marketing must paint a picture and give people a “perception” of the property to get them to come view it. If you start with bad photos, you may have lost 50% of the buyers who will not even come take a look. With that said, I would also caution you against agents that use 360 photography…you know the type, where you can see EVERY inch of a place just by looking at the photos. In my opinion, these photos show too much of a property. By showing too much of the property, I believe this will also keep people from viewing a property because they may just see one or two things they don’t like. I believe that good marketing should be kind of a tease. You want to make it so that potential buyers really want to see more of a property. When you use professional photos, instantly buyers have a higher perception of
quality, which in turn, makes them open to spending more money on a property.

Corona is not be the best beer in the world but they sell a lot of it because of their marketing!

If you are curious at all about my marketing, please visit :
http://www.LuxuryCondosofPortland.com/marketing
( and while you are there, take a look at the buildings pages to see some great aerial drone videos of YOUR building!)

The $6,000,000 penthouse condo?

6millviewThe $6,000,000 penthouse condo?

Will 2017 open the year with a $6,000,000 condo listing? And if so, which unit justifies a $6,000,000 price tag in Portland, OR.? In the last year we have seen the movement of several of Portland’s highest priced penthouse condos including the $3.8 Million penthouse condo at the new Cosmopolitan. Also, the most expensive sale of a condo in Portland, again at the Cosmopolitan, the combined 27th floor unit that sold for over $5,000,000!

So, what about this $6,000,000 condo? And, which building is it in? Well if you have $6,000,000 to spend and want to get the early jump on viewing this unit before it hits the MLS, give me a call! While I can’t disclose what building it is in (at this moment) what I can say is that it does have some of the most spectacular views in the city… and here is a hint, it has one of the most spectacular views “of” the city! If you want a nice condo with similar amazing views, for $2,500,000 less, don’t overlook the beautiful penthouse unit at The Westerly. I have said many times, the view from this building does not just look into the city of Portland…it looks over the city of Portland! And with over 4,000 square feet, it is one of my current favorites on the market right now. As for the $3,500,000 price? It could be a little lower considering that it’s next door neighbor just sold for $2,850,000 last year.

One sign of good news in Portland high end condo sales is that the Penthouse unit at The Casey finally went pending after 1 and a half years on the market. If you recall, this unit came on the market at what I believed to be an excessive price of $3,499,000. I would be surprised if it got it’s most recent price of $2,995,000 as it has been priced there for over 5 months now.

If you are in the market for one of Portland’s finest condominiums, give me a call. Part of good negotiating is having a good understanding of pricing. Many agents make the critical error of making a lowball offer on something that is fairly priced or priced low and has supporting comps. However, when something is overpriced we will fight to get you the very best price. Even when something is fairly priced, if the agent listens to things that are said, sometimes that can lead to clues that help the buyer get a great deal! And by the way…if you want the jump on that $6,000,000 condo, give me a call!

Brad Golik is a luxury condo specialist in Portland, OR. If you would like to view any of Portland’s nicest condos, call Brad Golik at 503-896-8856 or email at pdxluxcondos@gmail.com

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Sales in 2016

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Selling your condo in 2017?

Are you thinking of selling this year?

 

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Election is over…how is the market?

If you have not noticed…the market has slowed down!

What is the one thing I see happening everyday? Price reductions. Yes we are seeing a huge number of listed properties being adjusted. Usually, we see a slow down this time of year as we go into the holidays. What is a little more unusual is to see the amount of slowdown that we have seen in the number of showings the last several weeks. What is to blame for this? It could be all of the attention that was being put on the presidential election. With this were the fears of what would happen to the markets if either candidate won. The good news in this area was the stock market. On election night when it looked as though Trump would be the winner, stock market futures were down in a big way, over 800 points. But, in the morning after the dust had settled, the market was very strong and it has remained that way. What does this have to do with the housing market? Well, when the stock market is strong, peoples confidence increases and the comfort level of making a big purchase becomes improved. The new thing we need to look at now are interest rates…they are up. Will this force people to get off the fence and make a move?

With that said… let’s talk real estate! As mentioned, there have been a number of price reductions In the market. Two of these are a couple of very nice units in the mid $600,000 range. One is a loft in the heart of the Pearl. The other is a condo along the waterfront.

The loft, priced at $629,900, is unit #306 at McKenzie Lofts. With a beautifully updated kitchen, this 1 bedroom plus den unit is open and spacious. Walk to restaurants or walk outside your door for your morning cup of coffee at Starbucks. You can’t go wrong with this awesome loft in the Pearl! See Video: https://video214.com/play/11vHJkeJI8ypsdUHe0400g/s/dark

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The condo, a 2 bedroom ground floor unit at Pacifica Tower, is a well appointed unit along the shores of the Willamette. Are you a pet owner? The massive patio is perfect for those who own a dog or two. Not a pet owner? Well you will love the outdoor “Extended Living Area” for lounging or enjoying BBQ’s where space is not a problem! See Video: https://video214.com/play/1HJOmmsY6EHdrbCx993hwA/s/dark

If you would like to view either of these units, give me a call today at 503-896-8856.

I don’t get political on my blog… because you will always offend half of readers. I will say this. The election is over. Let’s get back to work and come together. If you are a person that is comfortable financially, next time you walk by a homeless person that is down on their luck, buy them a cup of coffee or a breakfast. Let’s get back to being kind to one another. Do something nice for someone today!

Brad Golik is a condominium specialist at Pearl District Properties. You can view his website at http://www.LuxuryCondosofPortland.com
Contact Brad at pdxluxcondos@gmail.com

 

In all fairness…

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In all fairness…

 I recently wrote in my blog about some issues at The Cosmopolitan in Portland. My comments were not warmly met by the folks at Hoyt Street Properties. In all fairness, I was only stating things that I have heard about going on at The Cosmo.

I do not want to come across as being totally negative on the project so in an act of diplomacy, I thought I would try an experiment. I do not want to just publish negative comments on this project so I am asking owners for some support. I would love to hear from new owners at The Cosmopolitan other than my current sources. I would love for you to send me an email ( pdxluxcondos@gmail.com) and share your experience with the new building… good or bad! Please let me know your thoughts. If it has been a great experience so far, let me know. If it has not been a great experience, please let me know why.

Again, in an attempt to be fair in discussing condo issues in the city, I would love to get your feedback and in turn, I would love to share your responses.

Nightmare at The Cosmopolitan!

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Ok, maybe the title is a little dramatic, but it is close to Halloween and scary things do catch our attention this time of year. So, what is going on at The Cosmopolitan? Well, it is not anything as terrible and scary as what is going on at Millennium Tower in San Francisco ( has sunk 16 inches and tilted 6 inches at the penthouse). What is happening at The Cosmopolitan is very frustrating though for residents who just paid a major premium to be owners there! Lets start with space. Many residents, after moving in their furnishings are just know realizing the space issues we had talked about in a previous blog post I had written. Problems with walking room around beds in many of the units is something I have heard about many times now. Ok, this probably is not the worst thing in the world and people will learn to deal with it. ( who would have thought you would just have to “deal” with anything after you just paid $900 a square foot!)

Most recently, especially after the “Big” storm, many residents complained about the loud whistling and howling noises. Very fitting around the Halloween season! What is going on with that? Anderson Construction has determined ( and we will find out if it is correct or not) that the loud noises are being caused by the backdraft dampers. From previous complaints, they were already adding gasketing material to the fresh air intakes and they will now be doing the same to the backdraft dampers. This repair will take an elaborate 2 point suspension scaffold on the exterior of the building. The scaffolding will initially be set up on the “16” stack of the building. Only time will tell if the issue is in fact what Anderson believes it to be. Either way, a huge disappointment for owners who just paid the highest price per foot ever for new construction in Portland.

Another problem… loud footsteps from above! Really? Several sources have said that footstep noise from above their units is excessive and surprising for a brand new and expensive building. One source said that the sales team had told them they would never hear footsteps with the modern construction techniques and gave assurances to that fact. My take… this is not a low rent apartment building! This is a building with MANY units selling for $1,000,000 or more and buyers paid huge premiums to the average market price to live here. To have such problems so early on is concerning.

Now the problem with space is one thing. It did not help that in the developers( Hoyt Properties) floor plans there are some pretty scaled down furnishings. ( I just double checked. I am curious… who can fit in the chair in the den that measure 1’ 6” wide? )

The other problems (noise issues) are a little more concerning. Hopefully Anderson is correct with the gasket fix and that problem will get solved in a timely matter. And from what I hear from residents, the repair issues are backed up and things are not happening as fast as they would like! As for the “Scary” footsteps from above… I just don’t know what to say!

Brad Golik is a condominium specialist with LuxuryCondosofPortland.com at Pearl District Properties. If you would like to tour any urban condos, just give Brad a call at 503-896-8856.

Killer Views from new Penthouse listing!

Are you in the market for a Penthouse condo with one of the best views in the city?

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Coming next week to the market will be unit #1401 at The Westerly. This unit offers 4000 sq. ft. of luxurious space with views that not only match those penthouse views of the new Cosmopolitan, they exceed them! Keep in mind, the Westerly is positioned near NW 23rd and looks over Portland’s Pearl District. So, the reality is that this 14th floor penthouse is much higher than the 28th floor penthouse at the Cosmopolitan. The pricing of this unit will be in the $3,200,000 range. If you may remember, the other penthouse unit in this building sold this year for $2,850,000 and it was 3600 sq. ft. It is rumored that the owners of #1401 have put over $1,000,000 into this unit. If you are looking for one of Portland’s finer penthouse units, please give me a call asap and we can arrange a showing.

How is the rest of the condo market doing these days? Well things have definitely slowed down. It is not unusual to see 3-5 new condos come on the market each day and then see 5-7 price reductions each day. What is happening in the market now is that you will see new listings that are more correctly priced when they come on the market. No longer are sellers able to ask for above market prices…and get them!

While we are seeing much more new inventory coming into the housing market (out in the suburbs ) we are not seeing that in the urban condo market. As mentioned before, with all of the new construction going on downtown as evidenced by all of the cranes we are seeing, the truth is, most of these construction sites are either for new apartments or new hotels!

Block 20… The next condo tower in the Pearl.

Design approval for Block 20 recently happened. For more information on this project, click Block 20  http://www.nextportland.com/2016/07/13/block-20-approved/#more-8144

Also, notice of pile driving went out recently!

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So how will the timing be for the release of new condos at Block 20? I do not believe they will  be as favorable as they were for the developers on The Cosmopolitan. If you remember reading on my blog, Hoyt Development had the perfect storm happen for them when they released their highly priced (a majority in the $600 to $1200 sq. ft. range) units. When the Cosmopolitan was released, inventory levels were at extremely low levels…non- existent almost! They were able to capture crazy pricing because buyers had no other options. That is not the case right now in our market. Today, like everyday, I brought up new condo listings. What was most interesting to see was that there were 11 price reductions! This is something we are starting to see everyday as things have slowed dramatically. So , moving forward, it will be a different environment for the developer.

I took a fair amount of abuse from the developers about my many comments about the Cosmopolitan, most were about pricing. Did they sell out the building at those high prices? Yes! (98%) sold. Good for them and their and their profits! (maybe not so good for the owners)  If you recall, my biggest fear of selling a unit at The Cosmopolitan was worry for my clients that the market could slow down or turn around and what would happen to buyers who paid such a big premium when or if that happened… Guess what? That time is here! The market has slowed dramatically. (again, look at price reductions in the market)  What will happen when Cosmopolitan buyers need to sell ( job relocation etc.)? Stay tuned. I do not believe it will be a good thing for the seller’s. Another consideration is the high number of apartments that have been built in the downtown area. I feel we must be reaching a point of saturation in the rental market. When this happens, rental rates go down. For the last several years, it has been cheaper to buy instead of renting with rental prices at $2.25 to $2.75 a sq. ft. When rental rates start dropping, you will have more potential buyers going the rental route than we had before. They will be happy to sit on the sideline and let the slowdown happen and be patient before buying.

What about the pricing at the new Block 20 development? One thing I know, construction prices ( concrete, steel, sheet rock) have continued to rise. Will we see prices touching $1000 to $1200 again? I don’t believe so. Much will also depend on the finishes of the building though. Will they compare to that of the Cosmopolitan and The Metropolitan or will they be a notch or two lower?

If you have questions about Block 20 or wish to be on a waiting list for info, please give me a call. If you think there may be some interest in the new project, keep this in mind. It will be important to work with a buyers agent not associated with the developer…remember, the buyers agent works for your benefit, not the developers!

Brad Golik is a condominium specialist with Pearl District Properties.
If you would like see  any of Portland’s beautiful available  condominiums, give Brad a call to set up a viewing tour.

503-896-8856   –  pdxluxcondos@gmail.com

 

Good photos, good photos, good photos…

A new penthouse off of Westover came on the market today priced at nearly $3,600,000! Here is one more attempt of someone trying to capture the $1,000 a square foot pricing of the new Cosmopolitan. As shown by other recent attempts in the insane pricing range! Just a couple of things I want to say about this listing. The condo, a 5th floor penthouse unit does have a spectacular view looking over the Pearl and the city of Portland. While a nice unit, it just had another 3600 sq. ft. neighbor that just sold at The Westerly for $2,850,000. The unit at the Westerly was a nice unit with two massive decks… clearly a big advantage over the newly listed unit! In addition, it took nearly 5 years for the Westerly penthouse to finally sell. While it can be argued that this new listing has nicer finishes and a better view than the new Cosmopolitan ( although you would never know from the photos!!!), this part of town just should not capture the prices of a true Pearl location. In my opinion, it is priced a little high.

The views, this is what potential buyers will be attracted to.

Now, this is a better example of how to sell someone’s views!

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A real positive, a charger in the garage for a Tesla! I happen to know of one couple who made an offer on one of my penthouse listings in the past that this was a very important detail they wanted. With that said, a Tesla charger is not what will help sell this unit for over $3,000,000. Good photographs though would certainly help!

Brad Golik is a condominium specialist with Pearl District Properties and a founding member of Condo10. If you would like to view this newest Portland penthouse, call Brad Golik at 503-896-8856. “I know this market and will negotiate you the best possible price!”