There is a new 27th floor listing on the market and get this… it’s not selling above $1,100 a square foot! If you may recall, when the Cosmopolitan had two of its 27th floor penthouses on the market they were priced at $1,059 and $1,192 a ft. There are not many 27th floor properties that come on the market, because there are not that many taller buildings, but when they do come on the market… the views are spectacular!
This week I listed unit #2701 at Fountain Plaza at KOIN Tower. The price for this spacious 3,834 square foot unit is $1,795,000. At this price we are talking about a price per square foot of $468. Less than half of the 27th floor units at the Cosmo! Now, it is true that the Cosmopolitan is the newest and shiniest condos on the market and people will pay a little bit of a premium for new. But to be able to pick up a 27th floor condo for a price per square foot less than a majority of the condos for sale in the Pearl is crazy!
While, as I mentioned, the Cosmopolitan is the new kid on the block, KOIN Tower was the grand dame! Fountain Plaza, which later gained the new name of KOIN Tower was built in 1984 and, at the time, was the “Cosmopolitan” of its generation. Many of the units have had extensive remodeling, and many units have not. I believe we are starting to see a transition in this building as many of the original buyers are no longer with us. Currently there are six units for sale at Fountain Plaza and several are being sold by the estates of the previous owners. With that said, I believe we will start seeing a younger generation move into Fountain Plaza.
Fountan Plaza / Koin Tower is building that gives you the feeling of being in an upscale building in New York. Its ziggurat –like profile and its attention getting blue crown are reminiscent of the Art Deco skyscrapers that were built on the east coast in the 1920’s. Dottie, the lead concierge of the building, in my opinion, is one of the best in the city! Much like the doorman you find in New York, Dottie and one of the other concierges on her team, Chuck, make it a point to get up and open the doors and greet the owners as they leave and arrive. She also makes a point to train all other concierges to do the same. She would never stand for just pushing a button to open the doors and not greeting guest at the door!
If you are in the market for a spectacular unit with amazing views…welcome to #2701 at Fountain Plaza! This 3,834 square foot unit features 4 bedrooms, 4 baths, a den and a spacious 19×10 foot gym. The kitchen can be expanded into the adjacent large 16 x 6 foot pantry. While this beautiful unit is “Move-in” ready, it also has a wonderful footprint and someone that wants to put their own stamp on it could easily do so. Think about this. If you bought this beautiful unit, did a $250,000 remodel to expand the kitchen, give it an open concept, and a luxurious master suite… you are still only into it for $533 a square foot, again, still less than half of the price at The Cosmopolitan!
As I said above, I believe this building will start to go through a transition. We are not seeing as many new condo towers being built like in years past. We very well may see more buyers who are cautious with their money, buy properties in buildings like Fountain Plaza, make them spectacular with all of the money they are saving and being at the forefront of a resurgence in some of the older buildings.
If you are in the market for a large unit with simply stunning views, give me a call!
Brad Golik is a condominium specialist at Pearl District Properties and LuxuryCondosofPortland.com
You can reach him at 503-896-8856 or by email at firstname.lastname@example.org