Sometime ago, in one of my blog post, I wrote about the fact that I will always deliver my honest opinion. Sometimes that does not make everyone happy. Sometime it might be a seller in a building with an overpriced unit in a building in which I might have made comments about. Others include developers such as those who are selling The Cosmopolitan. As we speak, The Cosmopolitan continues to sell units at prices I have said to be very inflated. I have gotten my fair share of nasty emails for some of my comments and that is ok…because, as I stated earlier, you will ALWAYS get my honest opinion and I will not buckle because of what others ( or their lawyers) have to say. I believe the reason the sales continue (about 60% sold) over there are simple, a lack of inventory in the market has made people nervous about being able to buy something so they jump in with both feet. When I work with buyer’s the one thing I will always tell them is to think about the resale of that unit in the future. For those buying at The Cosmopolitan, and are buying there because that is where they want to be and don’t care about the price, or resale. I would say to enjoy your unit and the building. It will be a great place to live! For those that have concerns about resale, especially in a changing market, hear me out! In previous blog post I have made comparisons to the Seattle market because I feel it is the most like ours, except more expensive. Inventory levels in Seattle are even worse than ours currently. For those of you who may have not been onboard with comparisons I have made in the past, let me SHOW you! For comparison sake, I will be comparing to Bellevue Towers. In my opinion, a slightly higher quality building in terms of amenities and views with quality of each being pretty close. Let’s compare: Now, for those of you that know The Cosmopolitan will be a nice building with nice amenities, here is what you get at Bellevue Towers. To me, these comparisons are pretty alarming. If the market turns ever so slightly in a downward trend, it will not be a good situation for owners. The reality of the Bellevue Towers pricing is that it is market pricing… not hype adjusted! And if you need more convincing on the higher end. Compare the Penthouse at The Cosmopolitan. 3236 Squre Feet , 28th Floor priced at $3,883,000. Now compare it to a PH on the 41st Floor of Bellevue Towers…click here to see what you get! http://www.realtor.com/realestateandhomes-detail/500-106th-Ave-NE-Unit-4105_Bellevue_WA_98004_M15387-66117?row=4
Wow! So let’s review. The penthouse in Portland is smaller (167 sq. ft.) has nice views but not the spectacular views that the Seattle penthouse has and…. it is priced $533,000 MORE! This is why I am concerned!
Brad Golik of Pearl District Properties is a condominium specialist in the Pearl District, South Waterfront and Downtown. If you own a Pearl District condominium and would like to know the value of your condo in todays market, get a FREE market valuation at http://www.PearlDistrictCondominiums.com