If you are looking for a beautiful, warm, cozy penthouse in the heart of Portland’s Pearl District…you found it!
The Elizabeth is one of my favorite buildings in town. This John Carrol designed building features his typical attention to detail!
This penthouse could be an entertainers delight! The open and spacious floor plan is perfect for entertaining. The flow from the kitchen to to dining room to the large terrace is the perfect layout. The kitchen, which features 2 dishwashers, 2 ovens and rare amounts of counter top space.
Enjoy nightly sunsets in this west facing unit and then enjoy the city lights as the sun sets behind the west hills. Settle down at night into the comfy primary bedroom featuring a large ensuite , separate makeup desk and a “to die for” walk in closet!
Your guest will enjoy their space that includes their own private bath. This beautiful penthouse can be filled with your favorite music with speakers strategically located throughout.
If you have spent any time looking for a condo with outdoor space in the Pearl District, you know how difficult that can be! Search no more as the 33′ Terrace will be one of your new favorite spots…especially to take in the nightly sunsets with a glass of wine!
I recently listed another penthouse at the John Ross, #2805. This beautiful penthouse was previously listed with another agent for over 1 year and last priced at $1,195,000. The owners approached me to be the new listing agent. The first thing I told them was that it was priced too low? After I told them that they looked at me like I was crazy…after all it had been on the market last at $1,195,000 and did not sell. They choose me because I was a condo specialist and they agreed to listen to my advice. We re-listed their penthouse at $1,300,000 and received an offer in 4 days!
While the condo market has been difficult, very different than the housing market, I believe you can always sell the positives and that is what I did in this instance. In the last two months, I have closed on two penthouses in South Waterfront, the first in 7 days and the second in 4 days. I am thrilled for my clients as the current inventory in the + $1,000,000 condo market is over 9 months!
Imagine waking up, grabbing a cup of coffee and watching the sun rise behind a silhouetted Mt. Hood! Or how about this, as the evening sun begins to set, and darkness covers the city, the sun shines its alpine glow on Mt. Hood and Mt. St. Helens…simply a breathtaking view. Does it get any better? Well maybe, how about you grab a glass of wine, sit in your living room and watch the city lights with the highlight being the ever changing colors on the the Tilikum Crossing Bridge! Did you know the color change is created by the water temperature and speed of the current of the Willamette River?
Priced at $1,475,000 this beautiful spacious penthouse offers a very open floor plan that takes advantage of the priceless views!
Brad Golik is a condominium specialist with LUXE Christie’s International Real Estate. You can contact him at email@example.com or at 503-896-8856
1898 sq. ft. 2Bed/2Bth 1000+ sq/ft. Outdoor Space on 3 Decks
This Penthouse At The North Park Lofts Has It All! This Corner Penthouse Features An Abundance Of Natural Daylight. Take An Early Morning Hot Tub On The North Deck And Watch The Sun Rise Behind Majestic Mt. Hood. The Second Of Three Decks Offers Views Of Mt. Hood, Mt St. Helens And Mt. Adams. In The Evening, Retreat To The Third, East Facing Deck, And Take In The Beautiful City Lights. Also On This Spacious Deck You Will Find A Green house! The Interior Showcases A Newly Remodeled Kitchen With Quartz Countertops And Stylish Ann Sacks Backsplash. Do You Need Storage Space? This Kitchen Has It! Curl Up To A Good Book As You Relax By The Fire And Take In Those Amazing City Views. The Master Suite Is An Oasis That Also Takes In Those Panoramic Views. See more of this beautiful penthouse at http://www.PortlandPenthouse.com
This Unit Is A 10!
If you have followed my blog for any length of time you will know that from time to time I will come out with a Value Alert…here is my Covid/quarantine value alert!
Unit 1804, now priced at $1,495,000, a lower level penthouse at Meriwether in South Waterfront! This unit is not only large, 2541 sq. ft. , but also ranks high for style points as well. Ironically, part of the design is what has hurt the sale of this beautiful unit! This unit was custom designed by one of my favorite designers in town, Jeffrey Lamb. The quality is of the highest available and tastefully done. One issue, I believe, is it is a little dark with the all of the custom woodwork and the imported Brazilian granite counter tops. I have shown this unit three times now to my clients and three times the feedback was the same… it’s just too dark and they all would have replaced the green counter tops! My suggestion, and Jeff Lamb may hate to hear this… replace the beautiful green Brazilian counter tops with a and bright white quartz counter top and increase the island size, also with quartz! This would make a huge difference in the brightness of this unit and, I believe, change the look dramatically. While I do think the current counter tops are beautiful, they are very specific and attractive to a far less percentage of buyers!
Sometimes buyers will sacrifice size for higher quality. No need to sacrifice here! With this unit…you get both! Let’s compare this unit to a neighboring unit at Atwater, unit #1906 also priced at $1,495,000. #1906 is only 1896 sq. ft. ( 645 sq. ft. smaller than 1804!) The quality is basically original construction finishes, which are nice at Atwater, but nothing compared to the custom quality of the remodeled #1804! The layout of #1804 is also superior. The spacious kitchen is central to the open living spaces and offers fantastic views where as the kitchen on #1906 is tucked on the backside of the unit and almost galley like with limited views.
One of the negatives of #1804 is that eventually, OHSU will build on the lot to the north and block some of the views. Again, comparing to #1906, Meriwethers East tower is already blocking some of the views of #1906 to the north so it is very similar in views..
I have been selling condos for a long time now and one thing I have seen is that when the market is rising, buyer’s are more willing to pay up for a nicely remodeled unit. When the market is declining…not so much! This is what is happening now. The condo markets are almost 20% off from the highs in late 2018. Another problem with #1804 is that I believe it was way overpriced from the beginning ($1,900,000). This may not have been the fault of the agent. Many times when an extensive remodel has been done, seller’s tend to believe the value is much higher than what the market will pay. Now, after multiple price reductions and 15 months on the market…the sharks will start circling!
I believe the purchase of this unit will be at a good value for the buyer! I do not believe that price will be at $1,495,000 but I believe we are closer to where it will eventually sell. Because of the circumstances, the new buyers of this beautiful condo are going to have a condo with exceptional finishes and a lot space! I believe if the seller would have replaced the counter tops with a white quartz or light marble, it probably would have already sold. Now you have the opportunity to pick it up at a decent value and make those changes yourself!
If you would like to view this special unit, please give me a call.
Brad Golik is a condominium specialist focusing on the luxury condo markets in the Pearl District, South Waterfront and the downtown Cultural Area. You can reach him at 503-896-8856 or at firstname.lastname@example.org
Do a condo search at: https://bradgolik.luxecir.com/condo-search
Christie’s International Real Estate is known for combining great art with great architecture. Nowhere in Portland will you find this statement more true than with this stunning home located at 9912 NW Wind Ridge Dr. in Northwest Portland! One word describes this home…STUNNING!
To see more of this architectural wonder, please go to:
Brad Golik is a 15 year veteran of the Portland real estate market with a focus on the luxury property market especially Portland’s luxury condominium market. You can find him on his main website LuxuryCondosofPortland.com.
Two of the biggest mistakes I see in the condo market when people go to sell are:
- Pricing the condo too high. Sometimes it is the seller…sometimes it is an agent that does not understand the condo market well.
- Not having the property portrayed in its best light. This can be from lack of staging, not in pristine condition, bad photos (bad marketing as a whole.)
Let’s start by addressing #2 first. When you go to sell your condo in a tough or declining market, It has to be in pristine condition and shine over the competition! There is no room for error here. It also must be shown in a way that is attractive to buyers. If vacant, in most instances it should be staged. If occupied, sometimes just reducing the amount of furniture or “stuff” is all that is needed. If moving and vacant it will almost always get you a better return and well more than make up the amount you will spend on staging. The last thing I will mention is cleanliness. When a buyer walks into a home that is immaculate, they immediately have a better attitude towards the listing and in some cases, they are more likely to overlook some of the deficiencies it may have. Make sure you condo shows like a model home!
Now lets talk about what I believe is a very big mistake, and something I am seeing a lot of right now and that is overpricing the listing. This is especially true right now in a declining market! Remember this when selling…the market does NOT care what you paid for your condo. The market does NOT (to some extent) care how much you spent on remodeling your condo. The market cares what other similar units to yours sold for! Currently the condo market is about 20% off of its highs from late 20218. If you bought a condo in 2016 and 2017 and are now trying to sell it, in most cases you will be taking a loss. An exception might be if you bought a higher end unit at The Cosmopolitan (we will discuss why on this a little later). I am seeing many condos bought in these years being priced about 5-7% above their purchased price. Why is this? Obviously the sellers (and their agent) are pricing their condo at a price that if it sells, they will break even after closing cost. As mentioned before…does the market care what you paid for your unit? No, it does not! This strategy can in the long run, end up costing you much more money than had you priced it correctly. Right now in todays condo market I am seeing something I have not seen in 15 years in the market and that is the number of price reductions I am seeing. In a normal market you may see a condo that was priced incorrectly get reduce 2 or 3 times before it sells. Today I am seeing listed condos going through not only 4-5 price reductions but seeing many having 6, 7 or 8 price reductions. These condos will eventually sell at a price that is well below its value and costing the sellers tens of thousands…and in some cases, hundreds of thousands of dollars!
Sellers must realize that in a market like this, buyers are smart and they are very patient! They are watching from the sidelines and pouncing when the time is right. You may remember one of my recent postings “Value Alert”. In that posting I mentioned a beautiful unit at the Gregory that was remodeled and had stunning finishes. It originally came on the market at $1,350,000…a number that was way too high from the start! After it’s 6th price reduction, I told my client to keep an eye on it because I felt the price would continue down. On it’s 9th price reduction (which was $60,000) down to $899,000, I told my buyer he need to jump on it. Unfortunately, he was out of the country and missed out on the opportunity. Two days later it went pending and the lucky buyer bought this place for $875,000… well below what I believe was its true value. The point here is that had it been priced correctly at the beginning, somewhere around $1,050,000, it probably would have sold for a number closer to $1,000,000 instead of $875,000.
I have been in this business long enough to see that there are really two types of agents that list homes. The first, the category that I put myself into, are agents that truly care about getting their clients top dollar when they sell. They take pride in the value they add and work hard for their clients. In addition, like myself, they will be honest and upfront about the price…even if it means telling you something you don’t want to hear.
The other type of agent is one that I am seeing a lot more of and I wish it were not the case. These agents buy expensive lead generation programs and tend to list a lot of homes…some even doing it for 4% commissions because they are doing higher volumes. To them it is a numbers game! These agents will often tell you what you want to hear…usually a price that is higher than what other agents might be telling them. They will often end up with the listing because after all, their price of $900,000 sounds much better to the sellers than the agents that told them to list it at $850,000. This is when you start seeing all of those price reductions! These agents will systematically reduce the price in chunks until it finally sells. Because it was not priced correctly from the very beginning…and the market knows this, it punishes those homes after the multiple price reductions and they sit and become stale on the market, much like the example I used on the $875,000 condo I mentioned above!
When the time comes for you to sell your condo, remember the two topics I mentioned above. Have your condo in tip top shape when you go on the market! In addition remember, pricing correctly usually gets you more money when it sells. Again, the agent that does not always tell you what you want to hear may be exactly what you need…and this same agent is the agent you will want in your corner during tough negotiations as well!
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. Visit his website at http://www.LuxuryCondosofPortland.com
503-896-8856 or email@example.com