In a post I wrote a little while back I mentioned that even in a hot market, where everyone seems to believe that there are no deals in the market, that sometimes deals do come along. Today is one of those days! If you are in the market for a 2 bedroom unit with over 1400 square feet, this is your lucky day! Just a short walk north of the Fields Park in the Pearl District, you will find a wonderful 8 story condominium tower called Pacifica. I have sold many units in this building and know it probably better than any agent in town. Two days ago a unit came on the market priced at $575,000. This 3rd story unit has a spacious layout, 2 and half baths and a very large deck that looks over the Willamette River. The reason I know it is drastically under priced is that two years ago I sold the same unit, two floors up, for $575,000! In this time the market is certainly up more than 10-15%. Taking that into consideration, you would be looking at a price of $610,00– to $632,000. The current price, at $391 a square foot is VERY low to the comps in this building. I sold 4 or 5 units in this building between $418 to $450 a square foot last year! I will be pricing another unit there soon and we were going to be looking at $500 a square foot. This might be a little more difficult now with the agent selling unit #303 so far below market value.
Again, for those who are patient, and work with an agent that knows the condo market, there are good values that do come up in the market. Unit #303 at Pacifica Tower is one of them!
If you are a buyer and looking for a great 2 bedroom unit, there is not another unit under $750,000 in the market right now that I feel beats this one.
If you would like to go view this unit, give me a call today and I will set up a showing! Call me at 503-896-8856