Year to date condo sales for Downtown, Pearl District and South Waterfront
Year to date condo sales for 2011 has been averaging about 50 sales per month in the downtown condo market with condo prices beginning at the $175,000 range and up. This number includes the downtown market including South Waterfront condominiums and condos and lofts in The Pearl District. The total number year to date is 297 sales that range in price from $175,000 to the top 2 sales which sold for $2,222,000 and $2,400,000. These top two units were both Portland penthouse units at The Westerly condominiums. Unit #1401 sold for 14% off of it’s listed price of $2,800,000. Unit #1402 sold for about 25% off of it’s original 2006 listed price of $2,950,000.
A majority of the condos that have sold this year have been in the affordable $300,000 to $400,000 price range. In fact, 25% of all sales took place in this price range! The busiest area of activity has been just north of the Pearl District at Pacifica Tower which sold 10 units at auction and then next door to Pacifica Tower, the Riverscape Townhomes which just recently came to life with 12 units that are currently in a Pending status! We continue to see price reductions in the marketplace and patience has proven to be a valuable asset for those who have watched as many sellers continue to chase the market down instead of correctly pricing their units from the beginning!
Units that have been priced correctly, or units that are more rare seem to be selling in pretty rapid time. For example, an 11th floor unit at The Henry in The Pearl District, priced at $1,195,000, received an offer and is now pending after just 32 days on the market. This unit was a rare 3 bedroom unit which helps explain it’s short time on the market.
If you are a buyer in search of Portland luxury condo, give us a call at 503-896-8856 or visit us at Luxury Condos of Portland