Condo Sales for September!
Condominium sales for the month of September is pretty consistent with the monthly averages of 50 per month we have been seeing. September sales were 46 units sold in the Downtown, Pearl District and South Waterfront areas. The most expensive unit sold was a Pearl District townhouse on 11th Ave that sold for $1,175,000. The next most expensive unit to sell was at The Westerly in NW Portland that sold for $1,070,000. The sweet spot of the market, the price range where most units are selling, continues to be condos and lofts priced in the $300,000 to $400,000 range. Buildings with the most sales this month were 937 with 2 sales, Encore, Pacifica Tower, Marshall Wells and The Meriwether, each with 2 sales each. The townhomes just south of Pacifica Tower recorded 10 sales for the month!
The most challenging part of the market seems to be in the $600,000 to $850,000 price range. Sellers are still holding on to units that are just priced too high and not willing to adjust prices… and therefore, the units are not selling. Units that are selling in this price range are condos that are being sold by the developers such as Encore and 937. Developers are not afraid to adjust their prices to get their units sold! For those in the resale market, what we often see are owners that hold firm on their prices until they HAVE to sell. Then they often chase the market down and eventually end up selling their unit for less than they could have if they would have had it properly price from the beginning.
Where are the best values being found for Portland condominiums? Some of the best values continue to be in the South Waterfront Condominium market. A great example of this is a recent unit at Atwater Place that sold for $780,000. This 2 bedroom unit had 2015 square feet and featured beautiful river views! While some may prefer Pearl District lofts or condos, it’s hard to argue against a price per square foot of $387 at Atwater Place compared to the $556 to $597 at 937 in the Pearl District.
If you are in search of a new luxury condominium in Portland, give us a call and we can set up a tour to get you started in a search for your new dream home!