Luxury Condos are moving in Portland
For the month of December we had about 35 sales which was equal to the
previous months sales.(approx. 200k and higher in Pearl District, South Waterfront and downtown) Leading the way were condos in the “Luxury” arena. This included a $2,000,000 sale at 937 Condominiums and a $1,000,000 sale at The Metropolitan Portland. The unit at The Metropolitan took a 9% hit from it’s
original listing price. This is the second unit in the last 2 months that took a pretty big hit from it’s original offering price. Last month a unit sold for over 14% off of it’s original listing.
What does this mean for Portland condos? It means some condos are still going on the market at price points that are wishful and once again pointing out that if they had been correctly priced from the start, they may have gotten a better final price. Keep this in mind… you still have ongoing expenses as you hold onto an overpriced listing (Mrtg. payment, taxes and HOA fees etc) And the longer the listing stays on the market, the worse the offers become because buyers sense desperation in the sellers.
Remember, if you are thinking about putting YOUR Portland condo or loft on the market, give us a call and we will share with you what we feel is the very best condo marketing program in Portland! While we are committed to form strong relationships with our clients and believe this is important, we also believe that a strong relationship is not what gets a condo SOLD… it is good marketing!
“Marketing for today’s tech savvy buyers!”
Marketing Portland Condos for all their worth!