August Condo Sales
August was a very good month in the Portland condo and loft market with sales up 34% over July sales. Once again leading the pack was Encore in the Pearl District and Atwater Place in South Waterfront, both with 5 sales for the month. Two of the Atwater Place sales were resale units. The most remarkable thing about the 55 sales for the month was that only 2 of these sales were bank owned properties and just one was a short sale! With that said, there are currently 24 condos and lofts in the Pearl, Downtown and South Waterfront areas that are in a short sale pending status.
Buyers continue to find decent deals in the Portland condo market. An example of this can be found in the recent sale of unit at City Lofts. After being way overpriced at $1,100,000, and being on the market well in excess of 400 days, buyers were able to pick up this 2,456 sq. ft. unit for $760,000, more than 30% off its original list price. This shows us two things: 1)There are good buys to be had in the market and… 2) Sellers, don’t overprice your unit when you go to sell it. It will end up costing you more money in the long run!
At LuxuryCondosofPortland.com we are excited about the market! If you are in the market for a new Portland condominium, give us a call and we will get you out to see everything that Portland has to offer. If you are thinking about selling your condo or loft, again we encourage you to work with a condominium specialist. We don’t believe that an agent can’t just flip on a switch and become an expert in marketing to condo buyers overnight! We have worked hard to create a marketing program that targets serious condo buyers everyday. And, like marketing for any product, the more exposure it gets, the better your chances of getting a higher price!