Westerly Penthouse is on the market!

Westerly Penthouse

The Westerly penthouse #1402 went on the market today priced at $2,950,000. This penthouse condo, that I believe is one of the finest in the city, is one of two penthouses at the Westerly. #1402 is the best with beautiful south, southeast and full on eastern views. So, is this penthouse condo worth $2,950,000? Probably not, after all…who pays list in this market? With 3662 square feet and simply amazing views, I think that true value is about $200,000 off. If we compare this penthouse to others that are currently on the market, hands down for me…this is the one! Would I pay $2,950,000 for it? Again, let’s compare: A recent sale of a former CEO’s penthouse was priced at $2,850,000 and sold for $2,600,00 ( a price that i think should have been lower).  There are several penthouse units available at Eliot Tower priced at $2,400,000 and $2,375,000. While very nice units, and decent views, these penthouses don’t have outdoor living spaces. Unit #1402 at The Westerly has 2 huge decks that will be ideal for entertaining! Benson Tower has unit #2701 on the market at $2,450,000. With only 2920 square feet it is, in my opinion, way overpriced! Over at Encore, two penthouse condos remain on the market priced at $2,020,500 and $1,780,000. How do they compare? Easy answer here…they don’t! That brings us to the penthouse at the Envoy. It was recently withdrawn from the market after it’s most recent price reduction down to $2,995,000. This penthouse has languished on the market for two years now priced between $3,750,000 to $3,450,000 until it’s recent reduction to $2,995,000. Part of the problem with this beautiful penthouse is that it was way overpriced from the get go! What does it have to offer over the Westerly penthouse? Well it does have a massive deck. But the views do not compare and after all, with over 1200 feet of deck space, the Westerly penthouse offers more than enough outdoor living area! The current owner of #1402 bought this unit just about two years ago for $2,222,000 and has added some fantastic amenities to the unit.( $738,000 worth?… No, but that is why you can hire me to negotiate a deal for you!)  With that said, the owners of #1401 paid $2,400,000 for a little more square footage but an inferior view. Rumor has it that the current owners have spent a small fortune upgrading the unit so this certainly has not hurt the neighborhood values!

If you are in the market for a Portland penthouse condominium, give me a call. Unit #1402 at The Westerly is one of my favorites and I would be happy to show it to you. Again, I want to take this time to say that if you plan on buying a luxury condominium, it is important that you work with a condominium specialist! Let me negotiate on YOUR behalf.

See Photos Here:   http://www.thewesterlycondominium.com