Portland Condo Search
If you are in the market for a new Portland condominium and you heard that it is a sellers market based on inventory, you are probably thinking there are no deals out there! While it is true, it is harder to find deals in the market, they are out there. If you are a serious buyer and looking for Portland condominiums or lofts, you would be best served by working with an agent that specializes in that market. As a seller, no question that you should work with a condo specialist, after all, they have marketing that is directed towards buyers everyday. But what about buyers? By working with a specialist, you are working with someone who is in that market everyday and really knows the market and how to identify value. Are there values still out there? Sure, because sometimes sellers may list with an agent that does not really understand the condo market as well as they understand the housing market. This happens often!
Recently, I went to a brokers open house for a new listing of a penthouse condo in the Pearl District. After touring the unit, the agent holding the open house asked me what I thought about the units condition, floor plan and pricing. Not being shy to offer my opinion, I told him that I thought it was under priced at $925,000. I was a little surprised when the agent didn’t ask me how I came to that assumption. In fact, he seemed a little bothered by my answer. ( He did ask me for my opinion!) If he would have asked me why, I would have told him that a unit that was only slightly bigger over at The Casey just went pending at $899,000. This 6th floor unit had views that looked right into the new apartment complex that was built across the street. The Elizabeth 14th floor unit had far superior panoramic views of the city, west hills and beautiful evening sunsets from it’s spacious 35 foot deck. Another penthouse in the Pearl District had also gone pending, unit #1411 at The Henry. After sitting on the market for some time at much higher prices, this units price was dropped to $999,000 and went pending 20 days later. This penthouse condo also had great city views but was also 340 square feet smaller and was essentially a 1 bedroom, den (the den could be converted back to a second bedroom). I did mention my thoughts to another agent that day and he said “Yes but the Elizabeth has pending litigation and is cash only!” Guess what… it went pending after only 10 days!
In an earlier posting on our blog we talked about not leaving money on the table. Some agents listings will just get listed at prices lower than where they should be for a number of factors. In the example above, it may have been the agents lack of knowledge in pricing condos over houses. Perhaps the seller just wanted to unload it quickly? Either way, buyers will find deals out in the market, even in todays “sellers” market. There may not be many of them but if you are working with a specialist who is in that market everyday, your chances are much higher that you will find a great condo at a good value!
If you are in the market to buy or sell a Portland condominium, come visit one of our many condominium websites such as www.ElizabethLoft.com , www.TheCaseyCondominium.com or www.HenryCondominium.com or visit our main portal websites www.BradGolik.com and www.LuxuryCondosofPortland.com