I recently wrote about the Portland penthouse market. When I last wrote, inventory was very low as it has been for sometime now. Just recently we are starting to see a few more things come on the market. In the Portland penthouse/ Luxury condo
market a few more are coming to market. Not on the market yet, but coming soon will be the beautiful #1602 penthouse at The Casey. Priced at $3,499,000 with 3273 square feet ($1069 sq. ft.), this unit is certainly priced at The Cosmopolitan price levels. Also coming to market soon is another one of the iconic Pearl District townhomes on 11th. Unit 637/635 is a combined unit that will be offering over 4,000 square feet and I am guessing the pricing here will be somewhere in the low to mid $3,000,000 range. This is the second of the Pearl District townhomes to recently come to market. The other was 617 11th that is priced at a pretty steep $1,899,000 and still on the market.
With this said…it is time for all of us to come to terms with prices, they are going up! Earlier I wrote about the effects of the Cosmopolitan prices. The Cosmopolitan is now 68% sold at prices I have said seem to be pretty inflated. But, because of the lack of inventory, people are taking the bait and swallowing it whole! This in turn is causing seller’s in the resale market to increase their prices. Now this is certainly good strategy…to a point. $650 to $800 a sq. ft at the Elizabeth are not unrealistic numbers. $1,000 a sq. ft…not so much! And a word of advice to seller’s. If you are going to try and capture a premium price on your unit… make sure, at the very least, your agent does professional photos! Again, as many of you have read before, this is a huge pet peeve of mine.
Now, two condos that were previously the two highest priced condos in town look to be bargains, like http://www.FountainPlazaCondo.com with 3873 sq. ft, priced at a VERY reasonable $579 a sq. ft. Or the Eliot Tower unit, priced at $2,388,000 or $555 a sq. ft. Hey, why not save a $1,000,000 and pick up an additional 500 to 1000 square feet of living space?
The best way to find out the true value of these units is to call Brad Golik at 503-896-8856 and go tour these units. If you are in the market for a new Portland luxury condominium, Brad is the go-to-guy for luxury condominiums in Portland, Or.