Luxury condos and Portland penthouses!
We have all heard the market in general is doing pretty well in terms of units selling reasonably quick. That is if they are priced correctly! Condos in the $300,000 to $700,000 price range have done well and there is not much current inventory. This is the reason they are selling reasonably quickly. How is the upper end of the market doing… units that are priced from $750,000 and up? Inventory levels in the Million dollar range is much better than the lower range. For example, in the $600,000 to $700,000 range there are only seven listings! In the $1,000,000 + area of the market there are 25 listings. How are the Million dollar listings selling? Very well, if priced right. Units that are not priced right will languish on the market and eventually, very typically, get punished with lowball offers. A great example of this scenario is the penthouse at Envoy that was just recently sold…after many years on the market. The last offering price on that penthouse unit was $2,249,500 it sold this week for $1,807,800…20% off its list price! In this market, with low inventory it is smart to price your unit on the high end of a range but there is a fine line and if you cross this line, it can cost you in the long run.
In the high end of the market, units are selling. Three of the last $1,000,000+ units that have sold were cash buyers. This is something we have seen as very common the last year. In the highest end of the market there are several really nice units available. Toping the list is the largest of the penthouse units at the Cosmopolitan priced at $3,883,000. If I had to guess, this will be the first one to sell of the three penthouses that are in the $3,000,000 price range. The other two, the penthouse at the Casey priced at $3,499,000 and the penthouse at the Elizabeth priced at $3,298,900 are very overpriced in my opinion. ( so is the one at the Cosmopolitan…but it will eventually sell very close to its asking price). The other two are priced in the $1000 a square foot vicinity. This is way too high, in my opinion, for units only on the 16th and 14th floors. Part of what you are paying the high price at the Cosmopolitan penthouse, is the likelihood of your views being uninterrupted. This happens when you are 28 floors up, not so much when you are on the 14th floor. I happen to really like the unit at the Elizabeth and would love to show it to clients but when priced so high over the market, the reality of the sellers taking a realistic offer, which would be substantially less, is less likely to happen. The current price just scares buyers away from even viewing it! If it were priced right out of the gate, chances are, in this market, it would be sold by now! If you are a buyer in the upper end of the market, a unit to not overlook is the penthouse at The Westerly priced at $2,950,000. This is the most spacious of the penthouse units with 3662 square feet. On top of that, two massive decks that offer some of the best outdoor living of any condo on the market! Not only are the views here better than the Cosmopolitan views ( remember, The Westerly, at a higher elevation looks OVER the Pearl District …kind of of like living on the the 80th floor of the Cosmopolitan… if it were available!!) the massive deck space makes entertaining an amazing event with these killer views! If this is a penthouse unit that you would like to view, give me a call because it is always a treat to show it to clients!
The Westerly Penthouse
Rounding out the “near” $3,000,000 range, while not a penthouse, is one of the most unique! The combined townhome in the iconic townhomes along 11th is a pretty special home. In August, the pricing on this townhome was reduced from $2,975,000 to $2,775,000. It offers 3888 square feet of living space with room for 4 cars to be parked. In addition, this townhome will not be burdened with the monthly HOA fees of the others, which run between $1,500 to $1,900 a month. While this townhome has yet to sell, I believe because of its eclectic design, the right buyers will come along and when they do they will be buying a pretty special place to call home.
Brad Golik is a luxury condominium specialist with Pearl District Properties. If you would like to view any of the above mentioned Portland penthouse condominiums, call Brad at 503-896-8856.
You can visit his website at http://www.LuxuryCondosofPortland.com