As a listing agent, I consider it my job to get the highest price for my seller. As your buyer’s agent, my job is to negotiate the best possible purchase price for my buyer. If you are currently in the market for one of Portland’s beautiful luxury condominiums and maybe more specific, a penthouse…let’s talk!
I have seen a few crazy things happen in the market the last couple of years. The most recent, and one I briefly discussed in an earlier post, was Unit 1503 at the Casey that just sold for $4,500,000 ($1227 sq. ft.). As I mentioned, this 15th floor (not top floor) penthouse sold for a higher price than one of the new penthouses at the Cosmopolitan which sold for $3,800,000. The reason for the higher sale became apparent after the unit went pending with no time on the market. The seller really did not want to sell, the buyer made a crazy offer…and the seller took the deal. Great for the seller, not so great for the buyer!
Today, a new penthouse at The Strand came on the market for $4,200,000. Priced at $1304 a square foot…this one just side steps logic altogether! This 13th floor penthouse in no way, is worthy of a +$1000 a square foot pricing let alone $1304! To once again put things into perspective, a nearby penthouse unit at the John Ross, recently reduced its price by $300,000 to $1,995,000. While this unit is smaller, it is also 16 floors higher. Its price per square foot is just $739. Now the John Ross unit is also “far” superior in terms of finishes with extremely high end design through-out. I will often try to use these comparisons to really give buyers a better perspective of pricing. While at times, a buyer may be ok with overpaying for a property, such as the recent Casey sale. I feel a need to help be a voice of reason for potential buyers out there.
I really don’t know of the reasoning behind the exorbitant pricing on this penthouse. It could be agent error or it could be ownership pride. As a possible justification of price, the agent does tout an extensive 1444 sq. ft. terrace and rooftop deck. What is failed to be mentioned however is that this rooftop deck sits very closely, and slightly below I-5. Not sure how much that deck will get used!
If you are in the market to purchase one of Portland’s finest condominiums, please give me a call. It does not cost you more to work with a condo specialist…it pays!
Brad Golik is a luxury condominium specialist with Pearl District properties. His views and opinions are…just that, his opinions! If you are in the market to buy a luxury condo, call Brad today! 503-896-8856