I have recently received a few emails asking why I have not written anything about the new Vista North Pearl. The answer, I guess, is that nothing seems to be too exciting about the project. And, not that it matters, but I have not had to deal with nasty emails from the sales manager at Hoyt Properties, who did not like my opinions on the Cosmopolitan!
So, what are the differences in the two projects? Well let’s start with the Cosmopolitan. Contrary to what the sales manager said to me “I thought you hated this building!”, I NEVER said I did not like the project. What I DID say is that I did not like the pricing. (Great for the developer…not so great for the buyers). As it turned out, because of the low inventory levels at the time, they were able to capture those high prices. Again, the timing in the market was “perfect” for the developers. How about this time around with the Vista? Well, the market has changed and Hoyt will not have such an easy time selling units at excessive prices. As of the middle of last month, Vista had 95 units available (out of 153) or 38% of the units sold. Keep in mind, the Cosmopolitan was being marketed as the nicest condo building in town. Vista, from what everything I have heard, will be a notch below that of the Cosmopolitan in terms of finishes and the building as a whole.
Let’s start with the most popular corner, the SE corner, which was the first to sell out in the Cosmo. For comparison sake I will use units on the 14th floor. The Cosmo pricing for the SE corner on the 14th floor was $649 a square foot. The pricing for the Vista is 780. Now, a look at the NE corner 15th Floor (1517) in the Cosmopolitan was sold at $620 a square foot. The 15th floor unit at Vista (1506) is being offered at $750 a square foot. While the market eventually did catch up to the excessive prices at the Cosmopolitan, I don’t believe that the Vista prices should be selling at a premium like the Cosmopolitan. Units on the west side are pretty equally priced to that of the Cosmo.
Finally, let’s look at the penthouse units. At the Cosmopolitan, the range was from $950 a square foot to $1200 for the top floor 28th floor penthouses. For Vista, the range is $1052 to $1247. Let me repeat this one fact, the Cosmopolitan penthouses were being marketed as the best in the city in Portland’s most luxurious building! In addition, the top floor at the Vista it is only 21 stories. What is interesting here, if my memory serves me right, is that the units at the Cosmopolitan (floors 20 –28) were given a minimum premium of $88,000 per floor! At the time of this writing, I don’t believe that one of the six penthouse units at the Vista is pending. I cannot say that I am surprised. I would never pay anything close to what the penthouse units sold for at The Cosmopolitan. The Cosmopolitan is a superior, more elegant building (pitched as the nicest in the city) and there is no way prices at the Vista should compare! Again, this is just my opinion… or maybe not just my opinion. Ask any of the residents at the Cosmopolitan above the 21st floor and see what they say?
I am sure I will continue to get the cold shoulder from the developers’ sales manager…but am I wrong? I don’t believe so. Let me be clear. This is not personal but simply my professional opinion. As someone who understands condo pricing, I write about what I believe to be true and it might not always match the opinions of others, and that is OK!
There are things I like about the Vista. If you read my blog about the Cosmopolitan, one of the negatives noted was that many of the units had a very high ratio of hall space to usable space (many units were 12-14%) This is not the case with the Vista. Almost all the units are in the 4-8% range with the exception of the D4 Plan, the 08 stack) as it came in about 13%. In this case, you have a unit that is 1435 square feet and the unit has about 194 square feet of hallway space.
The Vista floor plans also provide MUCH more space to walk around the end of your bed in the master bedroom, a problem in many of the units at The Cosmopolitan. Another highlight of the Vista is its large deck spaces.
All in, I believe the Vista will be a nice building. As for the prices? The market will, in the end, determine the final prices. As of now, the lower units seem a little high and the penthouse units, I believe, are way too high.
If you are looking to buy at the Vista or would also like to look at other buildings, I am a condominium specialist and would be happy to show you available units. If you are thinking about selling in the near future, I encourage you to go to http://www.LuxuryCondosofPortland.com/marketing and learn a little about our approach to selling your condo!
Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Pearl District Properties. He can be reached at 503-896-8856 or at firstname.lastname@example.org.
See aerial Drone footage of the Vista location within the Pearl District at http://www.VistaPortland.com