Values in the market?
Every so often I like to let readers know when a unit that comes on the market that I believe is priced too low…today is one of those days! If you are in the market for luxury condos in Portland in the $1,200,000 to $1,700,000 range, here is one you should know about. Today, unit #2805 at the John Ross came on the market for $1,450,000. I believe this unit is priced far below it’s value. This unit, on the 28th floor, is selling for $265,000 less than the best possible comp …the unit directly above it. Unit #2905 sold in February of 2018 for $1,715,000. Now that unit had many upgrades in terms of the extensive remodel. With that said, that unit originally was on the market for $2,350,000. That price was certainly overpriced, and in my opinion, affected the final sales price to be lower than what it probably should have sold for. In the end, it sold for $635,000 less than it’s original asking price. WOW! With this said, the true value of that unit was probably closer to the $1,800,000 to $1,900,000 range. (You have often read on my blog the dangers of overpricing…this was a great example.)
Unit #2805 is priced $265,000 lower than what #2905 sold for…and in reality, when you look at what #2905 should have sold for you start to understand the value in #2805 being priced at $1,450,000. You are getting almost 2,700 square feet of open living space for a price you won’t find anywhere in the market. ( and don’t forget to compare these prices to those in the new Vista. For 2,700 square feet in the Vista it will cost you between $2,821,000 to $$3,335,000) Vista North Pearl
Now the biggest negative to this unit is the small deck space ( but this is the same deck space as #2905) not everybody cares about a deck…but MANY do! Another possible negative that I consider in units in South Waterfront is that it faces upriver. Why is this a negative you ask? Many people that buy condos buy them for views. While the daytime river view is nice, the nighttime view is mostly darkness. Another condo in the market that I think is reasonably priced is The Strand #901. This is a good example of the preferred views buyers like to have, which is a great river view during the day but at night you get the magical twinkling lights of the city. And at $1,375,000, it is a lot of view for the money!
If you are wanting to be at the bottom of the range in the above mentioned pricing ($1,200,000 to $1,700,000) another great view property to consider is a penthouse unit at Benson Tower, #2601. Priced at $1,199,000 this unit consist of the entire south side of the 26th floor. It has panoramic views that go from Mt. St. Helens, Mt. Hood, South to the Tilikum Crossing bridge, west to the sunsets over the west hills all the way back around to the St. Johns Bridge…wow that is some view! ( Check out those views at: www.PortlandPenthouse.com )
It is a buyer’s market out there and there are some values to be found. If you are in need of a condo with over 2,000 square feet, The John Ross #2805 is a value! With that said, if you want to consider looking at that unit, give me a call as I have a pocket listing coming on that is also near 2700 square feet that has great daytime views but better night time views than 2805. It was going to be priced near $1,695,000 but now with the low pricing of #2805, the sellers now realize they will be forced to go lower. Please give me a call if you want to see this unit or any of the units I have mentioned. 503-896-8856
Brad Golik is a 15 year veteran of the real estate markets and is a luxury condominium specialist. You can find him at his popular website www.LuxuryCondosofPortland.com