The $7,000,000 Portland Penthouse!
A couple of days ago, Portland’s only $7,000,000 penthouse condo came on the market (actually $6,995,000) This penthouse is on the 27th floor of the 28 story Cosmopolitan. The current owners bought 2 units pre-construction and designed it into one stunning unit that has almost 360 degree views.
What I like about this beautiful Portland penthouse: I like the different feel of this condo from every other luxury condo on the market. While very white and somewhat sterile at first glance, I could see beautiful paintings and colorful glass artwork fill this unit with additional color. The other thing I really like about this unit is the floor to ceiling windows that are everywhere around you…a very stark difference to what you will find in the new penthouse units at the new Vista!
What I don’t like about this unit: There is really not much to not like about this condo. If there was one thing, I would say the fact that it is not a top floor penthouse hurts it just a little. Penthouse buyer’s…especially those buying the most expensive in town tend to like to be on the top!
So, what about the $6,995,000 price tag? This puts it at $1626 a sq. ft. Obviously a very high number for Portland. Let’s compare it though to other penthouse units in Portland. At $4,700,000 the penthouse at the Metropolitan comes in at $1344 a sq. ft. maybe a little high only in that the interior is very traditional and buyer specific. Now let’s compare to those over at the Vista. No comparison! At $1222 a sq. ft., the Vista penthouses do not come close to what you are getting at The Cosmopolitan. First of all, as you have heard me compare before, the windows at Cosmo are much more desirable (floor to ceiling all around) compared to the limited windows at Vista. Also, as I have mentioned before, the Vista penthouses are very linear and views are more limited to the east and west. #2715 at Cosmopolitan is very open in it’s floor plan and especially sets itself apart in the tremendous amount of natural light. Combine that with the 3 mountain views and far superior city light views at night. In addition, you are 6 floors higher! Now will this get it’s lofty $1626? This is hard to say. While this unit is totally custom with the finest in finishes, nobody wants to be the first to pay a new record price. In the end, I could see the final sales price be somewhere between $6,250,000 and $6,500,000 which puts it in the $1453 to $1511. At these numbers, I would consider it to be a value if you are comparing it to Vista at $1222…which I still believe to be high for what you are getting. Again, those units have been sitting for a long time now, unsold at those prices.
Will it sell for $6,995,000? It very possibly could as there are those out there that don’t necessarily want the best value…they want the best!
See more of this penthouse at : http://www.PortlandPenthouse.com and click on Feature Penthouse 2.
If you would like to view this condo, give me a call at 503-896-8856. There are a few requirements to view so call me to discuss