Opportunities in the condo market!
With tougher markets come opportunities. The condo market has slowed down and we have seen many, many price reductions…and not just one or two reductions, but four, five and six price reductions! There are a few that stand out for me right now that I think represent good buying opportunities. And because some of these have been on the market for so long, the chance to buy lower than it’s current listing price could be very high. In the higher end of the market, a penthouse that I have discussed multiple times is unit #1301 at The Strand. This is a beautiful waterfront unit that has great river, mountain and city views! The downside of this unit… many agents have tried to sell the large rooftop deck as a selling feature. Truth is you are almost level with the nearby bridge traffic and the noise is pretty loud. With that said, put a water feature and some music on the deck and I believe it becomes usable. The current price on this penthouse is down to $1,995,000 , reduced from last month where it was at $2,350,000. ( if you remember, this penthouse was originally priced over $4,000,000) At $1,995,000 you are at $615 a square foot. This is getting pretty low for any penthouse unit. I recently mentioned a penthouse sale at The Elizabeth…it sold for $551 a foot, an extremely low price for a penthouse of it’s caliber. If you are looking for a large unit (3242 sq. ft.) The Strand is one worth looking at.
In the lower price points there are also some good opportunities for buying opportunities. One example is unit #515 at The Elizabeth priced at $750,000 for a 2bed/2 Bath with 1562 sq. ft. A similar unit just went pending at $765,000 and an identical unit ( just four floors higher) went on the market $115,000 higher at $865,000!
In the sub $500,000 market you will see more turnover but you can still find some good values in the lower price points. If you would like to get out and view some condos, give me a call.
Brad Golik is a condominium specialist with LUXE Christie’s International Real Estate You can reach him at 503-896-8856 or at email@example.com.
Opportunities… PART 2
As I finished up my blog post earlier today, a new listing came on the market in South Waterfront for $2,500,000. This 22nd floor unit has 2349 square feet and has had a few new very nice touches added…new kitchen, wine room and general updates. What do I think of the $2,500,000 price tag? Well, it’s next door neighbor is on the market for $1,000,000 less at $1,495,000 and it is only 160 square feet smaller. If you want an opportunity, you could buy that one for $1,495,000…or a little less, add a brand new high end kitchen, add a very nice wine room and make some additional updates and you would still be under $2,000,000! What is the only advantage of the 2.5M unit? I would say having the St. Helens and city view are more desirable. So are those views important to you?
Here is an alternative ( shameless plug here) I have a penthouse listing at The John Ross next door. It is in the NE corner…most preferred. It is 2699 square feet, so larger. It is 359 sq. ft. larger (equivalent to a 14×25 room) It is on the 27th floor so 5 stories higher. This is important because if something were built on the nearby OHSU property, your chance of loosing views of the Tillicum Crossing Bridge are less if you are 5 stories higher. Not only does it have an amazing Mt. St. Helens view, it also has an awesome Mt. Hood View! To add even more value to John Ross #2703… it has been in litigation for some time now (cash only buyers) and litigation has ended. What have we seen time and time again when this happens? Prices jump up in these buildings when litigation is resolved.
So you could also do an amazing kitchen in this unit ( there is a huge open area to make a much larger kitchen than the other two units) And do all of this and still be well under $2,000,000. The other option, you buy it and move in because you don’t need to do much because it is very nice and move in ready!
If you would like to tour Atwater Place 2206 and 2200 as well as John Ross #2703, give me a call today! 503-896-8856