If you have followed my blog for any length of time you will know that from time to time I will come out with a Value Alert…here is my Covid/quarantine value alert!
Unit 1804, now priced at $1,495,000, a lower level penthouse at Meriwether in South Waterfront! This unit is not only large, 2541 sq. ft. , but also ranks high for style points as well. Ironically, part of the design is what has hurt the sale of this beautiful unit! This unit was custom designed by one of my favorite designers in town, Jeffrey Lamb. The quality is of the highest available and tastefully done. One issue, I believe, is it is a little dark with the all of the custom woodwork and the imported Brazilian granite counter tops. I have shown this unit three times now to my clients and three times the feedback was the same… it’s just too dark and they all would have replaced the green counter tops! My suggestion, and Jeff Lamb may hate to hear this… replace the beautiful green Brazilian counter tops with a and bright white quartz counter top and increase the island size, also with quartz! This would make a huge difference in the brightness of this unit and, I believe, change the look dramatically. While I do think the current counter tops are beautiful, they are very specific and attractive to a far less percentage of buyers!
Sometimes buyers will sacrifice size for higher quality. No need to sacrifice here! With this unit…you get both! Let’s compare this unit to a neighboring unit at Atwater, unit #1906 also priced at $1,495,000. #1906 is only 1896 sq. ft. ( 645 sq. ft. smaller than 1804!) The quality is basically original construction finishes, which are nice at Atwater, but nothing compared to the custom quality of the remodeled #1804! The layout of #1804 is also superior. The spacious kitchen is central to the open living spaces and offers fantastic views where as the kitchen on #1906 is tucked on the backside of the unit and almost galley like with limited views.
One of the negatives of #1804 is that eventually, OHSU will build on the lot to the north and block some of the views. Again, comparing to #1906, Meriwethers East tower is already blocking some of the views of #1906 to the north so it is very similar in views..
I have been selling condos for a long time now and one thing I have seen is that when the market is rising, buyer’s are more willing to pay up for a nicely remodeled unit. When the market is declining…not so much! This is what is happening now. The condo markets are almost 20% off from the highs in late 2018. Another problem with #1804 is that I believe it was way overpriced from the beginning ($1,900,000). This may not have been the fault of the agent. Many times when an extensive remodel has been done, seller’s tend to believe the value is much higher than what the market will pay. Now, after multiple price reductions and 15 months on the market…the sharks will start circling!
I believe the purchase of this unit will be at a good value for the buyer! I do not believe that price will be at $1,495,000 but I believe we are closer to where it will eventually sell. Because of the circumstances, the new buyers of this beautiful condo are going to have a condo with exceptional finishes and a lot space! I believe if the seller would have replaced the counter tops with a white quartz or light marble, it probably would have already sold. Now you have the opportunity to pick it up at a decent value and make those changes yourself!
If you would like to view this special unit, please give me a call.
Brad Golik is a condominium specialist focusing on the luxury condo markets in the Pearl District, South Waterfront and the downtown Cultural Area. You can reach him at 503-896-8856 or at email@example.com
Do a condo search at: https://bradgolik.luxecir.com/condo-search
Brad Golik is a luxury condominium specialist. You can reach him at 503-896-8856 or at firstname.lastname@example.org
Christie’s International Real Estate is known for combining great art with great architecture. Nowhere in Portland will you find this statement more true than with this stunning home located at 9912 NW Wind Ridge Dr. in Northwest Portland! One word describes this home…STUNNING!
To see more of this architectural wonder, please go to:
Brad Golik is a 15 year veteran of the Portland real estate market with a focus on the luxury property market especially Portland’s luxury condominium market. You can find him on his main website LuxuryCondosofPortland.com.
Two of the biggest mistakes I see in the condo market when people go to sell are:
- Pricing the condo too high. Sometimes it is the seller…sometimes it is an agent that does not understand the condo market well.
- Not having the property portrayed in its best light. This can be from lack of staging, not in pristine condition, bad photos (bad marketing as a whole.)
Let’s start by addressing #2 first. When you go to sell your condo in a tough or declining market, It has to be in pristine condition and shine over the competition! There is no room for error here. It also must be shown in a way that is attractive to buyers. If vacant, in most instances it should be staged. If occupied, sometimes just reducing the amount of furniture or “stuff” is all that is needed. If moving and vacant it will almost always get you a better return and well more than make up the amount you will spend on staging. The last thing I will mention is cleanliness. When a buyer walks into a home that is immaculate, they immediately have a better attitude towards the listing and in some cases, they are more likely to overlook some of the deficiencies it may have. Make sure you condo shows like a model home!
Now lets talk about what I believe is a very big mistake, and something I am seeing a lot of right now and that is overpricing the listing. This is especially true right now in a declining market! Remember this when selling…the market does NOT care what you paid for your condo. The market does NOT (to some extent) care how much you spent on remodeling your condo. The market cares what other similar units to yours sold for! Currently the condo market is about 20% off of its highs from late 20218. If you bought a condo in 2016 and 2017 and are now trying to sell it, in most cases you will be taking a loss. An exception might be if you bought a higher end unit at The Cosmopolitan (we will discuss why on this a little later). I am seeing many condos bought in these years being priced about 5-7% above their purchased price. Why is this? Obviously the sellers (and their agent) are pricing their condo at a price that if it sells, they will break even after closing cost. As mentioned before…does the market care what you paid for your unit? No, it does not! This strategy can in the long run, end up costing you much more money than had you priced it correctly. Right now in todays condo market I am seeing something I have not seen in 15 years in the market and that is the number of price reductions I am seeing. In a normal market you may see a condo that was priced incorrectly get reduce 2 or 3 times before it sells. Today I am seeing listed condos going through not only 4-5 price reductions but seeing many having 6, 7 or 8 price reductions. These condos will eventually sell at a price that is well below its value and costing the sellers tens of thousands…and in some cases, hundreds of thousands of dollars!
Sellers must realize that in a market like this, buyers are smart and they are very patient! They are watching from the sidelines and pouncing when the time is right. You may remember one of my recent postings “Value Alert”. In that posting I mentioned a beautiful unit at the Gregory that was remodeled and had stunning finishes. It originally came on the market at $1,350,000…a number that was way too high from the start! After it’s 6th price reduction, I told my client to keep an eye on it because I felt the price would continue down. On it’s 9th price reduction (which was $60,000) down to $899,000, I told my buyer he need to jump on it. Unfortunately, he was out of the country and missed out on the opportunity. Two days later it went pending and the lucky buyer bought this place for $875,000… well below what I believe was its true value. The point here is that had it been priced correctly at the beginning, somewhere around $1,050,000, it probably would have sold for a number closer to $1,000,000 instead of $875,000.
I have been in this business long enough to see that there are really two types of agents that list homes. The first, the category that I put myself into, are agents that truly care about getting their clients top dollar when they sell. They take pride in the value they add and work hard for their clients. In addition, like myself, they will be honest and upfront about the price…even if it means telling you something you don’t want to hear.
The other type of agent is one that I am seeing a lot more of and I wish it were not the case. These agents buy expensive lead generation programs and tend to list a lot of homes…some even doing it for 4% commissions because they are doing higher volumes. To them it is a numbers game! These agents will often tell you what you want to hear…usually a price that is higher than what other agents might be telling them. They will often end up with the listing because after all, their price of $900,000 sounds much better to the sellers than the agents that told them to list it at $850,000. This is when you start seeing all of those price reductions! These agents will systematically reduce the price in chunks until it finally sells. Because it was not priced correctly from the very beginning…and the market knows this, it punishes those homes after the multiple price reductions and they sit and become stale on the market, much like the example I used on the $875,000 condo I mentioned above!
When the time comes for you to sell your condo, remember the two topics I mentioned above. Have your condo in tip top shape when you go on the market! In addition remember, pricing correctly usually gets you more money when it sells. Again, the agent that does not always tell you what you want to hear may be exactly what you need…and this same agent is the agent you will want in your corner during tough negotiations as well!
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. Visit his website at http://www.LuxuryCondosofPortland.com
503-896-8856 or email@example.com
During the holidays the condo market becomes pretty slow in terms of units sold. So, with that said, I want to talk about the most important thing to be doing when the market is slow… and that is marketing! You will always hear people say that location, location,location are the 3 most important words in real estate. Well location is important, it is not the most important! Sometimes you may own a property that does not have a great Location. When this is the case, marketing quickly becomes the most import aspect in getting top dollar in the sale of your condo!
When you interview agents to sell your condo, all of them will say they will market your condo! What does this mean? After 15 years in the business I have seen everything! I have seen agents take a million dollar listing and not use professional photos. I have seen agents use a blown up photo of Mt. Hood making it look like it’s literally in your back yard. I have also seen agents that do very little marketing. These are the same agents that during the interview said they will do great marketing for your listing.
How do you identify an agent that truly does good marketing? I think a great place to start is with how they market themselves! To do a good job of marketing, an agent has to spend money! Many agents send out the same “Just Sold” postcards that look the same as everyone else. Why is this? Many agents use standard templates that may be partially paid for by their lender. Look at the quality of what an agent mails to you because that will be a good indication of the quality they will use in marketing your place. If they send out low grade, template postcards on themselves, why would you believe they will spend more when it comes to marketing your home?
Good photos! This is important because good photos are the foundation of any good marketing program. You want good print material? You must have good photos! You want good exposure online? You must start with good photos to put on the various websites used. As the quality of I-Phone and Android cameras have gotten better, many agents think it is ok to use these for photographing your condo…it is NOT! You must have professional photos!
Great Video! Video is truly the best way to show off your listing, and high quality videos are a must in the marketing of higher end properties! Many of you have heard me say this before…but I will say it again. A video should not be used to show every inch of your property ( this is why you have heard me say that I do not like the 360 photos that some agents use). A video to me is more of a way to tease a buyer, to get them excited to see a property! I have always believed that good marketing is about perception. Sometimes, as I mentioned above, you may have a property that does not have the best location. In a good video, you can still feature all of the real positives of that property to get buyers through the door and get them excited to make an offer, making the location secondary!
I strongly believe that when a buyer sees that a lot of money has been spent on marketing and everything is done with high quality, they are less likely to try and put in a lowball offer. On the flip side, when a buyer sees a property with low quality marketing… or very little marketing, they are more comfortable in going in with a much lower offer. There is a certain psychology to this way of thinking that has been used in marketing for years. This is why you are willing to pay a premium for a pair of NIKE’s or why you are willing to pay more for a Pepsi than you would pay for RC Cola! When buyer’s see high quality marketing associated with a property, they are much more inclined to be thinking in a much more positive way about the property from the very beginning.
One last thing I wanted to touch on was having an international/domestic presence is very important. This is the one thing I was missing when I worked for both a large regional company and a small local company. If you want to seriously discuss marketing for luxury real estate, the Christie’s brand is so powerful across the globe and directly associated with great, high quality marketing. People automatically associate a Christie’s listing as a property of quality.
Brad Golik is a condominium specialist with Christie’s International Real Estate and can be reached at 503-896-8856 or a by email at firstname.lastname@example.org. Visit his website at http://www.LuxuryCondosofPortland.com and http://www.PortlandPenthouse.com If you are in search of your dream Portland condo or loft, Brad is the one to call!
If you were thinking about giving me a call on the condo I mentioned a few days ago…it’s too late. I did say call me asap on this one! After the owners of this unit dropped the price again…this time $60,000, the unit went pending in 2 days! I am not sure what the final sales price will be but anything under the $899,900 listed price will be a very good buy for some lucky buyer!
Because I specialize in the condo market I am able to recognize good value. I don’t post these value alerts very often as I feel it needs to be a pretty special condo…and price, to do so and this was one of those moments. So the next time you see one of these condo alerts, call me ASAP!
Brad Golik is a condo specialist with LUXE Christie’s International Real Estate. You can come down and meet Brad in his new Pearl District location at 707 NW 11th Ave. – LuxuryCondosofPortland.com PortlandPenthouse.com
Here is a Christie’s fun fact: In New York last year, Christie’s International Real Estate sold 8 out of the top 10 most expensive homes… and 16 out of the top 25!
Every so often I see a condo that I feel represents a really good value and today a recent price reduction has made this unit very attractive in terms of pricing! Unit #714 at the Gregory had a $60,000 price reduction today and is now priced at $899,900. This unit was priced originally at $1,310,000. While I think the original price was way too high, it has now had 10 price reductions and for the quality of finishes, the amount of square feet available, and being a corner unit… this will make a very good buy for somebody especially if they get it for below the current asking price of $899,900!
The corner units at The Gregory are always in high demand and this stylish unit is going to make someone very happy! Originally, this was a two bedroom unit and it could easily be returned to being a 2 bedroom. Currently, the layout is very open and spacious. The master is huge with tons of closet space. The sliding glass panels are beautiful and give privacy when needed. The kitchen features modern white cabinets with quartz countertops and high end appliances. It is a stunning condo!
My only negative comment about this unit is that the master bath could be a bit larger, but to me…this is an easy one to look past when you consider the quality and size (1983 sq. ft.) of this beautiful Pearl District condo!
If you would like to see this unit, give me a call asap and I will set it up.
Brad Golik 503-896-8856
Brad Golik is a condo specialist with LUXE Christie’s International Real Estate…the brand that defines luxury real estate!
We are now open in the Pearl! Come by our new office at 707 NW 11th and say hello!
Yesterday I made a posting about the penthouses for sale in Portland. Well today… I have a new favorite! As I have often mentioned, The Elizabeth is one of my favorite buildings. Today a new penthouse at The Elizabeth ( #1503) came on the market for $4,000,000. This penthouse is stunning! What do I think about the price at $1,222 a square foot? I think it might be a bit high. If I am representing the buyer I think $3,300,000 to $3,500,000 might be more realistic. While it would be great for owners in the building if they did get $4,000,000 (and the owners of #1503) the problem is a recent penthouse sale that happened recently. Unit #1502 sold for just $1,900,000 or $551 a sq. ft. This will not help the sellers of #1503 in getting their price. While I don’t understand that low number at all, I will say the finishes in the beautifully remodeled #1503 are really jaw dropping. I believe this unit deserves a premium in that it is one of the most beautiful condos on the market! Did I mention that it comes with 2011 sq. ft. of outdoor living?
In the last three years there have been 3 penthouses at The Elizabeth that have sold for over $1,000,000. Of the three, I have sold two of them and the price per square foot was $712 for unit $1406 and $732 for unit #1404. The third was the above mentioned #1502 that was $551 a ft. ( again, I can’t explain the low price as it was the largest of the four …including the new one)
Will the newly listed penthouse #1503 be able to get it’s $4,000,000? I truly hope so …unless I am representing the buyer!
Speaking of buyer’s, If you are looking to tour any of the mentioned penthouses for sale ( or any other condo) give me a call at 503-896-8856
How is the + $3,000,000 condo market looking?
The Portland condo market has slowed pretty dramatically and we are seeing price reduction after price reduction. Many units have been reduced in price 5 to 6 times! We have also seen an increase in the inventory at the highest end of the market.
Currently there are six units priced above $3,000,000…and three that are almost $3,000,000. Of the nine listings, 5 are still the 5 out of 6 unsold penthouse units at the Vista priced from $2,821,000 to $3,335,000 ( $1044 a sq. ft up to $1228 a ft).
The other four are …in order of pricing, Crane Building #711 priced at $3,300,000, The Metropolitan PH-2 priced at $4,700,000, The Cosmopolitan penthouse #2715 priced at $6,995,000 and the Meriwether penthouse #2000 priced at ….drum roll please…. $9,300,000.
So of these units, which ones do I like? All are unique in their own way. If you like ultra contemporary, The Cosmopolitan #2715 is very high in style and has, hands down, the best views of all nine listed here. The newest to hit the market is at the Crane Building. Unit #711 is a beautiful penthouse unit with an outdoor terrace that runs the length of the entire east side of the building. It offers far more deck space than all of the others with the exception of PH-2 at the Metropolitan, which is priced at a pretty hefty $4,700,000… or $1349 a sq. ft. While this penthouse is steeply priced, the Metropolitan, in my opinion, is in my top 5 buildings in Portland. I believe the very traditional design of the interior of this large unit will create a problem in trying to find the right buyer unless someone wants to go in and start over. Topping the charts at $9,300,000 is the full floor unit #2000 at Meriwether in South Waterfront. This unit features over 7,000 square feet of living space that includes a guest suite. If you are someone that needs a lot of space…this could be the one! Also, if you are a car buff and need parking spaces, this penthouse comes with six parking spaces.
If you are a buyer that wants a contemporary space that is warmed with some beautiful woodwork, the penthouse at the Crane might be the answer. It is priced below (price per square foot) the two $3,000,000 units at Vista and has the deck space that many desire.
If you are the buyer that wants views, the Cosmopolitan is the building in town with simply the best views around. When you have paid a premium to be above 20 stories…the unobstructed views can’t be beat. I will say this about The Cosmopolitan, you don’t have to be in a condo priced above $3,000,000 to have sensational views!
If you are looking for a Portland penthouse that is ultra contemporary, one that is more traditional or anything in between, I am happy to take you on a tour of Portland’s finest condominiums and let you feel for yourself how each of these units are special in their own way! Give me a call at 503-896-8856.
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. You can contact him at email@example.com or visit one of his websites…LuxuryCondosofPortland.com or PortlandPenthouse.com
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 firstname.lastname@example.org.
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
When it is time to sell your luxury condo in Portland, look to the brand that defines luxury real estate worldwide!
If you have ever listened to the sports show The Herd hosted by Colin Cowherd you might know that on his show on Mondays he talks about sporting events over the weekend. He then goes on to discuss where he was right and where he was wrong in some of his predictions. I want to do a little of the same here and discuss one of my previous posts. In that post I mentioned a few penthouse units that were on the market, Pinnacle #1403 and Elizabeth #1502. I mentioned that I really liked #1502 at the Elizabeth.
Where I was right: I said that with patience, a buyer was going to really be able to pick up a good buy on this one!
Where I was wrong: I said a buyer might be able to pick it up for $300,000 to $400,000 off of its value at The Elizabeth! Boy….was I wrong!
The other unit, #1403 at Pinnacle sold on 5/3/2019 for $2,200,000 or $99,000 off of it’s recently reduced price. Now the buyer was probably thinking “ya, I got an ok buy, not a great buy, but ok!” (now to remind you, this penthouse was just 2600 sq. ft.)
On 5/8/2019…3 days later, the buyer of 1403 was probably saying… “Oh no!” because on that day Elizabeth #1502 just closed for …. Drum roll please…. $1,900,000! Ouch!
This penthouse was much larger and had less obstructed views. Now is the buyer of #1403 thinking they grossly overpaid? Now here is the Where I was wrong part comes into play. This unit had it’s priced reduced from $2,995,000 to $2,695,000. I was thinking $300,000 to $400,000 off of that price is where it was going to sell for. Normally, I would be saying “Awesome job” by the buyers agent that got his client such a great deal….however, not this time because buyers agent was also the listing agent! Who was the agent really working for here? You have heard me say before there are times when I will handle both sides of the transaction and other times when I would not touch it with a 10 foot pole. Well, this was one of those ten foot pole times! How does the buyer pick up this penthouse for $795,000 off of the “reduced” list price? The other consideration to look at is the fact that I also had a penthouse listing in that same building ( it was smaller 1 bedroom penthouse) and it sold for full price in 6 days! It closed two weeks before #1502.
When you are an agent handling both sides, it can be a tricky situation. In the situation of #1502, the listing agent took over the listing from another agent who had last priced it at $3,199,000. The new (current) agent took over the listing and convinced the seller that the price should be reduced to $2,995,000 ( I am gussing that agent said ”this is where I think I can get it sold!”) Now, 9 months later, this agent allows his client to sell it for One Million Dollars less? Wow. This is really a total head scratcher to me, especially after just selling the other penthouse in the building at full price. Did the buyer get a good price? I think a VERY good price! And while this is great for the buyer, I am not totally happy because I worked with some buyers who bought another penthouse at The Elizabeth 3 years ago… and it affects their value now. The market has not been going down the last 3 years!
What is the reason that this unit sold for $1,000,000 less that what the agent originally said it was worth? I don’t have the answer to this. This will end up being a tremendous purchase for the buyer. Not so good for the seller!
I mentioned how, with patience, you can get good values. I really did not see this one coming though. Now, the new buyer will pick up a stunning penthouse and put some money into it ( total kitchen remodel) and have an amazing unit. Let’s say this buyer invest $400,000 into this unit. At $2,300,000, you will have one of the nicest penthouse condos in town for $668 a sq. ft.! Compare this to the smaller penthouse units being offered at Vista for $1044 to $1228 a sq. ft. You have heard me talking about the benefits of buying some of the older penthouse units and putting some money into them… this is a prime example, and you will get to choose all of your finishes to your taste and chances are they will be even a little more higher end than what you will get at Vista …and for almost half the price per square foot! This new penthouse comp in the market will certainly NOT help to sell those remaining penthouses at Vista.
Don’t miss out on this one! This spacious ( 2700 sq. ft) penthouse condominium features 2 decks, including one that is a 50′ wrap around terrace! Take in views from your living room. Mt. Hood to the East and Mt. St. Helens to the North. At night enjoy the sparkling city lights or the the changing colors on the Tillicum Crossing bridge.
For a private showing of this spectacular penthouse, call Brad Golik, luxury condo specialist with LUXE Christie’s International Real Estate at 503-896-8856
You want to capture top dollar in the sale of your luxury condominium? Any agent can sell your condo, but at what price. Brad Golik, a condominium specialist at LUXE Christie’s International Real Estate, gives you the best in condominium marketing. To see more on Brad’s philosophy on real estate marketing, please visit: https://www.luxurycondosofportland.com/marketing
Christie’s International Real Estate is the market leader in the worldwide sale of luxury properties!
Brad Golik – Broker – email@example.com 503-896-8856
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
If you want to capture top dollar on the sale of your condo, why not hire an agent who cares enough to do everything he or she can to get your place seen by as many buyer’s as possible. I simply refuse to cut corners when it comes to marketing your condo or loft. I often tell people “Any agent can sell your condo…but at what price?”
Whether it’s soda, beer or tennis shoes…marketing is so important. But, it’s not just selling these products, it’s selling them at a premium to other similar products by giving them a perceived higher value. Real Estate is no different! With real estate marketing it’s so important to start with great professional photos, after all, photos are the foundation for most of your other marketing such as print media, listing websites and video. And great photos should be something that teases the buyer’s and makes them say “I HAVE to see this property, it’s beautiful!” And when buyers see high quality marketing, they will often associate the listing as being a higher quality property.
Quality vs Quantity – More marketing is not always better marketing. 360 degree photos are something a lot of agents use today. To me, this is giving away too much information to the buyer. A potential buyer may see 1 or 2 little things that turn them away from visiting the property, one they may actually have loved had they seen it. Marketing is all about getting the buyers to a property. It is also about giving the property a higher perceived value so that they are more comfortable in paying a higher price.
You have many choices when looking to hire an agent. Why not hire an agent who gives you great marketing for your listing. After all, you are paying an agent to market and sell your listing! Why not hire an agent that cares enough to spend the money it takes to do the job right?
Brad Golik is a 15 year real estate veteran with a specialty in the Portland condominium markets. You can reach him at http://www.LuxuryCondosofPortland.com or at 503-896-8856
The current market is an interesting one.We continue you see many price reductions on properties. With that said, condos in desirable buildings like The Cosmopolitan, if priced right, will sell in a short time. There are many units in the market, but special units, units that are not so typical can go quickly.
In a previous post I mentioned that buyers who have patience will be rewarded. We have seen many properties that have gone through 5-6 price reductions. Condos that were way overpriced are getting pummeled , especially those that have had that many reductions. A good example of this is a condo I have talked about before is the penthouse #1502 at the Elizabeth. That penthouse was originally priced at $3,650,000… a number that was incredibly high from the start. Now, after another price reduction, it is now priced at $2,695,000. If you may recall, when I previously mentioned this unit it was at $2,995,000 and I said I really liked it but that you will be able to pick it up at a better price later. That time is here! And now that it has struggled for a year on the market and gone through 5 price reductions, the sharks are circling and will eventually get an even better deal on this on. If you can pick up this one for $2,400,000 to $2,500,000 and add $100,000 for a new kitchen…you will have one stunning unit for a price much less than you will find in new buildings like Vista and The Cosmopolitan. In 2016 I sold a similar penthouse (#1406) in the same building. This would have been the ideal comp when listing #1502 and if it would have been priced correctly, maybe $2,850,000 to $2,950,000, it probably would have sold. Now, because it was so overpriced, it will probably sell for $300,000 to $400,000 less than it should have.
While I am talking about penthouses, I would like to revisit the new Vista condominiums. This seems to be a subject that my clients keep bringing up. When I wrote about the Vista penthouses in a previous posting: https://luxurycondosofportland.wordpress.com/2018/10/12/why-are-the-vista-penthouses-not-selling/ I believe at the time they had 1 penthouse sold and 2 were pending. (out of a total of 6) Now it looks like the two pending units fell out of escrow and only #2012 has sold at a price of $3,075,000. There are still 5 of the 6 penthouse units on the market.
Portland is soon to see two of its most expensive condos hit the market! Both of these penthouse condos will be in the $6,000,000 range. Based on their square footage they will be priced at $1192 to $1370 a square foot. Keep in mind, Vista #2112 is $1228 a foot. The difference is that both of the new penthouse listings are 7 to 10 floors higher. They are also totally custom with very high end finishes. If you are in the market for a large, stunning $6,000,000 condo, give me a call and I can give you a heads up as to where these penthouses are and to get more information, give me a call.
Are you looking for something a little more affordable? You will begin to see more condos coming on the market. Many will stay on the market for awhile and others will not. The ones that won’t are ones that are more unique like a special corner unit in a building or something like a 1 bedroom penthouse unit. When you have a condo that is unique, the urgency to not miss out is much higher. When you have 10 to 15 condos that are very similar like interior units at the Edge, Elizabeth, Gregory and the Elliot, there is no urgency or fear of loss. As you move forward in your search for a condo, work with a specialist, someone that understands the condo market and understands why one unit at $600 a ft make sense while another one does not. Just as a $6,000,000 penthouse at $1190 to $1370 a foot can make more sense than the very linear penthouse units at Vista priced at $1050 to $1228 a foot or why the 04 units at Vista were priced correctly and made sense at $922 a foot.
In my post about the Vista penthouses (see link above) I mentioned that the views from The Cosmopolitan were much better in the floors 19, 20 and 21st than those same floors at Vista. A 20th floor unit at Cosmo just went pending at $1122 a foot. Compare that to one of the 20th floor penthouses at Vista and there is no question…the views from the Cosmopolitan unit is far better and the amount of windows and natural light make it hands down a better value!
Brad Golik is a 15 year real estate veteran and is a condominium specialist with the market leader…Christie’s International Real Estate. You can reach him at 503-896-8856 or at his website http://www.LuxuryCondosofPortland.com
Now, more than ever, quality marketing matters in the sale of your Portland luxury condominium. Christie’s International Real Estate is the market leader… worldwide!
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
Amazing panoramic views that will take your breath away!
For a private showing of this beautiful penthouse 26 floors above it all, call me at 503-896-8856.