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Christie’s International Real Estate Portland

I am thrilled to announce I have just joined top real estate firm Christie’s International Real Estate! The Christie’s brand is synonymous with luxury worldwide. As many of you know, if you have followed my blog for some time, marketing is so very important to me and the Christie’s brand aligns so well with the marketing vision that I have for my listings. Now, with Christie’s, I am able to take my marketing for my clients to the highest level! Those of you with luxury condominiums, especially Portland penthouses, the best worldwide exposure is just a call away! 503-896-8856


Why are the Vista penthouses not selling?

This is question I have gotten several times in just the last week. In fact, I get questions about Vista frequently.

Three words…Priced too high!

When The Cosmopolitan went on the market, it was a very different market. Buyers were paying a premium, and they knew it! They were hoping at the time that the hot market would continue and that the values would catch up to the the prices they paid. They were lucky because that is what happened. Today, not the case! The condo market has slowed a ton. Last month, of all listings in the Pearl, over 50% of those listings had to reduce their price. Days on market for higher end condos is now over 100 days!  For many penthouses that have been on the market, we have seen multiple price reductions…not just one!

So, when I say that the Vista penthouse units are priced too high, I would like to support my comments. When The Cosmopolitan came on the market, I was very critical about the new building. The fact was that while I did like many things about the new building, I just had issues with the pricing.  With the Vista, I believe that some of the lower priced units are in line with the current market. The penthouse units are a whole different story.  For one, they are not like the cosmo penthouse units and do not deserve similar pricing. They are very linear and do not offer the floor to ceiling windows and views that you find in The Cosmopolitan. This is a big one because this is something buyers really like. In addition, look at the floor plans below. There is a stark difference between the amount of windows in The Cosmo compared to that of the Vista. In my opinion, this is why they are not selling! Also, the developers are asking 27th and 28th floor prices (The Cosmopolitan) for 19, 20 and 21st story units. I must say, I got a little giggle each time I saw the adds for Vista that asked “Ever wonder what the views are like from the Penthouse? My immediate thought was … ya, like the views from the 21st Floor at the Cosmopolitan that were priced at $875 a square foot…not over $1250 a foot! And to be honest, I do not believe that the Vista penthouse views are as good as the 19th – 21st floors at The Cosmopolitan.

The below floor plan is from the Penthouse #2815 at The Cosmopolitan. It offers panoramic views to the east with Mt. Hood and to the south with stunning city views!

Cosmo2815

Now lets take a look at the Vista penthouse on the South side #2108 currently priced at $3,216,000 . It is very clear when you look at them side by side the difference in the amount of windows/walls.  Which is going to offer the better and more panoramic views…hands down it is Cosmopolitan #2815! In addition, #2815 is seven stories higher which adds tremendous value ( and if you remember, Hoyt put a premium of about $88,000 per floor above the 20th floor in the Cosmo).

Vista2815Wflorplan

Now lets take a look to the East. In most buildings, having an east view of Mt. Hood gets a premium. But, when your views are out of windows like shown below from Vista #2108…is it worth it?

2815EasternViews

Options! If you are in the market for a Portland penthouse, you have options. Unlike when the Cosmopolitan went on the market, a buyer has many more options then at that time. Back then, inventory was very low. In addition,  condos are staying on the market longer and we are seeing many price reductions. If you are thinking about a penthouse purchase in Portland, here are a few good options:

1st: Pinnacle #1403  $2,488,000 –  While you will be slightly lower being on the 14th floor, I believe your views are really much better. With #1403, you get true floor to ceiling windows with exceptional views to the south and the nighttime city lights. This unit was recently remodeled so you are getting everything brand new just as if you were buying at Vista! Like the Vista penthouses, this one offers 2600 square feet.

2nd: This is a penthouse that I like a lot… The Elizabeth #1502 $2,950,000  Another unit with many floor to ceiling windows looking to the West Hills and the city lights to the south. This 2-level penthouse has tons of character. With 3443 square feet, it is much larger than all six of the Vista penthouses and compares more closely to #2815 at The Cosmo which has 3131 square feet. This one has been on the market for awhile now after several price reductions… and you might be able to pick it up for an even lower price.

Elizabeth1502

3rd: While this Portland penthouse is not in The Pearl District, it does deserve mention… #1301 at The Strand $2,395,000 – This 13th floor penthouse offers spectacular river, marina and city light views! Offering 3220 square feet with walls of windows, this unit offers some of the best daytime and nighttime views! If you can put up with some “white noise” from the rooftop deck, it offers stunning views…see below!

StrandSplit

In closing, I just want to say I am a fan of any new condo building in the Pearl District or any other area of downtown Portland. With any luck we will get other developers looking at our great city with plans to build something that is uniquely Portland. As for Vista, sales have been much slower this time around. As I mentioned, there are some reasonable values at Vista…just not at the penthouse level! I do not believe that the designs, layouts and views are worthy of the $2,821,000 to $3,335,000 pricing.

Brad Golik is a condo specialist with Christie’s International Real Estate and LuxuryCondosofPortland.com You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com

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Touchmark in the Westhills… simply stunning!

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In previous blog post I have written about the experience of downsizing. This was about downsizing from a large home in the suburbs to a smaller urban condo scenario. In this blog post I wanted to discuss a different type of downsizing.

As many of you know, for many, after years of condo living and as age creeps up,  normal day to day task become a little more difficult. Discussions of Mirabella and other facilities become more and more a part of conversations. If you are getting closer to this stage in life, it is something to start thinking about. Now there is a great option!

Thursday night, my wife and I were honored to be part of the Grand Opening for Touchmark in the West Hills.  I was blown away by this new senior community and the thoughtfulness that went into every aspect of what they have created.  As we pulled into the driveway of this new community it reminded me more of a beautiful lodge in Aspen or Vail than a retirement community. The beautiful community lodge with it’s clock tower and the future parcel where vineyards will be growing set the tone for something I believe will be a very special place! Touchmark in the West Hills will offer different levels of living styles and needs. From Independent living in a condo like atmosphere or independent lodge style homes to assisted living and memory care.  Recently, my mother had to move into a memory care facility in Arizona. While my dad is still very independent, I couldn’t help but think “This is where I would love my parents to be when my dad is ready for the next phase in his life.”

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When we first arrived and walked through the main lodge doors the first thing I noticed was the views I could see out the back of the building. We immediately walked back to the beautiful patio, with the welcoming fire pit, and took in the amazing coastal views to the west overlooking Beaverton, Hillsboro and beyond.

Later in the evening, we all moved up to the 5th floor dining area…and yes, the views are even more spectacular from there! We even spent a little time in the adjoining pub with big screen tv’s , and a little Thursday Night football! Later, we took the elevator down to the 1st floor area that include a gym, swimming pool, exercise rooms and a little juice bar. This place has it all! In fact, I mentioned earlier about the vineyard. They also have plans for a nice winery with a tasting room located near the top of the property that will include a small outdoor amphitheater for future events.

My wife and I have known Werner and Colleen Nistler, the owners of the Touchmark company,  for over 20 years as our kids have grown up together in the same schools. They are two of the nicest people you will ever meet. What they have created here, as I said before, is something special. I know the level of care and detailed attention will be off the charts!  We had a chance to meet several of the new residents of this wonderful community and we heard the same thing from each of them…we should have done this sooner!

While most of the readers of my blog live in the Pearl District, Downtown or South Waterfront and like the urban living lifestyle, for some, this lifestyle does become a little more difficult and some also worry about safety, as they become a little older,  especially with the rising homeless population.

If you are living in a condo and possibly ready for the next chapter in your life, give me a call if you would like a valuation of your place. And if you are looking at other options of Independent or assisted living, you will be thrilled by what you see if you were to visit Touchmark in the West Hills!. https://www.touchmarkportland.com/

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com and can be reached at 503-896-8856 or at pdxluxcondos@gmail.com.

 


How is the rental market?

When I last wrote about the state of the condominium market, I mentioned that the market has “put the brakes” on. This trend continues, especially in the higher end of the market where we now see condos priced above $600,000 are staying on the market much longer. In fact, the average days on market has now risen over 90 days! The condo inventory has also risen pretty dramatically in the over $600,000 market with over a 9 month supply of units, clearly indicating a buyers market!

One of the things I have been watching, and baffled by, is the rental market. If you would have asked me a year ago, I would have said we will start seeing rental rates come down. Well, I was wrong on my timing. With all of the new construction we have seen in the building of apartments, rates are finally declining in the Portland area.

RentGraph

Even with rental rates coming down, it is more affordable to own then rent. If you are in the market to start looking at condominiums to purchase, give me a call and we can start the search for your dream condo!

Brad Golik is a condo specialist with Total Property Resources in The Pearl District. You can see his website  at LuxuryCondosofPortland.com You can reach him at 503-896-8856

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Location, location, location…NOT!

Every condo may or may not have the best location… in the building or within a neighborhood. So when you go to sell, what are you going to do? Watch this video if you want to see what I think are the three most important words in real estate!

Brad Golik is a condo specialist in Portland, OR. with a focus on the Pearl District, South Waterfront and downtown. You can reach him at 503-896-8856.


Condo of the week…The Cosmopolitan!

This beautiful 28 story tower is the tallest condominium building in Portland’s Pearl District. To see available units in this building, call Brad Golik at 503-896-8856 or contact him at pdxluxcondos@gmail.com.


New Listing… $1,375,000 Penthouse views…without penthouse pricing!

Check out this beautiful waterfront condo!

Brad Golik is a condo specialist with Total Property Resources and LuxuryCondosofPortland.com . You can reach Brad to arrange showings at 503-896-8856 or email at pdxluxcondos@gmail.com

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Deals in the market?

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The market has noticeably slowed down, especially in the condo market. Are there deals to be had moving forward? Yes!

Everyone always wants the best value when they are buying a home and in this market, here is the best way to purchase a home/condo at a discount to the market. Now keep in mind this is only my opinion, but moving forward, I believe you will see some clarity in what I am saying.

When something is priced right, you will most likely not get a “deal” on that home as it will most likely sell in a reasonable timeframe. Where will you get a deal? You will find your best deals in homes or condos that were originally overpriced. In the condo market this usually happens for one of two reasons. First, there are some agents who “Buy” listings. In other words, they tell the seller a higher price than the true value in order to get a listing over a competing agent. You have heard me say it before and I will say it again… this is a bad way of doing business that certain agents use and in the end, it hurts sellers. After sitting on the market with no offers and no showings, the listing agent tells the seller they need to drop the price. ( Usually down to where it should have been priced!) Usually, and unfortunately, the seller will keep that agent even though he or she told them they would sell it at the higher price.

The second reason they are overpriced is the agent is not experienced in an area or type of sale. I see it often in the condo markets where an agent just does not understand condo pricing.

Now, back to finding deals in the market! What happens often in this type of market is an overpriced home will sit on the market and go through several price reductions, often blowing right through the floor of where it should have been priced originally. A couple examples of this in the upper end of the condo market:

A unit that I like very much is a penthouse in the Pearl District that is listed at The Elizabeth at $2,950,000. A different agent had this listed previously at $3,650,000, a number I thought was way high! ( and I know this because I sold another penthouse in the building a year earlier for $2,350,000.) My original thought was what could I sell my previous listing for if I put it back on the market. I was thinking $2,700,000 to $2,900,000. Mine was slightly bigger and all on one level, a positive in my book! This is about where I thought the other unit should have come on the market. I believe that if it would have come on the market at the correct pricing, it would probably have sold by now. Now, after months on the market, and multiple price reductions, it will start to get some lower offers… again, this is where you can get some deals in this market! If I am representing a buyer on this property, I truly believe they will now be able to get the property for well under what should have been the true value at around $2,900,000. The best part is you can find these deals in all price ranges, not just the upper end of the market. A buyer with some patience, and that keeps his or her eye on overpriced units will be rewarded in the end. Overpriced units will go through several price reductions and sell for less than they should have!

Oh, I said a couple examples above didn’t I? If you are a penthouse buyer l looking for a deal… here is one I have talked about before, several times actually.

If you read my last blog post, you may recall me talking about a penthouse at The Strand that had reduced it’s price to $2,995,000. In my post, I mentioned they would probably start seeing the sharks circling and offer $2.6. Well since that posting, the listing has been reduced once again, this time down to $2,699,900. Now don’t get me wrong, this is a nice penthouse unit with some really nice views but it is at a point where someone is going to get a good deal on this beautiful penthouse! Had this penthouse been priced even close to reality when it was originally listed, it would have sold at a much higher price ( remember, the market was much stronger a year and a half ago)

No matter what your price point is, remember, there are condos out there that are overpriced! Keep an eye on these units and when the time is right…go in and make a low offer and you just might get a great deal!

For those of you who already own a condo and are thinking about selling…please use this as an education to the negative effects of overpricing!

 

Brad Golik is a condo specialist with Total Property Resources and LuxuryCondosofPortland.com you can reach him at 503-896-8856 or at pdxluxcondos@gmail.com


A healthy slowdown!

PumpTheBrakes

The market is slowing down…and not just a little! This is not a bad thing. In fact, I think it is very healthy for the market and helps us avoid a big tumble in the market.

Here are a few interesting numbers that support what was just said….

Inventory: Inventory in the area I focus on, from Pacifica Tower just north of the Freemont Bridge to South of South Waterfront, inventory levels are up 21% since June 1st! That is a pretty big jump in such a short period.

Price reductions: Since July 1st, in the Pearl District, 40% of the listed condos reduced their price.

Days on Market: This one is a bit tricky. Days on market has gone up but one must look at this stat carefully. There is a recent trend that is happening more and more. In a practice that I do not believe in, agents will cancel a listing and then re-list it. It is an attempt to make a listing look “fresh” and show less days on the market to buyers. This is why we must look at Cumulative Days on Market. Now if an agent has it on the market for a month and then cancels and re-list it, the number will reflect those 30 days prior.

What this means in the marketplace? For buyer’s, there is not such an urgency to make a quick offer. Buyer’s are able to look around for the perfect place and have a much better foot to stand on at the negotiating table. For sellers, trying for a premium price may hurt you as your condo may stay on the market longer than it should and in the end it may sell for a lower amount than it would have if priced correctly.

An example of this is one I believe I have discussed on my blog. A little over 4 months ago I went to a Broker’s open house on a beautiful penthouse unit. At that time, the agent listed it for $3,550,000. The agent, knowing that I specialize with condos, asked for my opinion on price. I clearly remember my answer: “ I think it needs to be at $2,999,000 and I think it will sell a little below that.” Well today, after 2 price reductions, it is now priced at $2,995,000. But now, after 4.5 months on the market, you will probably get the sharks swimming around it ready to offer $2,600,000. (It has actually been on the market much longer with another agent that was priced even higher!) … again, this is where you need to look at cumulative days on the market!

Moving forward in this new market, correct pricing will be very important in the sale of your condo or loft!

Brad Golik is a condo specialist in Portland, Or. You can find him at his website http://www.LuxuryCondosofPortland.com  pdxluxcondos@gmail.com 503-896-8856

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Selling your luxury condominium?

A good part of real estate is sales and marketing! Most agents do not have a sales and marketing background. Brad Golik is a strong believer in the power of a good marketing program.


Work with a specialist!

It doesn’t cost you money to work with a condo specialist…it pays!

Brad Golik is a condo & loft specialist with Total Property Resources and LuxuryCondosofPortland.com –  503-896-8856 – pdxluxcondos@gmail.com

Find out more about Brad’s marketing philosophy and style at  http://www.luxurycondosofportland.com/marketing


It’s all about honesty and trust!

SurveySays

Yesterday I attended a Mastermind meeting that was an invite only meeting for some of Portland’s top agents. The speaker was very good and covered many good real estate topics. One thing that stood out to me though was something very simple and something we, as agents, hear every year. The National Association of Realtors does a survey every year with real estate customers asking them what is the most important thing to them in working with an agent. You might be thinking it should be a “Knowledgable” agent or something about commissions. Once again the #1 answer was honesty! Buyers and sellers want an honest agent, someone they can trust to have their backs.

I bring this up in my blog because of some recent things I have seen in the market. One of those things is the recent bombardment of ads from Redfin and their new 1% listing fee. Right out of the gate, they are missing the #1 thing people want from their broker, honesty! That 1% listing fee is very misleading because the actual cost to the seller is 3.5% ( On top of the 1% they still have to pay the buyer’s agent 2.5%) One of the reasons that the Redfins and Zillows of the world are not doing great is because they are corporations that care about the bottom line…and not the client! Starting off with a lie, in any business, is not your best way to build trust! Unlike the corporations, agents are independent contractors ( even if they work for a larger chain brokerage firm) These independent contractors care about their clients more …it is their livelihood at stake.

I see many ads that are misleading or just plain wrong. I recently saw a website of a new agent. On their website and Instagram site, they state that they are a “Luxury Home” specialist! It is very funny to me, and not exactly honest, that someone who has not been in the market but a few months and not sold a home over $700,000 claims to be a “Luxury Home” specialist? The worst thing is that I know this person. I really wanted to call her and say to her that the #1 thing people want is honesty and you are starting off with something that is not true. I did not call her because I feel it is not my place to do so, but I wish somebody would because it would do her more good in the long run.

Honesty comes in many different forms. I very much appreciate agents that are trying to get a new listing that are honest in their pricing! I see so often agents that overpromise the pricing to get a listing over another agent. What happens in the end is VERY familiar, the home sits on the market forever with no offers, the agent then starts doing multiple price reductions and then finally the home sells well below where it should have if it were priced correctly. Unfortunately that agent still gets rewarded and the agent that was honest in their pricing, the one that might have sold it for a higher price , gets nothing!

There are many really good agents out there. There are many that give you all that they have to do the job right…and that means putting their needs aside and working for the clients best interest to capture the best price for their clients and take care of all of their needs.

In years to come, you may have multiple options in selling your home. We have begun to see programs that are trying to disrupt the way homes are sold. The interesting thing here is that none of these new programs care about getting you a premium when you sell. It is just about selling the home and collecting a fee. I know, as a person that has been in real estate for 15 years, if I had someone sell a house for me it would be someone that I know has my back and truly cares about me and my finances. It would be someone that I know would spend money to market my home in many different avenues to give it the most exposure ( the big corporate discounters will NOT be doing this!) When an agent does this, more times than not, they will sell that home for a premium price…a price that far exceeds the amount of discount that the corporation says they will be “Saving” you.

Please visit my page on marketing: http://www.luxurycondosofportland.com/marketing

In the end it all gets back to what clients are looking for…honesty! The client can be reassured that the person they hired really does care about them and their finances. The agent is upfront from the beginning ( no bate and switch) They can be comfortable in knowing that that the price they are suggesting is accurate and in the end, that agent will do everything that they said they would do!

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com You can reach him at 503-896-8856 or at pdxluxcondoso@gmail.com


Any agent can sell your place…but for how much?

 

Any agent can continuously reduce pricing of a condo…and at some point, it will sell! Our goal is not to just sell a condo but to maximize the price for the seller and still sell in a reasonable amount of time.  There are many agents out there that do little to no marketing for their listings because they believe it will sell on it’s own by just being in the MLS (see Redfin)  Some think they can get away with only point and shoot photos and that is the extent of their “Marketing”. I am here to say that as things slow down an agent must get that listing in front of buyer’s and buyer’s agents as often as possible. I have seen many agents get fired because of their lack of advertising a listing… I have yet to see an agent fired because they did too much advertising! Now, doing a lot of advertising does not mean that is the best route. But when you combine a good quality campaign around a listing, feature it often in a classy, professional way, I believe the quality of the offers, not just the quantity of offers that come in will also be better!

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com  You can reach Brad at 503-896-8856 or by email at pdxluxcondos@gmail.com

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It’s that time of the year!

It’s that time of year for many, graduation! How does that relate to real estate? For those newly empty nesters, it may mean that it is time to downsize. Many of the condo buyers I have worked with over the years were in this very same position. One of the common dilemmas they each face is if they are able to go from a 3,000—4,500 square foot home , down to a 1,300—2,000 square foot condo. Now the one thing many are giving up is a spacious yard…sometimes this is a blessing in disguise. Many decide they are ok spending more time on the golf course and less time pulling weeds!

Adjusting to smaller spaces. The one thing I always ask potential buyer’s is where do they spend their time in their current house? The most common answers…the kitchen, the family room and the master bedroom. This my friends is a condo! Do you really need that 3rd and 4th bedroom? Do you really need that 1500 square foot
finished basement that rarely gets use? What most people find is that they can easily adjust to the smaller spaces and what they really enjoy is the new benefit of more time to be doing what they enjoy and less time slaving over a large yard.

Another added perk to condo living… nearby restaurants! While many of you may enjoy your time in the kitchen, after years of trying to figure what to cook for your family every night, it is nice to have the option to just go down an elevator and walk to you favorite eatery!

Another thing I see with those that choose to downsize, selling the big home in the suburbs and buying two smaller condos. Many buy a condo in the downtown area and possibly a second in areas like Palm Springs or Scottsdale Az. Now this may be a luxury for many, but as the kids leave home, many are ok with having a little more “Me Time”.

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com
You can set up condo tours with Brad by calling him at 503-896-8856


Portland Condominiums & Lofts

Brad Golik is a condo specialist with LuxuryCondosofPortland.com and Total Property Resources in the Pearl District. You can reach Brad at 503-896-8856 or at pdxluxcondos@gmail.com


Nice…with knowledge!

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Yesterday morning I was at a coffee shop reviewing new condo listings that just came on the market. I noticed that the lady next to me was looking at my laptop watching what I was doing. After not too long, she asked me if I was a real estate agent. I said that I was…and then she unloaded with a recent experience she had had in buying a condo. The woman, whom I will call Jan, told me she had such a frustrating experience with the agent she had used. To make matters even worse, this agent also happened to be an agent that was referred to her by a friend of hers. As I dug a little deeper to how this agent was referred, it turns out the friend referred her because she was a very nice person! Now I have been in this business for almost 15 years and the one thing I can say is there are MANY nice people in the business. But, I can also say that many of these same people are not agents that I would hire knowing what I know! Jan told me that it was very frustrating during the searching period because this agent knew very little about the condominium market. She said she spent so much time walking around buildings looking for lockboxes…and this was her first clue that she did not deal with condominiums very often. The second thing that she said was frustrating was that whenever she asked her about the pricing of a condo they looked at, the standard answer was “It seems fairly priced!”

This is a very typical situation that I see all of the time in the Pearl District, South Waterfront and Downtown. Many buyers may get referred to an agent that a friend suggest…maybe an agent they had used or heard about out in the suburbs. The condo market is very different than dealing with homes out in Lake Oswego or Tigard. I have often written on the importance of working with a specialist. If I were selling a home in Lake Oswego, you can bet that I would want to use an agent that sells there often and knows the pricing and other aspects of selling in that area or at the very least, someone that is VERY good with marketing! Same goes with condos and lofts. I have often said to sellers that a typical agent cannot just flip on a switch and be great at marketing to condo buyers when 99.5% of their time they are marketing to buyers of suburban homes…in several different areas!

One of the reasons you hire an agent is for their expertise and knowledge, or at least it should be! An agent can be nice, but they also need to know what they are doing. Being nice is fine but when it comes to negotiating, that agent needs to be tough and always put their clients best interest first and not “cave” with another agent that is tougher with negotiating! When the time comes for a person to sell their condo, a condo specialist is even more important! Having an agent that is constantly marketing to condo buyers is important. Hiring an agent that spends most of their time marketing to buyers looking in Tigard, Gresham or Wilsonville may not be the best way to go…even if that agent is a very nice person!

Jan said the last straw was when she got to closing she was surprised that she had to pay a Move-in/Move-Out fee that was close to $400 and also was shocked to find out she had to pay a 1 time capital contribution fee equal to 2 months HOA fees… 2 things her agent never mentioned because she did not know about. (this is disclosed in the HOA documents) I felt bad for Jan but it is something I see all of the time.

Every week as I look at new listings, as I was doing in the coffee shop, I am amazed at the number of new listings that come on the market that are listed by agents that don’t deal with condominiums. The one thing that always amazes me is I never get a postcard or an email about their condo listing! As a condo specialist, I make sure that every agent that deals with condos and lofts gets a video about my new condo listing. Why? Because I know that the other agents that deal with condos often have their pipelines filled with CONDO buyers!

I enjoyed my conversation with Jan and in the process met a new friend over a cup of coffee! In time, hopefully Jan will refer me to a friend. But hopefully, it will not be because I am nice. Hopefully it will be because I am nice…with knowledge!

Brad Golik is a condominium specialist with http://www.LuxuryCondosofPortland.com and Total Property Resources in the Pearl District. You can reach Brad at 503-896-8856


Hot listing of the week!

Give me a call if you would like to tour this beautiful loft in Portland’s Pearl District!

503-896-8856


A few Portland penthouses!

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Yesterday I viewed a penthouse that just came on the market. The unit, #1102 at The Gregory, is listed at $2,350,000. This unit is 2400 square feet and includes a wrap-around terrace that adds living space. With two bedrooms and a spacious den, this unit is very open and great for entertaining. The kitchen has been remodeled and the light gray palette throughout this unit makes it very inviting. I think the price, at $2,350,000 is right about where it should be because unit #1202, directly above, sold last October for $2,400,000. At the time, I thought the buyer paid a little too much for that property. Given the cost of the remodel in unit #1102, and the square footage being just slightly less, I think the $2,350,000 asking price is reasonable.

In the $3,000,000 and up market, two units stand out. The penthouse at The Strand, Unit #1301, is $3,550,000. You can check out this unit at www.PortlandPenthouse.com. (Click on the feature penthouse button)  I believe the price is still a little high. It was just re-listed with a new agent and unfortunately, the previous agent had it priced ridiculously high in August of 2017 at $4,200,000. I believe this will be one of those times when an overpricing will eventually hurt the seller in the long run… and is no fault of the current agent. While I believe it should be priced closer to $3,250,000, the listing is at least in the ballpark. In the end, I am guessing this one should sell closer to $2,600,000 to $2,800,000. This unit features a huge rooftop deck, but because of the nearby freeway noise, the future owners will probably use the lower decks more often.

The third penthouse to compare is one I had briefly mentioned when it came on the market back in February. It is #1502 at The Elizabeth. I really like this penthouse unit. With two levels and a very open floor plan it has a lot to offer, and it better at $3,300,000…down from its original price of $3,650,000. This unit scores high in style and while the listing agent is a little generous in saying it has a “chef’s” kitchen, it does have the potential to be even more stunning than it is already. This is a building that I like and know very well. I thought the $3,650,000 was very high but I believe that the buyer who buys this beautiful Portland penthouse, somewhere between $2,800,000 to $3,000,000, will be getting a truly beautiful penthouse at a reasonable price!

If you are a buyer that is in the market for one of Portland’s beautiful luxury condominiums, please give me a call and we can set up a tour to go and view some of the stunning units that are on the market right now.

 

Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Total Property Resources. You can best reach him at 503-896-8856 or at pdxluxcondos@gmail.com


Condo of the week…The Casey!

Welcome to the condo of the week. This week we feature one of the best in the Pearl!

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com You can reach Brad at 503-896-8856 or at pdxluxcondos@gmail.com

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Win…Dinner on us! Follow me on Instagram…or my blog!

Follow us on either Instagram ( #pearlcondos ) or on our condo blog ( TheCondoPulse.com ) and get your chance to win a $100 gift card to Brix Tavern in the Pearl District! Winner will be drawn the end of April…don’t miss out on a chance to dine at one of the Pearl Districts “Favorite” places to eat!

 


Redfin…A sinking ship?

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How long can investors continue to be patient with money losing Redfin? That is a hard question to answer. But one thing is clear, the recent announcement that Redfin is cutting its commissions is truly a sign of the struggles that this company is having. The reality is that Redfin was losing money in its old model, now they think they can turn the ship by reducing its commissions more? This will affect their bottom line even more. Last year Redfin lost money, $15,000,000 on revenue of $370,000,000. They have lost money every year since inception! If the Redfin model was working, and their customers were happy with the service, they would not reduce their fees, would they? To me it is sending out a loud and clear message…this is our last ditch effort to survive!

I have written about Redfin in the past and maybe I am giving them more print time then they deserve. Redfin still has a market share of less than 1% (.71% to be exact) I believe that one of the reasons that the Redfin model does not work is the quality of their agents. It is funny to me how they tout how they can save their client’s money on commissions but they never mention the values lost because of the agents lack of experience in negotiating. Most Redfin agents are not what I would call solid and knowledgeable agents. In fact, it is very much the opposite.

Redfins newest marketing campaign “1% listing Fee” is deceptive just like much of their previous marketing. You will NOT be able to sell your house for 1%! Redfin still needs to pay the buyer’s agent 2.5%. So a more accurate and honest ad campaign would be a *3.5% Listing Fee” but that does not look as great to potential sellers as the 1% does.

Most savvy home sellers would prefer to pay a slightly higher fee for a quality agent that will spend more money to market their home then what Redfin will spend. They will also pay more for an agent that has EXPERIENCE! Experience in how to market the home, experience in negotiating and experience in getting things closed smoothly.

In the end, more often than not, it gets back to the old saying “You get what you pay for”. I know personally, If I were going to sell my house, I know MANY agents that I would pay more to sell my home than have Redfin do it because a lower commission.

Remember, it is all about your net proceeds!

Here is a little blurb from a previous post!

 

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…and another!

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Condo of the week…The Elizabeth!

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Check out The Elizabeth here: Elizabeth condos for sale

Have an interest in one of Portland’s stunning penthouse units? To see the new penthouse listing at The Elizabeth, priced at $3,650,000, call Brad today to set up a private viewing of this unique space.

Brad Golik is a condo specialist with LuxuryCondosofPortland.com and Total Property Resources. He can be reached at 503-896-8856 or at pdxluxcondos@gmail.com


Economic News

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Both PPI and CPI came in hotter than market expectations this week, posting up .4% and .5% on the headline prints, respectively. Looking at an annualized basis, PPI (price at the producer level) is up 2.7% on headline, and up 2.2% at the core. CPI (prices at the consumer level) is up 2.1% on headline, and up 1.8% at the core. Overall, some stronger results on inflation, keeping expectations for more acceleration throughout the rest of the year steady on pace. Although the markets still need to see more data ahead for further confirmation, levels in the sectors remain steady in place. Maybe more importantly, they are right in line with the Fed’s 2% inflation mandate, thus leaving them right on track for another rate hike at the March meeting.

Retail Sales for January came in softer than market consensus, posting a .3% loss. If we strip out autos and energy (core), we see a .2% decline. Important to also note that there was a revision to the initial level for December, taking a previously reported +.4% gain down to unchanged from the previous month. The release for January will certainly have its affect, most likely pulling back GDP in Q4 2017 to a lower level.

Housing Starts surged in January, posting up 9.7% to a 1.326mln unit rate. The release is higher from an upwardly revised 1.209mln unit rate back in December. January starts by region show increases of +45.5% in the Northeast, +10.7% in the West, and +9.3% in the South. The only decline came from the Midwest, falling 10.2%. Looking at Building Permits, we also saw a strong level for January, up 7.4% to a 1.396mln unit rate. Permits continue to suggest that the starts rate will continue to drift higher in the coming months.

So, after what has been another wild ride this week, we think it’s safe to say that we are all looking forward to the long 3-day weekend as the markets are closed on Monday! While we received a little bit of relief in Friday’s session that was favorable for the bond market, we are not out of the woods just yet. To really get bond market technicians “comfortable” again that a high yield has been put in place, the 10yr would need to see a close back around ~2.68% or lower, which we know, sounds like a lifetime away from current levels. That close would fundamentally shift the trend back in favor of the Bulls over the short- to medium-term outlook, and would be a very nice move lower in rates. From a technical perspective, we are setting the short-term trading range for the 10yr at ~2.80-2.94%, and those are the extremes you all should be watching. Rally one day, sell-off the next. It’s the pattern that we still need to be prepared for with the amount of volatility that remains in this marketplace. For now, the bounce back to some better rates/pricing to end the week is definitely one to “put a ring on,” taking full advantage of what’s in front of you.

As we look ahead to next week, the calendar is much lighter with the only data highlights being those of the FOMC Minutes and Existing Home Sales, both releasing on Wednesday. We will also have more Treasury supply in the form of 2, 5, and 7yr note auctions starting on Tuesday.

On a different note, we are starting to see more condos being listed on the market. If you are a buyer that has been patiently watching the market, give me a call to go tour some great condos!

 

Brad Golik is a condominium specialist with Total Property Resources, LLC and LuxuryCondosofPortland.com . You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com