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.”
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 email@example.com.
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.
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 firstname.lastname@example.org.
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 email@example.com
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 firstname.lastname@example.org
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!
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.
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 email@example.com
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 firstname.lastname@example.org