Just yesterday I was having a conversation with two other agents who do a fair number of condo sales. The topic of conversation was the market and the consensus was that it has definitely seen a slowdown in pricing. With the increase in inventory, we are noticing a slowdown in terms of appreciating prices. In some cases, the pricing could even be slightly less than what we have been experiencing for so long.
And then this happens! Just this morning, on the MLS, a penthouse unit at The Casey went from pending to sold. The unit never hit the market. The sold price, brace yourself, $4.5 million cash! Unit #1503, is a 3667 square foot condo that faces the West Hills. Consider these numbers for a moment. At $4.5 million, this is $1227 per square foot! Let’s compare this to the recent penthouse sales at The Cosmopolitan. Now keep in mind, for comparison sake I will use the penthouse units from the 27th and 28th floors at the Cosmo. The combined unit on the 27th floor sold for $5,441,294, or $1216 a square foot. The two top floor penthouses on the 28th floor sold for $1215 and $1225 a square foot. These units are 13 stories higher and have superior views of the Mt. Hood, Mt St. Helens, the city and the Willamette River.
I will say, The Casey has always been one of my favorite buildings… but really? Is this unit worth nearly a million more than a 28th floor, true penthouse that is 13 floors higher? While the Casey unit does have around 400 square feet more space, (which does not really mean that much once you get over 3,000 square feet) the potential for having views blocked are much higher for a unit that is only 15 stories compared to a unit that is 28 stories. After all, one of the reasons people paid such a premium for these Cosmo units is the fact that the views will be protected much more by being that high up.
What is even more interesting is when we compare the sale of this unit to one that just recently sold at the Casey, unit #1602. This true penthouse unit one floor above has similar views. It has 3273 square feet and sold for $2.75million or $840 a square foot….WOW!
Contact Brad Golik at 503-896-8856 or at firstname.lastname@example.org
Visit us at www.LuxuryCondosofPortland.com
See Cosmopolitan views here: http://www.luxurycondosofportland.com/thecosmopolitanportland
Recently a friend came by my office and we began discussing real estate. This friend often reads my blog post, and in our conversation, he mentioned that I hammer on the issue of agents not using professional photos. He also said that he could not believe that there were that many agents who don’t use professional photos, knowing that it has been shown that great photos help sell homes faster and for more money. So, why not hire a professional photographer? It is hard to explain.
To prove my point, I asked my friend to pick any condo building in Portland. He looked at our inventory sheet and saw that Waterfront Pearl had more listings than other buildings, so I used that building as an example. In my opinion, EVERY listing should have great photos, especially higher-end listings. In this example I will use listings priced at $750,000 or higher. Currently at Waterfront Pearl there are 6 listings above $750,000 (they are priced from $798,000 to $1,049,000) Of these 6, only 2 of the 6 listings have used professional photography! Again people, these are $800,000+ condos for sale!
To say that my friend was shocked is a huge understatement. His comment: “Why would someone hire an agent who does not care enough to do their best for their client?” Hmmm… where have I heard this before? Why would an agent not spend a few hundred dollars in an attempt to gain thousands more for the client? And if that agent is not spending money to do a nice job on the photos do you think they are going to spend money on doing a nice video, expensive print material or internet marketing? Probably not.
The National Association of Realtors has shown time and time again that homes listed with high-quality photos sell for more money. If you are an agent who doesn’t spend on professional photos, you might as well be telling your clients upfront that you just don’t care what their home sells for! Harsh? Maybe. True? You be the judge.
Brad Golik is a condominium specialist at LuxuryCondosofPortland.com and Pearl District Properties. If you would like to see any listed condo or loft, call Brad today at 503-896-8856.
A new penthouse off of Westover came on the market today priced at nearly $3,600,000! Here is one more attempt of someone trying to capture the $1,000 a square foot pricing of the new Cosmopolitan. As shown by other recent attempts in the insane pricing range! Just a couple of things I want to say about this listing. The condo, a 5th floor penthouse unit does have a spectacular view looking over the Pearl and the city of Portland. While a nice unit, it just had another 3600 sq. ft. neighbor that just sold at The Westerly for $2,850,000. The unit at the Westerly was a nice unit with two massive decks… clearly a big advantage over the newly listed unit! In addition, it took nearly 5 years for the Westerly penthouse to finally sell. While it can be argued that this new listing has nicer finishes and a better view than the new Cosmopolitan ( although you would never know from the photos!!!), this part of town just should not capture the prices of a true Pearl location. In my opinion, it is priced a little high.
The views, this is what potential buyers will be attracted to.
Now, this is a better example of how to sell someone’s views!
A real positive, a charger in the garage for a Tesla! I happen to know of one couple who made an offer on one of my penthouse listings in the past that this was a very important detail they wanted. With that said, a Tesla charger is not what will help sell this unit for over $3,000,000. Good photographs though would certainly help!
Brad Golik is a condominium specialist with Pearl District Properties and a founding member of Condo10. If you would like to view this newest Portland penthouse, call Brad Golik at 503-896-8856. “I know this market and will negotiate you the best possible price!”
Today I am listing a beautiful penthouse at Pacifica Tower! Enjoy floor to ceiling windows in this corner unit. One of the best floor plans available at Pacifica Tower. Located in the NW corner of the building, this unit offers panoramic views of the Willamette River, Portland’s West Hills and the twinkling city lights. This home features two very large bedrooms and two decks!
If you are in the market for a condo in this price range, give me a call to set up a private showing of this fantastic penthouse.
Brad Golik is a condominium specialist with Pearl District Properties with a focus on the high end of the market. If you are looking to buy or sell, call Brad at 503-896-8856.
Last night I listed a penthouse unit at The Elizabeth. If you are in the market for an amazing place in the heart of the Pearl District…check out the video: http://video214.com/play/7vdRuUinppTpWTplmLajfg/s/dark
For a private showing, please call Brad Golik at 503-896-8856
We have all heard recently how crazy the market is lately. We have heard that it is a Seller’s market and that there are no deals to be had. Wrong!
Yesterday, my client closed on the purchase of a beautiful new Penthouse condo at The Elizabeth. Originally priced at $3,299,000, my buyer closed on this unit at $2,200,000…FULLY FURNISHED, and the furnishings were stunning! After 10 months on the market, this penthouse was most recently priced at $2,995,000. I have been in this business a long time now and I must say, this has to be one of the best purchases I have seen… and this in a “Seller’s Market”!
One reason that I want to bring up this purchase is to talk about the importance of correct pricing when you put your home on the market. It is great to try and push the price a little in this market…but there is a very fine line! There are many penthouse units in the market that right now are becoming stale because they were priced way over the market price. The Penthouse at The Elizabeth was one of them and you may recall my blog posting when that unit originally came on the market. If you did not read about it “Luxury Condos and Portland Penthouses” in November when I wrote about it…here is what I said:
“Topping the list is the largest of the penthouse units at the Cosmopolitan priced at $3,883,000. If I had to guess, this will be the first one to sell of the three penthouses that are in the $3,000,000 price range. The other two, the penthouse at the Casey priced at $3,499,000 and the penthouse at the Elizabeth priced at $3,298,900 are very overpriced in my opinion. ( so is the one at the Cosmopolitan…but it will eventually sell very close to its asking price). The other two are priced in the $1000 a square foot vicinity. This is way too high, in my opinion!”
Now I am not patting myself on the back for being right about the pricing… (because I was VERY wrong saying the Cosmo would have difficulties selling) The reason I point this out is to let seller’s know that when you overprice a unit, it will cost you more in the end because the unit becomes stale and lowball offers will start to come…much like our offer on The Elizabeth penthouse after it had been on the market for 10 months! If you are a buyer that is looking for a luxury condo or penthouse and would like to hear our negotiation strategy for this purchase, give me a call as I would love to assist you in finding a great unit! If you are an owner that is thinking about selling, I would love to sit down with you and share my marketing program with you. I truly believe that I have the best marketing program for condos in the + $500,000 market!
If you are a buyer in the luxury end of the market and possibly looking for a penthouse, please give me a call because I believe with the sale price of $2,200,000 at The Elizabeth, ( the most recent comp) the other units in the market that are priced at $2,000,000 or higher will be getting a pretty big dose of reality and need to adjust pricing or at least be willing to accept a realistic offer!
Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Pearl District Properties. He is also a founding member of Condo10.
Just like many days, I start my day at Starbucks getting a cup of coffee and checking emails. Yesterday, while in Starbucks trying to warm up, I was speaking on the phone with a client about the current condo market. A very nice lady sitting next to me had heard a few things I was saying to my client and when I got off my phone she had many questions for me. No matter where you go, people always seem to like to talk real estate! This person, who I will call Sue, had many questions but the one she seemed to have the most interest in where my thoughts on the new Cosmopolitan. I did start the conversation with her explaining that I have discussed this project many times here on my blog, and it has not always been favorable. She explained to me that she was one of buyers that have now pushed the project to 88% sold. But she was insistent that I give her my honest opinion…so I did! I did start the conversation saying it was a nice building that I believe residents will enjoy for sometime. She asked me about the pricing and I explained to her my take on the pricing. When I explained that I thought it was fairly overpriced she agreed with me and then went on to explain why she bought. The current unit she was in had it’s views blocked by a new building and she wanted something with a view. She said she had been waiting for a view unit to come on the market but got tired of waiting. This is why she said she decided to pay a higher price than she felt comfortable with. I believe this is the exact situation that most of the Cosmopolitan buyers ran into. They wanted something in a nicer building and nothing was coming on the market! They did not have many options and decided to pay a higher price instead of waiting. After discussing the pricing of the building, Sue then asked me what I thought about the building. Being a future owner, I wanted to be somewhat polite and gave her somewhat of a sugar coated answer. She saw right through my answers, looked me in the eyes and said “What do you really think?” So, I told her!
I told her that early on in the design process the developer had called on many of the top condo agents to give some feedback on the project and to make suggestions as to what they thought our clients would like, which at the time I thought was a smart thing to do. There were some very good suggestions that agents made, most were not implemented. For example, large decks. This is something all condo buyers would like to have. The final build out is nearing the end and one thing I will say, VERY small decks for a majority of the owners! Other simple things were suggested. One of my suggestions, which I had seen in buildings in Seattle and Denver, was a small area on the Mezzanine level where owners could take their dogs for a walk, and do their business. This so that owners don’t have to go down to street level and worry about safety later at night. Again, it didn’t happen. Other agents had suggested a better variety of cabinetry. While Pedini is nice, it’s not for everyone. So instead of variety, the future owners were offered super contemporary with a choice of light, medium and dark! This was something Sue said she struggled with. To me, it did not seem that the developers listened to the agents much. While I was hoping for something very special, to me it is just like The Metropolitan, just a little taller. Now don’t get me wrong, I love The Metropolitan! In fact, architecturally, I like the exterior look of The Metropolitan much more. But for the prices being paid, I was hoping for more. For something pretty special. For these $800 to $1200 a square foot prices, I was hoping for a building with more amenities like those in the Insignia in Seattle, Lumina in San Francisco , Bellevue Towers in Bellevue,WA. Or Spire in Denver. ( http://www.insigniabybosa.com/#/tour , http://luminasf.com/amenities/ ,
http://bellevuetowers.com/#building , http://www.spiredenver.com/amenities/ )
Now, some of these nice amenities come with a price, higher HOA fees. Part of the problem with most of our buildings is that we do not build high enough. While 28 stories at The Cosmopolitan is a good start, it is still not enough to spread the cost of amenities like those at the above mentioned buildings. When you have a building that is closer to 40 stories, it is much easier to spread the cost among more owners. When I toured Spire in Denver, CO (41 stories), I was blown away by the fantastic amenities…and then I was really blown away when I saw the owners were paying about half of what typical owners in Portland’s nicer buildings were paying for their HOA fees. While there are many people that are opposed to building higher, it is what makes the most sense if people want nicer amenities and also keeping their monthly cost lower. Imagine if you will, in the location of the current Centennial Mills, a beautiful waterfront condo building much like that of Bellevue towers. Two 40 story towers that offer the most amazing views, and to be right on the river! Sit on your large deck and take in views of Mt. Hood and the Willamette River. Between the two towers, you have a spacious, park like mezzanine level where you sit by an outdoor fire sipping wine and watching ships pass by! In the summer months, you join your neighbors at the outdoor theatre to watch movies. Perhaps you are a little more active and wish to go swim laps in the indoor pool and then relax afterward in the steam room or sauna.
Ok, back to reality! Big, usable decks would have been a good start!
Brad Golik is a condominium specialist with Pearl District Properties. If you would like to tour some of Portland’s luxury condominium buildings, call Brad at 503-896-8856 or visit http://www.LuxuryCondosofPortland.com
When people think of the Pearl District, often they think about living in one of the iconic town homes on 11th ( see last week’s blog post). Others think about a new shiny high rise like the new Cosmopolitan while others think about a cozy loft style condo in a building like Marshall Wells, Irving Street Lofts or Avenue Lofts. If you have been thinking about one of these loft style condos in the heart of the Pearl, now is your chance!
Coming to the market tomorrow will be a beautifully done penthouse loft at Marshall Wells. The owner of this spacious loft (2771 square feet) spared no expense in creating a wonderful living space in this historical building. From it’s designer kitchen to the beautiful chandeliers, this one is a “Must See”!
Priced at $1,399,000, it is reasonably priced in the low $500 sq. ft. area. (remember, this is entry level at the new Cosmopolitan). For those looking to downsize from a larger house, the 2771 square feet makes for an easier transition.
If you would like to see photos of this beautiful loft, please visit http://www.MarshallWellsLoft.com and click on the photo gallery button. When you are ready to take a look, give me a call at 503-896-8856
Brad Golik is a certified condominium specialist in Portland and works primarily in Portland’s Pearl District, South Waterfront and Downtown. If you are thinking about selling, Brad has simply one of the best condo marketing programs in Portland.
Brad is a founding member of http://www.Condo10.com