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 firstname.lastname@example.org 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 email@example.com.
Opportunities… PART 2
As I finished up my blog post earlier today, a new listing came on the market in South Waterfront for $2,500,000. This 22nd floor unit has 2349 square feet and has had a few new very nice touches added…new kitchen, wine room and general updates. What do I think of the $2,500,000 price tag? Well, it’s next door neighbor is on the market for $1,000,000 less at $1,495,000 and it is only 160 square feet smaller. If you want an opportunity, you could buy that one for $1,495,000…or a little less, add a brand new high end kitchen, add a very nice wine room and make some additional updates and you would still be under $2,000,000! What is the only advantage of the 2.5M unit? I would say having the St. Helens and city view are more desirable. So are those views important to you?
Here is an alternative ( shameless plug here) I have a penthouse listing at The John Ross next door. It is in the NE corner…most preferred. It is 2699 square feet, so larger. It is 359 sq. ft. larger (equivalent to a 14×25 room) It is on the 27th floor so 5 stories higher. This is important because if something were built on the nearby OHSU property, your chance of loosing views of the Tillicum Crossing Bridge are less if you are 5 stories higher. Not only does it have an amazing Mt. St. Helens view, it also has an awesome Mt. Hood View! To add even more value to John Ross #2703… it has been in litigation for some time now (cash only buyers) and litigation has ended. What have we seen time and time again when this happens? Prices jump up in these buildings when litigation is resolved.
So you could also do an amazing kitchen in this unit ( there is a huge open area to make a much larger kitchen than the other two units) And do all of this and still be well under $2,000,000. The other option, you buy it and move in because you don’t need to do much because it is very nice and move in ready!
If you would like to tour Atwater Place 2206 and 2200 as well as John Ross #2703, give me a call today! 503-896-8856
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 – firstname.lastname@example.org 503-896-8856
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