If you have followed my blog for any length of time you will know that from time to time I will come out with a Value Alert…here is my Covid/quarantine value alert!
Unit 1804, now priced at $1,495,000, a lower level penthouse at Meriwether in South Waterfront! This unit is not only large, 2541 sq. ft. , but also ranks high for style points as well. Ironically, part of the design is what has hurt the sale of this beautiful unit! This unit was custom designed by one of my favorite designers in town, Jeffrey Lamb. The quality is of the highest available and tastefully done. One issue, I believe, is it is a little dark with the all of the custom woodwork and the imported Brazilian granite counter tops. I have shown this unit three times now to my clients and three times the feedback was the same… it’s just too dark and they all would have replaced the green counter tops! My suggestion, and Jeff Lamb may hate to hear this… replace the beautiful green Brazilian counter tops with a and bright white quartz counter top and increase the island size, also with quartz! This would make a huge difference in the brightness of this unit and, I believe, change the look dramatically. While I do think the current counter tops are beautiful, they are very specific and attractive to a far less percentage of buyers!
Sometimes buyers will sacrifice size for higher quality. No need to sacrifice here! With this unit…you get both! Let’s compare this unit to a neighboring unit at Atwater, unit #1906 also priced at $1,495,000. #1906 is only 1896 sq. ft. ( 645 sq. ft. smaller than 1804!) The quality is basically original construction finishes, which are nice at Atwater, but nothing compared to the custom quality of the remodeled #1804! The layout of #1804 is also superior. The spacious kitchen is central to the open living spaces and offers fantastic views where as the kitchen on #1906 is tucked on the backside of the unit and almost galley like with limited views.
One of the negatives of #1804 is that eventually, OHSU will build on the lot to the north and block some of the views. Again, comparing to #1906, Meriwethers East tower is already blocking some of the views of #1906 to the north so it is very similar in views..
I have been selling condos for a long time now and one thing I have seen is that when the market is rising, buyer’s are more willing to pay up for a nicely remodeled unit. When the market is declining…not so much! This is what is happening now. The condo markets are almost 20% off from the highs in late 2018. Another problem with #1804 is that I believe it was way overpriced from the beginning ($1,900,000). This may not have been the fault of the agent. Many times when an extensive remodel has been done, seller’s tend to believe the value is much higher than what the market will pay. Now, after multiple price reductions and 15 months on the market…the sharks will start circling!
I believe the purchase of this unit will be at a good value for the buyer! I do not believe that price will be at $1,495,000 but I believe we are closer to where it will eventually sell. Because of the circumstances, the new buyers of this beautiful condo are going to have a condo with exceptional finishes and a lot space! I believe if the seller would have replaced the counter tops with a white quartz or light marble, it probably would have already sold. Now you have the opportunity to pick it up at a decent value and make those changes yourself!
If you would like to view this special unit, please give me a call.
Brad Golik is a condominium specialist focusing on the luxury condo markets in the Pearl District, South Waterfront and the downtown Cultural Area. You can reach him at 503-896-8856 or at email@example.com
Do a condo search at: https://bradgolik.luxecir.com/condo-search
Brad Golik is a luxury condominium specialist. You can reach him at 503-896-8856 or at firstname.lastname@example.org
Christie’s International Real Estate is known for combining great art with great architecture. Nowhere in Portland will you find this statement more true than with this stunning home located at 9912 NW Wind Ridge Dr. in Northwest Portland! One word describes this home…STUNNING!
To see more of this architectural wonder, please go to:
Brad Golik is a 15 year veteran of the Portland real estate market with a focus on the luxury property market especially Portland’s luxury condominium market. You can find him on his main website LuxuryCondosofPortland.com.
Two of the biggest mistakes I see in the condo market when people go to sell are:
- Pricing the condo too high. Sometimes it is the seller…sometimes it is an agent that does not understand the condo market well.
- Not having the property portrayed in its best light. This can be from lack of staging, not in pristine condition, bad photos (bad marketing as a whole.)
Let’s start by addressing #2 first. When you go to sell your condo in a tough or declining market, It has to be in pristine condition and shine over the competition! There is no room for error here. It also must be shown in a way that is attractive to buyers. If vacant, in most instances it should be staged. If occupied, sometimes just reducing the amount of furniture or “stuff” is all that is needed. If moving and vacant it will almost always get you a better return and well more than make up the amount you will spend on staging. The last thing I will mention is cleanliness. When a buyer walks into a home that is immaculate, they immediately have a better attitude towards the listing and in some cases, they are more likely to overlook some of the deficiencies it may have. Make sure you condo shows like a model home!
Now lets talk about what I believe is a very big mistake, and something I am seeing a lot of right now and that is overpricing the listing. This is especially true right now in a declining market! Remember this when selling…the market does NOT care what you paid for your condo. The market does NOT (to some extent) care how much you spent on remodeling your condo. The market cares what other similar units to yours sold for! Currently the condo market is about 20% off of its highs from late 20218. If you bought a condo in 2016 and 2017 and are now trying to sell it, in most cases you will be taking a loss. An exception might be if you bought a higher end unit at The Cosmopolitan (we will discuss why on this a little later). I am seeing many condos bought in these years being priced about 5-7% above their purchased price. Why is this? Obviously the sellers (and their agent) are pricing their condo at a price that if it sells, they will break even after closing cost. As mentioned before…does the market care what you paid for your unit? No, it does not! This strategy can in the long run, end up costing you much more money than had you priced it correctly. Right now in todays condo market I am seeing something I have not seen in 15 years in the market and that is the number of price reductions I am seeing. In a normal market you may see a condo that was priced incorrectly get reduce 2 or 3 times before it sells. Today I am seeing listed condos going through not only 4-5 price reductions but seeing many having 6, 7 or 8 price reductions. These condos will eventually sell at a price that is well below its value and costing the sellers tens of thousands…and in some cases, hundreds of thousands of dollars!
Sellers must realize that in a market like this, buyers are smart and they are very patient! They are watching from the sidelines and pouncing when the time is right. You may remember one of my recent postings “Value Alert”. In that posting I mentioned a beautiful unit at the Gregory that was remodeled and had stunning finishes. It originally came on the market at $1,350,000…a number that was way too high from the start! After it’s 6th price reduction, I told my client to keep an eye on it because I felt the price would continue down. On it’s 9th price reduction (which was $60,000) down to $899,000, I told my buyer he need to jump on it. Unfortunately, he was out of the country and missed out on the opportunity. Two days later it went pending and the lucky buyer bought this place for $875,000… well below what I believe was its true value. The point here is that had it been priced correctly at the beginning, somewhere around $1,050,000, it probably would have sold for a number closer to $1,000,000 instead of $875,000.
I have been in this business long enough to see that there are really two types of agents that list homes. The first, the category that I put myself into, are agents that truly care about getting their clients top dollar when they sell. They take pride in the value they add and work hard for their clients. In addition, like myself, they will be honest and upfront about the price…even if it means telling you something you don’t want to hear.
The other type of agent is one that I am seeing a lot more of and I wish it were not the case. These agents buy expensive lead generation programs and tend to list a lot of homes…some even doing it for 4% commissions because they are doing higher volumes. To them it is a numbers game! These agents will often tell you what you want to hear…usually a price that is higher than what other agents might be telling them. They will often end up with the listing because after all, their price of $900,000 sounds much better to the sellers than the agents that told them to list it at $850,000. This is when you start seeing all of those price reductions! These agents will systematically reduce the price in chunks until it finally sells. Because it was not priced correctly from the very beginning…and the market knows this, it punishes those homes after the multiple price reductions and they sit and become stale on the market, much like the example I used on the $875,000 condo I mentioned above!
When the time comes for you to sell your condo, remember the two topics I mentioned above. Have your condo in tip top shape when you go on the market! In addition remember, pricing correctly usually gets you more money when it sells. Again, the agent that does not always tell you what you want to hear may be exactly what you need…and this same agent is the agent you will want in your corner during tough negotiations as well!
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. Visit his website at http://www.LuxuryCondosofPortland.com
503-896-8856 or email@example.com
During the holidays the condo market becomes pretty slow in terms of units sold. So, with that said, I want to talk about the most important thing to be doing when the market is slow… and that is marketing! You will always hear people say that location, location,location are the 3 most important words in real estate. Well location is important, it is not the most important! Sometimes you may own a property that does not have a great Location. When this is the case, marketing quickly becomes the most import aspect in getting top dollar in the sale of your condo!
When you interview agents to sell your condo, all of them will say they will market your condo! What does this mean? After 15 years in the business I have seen everything! I have seen agents take a million dollar listing and not use professional photos. I have seen agents use a blown up photo of Mt. Hood making it look like it’s literally in your back yard. I have also seen agents that do very little marketing. These are the same agents that during the interview said they will do great marketing for your listing.
How do you identify an agent that truly does good marketing? I think a great place to start is with how they market themselves! To do a good job of marketing, an agent has to spend money! Many agents send out the same “Just Sold” postcards that look the same as everyone else. Why is this? Many agents use standard templates that may be partially paid for by their lender. Look at the quality of what an agent mails to you because that will be a good indication of the quality they will use in marketing your place. If they send out low grade, template postcards on themselves, why would you believe they will spend more when it comes to marketing your home?
Good photos! This is important because good photos are the foundation of any good marketing program. You want good print material? You must have good photos! You want good exposure online? You must start with good photos to put on the various websites used. As the quality of I-Phone and Android cameras have gotten better, many agents think it is ok to use these for photographing your condo…it is NOT! You must have professional photos!
Great Video! Video is truly the best way to show off your listing, and high quality videos are a must in the marketing of higher end properties! Many of you have heard me say this before…but I will say it again. A video should not be used to show every inch of your property ( this is why you have heard me say that I do not like the 360 photos that some agents use). A video to me is more of a way to tease a buyer, to get them excited to see a property! I have always believed that good marketing is about perception. Sometimes, as I mentioned above, you may have a property that does not have the best location. In a good video, you can still feature all of the real positives of that property to get buyers through the door and get them excited to make an offer, making the location secondary!
I strongly believe that when a buyer sees that a lot of money has been spent on marketing and everything is done with high quality, they are less likely to try and put in a lowball offer. On the flip side, when a buyer sees a property with low quality marketing… or very little marketing, they are more comfortable in going in with a much lower offer. There is a certain psychology to this way of thinking that has been used in marketing for years. This is why you are willing to pay a premium for a pair of NIKE’s or why you are willing to pay more for a Pepsi than you would pay for RC Cola! When buyer’s see high quality marketing associated with a property, they are much more inclined to be thinking in a much more positive way about the property from the very beginning.
One last thing I wanted to touch on was having an international/domestic presence is very important. This is the one thing I was missing when I worked for both a large regional company and a small local company. If you want to seriously discuss marketing for luxury real estate, the Christie’s brand is so powerful across the globe and directly associated with great, high quality marketing. People automatically associate a Christie’s listing as a property of quality.
Brad Golik is a condominium specialist with Christie’s International Real Estate and can be reached at 503-896-8856 or a by email at firstname.lastname@example.org. Visit his website at http://www.LuxuryCondosofPortland.com and http://www.PortlandPenthouse.com If you are in search of your dream Portland condo or loft, Brad is the one to call!
If you were thinking about giving me a call on the condo I mentioned a few days ago…it’s too late. I did say call me asap on this one! After the owners of this unit dropped the price again…this time $60,000, the unit went pending in 2 days! I am not sure what the final sales price will be but anything under the $899,900 listed price will be a very good buy for some lucky buyer!
Because I specialize in the condo market I am able to recognize good value. I don’t post these value alerts very often as I feel it needs to be a pretty special condo…and price, to do so and this was one of those moments. So the next time you see one of these condo alerts, call me ASAP!
Brad Golik is a condo specialist with LUXE Christie’s International Real Estate. You can come down and meet Brad in his new Pearl District location at 707 NW 11th Ave. – LuxuryCondosofPortland.com PortlandPenthouse.com
Here is a Christie’s fun fact: In New York last year, Christie’s International Real Estate sold 8 out of the top 10 most expensive homes… and 16 out of the top 25!
Every so often I see a condo that I feel represents a really good value and today a recent price reduction has made this unit very attractive in terms of pricing! Unit #714 at the Gregory had a $60,000 price reduction today and is now priced at $899,900. This unit was priced originally at $1,310,000. While I think the original price was way too high, it has now had 10 price reductions and for the quality of finishes, the amount of square feet available, and being a corner unit… this will make a very good buy for somebody especially if they get it for below the current asking price of $899,900!
The corner units at The Gregory are always in high demand and this stylish unit is going to make someone very happy! Originally, this was a two bedroom unit and it could easily be returned to being a 2 bedroom. Currently, the layout is very open and spacious. The master is huge with tons of closet space. The sliding glass panels are beautiful and give privacy when needed. The kitchen features modern white cabinets with quartz countertops and high end appliances. It is a stunning condo!
My only negative comment about this unit is that the master bath could be a bit larger, but to me…this is an easy one to look past when you consider the quality and size (1983 sq. ft.) of this beautiful Pearl District condo!
If you would like to see this unit, give me a call asap and I will set it up.
Brad Golik 503-896-8856
Brad Golik is a condo specialist with LUXE Christie’s International Real Estate…the brand that defines luxury real estate!
We are now open in the Pearl! Come by our new office at 707 NW 11th and say hello!
Yesterday I made a posting about the penthouses for sale in Portland. Well today… I have a new favorite! As I have often mentioned, The Elizabeth is one of my favorite buildings. Today a new penthouse at The Elizabeth ( #1503) came on the market for $4,000,000. This penthouse is stunning! What do I think about the price at $1,222 a square foot? I think it might be a bit high. If I am representing the buyer I think $3,300,000 to $3,500,000 might be more realistic. While it would be great for owners in the building if they did get $4,000,000 (and the owners of #1503) the problem is a recent penthouse sale that happened recently. Unit #1502 sold for just $1,900,000 or $551 a sq. ft. This will not help the sellers of #1503 in getting their price. While I don’t understand that low number at all, I will say the finishes in the beautifully remodeled #1503 are really jaw dropping. I believe this unit deserves a premium in that it is one of the most beautiful condos on the market! Did I mention that it comes with 2011 sq. ft. of outdoor living?
In the last three years there have been 3 penthouses at The Elizabeth that have sold for over $1,000,000. Of the three, I have sold two of them and the price per square foot was $712 for unit $1406 and $732 for unit #1404. The third was the above mentioned #1502 that was $551 a ft. ( again, I can’t explain the low price as it was the largest of the four …including the new one)
Will the newly listed penthouse #1503 be able to get it’s $4,000,000? I truly hope so …unless I am representing the buyer!
Speaking of buyer’s, If you are looking to tour any of the mentioned penthouses for sale ( or any other condo) give me a call at 503-896-8856
How is the + $3,000,000 condo market looking?
The Portland condo market has slowed pretty dramatically and we are seeing price reduction after price reduction. Many units have been reduced in price 5 to 6 times! We have also seen an increase in the inventory at the highest end of the market.
Currently there are six units priced above $3,000,000…and three that are almost $3,000,000. Of the nine listings, 5 are still the 5 out of 6 unsold penthouse units at the Vista priced from $2,821,000 to $3,335,000 ( $1044 a sq. ft up to $1228 a ft).
The other four are …in order of pricing, Crane Building #711 priced at $3,300,000, The Metropolitan PH-2 priced at $4,700,000, The Cosmopolitan penthouse #2715 priced at $6,995,000 and the Meriwether penthouse #2000 priced at ….drum roll please…. $9,300,000.
So of these units, which ones do I like? All are unique in their own way. If you like ultra contemporary, The Cosmopolitan #2715 is very high in style and has, hands down, the best views of all nine listed here. The newest to hit the market is at the Crane Building. Unit #711 is a beautiful penthouse unit with an outdoor terrace that runs the length of the entire east side of the building. It offers far more deck space than all of the others with the exception of PH-2 at the Metropolitan, which is priced at a pretty hefty $4,700,000… or $1349 a sq. ft. While this penthouse is steeply priced, the Metropolitan, in my opinion, is in my top 5 buildings in Portland. I believe the very traditional design of the interior of this large unit will create a problem in trying to find the right buyer unless someone wants to go in and start over. Topping the charts at $9,300,000 is the full floor unit #2000 at Meriwether in South Waterfront. This unit features over 7,000 square feet of living space that includes a guest suite. If you are someone that needs a lot of space…this could be the one! Also, if you are a car buff and need parking spaces, this penthouse comes with six parking spaces.
If you are a buyer that wants a contemporary space that is warmed with some beautiful woodwork, the penthouse at the Crane might be the answer. It is priced below (price per square foot) the two $3,000,000 units at Vista and has the deck space that many desire.
If you are the buyer that wants views, the Cosmopolitan is the building in town with simply the best views around. When you have paid a premium to be above 20 stories…the unobstructed views can’t be beat. I will say this about The Cosmopolitan, you don’t have to be in a condo priced above $3,000,000 to have sensational views!
If you are looking for a Portland penthouse that is ultra contemporary, one that is more traditional or anything in between, I am happy to take you on a tour of Portland’s finest condominiums and let you feel for yourself how each of these units are special in their own way! Give me a call at 503-896-8856.
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. You can contact him at email@example.com or visit one of his websites…LuxuryCondosofPortland.com or PortlandPenthouse.com