Now, more than ever, quality marketing matters in the sale of your Portland luxury condominium. Christie’s International Real Estate is the market leader… worldwide!
Every so often I like to let readers know when a unit that comes on the market that I believe is priced too low…today is one of those days! If you are in the market for luxury condos in Portland in the $1,200,000 to $1,700,000 range, here is one you should know about. Today, unit #2805 at the John Ross came on the market for $1,450,000. I believe this unit is priced far below it’s value. This unit, on the 28th floor, is selling for $265,000 less than the best possible comp …the unit directly above it. Unit #2905 sold in February of 2018 for $1,715,000. Now that unit had many upgrades in terms of the extensive remodel. With that said, that unit originally was on the market for $2,350,000. That price was certainly overpriced, and in my opinion, affected the final sales price to be lower than what it probably should have sold for. In the end, it sold for $635,000 less than it’s original asking price. WOW! With this said, the true value of that unit was probably closer to the $1,800,000 to $1,900,000 range. (You have often read on my blog the dangers of overpricing…this was a great example.)
Unit #2805 is priced $265,000 lower than what #2905 sold for…and in reality, when you look at what #2905 should have sold for you start to understand the value in #2805 being priced at $1,450,000. You are getting almost 2,700 square feet of open living space for a price you won’t find anywhere in the market. ( and don’t forget to compare these prices to those in the new Vista. For 2,700 square feet in the Vista it will cost you between $2,821,000 to $$3,335,000) Vista North Pearl
Now the biggest negative to this unit is the small deck space ( but this is the same deck space as #2905) not everybody cares about a deck…but MANY do! Another possible negative that I consider in units in South Waterfront is that it faces upriver. Why is this a negative you ask? Many people that buy condos buy them for views. While the daytime river view is nice, the nighttime view is mostly darkness. Another condo in the market that I think is reasonably priced is The Strand #901. This is a good example of the preferred views buyers like to have, which is a great river view during the day but at night you get the magical twinkling lights of the city. And at $1,375,000, it is a lot of view for the money!
If you are wanting to be at the bottom of the range in the above mentioned pricing ($1,200,000 to $1,700,000) another great view property to consider is a penthouse unit at Benson Tower, #2601. Priced at $1,199,000 this unit consist of the entire south side of the 26th floor. It has panoramic views that go from Mt. St. Helens, Mt. Hood, South to the Tilikum Crossing bridge, west to the sunsets over the west hills all the way back around to the St. Johns Bridge…wow that is some view! ( Check out those views at: www.PortlandPenthouse.com )
It is a buyer’s market out there and there are some values to be found. If you are in need of a condo with over 2,000 square feet, The John Ross #2805 is a value! With that said, if you want to consider looking at that unit, give me a call as I have a pocket listing coming on that is also near 2700 square feet that has great daytime views but better night time views than 2805. It was going to be priced near $1,695,000 but now with the low pricing of #2805, the sellers now realize they will be forced to go lower. Please give me a call if you want to see this unit or any of the units I have mentioned. 503-896-8856
Brad Golik is a 15 year veteran of the real estate markets and is a luxury condominium specialist. You can find him at his popular website www.LuxuryCondosofPortland.com
Amazing panoramic views that will take your breath away!
For a private showing of this beautiful penthouse 26 floors above it all, call me at 503-896-8856.
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
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!
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).
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?
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.
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!
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 firstname.lastname@example.org
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.