Had a fun morning this morning doing an interview for CNBC’s Power Lunch. They do a weekly episode called Power House.
If you have been thinking about selling your condominium but were unsure of market timing?
Inventory levels are very low right now so it is a great time to list your condo or loft!
Call now to get a free market analysis.
Forbes announces America’s Best Hipster Neighborhoods
See the full story and see how neighborhoods were selected.
The Pearl District is known for its art galleries and studios. It also has quite the java culture, with the second highest concentration of coffee shops per capita on our list. Farmer’s markets include the massive Downtown Portland market. Like Williamsburg, gentrification has led to higher costs-of-living in the area, with luxury Portland high rise condos emerging on the streetscape and warehouses converting to massive loft residences.
August was a very good month in the Portland condo and loft market with sales up 34% over July sales. Once again leading the pack was Encore in the Pearl District and Atwater Place in South Waterfront, both with 5 sales for the month. Two of the Atwater Place sales were resale units. The most remarkable thing about the 55 sales for the month was that only 2 of these sales were bank owned properties and just one was a short sale! With that said, there are currently 24 condos and lofts in the Pearl, Downtown and South Waterfront areas that are in a short sale pending status.
Buyers continue to find decent deals in the Portland condo market. An example of this can be found in the recent sale of unit at City Lofts. After being way overpriced at $1,100,000, and being on the market well in excess of 400 days, buyers were able to pick up this 2,456 sq. ft. unit for $760,000, more than 30% off its original list price. This shows us two things: 1)There are good buys to be had in the market and… 2) Sellers, don’t overprice your unit when you go to sell it. It will end up costing you more money in the long run!
At LuxuryCondosofPortland.com we are excited about the market! If you are in the market for a new Portland condominium, give us a call and we will get you out to see everything that Portland has to offer. If you are thinking about selling your condo or loft, again we encourage you to work with a condominium specialist. We don’t believe that an agent can’t just flip on a switch and become an expert in marketing to condo buyers overnight! We have worked hard to create a marketing program that targets serious condo buyers everyday. And, like marketing for any product, the more exposure it gets, the better your chances of getting a higher price!
The Henry is located on Couch between 11th and 12th. It consists of 123 Condos that
were built in 2004. This half block includes a retail base of approx. 11,000 sq.
ft. on the ground floor with three floors of parking above and 11 stories of
luxury condominiums. Situated in The Brewery Blocks at the entrance to
Portland’s Pearl District. The Henry Condominiums received gold LEED certification from
the U.S. Green Building Council, becoming only the third residential building in
the United States, at the time it was built, to achieve this rating for
sustainable design and construction. Portland
condos in the heart of the Pearl District.
Location: Pearl District
So it’s been a pretty rough market for a few years… are luxury condos selling in Portland? You bet they are! And leading the way in 2012 are our top 5 most expensive condos sold year to date.
Coming in at #5 is a penthouse condo at 937 www.937Condominium.com
With 1903 square feet and 2 bedrooms and 2 baths, this contemporary penthouse condo at 937 sold for $1,249,950.
At #4 on our list is a beautiful unit at one of Portland’s finest The Casey www.TheCaseyCondominium.com
With 2608 square feet, 3 bedrooms, 3 baths and killer views, this unit sold for $1,375,000.
At #3 on the list, a unit at The Gregory Lofts www.TheGregoryLoft.com
This unit features 2692 square feet with 2 bedrooms and 2.5 baths and sold for $1,450,000.
At#2, a brand new penthouse unit at Encore www.PortlandEncoreCondo.com
This unit, sold in February, features 2481 square feet, 3 bedrooms, 3 baths and sold for $1,800,000.
And the winner is… a unit at The Metropolitan! www.MetropolitanPortland.com
With a spacious 3245 square feet, 3 bedrooms and 3.5 baths this penthouse unit at The Metropolitan sold for $1,950,000.
Whether you are looking at a starter condo or multi-million dollar condos, LuxuryCondosofPortland.com can help you with all of your needs!
Springtime is when we typically see many homeowners putting their homes on the market and inventories rising. For condo buyers that are currently looking, the opposite is taking place! For the last 8 months it was pretty common to have around 300 Portland condos and lofts, priced at $225,000 and higher, on the market in the geographical range that includes the Pearl District, South Waterfront and condos in the downtown area. Today we have 190! This is a result of fewer homes coming to the market and recent activity with the ones that have been on the market. A good example of this can be seen at the Atwater Place condominiums in South Waterfront. In the last 3 months we have seen only 3 sales. Currently, Atwater Place has 7 units that are pending…a pretty steep jump in activity!
Another building that has had much activity is 937 Condominiums. 937 currently has 4 units pending and in the last 3 months have sold 6 units. Of these 6 units, 5 have been sold for over $500,000. Over at Encore, there have been no sales for 3 months but with recent activity, there are now 6 homes in a pending status!
For owners looking to sell their Portland condos, now is a great time to be putting it on the market. With such low inventories you will be able to push the price a little more and with the recent bump in rates, buyers may start feeling the need to pull the trigger on buying.