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
It’s finally here! The lawsuit at the Elizabeth lofts is coming to an end. The Elizabeth HOA and the company Victaulic Co. have come to a settlement. The terms of the settlement have not been disclosed and at this point it is not in writing as the two parties are still working on the correct language of the settlement. It is believed that Victaulic Co. does not want the financial terms to be disclosed to the public. My best guess is that it is because they are still in litigation with The Edge, Avenue Lofts and Benson Tower.
Owners of units at Elizabeth were looking at a possibility of some serious special assessments, ranging from $10,000 to $15,000. Now with the settlement in place ( we hope) the possible assessment could be closer to $500 per unit.
As we hear more on the settlement amount, terms and conditions, we will let you know everything we hear!
Portland Condos in the news!
In today’s Oregonian, there is an article about the current situation going on in the Portland condo market with regards to the lawsuits that are taking place. The root of the problem is a company named Victaulic Co. They were the supplier of the faulty plumbing gaskets, couplings and valves in a number of Portland high rise buildings!
In this article, one agent said he considers this to be a minor issue and “blown out of proportion”. This is not a minor issue!! It has affected many condo owners as well as the values of their units.
Tell the many condo owners that have not been able to sell their units over the last year that it is “blown out of proportion”. Tell the owners of units that could not re-finance when rates were below 3.5% that it was “blown out of proportion”. One thing to keep in mind as HOA’s begin their lawsuits against Victaulic, Portland is not the only city that this company supplied parts to. How many HOA association across the country are dealing with this situation? Can this company absorb all of the possible lawsuits? If not, are future assessments a possibility if settlements are not large enough to cover the potential cost? To say that this issue is a minor issue, is, in my opinion, is not an accurate statement at all. Again, tell owners at The Elizabeth who may have had to take a $25,000 to $50,000 or more hit on the sale of their unit because a cash buyer was able to have the upper hand in negations, that this is a minor issue!
see article at : http://www.oregonlive.com/front-porch/index.ssf/2013/08/four_portland_condo_buildings.html
To quote just about every lawyer I know… “It depends!”
The reason I say it depends is that it depends on who helped you with the purchase of your condo. Was this agent a condo specialist?
If not, I would recommend using a condo specialist. The agent you used in the past may be a very good agent that did a decent job in assisting you with you purchase. (and by the way…I always recommend working with a specialist when you are looking to make a purchase!) The difference really comes down to knowledge and marketing. An agent that spends his time specializing in a specific niche, like condos, will usually have a much better understanding of pricing. After all, this agent looks at every new condo that comes on the market everyday and will develop a pretty good understanding of what is priced correctly and what is not. An agent that does not specialize with condos maybe evaluating prices of homes in Lake Oswego one day and then Forest Heights the following week.
As an agent that specializes with condos, I take great offence to the agents who believe that is ok to put a condo into the MLS and wait. Now don’t get me wrong, any agent can sell a condo…but at what price? As someone who specializes condos, my marketing is geared towards condo buyers EVERYDAY! I believe that for an agent to get top dollar for his seller, they need to do substantial marketing… especially when it may be a difficult listing. I believe that the key to marketing anything is to get your product more exposure and make it STAND OUT…the more people that see it will increase the odds of getting a better price. Also a key factor in marketing anything is to “target” the right buyers for that product. An agent that spends their time trying to find home buyers everyday is not marketing and looking for condo buyers on a daily basis. This is what we do!
Our approach is very different than most agents but it is an approach that is effective. At LuxuryCondosofPortland.com, the use of our websites generates over 2,000 visitors a month, and the majority of those are searching for…. you guessed it, condos!
The next topic we will cover: Now that you have decided that it is smart to go with a condominium specialist, which one should you choose to list your condo?