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 firstname.lastname@example.org
Do a condo search at: https://bradgolik.luxecir.com/condo-search
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.
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!
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
When it is time to sell your luxury condo in Portland, look to the brand that defines luxury real estate worldwide!
A couple of days ago, Portland’s only $7,000,000 penthouse condo came on the market (actually $6,995,000) This penthouse is on the 27th floor of the 28 story Cosmopolitan. The current owners bought 2 units pre-construction and designed it into one stunning unit that has almost 360 degree views.
What I like about this beautiful Portland penthouse: I like the different feel of this condo from every other luxury condo on the market. While very white and somewhat sterile at first glance, I could see beautiful paintings and colorful glass artwork fill this unit with additional color. The other thing I really like about this unit is the floor to ceiling windows that are everywhere around you…a very stark difference to what you will find in the new penthouse units at the new Vista!
What I don’t like about this unit: There is really not much to not like about this condo. If there was one thing, I would say the fact that it is not a top floor penthouse hurts it just a little. Penthouse buyer’s…especially those buying the most expensive in town tend to like to be on the top!
So, what about the $6,995,000 price tag? This puts it at $1626 a sq. ft. Obviously a very high number for Portland. Let’s compare it though to other penthouse units in Portland. At $4,700,000 the penthouse at the Metropolitan comes in at $1344 a sq. ft. maybe a little high only in that the interior is very traditional and buyer specific. Now let’s compare to those over at the Vista. No comparison! At $1222 a sq. ft., the Vista penthouses do not come close to what you are getting at The Cosmopolitan. First of all, as you have heard me compare before, the windows at Cosmo are much more desirable (floor to ceiling all around) compared to the limited windows at Vista. Also, as I have mentioned before, the Vista penthouses are very linear and views are more limited to the east and west. #2715 at Cosmopolitan is very open in it’s floor plan and especially sets itself apart in the tremendous amount of natural light. Combine that with the 3 mountain views and far superior city light views at night. In addition, you are 6 floors higher! Now will this get it’s lofty $1626? This is hard to say. While this unit is totally custom with the finest in finishes, nobody wants to be the first to pay a new record price. In the end, I could see the final sales price be somewhere between $6,250,000 and $6,500,000 which puts it in the $1453 to $1511. At these numbers, I would consider it to be a value if you are comparing it to Vista at $1222…which I still believe to be high for what you are getting. Again, those units have been sitting for a long time now, unsold at those prices.
Will it sell for $6,995,000? It very possibly could as there are those out there that don’t necessarily want the best value…they want the best!
See more of this penthouse at : http://www.PortlandPenthouse.com and click on Feature Penthouse 2.
If you would like to view this condo, give me a call at 503-896-8856. There are a few requirements to view so call me to discuss
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.
Check out this beautiful waterfront condo!
Brad Golik is a condo specialist with Total Property Resources and LuxuryCondosofPortland.com . You can reach Brad to arrange showings at 503-896-8856 or email at firstname.lastname@example.org