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 firstname.lastname@example.org or visit one of his websites…LuxuryCondosofPortland.com or PortlandPenthouse.com
Today, like I do on most Tuesday’s, I went to a few brokers’ open houses to look at some new listings. After viewing a new penthouse on the market, I stopped in at a nearby coffee shop. In the coffee shop were a group of real estate agents who had also gone to the same open house. These agents were not condo agents, I know because I did not recognize any of them! What I heard come out of the mouth was not surprising because they just do not understand the urban market. The penthouse that these agents were talking about was the new listing at the Crane building priced at $1,850,000. I heard on of the agents say that she has not seen any of the other penthouses in the Pearl but she thought this one was “Exceptional and priced very well!” The others with her nodded their heads in agreement. The first thought that came to my had was…REALLY?…Is this what they would say to potential buyers that they would show the unit to?
For what it is worth, here are my thoughts on this penthouse unit priced at $1,850,000. This unit was on the market one and a half years ago priced at $1,950,000 and it did not sell then. While this unit has very nice finishes, here are my reasons why I think it is priced too high. First…and most important, anything priced above $1,500,000 should not be a total fishbowl…and this unit is! Before when it was listed, you had neighbors from Avenue lofts and Irving Street lofts looking down into your 7th floor unit. Now, directly across the street to the west is a brand new office tower that takes away your views of the west hills, takes away a lot of natural daylight and also adds hundreds of office workers that can now look directly into your unit! There MUST be a discount on price for the huge lack of privacy!
Some of the other negatives of this unit are that it has low ceiling height and it is a pretty choppy floor plan which gives you the feel that it is smaller than its 2239 square feet. At 836 a square foot, a buyer should get way more for their money than what is offered here. In one of my recent posts I discussed the great buy my client got on a penthouse purchase at The Elizabeth. This unit closed at $2,200,000 (fully furnished) or $667 a square foot. This unit is far superior than the penthouse at the Crane building in many, many ways. It is a much higher floor, 14 as opposed to 7 so you are above most surrounding buildings and don’t have neighbors looking down on you (something most penthouse buyers NEVER want!) The floor plan at the Elizabeth was much more desirable. In addition, both units had equal deck space for outdoor living but at the Crane penthouse, the outdoor space is almost unusable because of the freeway noise that is only a block away! Even if my client would have gotten the Elizabeth penthouse at a higher price, say $2,500,000, the price per square foot would still have been much lower at $757 a foot. There is a huge difference in why the buyers at The Cosmopolitan are paying above $800 a square foot…that is the privacy that comes with being 25 floors or higher. Your odds of having another building going up next to you and blocking your views are much less, this is why buyers were willing to pay a premium. But, the Crane penthouse being only 7 floors up, there is no way it deserves the premium of pricing that it is at, especially with all of those new office workers looking down at you!. If I am the listing agent of this penthouse, I am hoping that one of those agents at the coffee shop brings a buyer and makes an offer… because, based on their comments, they truly don’t know any better!