Pearl District prices are rising fast! To get the TRUE value of your condo instantly for FREE, go to:
Here is a partial list of condo sales from downtown, Pearl to South Waterfront:
If there is one thing I have learned from writing a blog, it’s that you can’t please everybody! When I started writing my blog originally, the purpose was to give good, objective advice so that potential buyers and sellers could be assisted in making solid decisions when it came time for them to buy or to sell their Portland condominium. Over the last couple years I have gotten tremendous positive feedback and at times, not so positive feedback. Most of the negative feedback will come from someone in a building in which I made a comment that does not support a price of a listed unit in that building. ( after all, everybody would love for any unit to sell above it’s market price in their building) Earlier this year I wrote about a unit in the Casey that I thought was way overpriced. (and I am not going to mention the unit #) In my blog I mentioned that when a unit like this gets overpriced it will sit on the market with no traffic or offers. After some time the owners will drop the price $100,000 to try and get traffic. After dropping the price and still not getting traffic, the owners will drop it another $100,000. Well guess what has happened to this unit? The unit has had 2 price reductions of $100,000 each and still no sale. What has happened though is another unit in the building came onto the market that was correctly priced at $1,375,000 and it received an offer in 42 days and is currently pending. While this unit was 230 square feet smaller, and $124,000 less, it was also on the 15th floor looking due East…fantastic views! It was very fortunate for the listing agent of this unit that he was able to use the other unit on a lower floor to help sell his Casey listing!
If a buyer is out looking at condos and is a frequent reader of my blog, I feel they will be able to pick up some very valuable advice and be able to make a better informed purchase when the time is right. Again, my comments in my blog will not always make everyone happy but I think the majority will get much more of a positive experience than negative.
What looks good out there right now? Well it depends on your price point. There are still some pretty good deals being had over at Waterfront Pearl, in fact, last month they sold a considerable number of units in the higher price points. What about Penthouses? My favorite listing on the market right now is the penthouse unit #1405 at The Elizabeth…this is a fantastic unit! (and no…this is not one of my listings! ) With a recent price reduction of $100,000, I will say I was a little surprised that the penthouse unit over at Park Place sold first! That unit, originally priced at $1769,000, dropped it’s price to $1,650,000 and received an offer a month later. If you would like to schedule a time to view the beautiful penthouse unit at The Elizabeth, give me a call today and we can get it arranged.
If you are looking for a value in a luxury condo with great river views, you might want to check out unit #209 at Pacifica Tower. Because of the surrounding construction going on, this unit is priced under $600,000. You will not find anything like this unit in the Pearl for under $600,000. Not only does this unit have a spacious deck that looks out onto the Willamette River and has amazing bridge views, it also has a huge master suite…something very rare in condo living!
There are more units that are now starting to hit the market. If you are in the market for a new condo, give me a call and we can set up a tour of available units. If you are thinking about selling your condo, we truly believe we have some of the best, if not the best, condo marketing around and we would love to sit down and share with you how we are very different than the typical real estate agent out there!
Brad Golik is a Portland Condo Specialist!
Please visit: http://www.LuxuryCondosofPortland.com
Portland Penthouse Watch
What is happening in the upper end of Portland’s condo market? Let’s start by looking at the top 5 most expensive condos in Portland that are currently listed. The most expensive, at $2,495,000, The Envoy penthouse. This beautiful penthouse has become like an old friend…because it has been on the market for so long now we have come to know it well. While certainly a unique property, this condo seems to be cursed or it is just the fact that it seems to always be priced just above the market as it has consistently chased the market down.
In the number 2 spot, is one of my favorites and priced at $1,995,000, unit #1405 at the Elizabeth. Listed in late April, this special unit features killer views to the East as well as north to Mt St. Helens. If you are in the market for a luxury condo in Portland, this one deserves a look! Give me a call and we can set up a showing as soon as possible.
In the number 3 position is a penthouse we wrote about in mid April when it came on the market. With it’s price reduced $250,000 since that time, now priced at $1,950,000, this penthouse located on 14th street still seems to be priced high in my opinion. With about 300 square feet less than our number 2 penthouse, this unit just seems to live much smaller. And while boasting an 800 square foot terrace, the noise levels next to the freeway prohibit any relaxing times with peace and quiet. Also, when paying over $1,900,000, most buyers will not like the fact that owners at the two buildings next door look down on this property!
In the number 4 spot, Unit #1001 at Waterfront Pearl. Earlier this year, I had written about the unit directly below this unit, #901, it recently sold for $1,650,000. Unit #1001 is now on the market and listed for $1,759,000. While a spacious unit with over 3100 square feet, it does have one slight negative for this price point and that is the privacy could be a bit of an issue for some as the building next door does look directly into this unit. With that said, it does have fantastic river views, in addition, when you stand at the windows of this unit you feel that you are standing right on top of the river! In addition to the 3 bedrooms a den and 3.5 baths, this unit has a large room that would be perfect for a large media room!
At #5, this penthouse unit at Park Place, offered at $1,650,000 offers a wonderful outdoor living area. While the living area itself is nice, it does not come with a ton of the “Wow” factor.
In addition to Portland’s most expensive penthouse condos, I did want to mention a unit that I think represents value and is also a very nice unit. This is the new listing at the Casey, unit #1501. If spectacular views are what you are after, look no further! If you are in the market, give me a call soon and we can set up a showing of this beautiful unit. This is a unit that I think will sell reasonably quickly and one of the reasons I think this will happen, other than the great views, another unit in this building is priced a quarter of a million higher than this unit, and while the other unit is slightly bigger, the 15th floor views will win people over! I also believe the pricing of the other unit will actually help the sale of unit #1501.
So there you have it. Some of Portland’s best penthouse condominiums on the market today! Again, if you are in the market to buy one of Portland’s finest penthouse condominiums or one the fits more into your budget, call Brad Golik today. It does not cost you anything more to work with a condo specialist!
The condo market is still experiencing low inventory levels even as spring arrives. While we are beginning to see more condos come on the market, it is still well below what we normally see in this time of the year. Part of the problem… negative equity is still a problem for many owners, even after the nice appreciation we had in 2013. Please click on the link below for more information!
If you are in the market to buy a condo, call Brad Golik, the Portland condominium specialist!
One of the things that I do appreciate when writing in a blog is the feedback that I get. Some of it good and sometimes bad. I don’t really mind when I get negative comments because it is expected whenever you are giving your opinion on something. I do realize my opinion will not always line up with others. Today was one of those days where I got, not really a negative comment, but one where they did not agree with me…and that is ok! Recently in my blog, I mentioned that agents that don’t use professional photos don’t deserve to list higher end listings. This is something I strongly believe. What I believe I said was that someone who was going to make $20,000 to $30,000 to “market” a Portland penthouse listing priced at $1,000,000+ and did not spend $200- $300 for professional photos, did not deserve to have that listing. I STILL think this is true!
The person who sent me the comment said he had just seen a condo priced at $970,000 that sold in a week and did not have professional photos… and yet it still sold quickly! Well, I believe I know what unit he was talking about, and yes the photos were terrible! Yes the unit did go pending in a short time even with bad photos. Sometimes that happens. Here is my point. Why would you not do everything possible to make your listing stunning and stand out from all of the others and try for a higher price. I also believe that someone that is so tight that they won’t spend money on photos will also cut back their marketing dollars in every area like staging, print ads, internet marketing, professional graphics etc. Even though this particular unit sold in a short time, how do we not know that if it could have gotten more people to look at it had it looked more attractive online? Could great photos have gotten 3 more buyers through the doors? Could it have gotten several offers that may have boosted the price some? Personally, I prefer to do professional photos for every listing whether it’s $400,000 or a $3,000,000 penthouse! ( a good example of this is a small studio listing I just brought on the market for $305,000… www.PacificaTowerCondo.com )
The point here that I want to make is if you have the ability (and small amount of money) to make a listing beautiful and stand out from all of the others on the market, why would you not do it? I will say it again, it is a huge disservice to the sellers when an agent does not give his/her very best for the client. There are good agents out there that are professionals and truly try to do a good job for there clients. If I do happen to not get a listing over another agent, I hope it is to an agent that puts his clients first and does everything possible in terms of marketing, not only because it’s the right thing to do… it is what we are being paid to do!
Show me an agent that is not spending money for professional photos and I will show you an agent that does not care!
Brad Golik is a condo specialist working in the Downtown, Pearl Distict and South Waterfront areas of Portland.
If you are looking to buy or sell a luxury Portland condominium, call Brad at 503-896-8856 or email him at firstname.lastname@example.org
Recently I was asked by a fellow Realtor why I spend so much money on my listings. My answer was simple… I told her “because they pay me to MARKET their home!”
If you have followed my blog for any length of time, you will know by now that I am a huge believer in doing a great job of marketing. You have also heard me say that “Any agent can sell your condominium… but at what price?” Everyday I see new listings come onto the market where I see that the agent has done a less than professional job of marketing someone’s condominium listing. To me, this is a big frustration as I still do not understand why? Sometimes the sellers choose the agent who helped them purchase their condo, sometimes sellers are referred to an agent (often to agents who rarely sell condos and do very little marketing). You have often heard me say that a real estate agent who does not pay for professional photos on a million dollar listing does not deserve to “Market” a million dollar listing! (Honestly, I feel the same about $250,000 listings as well) Today a new listing came on the market that was priced over $950,000. The listing agent did not use professional photography! I have a buyer that wants to see this particular building and is in this price range. I had to tell my client to disregard the photos and that we should still take a look at the unit. If they were just judging the unit by the bad photos, they may have never looked at this unit!
In past postings on my blog, we have played a game called… guess the $1,000,000 condo! Today we are going to do it again… just to make a point! Below are two links to 2 different condo listings. Although one is on a Windermere site, it is not a Windermere agent ( we do not want to disrespect the agent by posting their name). When you click on these links, do not look at the text, only the photos. Which one has better photos? Which one makes you want to see the listing? Which one looks like a million dollar condo?
Which one looks like a million dollar condo? Well if I’m being honest, neither of them do. Which is really too bad for the one that is because it is a nice unit. As for the $305,000 studio condo, It may not look like a million dollar condo either but we do everything we can to make it look like a million… including professional photos!
If you plan on listing your condo in the future, give Brad Golik a call to see a full marketing program that will be designed just for YOUR condo!
How’s the market?
The spring is usually the time when we see the real estate market start to take off. This is not the case so far this year. Why is that? It is because of a lack of inventory in the market. Currently we are close to 2 months inventory in the market, a number that is very low. This spring we were hoping for more listings to come on the market than what we have seen so far. With rising prices last year we thought we would see many of the condo owners who were underwater on their units, now have enough equity to put their condos on the market. This has not really happened yet.
How are condo sales going? Last month sales were up 24% from the previous month, not unusual for this time of year. In looking at the typical area we cover, which is downtown, Pearl District and South Waterfront there were 61 sales for the month of April (units priced $200,000 and higher). Of those 61 sales, only 11 of those were for over $500,000 and of those 11, only three were over $1,000,000. Pending sales appear to be going down as a result of the lack of inventory
What does this mean for you the buyer and seller? Typically with inventory at 6 months and below, it becomes a seller’s market. Does that mean it is not a good time to buy? No, not at all. It just means you are going to have to be a little patient and expect that you might even get into a multiple offer situation. Not always the case though. For example in the upper end of the condo market, there are some units that have been on the market for awhile. As the owners begin to drop the prices, you will want to be ready to pounce. Many of these units end up selling below market value because of their time on the market and the negative stigma that comes along with that.
As for seller’s, right now is a very good time to put your home on the market because you virtually have little to no competition so now you might be able to bump your price a little!
If you are a buyer in the Portland condominium market, don’t hesitate to call the Portland condo specialist, Brad Golik at 503-896-8856
If you are thinking about selling, now is a great time to do it. Give us a call and we can do a market analysis on your condo and also show you the best condo marketing in the city!
Last week I wrote about two new Portland penthouses that came on the market. Today I toured the one priced at $1995,000 and I must say I was pretty impressed. This penthouse condo at The Elizabeth was stunning! While East facing, you would expect fantastic views of Mt. Hood, which this place delivers. Being in the NE corner of the building also gives you great views of Mt St. Helens and Mt. Adams. Back to the interior… this unit is only 300 square feet larger than the penthouse we wrote about last week (and $200,000 cheaper!) but the unit feels so much larger and less cramped. The layout of this Elizabeth Loft penthouse just flows very comfortably and while it is officially a two bed room unit, the owners of this penthouse are using the spacious second bedroom as a theatre room. This brings up my only negative of this wonderful penthouse….a 45 inch TV in the media room? Give me a 70 inch screen and this becomes a tough choice to say no to!
The owners of this penthouse obviously have very fine taste in their furnishings (which are for sale) which one almost has to look past when viewing this unit because it is so beautifully done. The first thing I noticed when I walked in is the elegant dining area with the crystal chandelier and then the wall of windows looking east to an amazing view. As you walk into the well appointed kitchen not only do you get those great views to the East, but also the mountains to the North.
For those buyers that need more bedrooms, the media room could easily be converted back to a second bedroom and in fact, a third bedroom/ Den could be added if needed. Of the current penthouses on the market right now, hands down, this unit is by far the one that impresses me the most.
If you are a buyer and would like to set up a tour of this beautiful penthouse, give me a call today. (I don’t believe this one will stay on the market too long!) We can also set up a tour of other available units so that you get a real good understanding of condos in this price point. If you are in need of more space, don’t overlook two available units at Waterfront Pearl. Two penthouse units at Waterfront Pearl offer over 3,000 square feet. One offers river views while the other has fantastic city views.
Brad Golik 503-896-8856
Today I saw a listing come on the market that prompted me to write in my blog on the topic of working with a specialist. The listing was a condo in the Pearl District that came on the market priced at $1,699,901. (901?) Well the 901 is not the issue…interesting, but not the issue. The issue is the crazy price! This is a floor plan I know very well. It is also a floor plan that has MANY comps to support the pricing and where it should be. The o2 stack in this particular building has had 2 sales in the last year and 3 recent pendings. I currently have some buyer’s coming into town that will be looking in the $1,000,000 price range and this could be a perfect unit for them… except for one thing, the price! I called and spoke with the listing agent to see if there was a typo on the pricing ( yes, I really did!) He said to me that the pricing is correct. I asked him how he came up with the pricing on this unit. He told me that a unit (#1002) just went pending at $1,999,000 (and finally sold for $1,837,000) Well this is an 02 stack but it is also over 500 sq. ft. larger with many additional amenities to it. The agent had 5 very good comps to use and selected the one that doesn’t make any sense! The 02 units with the exact same floor plan as this particular unit sold for: #202…6 floors lower…$825,000, #602…2 floors lower…$899,000. 2 of the same units also just went pending (perfect comps!!!) #302 went pending priced at $925,000 and unit #502 went pending priced at $975,000. Now something can be said that the high priced unit is on a higher floor and looks over the apartment building next door, certainly worth an extra $100,000 over unit #502. I did question the agents reasoning on his pricing and mentioned that I would probably not show it to my out of town clients because it was so overpriced. His comment to me “That’s fine”. Really? When a property is so overpriced, reasonable negotiations are often very hard to come by, either the seller is not realistic or the seller’s agent has given the seller unreasonable expectations and then the seller won’t move off of their price. Well the topic of this blog post was “Working with a specialist”. The agent in this case is not a condo specialist and is in fact an agent from Hillsboro. In his defense of pricing, he told me that he has priced plenty of properties! This may be the case but he has NOT priced many downtown condos. What is the problem that seller might have by not working with a specialist? Well in this case. This unit runs the risk that it will not get shown because of my reasoning above. When it doesn’t get shown over time, the price must come down. What will probably happen here is the agent will drop it $100,000, and it still won’t get shown so he will drop it another $100,000 and it still won’t get shown. At this point the listing starts to become stale and it loses all of it’s WOW factor. Eventually. The price will get down to where it should have been to start. At this time you will start to get the lowball offers because it has been on the market for so long and it ends up selling for well below where it should have sold if it where priced right from the beginning. This agent clearly does not understand pricing in the downtown condo market… much as I would not be an expert in pricing Hillsboro properties! In addition, because this agent doesn’t normally work with condo buyers, he doesn’t have the marketing in place that has been targeting condo buyers for any length of time. To me, this is a BIG reason to select a condo specialist to represent you in the sale of your condo or loft! If you are a buyer and would like to see this beautiful unit, my advice to you, be patient! The price will come down. Call me and I will fight for a price that is realistic and makes sense for both you and the seller. http://www.LuxuryCondosofPortland.com http://www.BradGolik.com
Please click on the link for the recent Oregonian news story on the settlement at the Elizabeth condos in Portland.
Want to sell? For a FREE market analysis, call Brad Golik today at 503-896-8856!
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!
As we wind down the year and look back at the condo sales for November, one thing is for sure… it was a pretty good year in the condominium and loft markets! Sales for the month of November, however, were down 25% from the previous month were we had 63 sales in the area we cover, which includes the Pearl District, South Waterfront, Uptown and Downtown. These numbers are based on condo prices above $200,000.
Leading the way in November was the Waterfront Pearl which recorded 5 sales from $362,500 for a 1 bed/1 bath 1080 sq. ft unit to a 2 bed/2 bath unit with 1735 sq. ft that sold for $835,000. We had 2 condos that sold in the +$1,000,000 price range this month. The first was a penthouse condo at McKenzie Lofts which sold for $1,025,000. The second, a beautiful penthouse loft at Marshall Wells Lofts that sold for $1,515,000.
A question I get asked all the time is “Are there any deals out there?” The answer is YES! For the patient buyer, there are always condos that will get put on the market that are under priced. How is this possible you might ask. The condo market is very different the suburban residential markets. Many agents that are usually out in the suburbs don’t always have the best grasp of pricing for downtown condos. A good example of deals in the market can be seen by one of my clients recent purchase. My buyers made on offer on a loft in The Elizabeth, a building that has current litigation issues. With this problem comes the problem of financing, most banks will not finance these building so it becomes a cash only situation. Naturally, this takes many buyers out of the market and some listing agents will drop the price because of this. In my situation, my clients made an offer on a unit at the Elizabeth for $635,000. The appraisal on this unit came in at $690,000! A similar unit in the building on a lower floor is for sale at $678,000, and it only has 1 parking space.. Another was sold last month on a much lower floor. Unit #604 had less desirable views than my buyers Mt Hood view, only had 1 parking space and was virtually the same floor plan and it sold for $745,000. So, for my buyers, they were able to make a purchase at $635,000 on a unit that had 2 parking spaces, fantastic NE views, on a high floor and they paid well below the appraisal and the unit that sold this month! Yes, there are still deals in the market!
One thing to keep in mind is that while something may seem difficult, that is not always the case. There are actually a lot of all cash buyers in the market right now. In fact, 4 out of my last 5 closing have been cash buyers and they were all above $500,000.
If you are in the market to buy a condo or loft in the downtown area, please feel free to give me a call and we can get you started with a tour of the many available buildings such as The Meriwether in South Waterfront, Eliot Tower in downtown Portland or perhaps The Metropolitan or The Henry in The Pearl District. There are many great options and we would be thrilled to get you started in the search for your new home.
Also, if you have heard about the Pearl District’s newest high rise condominium project Park Central, feel free to give us a call to learn more about this fantastic new project!
Today, like every day, I get notified of any new Portland condominiums that come on the market. As a condo specialist, I feel it is important to know every condo on the market and when it comes on the market to check to see if it priced right. Today I was once again surprised to see a +$1,000,000 condo at Eliot Tower come on the market where the listing agent did not use professional photos! OK, so I was not surprised. Why? Because I see it all the time. This got me thinking about how many condo listings in the +$1,000,000 range actually get put on the market without good, quality photos. In my research, I had my assistant go back and review the condos that were sold over the last year, and the current pendings and active listings. Altogether, there were 54 condos of which 29 were sold. Of these 54, 26 DID NOT have good quality photos! To me this is astonishing. How can a real estate agent take a million dollar listing and not use a professional photographer? Really? On a transaction where the listing agent may make $25,000 or more and they can’t spend a couple hundred dollars to do the best job for their client. To me, I believe these agents are not deserving of such listings. Many times, the listing agent was the same one that helped them originally purchase the condo.
I am a big believer in good marketing to do the best job for my clients and it all starts with great photos! Good marketing tries to create the “Wow” factor, something that gets people to really want to see a property. If that agent can’t spend a few bucks to do a good job with the photos, how do you think that the rest of the marketing will be? Will they spend money to make sure it is being seen in the best light in the most likely places like the internet in a way that inspires people to go see it?
When selling your home or condo, you have a choice. A choice to select a typical real estate agent or a real estate professional. What is the difference? A professional takes the time to be better. A professional goes above and beyond what is expected. (A professional uses professional photography) Many people select an agent that may have been referred to them. Is this the right person to help you? It may or may not be. If you are selling a condo and this person usually sells homes in Lake Oswego, they are probably not the right agent for you even if they were referred to you. Often I see condo owners use the person that helped them purchase their condo. Is this the right person to use for selling your condo? It depends. Does this agent focus on marketing to the condo market and potential condo buyers everyday? Usually not. There are only a handful of condo specialist that I consider to be real professionals. I have said it before… a typical real estate agent cannot flip on a switch and become an expert at marketing to condo buyers overnight. It just doesn’t work this way.
If you are selling your Portland condominium and would like additional information on our marketing program, please give us a call. If you are a buyer and have some general questions such as “What are the prices of condos in the Pearl District” give us a call and we would be happy to sit down and show you how we might be able to help you.
If you are in the market for a new Portland condominium and you heard that it is a sellers market based on inventory, you are probably thinking there are no deals out there! While it is true, it is harder to find deals in the market, they are out there. If you are a serious buyer and looking for Portland condominiums or lofts, you would be best served by working with an agent that specializes in that market. As a seller, no question that you should work with a condo specialist, after all, they have marketing that is directed towards buyers everyday. But what about buyers? By working with a specialist, you are working with someone who is in that market everyday and really knows the market and how to identify value. Are there values still out there? Sure, because sometimes sellers may list with an agent that does not really understand the condo market as well as they understand the housing market. This happens often!
Recently, I went to a brokers open house for a new listing of a penthouse condo in the Pearl District. After touring the unit, the agent holding the open house asked me what I thought about the units condition, floor plan and pricing. Not being shy to offer my opinion, I told him that I thought it was under priced at $925,000. I was a little surprised when the agent didn’t ask me how I came to that assumption. In fact, he seemed a little bothered by my answer. ( He did ask me for my opinion!) If he would have asked me why, I would have told him that a unit that was only slightly bigger over at The Casey just went pending at $899,000. This 6th floor unit had views that looked right into the new apartment complex that was built across the street. The Elizabeth 14th floor unit had far superior panoramic views of the city, west hills and beautiful evening sunsets from it’s spacious 35 foot deck. Another penthouse in the Pearl District had also gone pending, unit #1411 at The Henry. After sitting on the market for some time at much higher prices, this units price was dropped to $999,000 and went pending 20 days later. This penthouse condo also had great city views but was also 340 square feet smaller and was essentially a 1 bedroom, den (the den could be converted back to a second bedroom). I did mention my thoughts to another agent that day and he said “Yes but the Elizabeth has pending litigation and is cash only!” Guess what… it went pending after only 10 days!
In an earlier posting on our blog we talked about not leaving money on the table. Some agents listings will just get listed at prices lower than where they should be for a number of factors. In the example above, it may have been the agents lack of knowledge in pricing condos over houses. Perhaps the seller just wanted to unload it quickly? Either way, buyers will find deals out in the market, even in todays “sellers” market. There may not be many of them but if you are working with a specialist who is in that market everyday, your chances are much higher that you will find a great condo at a good value!
If you are in the market to buy or sell a Portland condominium, come visit one of our many condominium websites such as www.ElizabethLoft.com , www.TheCaseyCondominium.com or www.HenryCondominium.com or visit our main portal websites www.BradGolik.com and www.LuxuryCondosofPortland.com
How were Portland condominium sales last month?
Answer: Very Good!
Sales for Portland condos and lofts jumped 107% over sales from February where we recorded just 28 sales in the +$150,000 markets that include The Pearl District, Downtown and South Waterfront condominiums.
Leading the way with the most sales once again was The Encore condominiums in The Pearl District with 4 sales for the month and new to the mix… condos for sale at Waterfront Pearl! Waterfront Pearl also recorded 4 sales as they emerge from being a leased property to new condo sales. Following in 3rd place was Atwater Place down in South Waterfront. In all, 58 sales were recorded in our target area and of those sales, 35 were below $500,000 and 23 were Portland condos priced above $500,000.
A question I often get asked is “How much is it to buy a 2 bedroom condo in the Pearl District”? To give you a more accurate number, it needs to be pre-qualified a little with… it depends! To get into a “Grade A” building, which most of the high and mid rise buildings are, last month a 2 bedroom unit at The Pinnacle sold for $480,000. There was also a 2 bedroom unit at the Lexis condominiums that sold for $415,000. The Lexis is in my opinion, a little lower quality building and should be priced a little bit lower. So, you can get into a 2 bedroom condo in the Pearl District for under $450,000, but it also depends on certain things, like which building it’s in, does it face directly into another building etc.Sometimes a unit just gets under-priced, like a 2 bedroom unit that was priced at $399,000 and went pending immediately. If you can move just a little distance from the Pearl District, you can find 2, 2 bedroom units for sale at Benson Tower for under $450,000. Another option might be Portland Plaza on 5th. While an older building than Benson Tower and The Eliot, it does offer a good amount of square footage for the money!
How were sales in the upper end of the market? Again, very good! In the $1,000,000 market, 2 sales happened. One was an 1820 sq. ft. penthouse at The Encore that sold for $1,125,000. Waterfront Pearl recorded 3 sales that were sold at $690,000, $815,000 and $915,000.
As we move through April, we should see a pretty active market with inventory levels still very low! There are currently 105 condos in a pending status including the beautiful penthouse at The Metropolitan that we wrote about last month. Priced at $2,249,000, in my opinion…about $200,000 too low, it went pending in 16 days. As I mentioned when I last wrote about it, it was one of my two favorite penthouses on the market. It is in a premium building, in a premium location and deserves a premium price especially when compared to the other penthouses on the market!
If you are in the market for a Portland condominium or loft, call us today to set up a tour of available units. If you are thinking about selling your condo or loft, let us show you one of the most unique and extensive marketing programs in Portland!
Remember, if you are thinking about buying or selling a Portland condominium, it doesn’t cost you to work with a condo specialist… it pays!
At 225 feet tall, the Metropolitan is the tallest building in the Pearl District offering sweeping views of the neighborhood, Tanner Springs Park, Jamison Square, The Willamette River, mountain peaks, downtown and the west hills. The unique design of the slender condominium tower allows a majority of the units to be exclusive corner units, maximizing views and daylight for unit owners.
Situated in the center of the Pearl District, between NW 10th and NW 11th Avenues and NW Lovejoy and NW Marshall Streets, The Metropolitan is adjacent to the newest of three planned parks in the Hoyt Yards neighborhood, Tanner Springs Park, and is on the Portland Streetcar line. The Metropolitan is within walking distance to countless restaurants and shops and just minutes from Downtown.
The splendor of The Metropolitan includes extensive amenities: a two story travertine and wood clad Lobby, concierge service, club facilities including a lounge with individual wine storage and a wine bar, a library for relaxing and entertaining, an exercise room, conference facilities, and guest suites. The Club facilities also include a second floor roof garden, extensively landscaped, areas for relaxing, for parties and the guest cottage serves a dual purpose as a support space for summer parties.
The LEED Silver building has high performance energy efficient mechanical systems and glazing systems, storm water retention for landscape irrigation, the incorporation of durable, low-maintenance materials and the use of healthy materials and abundant natural ventilation for improved air quality.
If you would like to tour the available units at The Metropolitan, or information on the Metropolitan HOA fees, call Brad Golik of Luxury Condos of Portland at 503-896-8856.
If you like the Metropolitan, you may also like The Casey, The Elizabeth or maybe the new Penthouse at The Westerly.
Welcome home, welcome to The Metropolitan in Portland!
Once again, condo sales are up over the previous months sales. September sales for the downtown, Pearl District and South Waterfront areas were at 61 sales for the month, nearly an 11% gain for the month! Leading the way once again for total sales for the month was Atwater Place, representing 10% of total sales. The lower end of the market was very active this month with 67% of sales being sold for under $400,000. We saw only 2 condos sold this month in the $1,000,000 and up price range. One was a townhome in The Pearl and the other a condo in Uptown.
Are you looking to buy a condo or loft?
If you have been watching our blog, you probably saw the post about the accuracy of websites. If you want to find the most accurate search results, you will be best served if you stick to using a brokerage website. As an advertiser on Trulia, I get a majority of calls from this website from people looking to buy something that is no longer active. Remember, on Trulia and Zillow that 37% of the condos shown on these websites are not even on the market any longer!
The best path to take is to work with someone who specializes in the condo and loft markets. I will not only send you listings that are active, but I can also point out to you, homes that I feel may be undervalued and not stay on the market very long.
Do you know someone that is thinking about selling their condominium or loft?
If you do, please let them know about us and our unique marketing program. We truly believe we have the best condo marketing program in town and we would love to sit down and share with them what makes us different!
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!
Condo and loft sales for the Portland area from The Pearl District down to South Waterfront continues to move along nicely. With 43 sales in the +$200,000 market we are pretty much staying steady with where we have been on the monthly totals the last few months. July could be very different though as we currently have 90 properties in a Pending status for this area of the condo and loft market.
Lower end condos outpaced the high end this month with no closings over the $1,000,000 mark. The low end of the market certainly looks as though we have hit bottom with newer listings in some areas getting multiple offers. Part of the reason for this seems to be the low inventory we are seeing which is somewhat unusual for this time of year. One possible reason for this low inventory seems to be that more people are renting out their condos instead of putting them on the market…somewhat of a catch 22 here. The rental market is hot and monthly rentals have gone up. Now with inventory low, sellers are able to push their price a little as choices for buyers are limited. Not a bad time for owners to sell with current inventory under 4 months!
Are you thinking about selling and would like to know what your condo or loft is worth?
Give us a call today and we will also share with you what we feel is the best condo marketing program in the city!
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?
Selling your Portland condo or loft can be very difficult in todays marketplace. The most difficult thing perhaps, is accepting what the value of your home may actually be. When you do decide to sell your condo, you must remember that as a seller you do NOT control your homes value or the market conditions. As a seller, what you DO control is the price that you ask (which may or may not be close to the offers that you will get) and the condition of the property.
In our previous post, we discussed the benefits of proper pricing. Again, you want to lead the market…not chase it down! Also, keep in mind what current inventory levels are at. Now is a good time to sell you condo or loft because the inventory levels are way down and you may now be able to capture the best price that we have seen for sometime. And remember this… are the inventory levels in my own building high or low. If you live at The Elizabeth Lofts in Portland or The Westerly in Northwest Portland and neither building has many listings, you may be able to push the price a little because buyers who want to be in your building will not have as many choices. On the other hand, if you are living at Benson Tower in Portland or The Gregory Lofts and they both have many units for sale, your competition may force you to price your unit a bit more aggressively to stand out and get it sold. The key words here are “Stand Out”. With hundreds of other units on the market, the most important thing to do when selling your condo is to make it stand out from the others. Call LuxuryCondosofPortland.com to see how we make YOUR condo or loft stand out! ** 503.896.8856 **
Many condo sellers will want to push the pricing on their condo or loft when they go to sell it… many times even when their Realtor advises against it. What often happens is that the seller will usually end up chasing the market down! A case in point, a beautiful Jeffrey Lamb http://www.jlambstudio.com/ designed condo, one of my favorites, at Park Place in Portland finally went Pending after 440 days on the market. This fantastic condo was originally priced at $1,195,000. The listed price when it went pending was $997,000. So the best case scenario…it sells at list price. Even then it will have sold for more than -16% from it original list price.* While it may appear that the sellers were getting $198,000 less than they were hoping for, let’s look at the real numbers. If the sellers would have priced it closer to market value at the time, maybe $100,000 to $150,000 less, it would have had a very good chance of selling in 3- 6 months somewhere in the $1,050,000 range, instead, it will sell for (again best case scenario…$997,000) The sellers would have made about $50,000 more than what will be the reality. What is often overlooked though is the cost of carry! The sellers had this condo at Park Place on the market for over 15 months. Now let’s say they put a couple hundred thousand down when they made their original purchase. This would have given them a monthly mortgage payment in the $5,000 a month range. The HOA fees were about $705 a month and taxes were about $850. So the actual cost to carry for the 15 months was about $98,000. Had they sold in a 6 month scenario like mentioned above, their cost to carry would have only been $40,000. In the end they could have netted an additional $110,000 or more than what will actually happen.
( ***This unit actually sold for $945,000 or -21% off of it’s original list price)
So what does all of this mean?
As a real estate agent, my job is to try to sell your condo for the highest possible price and do it in a reasonable time period. Time and time again we see sellers trying to “test” the market with an overpriced listing and having it come back to hurt them in the long run. Here are a couple of thoughts to think about when selling.
Lead the Market… don’t chase it! The end result, unlike the above example, it will result in a quicker sale saving you on mortgage payments, HOA fees and taxes. Also, a home that is priced correctly will attract more serious buyers who are ready to pull the trigger and make a full price offer for fear of losing a “decent” value.
Increased Response… When agents see a new listing come onto the market that is priced correctly, they will make special efforts to tell their buyers about the unit. The end result will be more showings with qualified buyers.
Less Inconvenience… Let’s be honest here. Nobody enjoys having strangers walking through their home. In addition, it takes much time and energy to keep your home in “Show” condition as well as constantly having to make arrangements to leave for showings.
Great Internet Marketing… Do NOT underestimate the importance of this one fact. 93% of buyers begin their search on the internet. Work with an agent that is a condo specialist and most important, one that has strong internet exposure! If you own a mid to high-rise condo in Portland and plan to sell, do some research. Think like a buyer and search on Bing and Google and do searches like serious buyers do. Search for “The Casey Portland” , “Encore condo HOA fees” , “Atwater Place amenities“. What do you see show up on these searches? What you will see is a couple us agents who specialize with condos. This is where you want YOUR LISTING to show up …right? What you won’t find are agents that are usually selling homes in Beaverton or Lake Oswego!
Bottom line… if you are selling your condo or loft, work with someone who has marketing that is targeted to condo buyers EVERYDAY!
I believe that marketing is the most important thing when selling your condo. But remember, on overpriced condo can easily have you selling your condo for far less down the road than if you would have had it priced correctly from the beginning!