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