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!