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 As an advertiser on Trulia, I get a majority of calls from this website from people looking to buy something that is no longer active.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.
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!
So it’s been a pretty rough market for a few years… are luxury condos selling in Portland? You bet they are! And leading the way in 2012 are our top 5 most expensive condos sold year to date.
Coming in at #5 is a penthouse condo at 937 www.937Condominium.com
With 1903 square feet and 2 bedrooms and 2 baths, this contemporary penthouse condo at 937 sold for $1,249,950.
At #4 on our list is a beautiful unit at one of Portland’s finest The Casey www.TheCaseyCondominium.com
With 2608 square feet, 3 bedrooms, 3 baths and killer views, this unit sold for $1,375,000.
At #3 on the list, a unit at The Gregory Lofts www.TheGregoryLoft.com
This unit features 2692 square feet with 2 bedrooms and 2.5 baths and sold for $1,450,000.
At#2, a brand new penthouse unit at Encore www.PortlandEncoreCondo.com
This unit, sold in February, features 2481 square feet, 3 bedrooms, 3 baths and sold for $1,800,000.
And the winner is… a unit at The Metropolitan! www.MetropolitanPortland.com
With a spacious 3245 square feet, 3 bedrooms and 3.5 baths this penthouse unit at The Metropolitan sold for $1,950,000.
Whether you are looking at a starter condo or multi-million dollar condos, LuxuryCondosofPortland.com can help you with all of your needs!
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?
Spring is here!
Well, other than the weather that is. What did we see in the downtown condo markets including The Pearl District and condos in South Waterfront? What we are seeing is a continuation of the shrinking inventories and not much in the way of new units to replace those that have been sold. For April, we saw 42 sales ( priced above $200,000) an increase over a few of the previous months. Leading the charge was the higher end of the market with 19 sales over the $500,000 price point… nearly half of all sales. As mentioned in a previous post, we had several condos in the +$1,000,000 range that went pending. Of those, we had several that closed. The penthouse condo at The Pinnacle sold for a whopping -14.7% off of its original list price. More in line with the original list price, 2 condos at The Westerly both sold for $1,050,000 ( -7% and – 8.7%) still above the usual –2 to -5% we are used to seeing.
Where were most sales happening? The highest percentage of sales this month were condos in The Pearl Distict! Leading the way were new condos at Encore in Portland with 5 sales. Following Encore was 937 condominiums with 3 and several others with 2 sales each including condos at The Casey, The Pinnacle and then in NW Portland, The Westerly condominiums also had 2 sales. Down in the South Waterfront condo market, Atwater Place condominiums had 2 sales. Coming to an almost standstill The Meriwether. The Meriwether HOA litigation issue, has put many future listings on hold for the time in these two buildings.
Now that spring is here many of us are hoping for some sunshine, others…including myself, are hoping for new listings!
Springtime is when we typically see many homeowners putting their homes on the market and inventories rising. For condo buyers that are currently looking, the opposite is taking place! For the last 8 months it was pretty common to have around 300 Portland condos and lofts, priced at $225,000 and higher, on the market in the geographical range that includes the Pearl District, South Waterfront and condos in the downtown area. Today we have 190! This is a result of fewer homes coming to the market and recent activity with the ones that have been on the market. A good example of this can be seen at the Atwater Place condominiums in South Waterfront. In the last 3 months we have seen only 3 sales. Currently, Atwater Place has 7 units that are pending…a pretty steep jump in activity!
Another building that has had much activity is 937 Condominiums. 937 currently has 4 units pending and in the last 3 months have sold 6 units. Of these 6 units, 5 have been sold for over $500,000. Over at Encore, there have been no sales for 3 months but with recent activity, there are now 6 homes in a pending status!
For owners looking to sell their Portland condos, now is a great time to be putting it on the market. With such low inventories you will be able to push the price a little more and with the recent bump in rates, buyers may start feeling the need to pull the trigger on buying.