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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 decreased slightly over last month with 41 sales in the +$200,000 market. In July we were expecting more closed sales as there were over 90 that were in a pending status last month. Delays in short sale and bank owned closings are most likely the reason we did not see more. In the upper end market, last month there were no sales in the $1,000,000+ market, this month we had 4!
Leading the way in condo sales for the month of July was Encore with 6 sales priced from $305,000 to $1,234,500. August should be another good month for Encore Condominiums as they currently have 8 units in a Pending status. Following Encore in number of sales for the month is Atwater Place in South Waterfront with 3 sales and Marshall Wells Lofts also with 3 sales in the month of July.
The sales of $1,000,000+ condos this month took place at The Casey, The Metropolitan, Encore and the townhomes on Riverscape near Pacifica Tower. 21% of sales this month were in the $750,000 and up market
If you are looking to buy a condo or loft in the near future we suggest using a condo specialist!
If you have plans on selling your Portland condo or loft or know someone who is, we feel our condo and loft marketing program is second to none and we would like to sit down with you and show you our program. After all, condo buyers are smarter than ever and you can no longer afford to have an agent who will just put your condo in the MLS and wait!
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?