If you have followed my blog for any length of time you will know that from time to time I will come out with a Value Alert…here is my Covid/quarantine value alert!
Unit 1804, now priced at $1,495,000, a lower level penthouse at Meriwether in South Waterfront! This unit is not only large, 2541 sq. ft. , but also ranks high for style points as well. Ironically, part of the design is what has hurt the sale of this beautiful unit! This unit was custom designed by one of my favorite designers in town, Jeffrey Lamb. The quality is of the highest available and tastefully done. One issue, I believe, is it is a little dark with the all of the custom woodwork and the imported Brazilian granite counter tops. I have shown this unit three times now to my clients and three times the feedback was the same… it’s just too dark and they all would have replaced the green counter tops! My suggestion, and Jeff Lamb may hate to hear this… replace the beautiful green Brazilian counter tops with a and bright white quartz counter top and increase the island size, also with quartz! This would make a huge difference in the brightness of this unit and, I believe, change the look dramatically. While I do think the current counter tops are beautiful, they are very specific and attractive to a far less percentage of buyers!
Sometimes buyers will sacrifice size for higher quality. No need to sacrifice here! With this unit…you get both! Let’s compare this unit to a neighboring unit at Atwater, unit #1906 also priced at $1,495,000. #1906 is only 1896 sq. ft. ( 645 sq. ft. smaller than 1804!) The quality is basically original construction finishes, which are nice at Atwater, but nothing compared to the custom quality of the remodeled #1804! The layout of #1804 is also superior. The spacious kitchen is central to the open living spaces and offers fantastic views where as the kitchen on #1906 is tucked on the backside of the unit and almost galley like with limited views.
One of the negatives of #1804 is that eventually, OHSU will build on the lot to the north and block some of the views. Again, comparing to #1906, Meriwethers East tower is already blocking some of the views of #1906 to the north so it is very similar in views..
I have been selling condos for a long time now and one thing I have seen is that when the market is rising, buyer’s are more willing to pay up for a nicely remodeled unit. When the market is declining…not so much! This is what is happening now. The condo markets are almost 20% off from the highs in late 2018. Another problem with #1804 is that I believe it was way overpriced from the beginning ($1,900,000). This may not have been the fault of the agent. Many times when an extensive remodel has been done, seller’s tend to believe the value is much higher than what the market will pay. Now, after multiple price reductions and 15 months on the market…the sharks will start circling!
I believe the purchase of this unit will be at a good value for the buyer! I do not believe that price will be at $1,495,000 but I believe we are closer to where it will eventually sell. Because of the circumstances, the new buyers of this beautiful condo are going to have a condo with exceptional finishes and a lot space! I believe if the seller would have replaced the counter tops with a white quartz or light marble, it probably would have already sold. Now you have the opportunity to pick it up at a decent value and make those changes yourself!
If you would like to view this special unit, please give me a call.
Brad Golik is a condominium specialist focusing on the luxury condo markets in the Pearl District, South Waterfront and the downtown Cultural Area. You can reach him at 503-896-8856 or at email@example.com
Do a condo search at: https://bradgolik.luxecir.com/condo-search
Yesterday after finishing a showing at Atwater Place in South Waterfront, I stopped at the local coffee shop to check emails and have a cup of coffee. While there, I had made a couple calls. Afterward, the lady sitting at the table next to me struck up a conversation with me as she heard me talking real estate. (This happens often as people love to talk real estate!). The first thing she said to me was “Do you know that an agent opened a new real estate office here in South Waterfront?” I said yes, I was well aware of it. She asked me if it makes it hard on me to do business here with this agent doing so much focused marketing at Atwater Place, Meriwether and The John Ross. She also asked me if this agent has an advantage because of the location?
Here was my answer to her questions.
Sometimes location is important (we have always heard location, location location!) In terms of hiring an agent to list your condo in South Waterfront, having that South Waterfront office location is not important. What is important is the number of eyeballs ( more specifically, BUYER’S) that you can get that listing in front of. Here is the big difference. My office, Pearl District Properties, is in the heart of the Pearl District on the most walkable street in the Pearl. Every week we get hundreds of people pulling our listing flyers as they walk by. From New York to the San Francisco Bay area, we speak to buyers that are often in town for a few days looking to purchase a condo. How you ask, does this help seller’s in South Waterfront? These people are here to buy a condo. They have heard about the Pearl District because it is fairly well known across the country. Many of these people begin their search with the idea that they will buy in the Pearl. Many find that it is not the neighborhood for them. In fact, I often suggest to them to expand their search to a few buildings downtown and to South Waterfront, especially to those wanting a quieter neighborhood with a little less hustle and bustle.
To put it simply, if you are a condo owner in South Waterfront that is looking to sell, you will get far greater exposure to actual buyers! In addition, we are also condominium specialist with an office that has been around since 2002. I believe my internet marketing is second to none (which is also hugely important!) PearlDistrictProperties.com is one of the most visited real estate websites in town for condominium buyer’s. In addition, I will feature your listing on one of my many “Search Specific” websites including www.AtwaterPlaceCondominium.com, TheMeriwetherCondominium.com, JohnRossCondominium.com as well as SouthWaterfrontCondominium.com.
With these websites we do a ton of cross marketing from my other 50+ condo websites. After all, someone looking at a quality building on the water, such as PacificaTowerCondo.com, will also click on a link on that website, to one of my South Waterfront websites and look at your listing!
If you are thinking about selling your condo in the near future (or just want to know it’s current value, please go to SouthWaterfrontPrices.com for a FREE valuation.
If you would like to know more about my full condominium listing program, which I believe is the best in the city for the luxury condo market, please give me a call!
Brad Golik is a condominium specialist in Portland, OR.
He is a founding member of Condo10.com and has trained many top luxury agents the art of internet marketing for real estate.
Here is a partial list of condo sales from downtown, Pearl to South Waterfront:
Brad Golik of Windermere Northwest and LuxuryCondosofPortland.com has distinguished himself in the field of (luxury) condominiums and townhomes sales by earning the prestigious Certified Condominum Specialist® designation. This national designation is given to select real estate agents who have demonstrated the specialized education, market knowledge, competence and experience in successfully and effectively listing and selling condominiums, townhomes, and other forms of common interest developments (CID).
The certification and designation are offered by the Council of Condominium Specialists® which is the national, premier independent authority in assisting real estate professionals in providing high quality service and superior market expertise to the buyers and sellers of condominiums and townhomes (CIDs).
Brad Golik is the first real estate agent in Oregon to receive the Certified Condominum Specialist® designation!
The designation indicates the recipient real estate agent has worked diligently to complete essential real estate training and has met specific performance standards to demonstrate expertise in their local condominium/townhome (CID) market to provide the high quality real estate services his clients deserve. Real estate sales are a complex and challenging field to begin with,” said Candy Peak, Director of the Council of Condominium Specialists®, “but selling a property that is in a common interest development (CID), which involves both an individual and shared ownership in real estate, such as a condominium, townhome, planned development or any other property that is part of a homeowners association, requires an agent with the specialized real estate knowledge and expertise to professionally navigate a buyer or seller through the intricate path of common interest development ownership and sales.
“My commitment is to provide outstanding service to my clients,” said Golik, and “the Certified Condominium Specialist® designation ads additional benefits for my ability to meet the needs of condominium and townhouse buyers and sellers in my area. My membership in the Council of Condominum Specialists® Network also provides me with the marketing tools and networking capabilities that bring added benefits to my clients.”
For current information on condominium and townhome sales in your neighborhood and to receive a market evaluation on your property, contact Brad Golik at 503-896-8856 or through email at firstname.lastname@example.org . You can also visit http://www.LuxuryCondosofPortland.com
We all know that the Portland condo market has picked up and is doing well. How about the upper end condo market. Currently in Portland, there are eight penthouse condos for sale in the price area of $1,000,000 and higher. From a penthouse at Pacifica Tower priced at $950,000 to the “still on the market” penthouse at the Envoy priced at $2,495,000. In addition to the penthouses on the market, there also a couple lower floor units in the +$1,000,000 market such as a 13th floor unit at The Henry priced at $1,475,000 and a very steeply priced 10th floor condo at The Casey priced at $1,999,000. I say steeply priced because at nearly $2,000,000, I expect to be looking over nearby buildings…not looking into them. If I were going to spend $2,000,000 for a luxury condo, I think your dollars could be more wisely spent on unit #901 at Waterfront Pearl. This unit offers a spacious 3185 square feet with 3 bedrooms and a large extra room that could be an ideal theatre room, something you don’t often get with condo living. In addition, you are almost sitting on top of the Willamette River so views are pretty amazing!
In the last couple weeks, a penthouse unit at The Gregory was listed at $1,999,500 and sold in under a week. Yes, there are buyers out looking in this price range! When buying a penthouse condo in Portland, make sure that you are working with an agent that knows the market. If you are looking for a beautiful Portland penthouse condo, like the penthouse that just came on the market yesterday at The Meriwether, call me today and we can begin the process of not only finding you a great penthouse, but also negotiate you the very best price. When you work with me not only will you get a great tour of all the available penthouse condos, you will also get good advice as to the history of each unit and why they may have been on the market for so long or why one may sell quickly when others will not.
I am in the condo market everyday. I work hard to know the pricing in this market. This is something you will not have if you are selecting one of the luxury agents in Lake Oswego for example! And when it comes to selling one of Portland’s luxury condominiums, nobody offers a better condo marketing program in the + $500,000 condo market!
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!
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!
For the last several years we have heard from so called experts that we have hit a bottom in the housing market. Those who made that call a couple years ago were very wrong. But today, I think we are very close! While very much like the stock market, it is very difficult to call a bottom. All the signs are starting to point to a true bottom and leading indicators to me are the decreasing inventory and the reappearance of…multiple offers!
A recent story in the Wall Street Journal stated that “Economists aren’t always right, but on this at least they agree: A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don’t.
I personally don’t always have the most faith in economist, in fact, I used to say that you could switch all the economist with all weatherman and no one would know the difference! Times have changed…weathermen now have doppler radar!
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?
It’s been said that it’s not if a condominium HOA will sue it’s developers…but when.
The Meriwether Homeowners Association has sued Gerding Edlen Development Company and its partners, seeking $5.2 million for various “defects, resultant leaks and property damages.”
For for detailed information on the Meriwether condominiums lawsuit, please click on the link below