The Portland Condo Blog

Posts tagged “Pearl District condos

Value Alert… It’s already gone!

Gregory

If you were thinking about giving me a call on the condo I mentioned a few days ago…it’s too late.  I did say call me asap on this one! After the owners of this unit dropped the price again…this time $60,000, the unit went pending in 2 days! I am not sure what the final sales price will be but anything under the $899,900 listed price will be a very good buy for some lucky buyer!

Because I specialize in the condo market I am able to recognize good value. I don’t post these value alerts very often as I feel it needs to be a pretty special condo…and price, to do so and this was one of those moments.  So the next time you see one of these condo alerts, call me ASAP!

Brad Golik is a condo specialist with LUXE Christie’s International Real Estate. You can come down and meet Brad in his new Pearl District location at 707 NW 11th Ave. – LuxuryCondosofPortland.com    PortlandPenthouse.com

Here is a Christie’s fun fact: In New York last year, Christie’s International Real Estate sold 8 out of the top 10 most expensive homes… and 16 out of the top 25!


Portland Penthouse for Sale…Part 2

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Yesterday I made a posting about the penthouses for sale in Portland. Well today… I have a new favorite! As I have often mentioned, The Elizabeth is one of my favorite buildings. Today a new penthouse at The Elizabeth ( #1503) came on the market for $4,000,000. This penthouse is stunning! What do I think about the price at $1,222 a square foot?  I think it might be a bit high. If I am representing the buyer I think $3,300,000 to $3,500,000 might be more realistic. While it would be great for owners in the building if they did get $4,000,000 (and the owners of #1503) the problem is a recent penthouse sale that happened recently. Unit #1502 sold for just $1,900,000 or $551 a sq. ft. This will not help the sellers of #1503 in getting their price. While I don’t understand that low number at all, I will say the finishes in the beautifully remodeled #1503 are really jaw dropping.  I believe this unit deserves a premium in that it is one of the most beautiful condos on the market! Did I mention that it comes with 2011 sq. ft. of outdoor living?

In the last three years there have been 3 penthouses at The Elizabeth that have sold for over $1,000,000. Of the three, I have sold two of them and the price per square foot was $712 for unit $1406 and $732 for unit #1404. The third was the above mentioned #1502 that was $551 a ft. ( again, I can’t explain the low price as it was the largest of the four …including the new one)

Will the newly listed penthouse #1503 be able to get it’s $4,000,000? I truly hope so …unless I am representing the buyer!

Speaking of buyer’s, If you are looking to tour any of the mentioned penthouses for sale  ( or any other condo) give me a call at 503-896-8856


Portland Luxury Condominiums.

When it is time to sell your luxury condo in Portland, look to the brand that defines luxury real estate worldwide!


Where I was right…Where I was wrong!

If you have ever listened to the sports show The Herd hosted by Colin Cowherd you might know that on his show on Mondays he talks about sporting events over the weekend. He then goes on to discuss where he was right and where he was wrong in some of his predictions. I want to do a little of the same here and discuss one of my previous posts. In that post I mentioned a few penthouse units that were on the market, Pinnacle #1403 and Elizabeth #1502. I mentioned that I really liked #1502 at the Elizabeth.

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Where I was right: I said that with patience, a buyer was going to really be able to pick up a good buy on this one!

Where I was wrong: I said a buyer might be able to pick it up for $300,000 to $400,000 off of its value at The Elizabeth! Boy….was I wrong!

The other unit, #1403 at Pinnacle sold on 5/3/2019 for $2,200,000 or $99,000 off of it’s recently reduced price. Now the buyer was probably thinking “ya, I got an ok buy, not a great buy, but ok!”  (now to remind you, this penthouse was just 2600 sq. ft.)

On 5/8/2019…3 days later, the buyer of 1403 was probably saying… “Oh no!” because on that day Elizabeth #1502 just closed for …. Drum roll please…. $1,900,000! Ouch!

This penthouse was much larger and had less obstructed views.  Now is the buyer of #1403 thinking they grossly overpaid? Now here is the Where I was wrong part comes into play. This unit had it’s priced reduced from $2,995,000 to $2,695,000. I was thinking $300,000 to $400,000 off of that price is where it was going to sell for. Normally, I would be saying “Awesome job” by the buyers agent that got his client such a great deal….however, not this time because buyers agent was also the listing agent! Who  was the agent really working for here? You have heard me say before there are times when I will handle both sides of the transaction and other times when I would not touch it with a 10 foot pole. Well, this was one of those ten foot pole times! How does the buyer pick up this penthouse for $795,000 off of the “reduced” list price? The other consideration to look at is the fact that I also had a penthouse listing in that same building ( it was smaller 1 bedroom penthouse) and it sold for full price in 6 days! It closed two weeks before #1502.

When you are an agent handling both sides, it can be a tricky situation. In the situation of #1502, the listing agent took over the listing from another agent who had last priced it at $3,199,000. The new (current) agent took over the listing and convinced the seller that the price should be reduced to $2,995,000 ( I am gussing that agent said ”this is where I think I can get it sold!”)  Now, 9 months later, this agent allows his client to sell it for One Million Dollars less? Wow. This is really a total head scratcher to me, especially after just selling the other penthouse in the building at full price. Did the buyer get a good price? I think a VERY good price! And while this is great for the buyer, I am not totally happy because I worked with some buyers who bought another penthouse at The Elizabeth 3 years ago… and it affects their value now. The market has not been going down the last 3 years!

What is the reason that this unit sold for $1,000,000 less that what the agent originally said it was worth? I don’t have the answer to this.  This will end up being a tremendous purchase for the buyer. Not so good for the seller!

I mentioned how, with patience, you can get good values. I really did not see this one coming though. Now, the new buyer will pick up a stunning penthouse and put some money into it ( total kitchen remodel) and have an amazing unit. Let’s say this buyer invest $400,000 into this unit. At $2,300,000, you will have one of the nicest penthouse condos in town for $668 a sq. ft.! Compare this to the smaller penthouse units being offered at Vista for $1044 to $1228 a sq. ft.  You have heard me talking about the benefits of buying some of the older penthouse units and putting some money into them… this is a prime example, and you will get to choose all of your finishes to your taste and chances are they will be even a little more higher end than what you will get at Vista …and for almost half the price per square foot! This new penthouse comp in the market will certainly NOT help to sell those remaining penthouses at Vista.


Real Estate marketing…done right!

If you want to capture top dollar on the sale of your condo, why not hire an agent who cares enough to do everything he or she can to get your place seen by as many buyer’s as possible. I simply refuse to cut corners when it comes to marketing your condo or loft. I often tell people “Any agent can sell your condo…but at what price?”

Whether it’s soda, beer or tennis shoes…marketing is so important. But, it’s not just selling these products, it’s selling them at a premium to other similar products by giving them a perceived higher value. Real Estate is no different! With real estate marketing it’s so important to start with great professional photos, after all, photos are the foundation for most of your other marketing such as print media, listing websites and video. And great photos should be something that teases the buyer’s and makes them say “I HAVE to see this property, it’s beautiful!” And when buyers see high quality marketing, they will often associate the listing as being a higher quality property.

Quality vs Quantity – More marketing is not always better marketing. 360 degree photos are something a lot of agents use today. To me, this is giving away too much information to the buyer. A potential buyer may see 1 or 2 little things that turn them away from visiting the property, one they may actually have loved had they seen it. Marketing is all about getting the buyers to a property. It is also about giving the property a higher perceived value so that they are more comfortable in paying a higher price.

You have many choices when looking to hire an agent. Why not hire an agent who gives you great marketing for your listing. After all, you are paying an agent to market and sell your listing! Why not hire an agent that cares enough to spend the money it takes to do the job right?

Brad Golik is a 15 year real estate veteran with a specialty in the Portland condominium markets. You can reach him at http://www.LuxuryCondosofPortland.com or at 503-896-8856


Are you ready for the Pearl District?


Touchmark in the Westhills… simply stunning!

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In previous blog post I have written about the experience of downsizing. This was about downsizing from a large home in the suburbs to a smaller urban condo scenario. In this blog post I wanted to discuss a different type of downsizing.

As many of you know, for many, after years of condo living and as age creeps up,  normal day to day task become a little more difficult. Discussions of Mirabella and other facilities become more and more a part of conversations. If you are getting closer to this stage in life, it is something to start thinking about. Now there is a great option!

Thursday night, my wife and I were honored to be part of the Grand Opening for Touchmark in the West Hills.  I was blown away by this new senior community and the thoughtfulness that went into every aspect of what they have created.  As we pulled into the driveway of this new community it reminded me more of a beautiful lodge in Aspen or Vail than a retirement community. The beautiful community lodge with it’s clock tower and the future parcel where vineyards will be growing set the tone for something I believe will be a very special place! Touchmark in the West Hills will offer different levels of living styles and needs. From Independent living in a condo like atmosphere or independent lodge style homes to assisted living and memory care.  Recently, my mother had to move into a memory care facility in Arizona. While my dad is still very independent, I couldn’t help but think “This is where I would love my parents to be when my dad is ready for the next phase in his life.”

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When we first arrived and walked through the main lodge doors the first thing I noticed was the views I could see out the back of the building. We immediately walked back to the beautiful patio, with the welcoming fire pit, and took in the amazing coastal views to the west overlooking Beaverton, Hillsboro and beyond.

Later in the evening, we all moved up to the 5th floor dining area…and yes, the views are even more spectacular from there! We even spent a little time in the adjoining pub with big screen tv’s , and a little Thursday Night football! Later, we took the elevator down to the 1st floor area that include a gym, swimming pool, exercise rooms and a little juice bar. This place has it all! In fact, I mentioned earlier about the vineyard. They also have plans for a nice winery with a tasting room located near the top of the property that will include a small outdoor amphitheater for future events.

My wife and I have known Werner and Colleen Nistler, the owners of the Touchmark company,  for over 20 years as our kids have grown up together in the same schools. They are two of the nicest people you will ever meet. What they have created here, as I said before, is something special. I know the level of care and detailed attention will be off the charts!  We had a chance to meet several of the new residents of this wonderful community and we heard the same thing from each of them…we should have done this sooner!

While most of the readers of my blog live in the Pearl District, Downtown or South Waterfront and like the urban living lifestyle, for some, this lifestyle does become a little more difficult and some also worry about safety, as they become a little older,  especially with the rising homeless population.

If you are living in a condo and possibly ready for the next chapter in your life, give me a call if you would like a valuation of your place. And if you are looking at other options of Independent or assisted living, you will be thrilled by what you see if you were to visit Touchmark in the West Hills!. https://www.touchmarkportland.com/

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com and can be reached at 503-896-8856 or at pdxluxcondos@gmail.com.

 


New Listing… $1,375,000 Penthouse views…without penthouse pricing!

Check out this beautiful waterfront condo!

Brad Golik is a condo specialist with Total Property Resources and LuxuryCondosofPortland.com . You can reach Brad to arrange showings at 503-896-8856 or email at pdxluxcondos@gmail.com

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Deals in the market?

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The market has noticeably slowed down, especially in the condo market. Are there deals to be had moving forward? Yes!

Everyone always wants the best value when they are buying a home and in this market, here is the best way to purchase a home/condo at a discount to the market. Now keep in mind this is only my opinion, but moving forward, I believe you will see some clarity in what I am saying.

When something is priced right, you will most likely not get a “deal” on that home as it will most likely sell in a reasonable timeframe. Where will you get a deal? You will find your best deals in homes or condos that were originally overpriced. In the condo market this usually happens for one of two reasons. First, there are some agents who “Buy” listings. In other words, they tell the seller a higher price than the true value in order to get a listing over a competing agent. You have heard me say it before and I will say it again… this is a bad way of doing business that certain agents use and in the end, it hurts sellers. After sitting on the market with no offers and no showings, the listing agent tells the seller they need to drop the price. ( Usually down to where it should have been priced!) Usually, and unfortunately, the seller will keep that agent even though he or she told them they would sell it at the higher price.

The second reason they are overpriced is the agent is not experienced in an area or type of sale. I see it often in the condo markets where an agent just does not understand condo pricing.

Now, back to finding deals in the market! What happens often in this type of market is an overpriced home will sit on the market and go through several price reductions, often blowing right through the floor of where it should have been priced originally. A couple examples of this in the upper end of the condo market:

A unit that I like very much is a penthouse in the Pearl District that is listed at The Elizabeth at $2,950,000. A different agent had this listed previously at $3,650,000, a number I thought was way high! ( and I know this because I sold another penthouse in the building a year earlier for $2,350,000.) My original thought was what could I sell my previous listing for if I put it back on the market. I was thinking $2,700,000 to $2,900,000. Mine was slightly bigger and all on one level, a positive in my book! This is about where I thought the other unit should have come on the market. I believe that if it would have come on the market at the correct pricing, it would probably have sold by now. Now, after months on the market, and multiple price reductions, it will start to get some lower offers… again, this is where you can get some deals in this market! If I am representing a buyer on this property, I truly believe they will now be able to get the property for well under what should have been the true value at around $2,900,000. The best part is you can find these deals in all price ranges, not just the upper end of the market. A buyer with some patience, and that keeps his or her eye on overpriced units will be rewarded in the end. Overpriced units will go through several price reductions and sell for less than they should have!

Oh, I said a couple examples above didn’t I? If you are a penthouse buyer l looking for a deal… here is one I have talked about before, several times actually.

If you read my last blog post, you may recall me talking about a penthouse at The Strand that had reduced it’s price to $2,995,000. In my post, I mentioned they would probably start seeing the sharks circling and offer $2.6. Well since that posting, the listing has been reduced once again, this time down to $2,699,900. Now don’t get me wrong, this is a nice penthouse unit with some really nice views but it is at a point where someone is going to get a good deal on this beautiful penthouse! Had this penthouse been priced even close to reality when it was originally listed, it would have sold at a much higher price ( remember, the market was much stronger a year and a half ago)

No matter what your price point is, remember, there are condos out there that are overpriced! Keep an eye on these units and when the time is right…go in and make a low offer and you just might get a great deal!

For those of you who already own a condo and are thinking about selling…please use this as an education to the negative effects of overpricing!

 

Brad Golik is a condo specialist with Total Property Resources and LuxuryCondosofPortland.com you can reach him at 503-896-8856 or at pdxluxcondos@gmail.com


Selling your luxury condominium?

A good part of real estate is sales and marketing! Most agents do not have a sales and marketing background. Brad Golik is a strong believer in the power of a good marketing program.


Any agent can sell your place…but for how much?

 

Any agent can continuously reduce pricing of a condo…and at some point, it will sell! Our goal is not to just sell a condo but to maximize the price for the seller and still sell in a reasonable amount of time.  There are many agents out there that do little to no marketing for their listings because they believe it will sell on it’s own by just being in the MLS (see Redfin)  Some think they can get away with only point and shoot photos and that is the extent of their “Marketing”. I am here to say that as things slow down an agent must get that listing in front of buyer’s and buyer’s agents as often as possible. I have seen many agents get fired because of their lack of advertising a listing… I have yet to see an agent fired because they did too much advertising! Now, doing a lot of advertising does not mean that is the best route. But when you combine a good quality campaign around a listing, feature it often in a classy, professional way, I believe the quality of the offers, not just the quantity of offers that come in will also be better!

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com  You can reach Brad at 503-896-8856 or by email at pdxluxcondos@gmail.com

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It’s that time of the year!

It’s that time of year for many, graduation! How does that relate to real estate? For those newly empty nesters, it may mean that it is time to downsize. Many of the condo buyers I have worked with over the years were in this very same position. One of the common dilemmas they each face is if they are able to go from a 3,000—4,500 square foot home , down to a 1,300—2,000 square foot condo. Now the one thing many are giving up is a spacious yard…sometimes this is a blessing in disguise. Many decide they are ok spending more time on the golf course and less time pulling weeds!

Adjusting to smaller spaces. The one thing I always ask potential buyer’s is where do they spend their time in their current house? The most common answers…the kitchen, the family room and the master bedroom. This my friends is a condo! Do you really need that 3rd and 4th bedroom? Do you really need that 1500 square foot
finished basement that rarely gets use? What most people find is that they can easily adjust to the smaller spaces and what they really enjoy is the new benefit of more time to be doing what they enjoy and less time slaving over a large yard.

Another added perk to condo living… nearby restaurants! While many of you may enjoy your time in the kitchen, after years of trying to figure what to cook for your family every night, it is nice to have the option to just go down an elevator and walk to you favorite eatery!

Another thing I see with those that choose to downsize, selling the big home in the suburbs and buying two smaller condos. Many buy a condo in the downtown area and possibly a second in areas like Palm Springs or Scottsdale Az. Now this may be a luxury for many, but as the kids leave home, many are ok with having a little more “Me Time”.

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com
You can set up condo tours with Brad by calling him at 503-896-8856


Portland Condominiums & Lofts

Brad Golik is a condo specialist with LuxuryCondosofPortland.com and Total Property Resources in the Pearl District. You can reach Brad at 503-896-8856 or at pdxluxcondos@gmail.com


Nice…with knowledge!

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Yesterday morning I was at a coffee shop reviewing new condo listings that just came on the market. I noticed that the lady next to me was looking at my laptop watching what I was doing. After not too long, she asked me if I was a real estate agent. I said that I was…and then she unloaded with a recent experience she had had in buying a condo. The woman, whom I will call Jan, told me she had such a frustrating experience with the agent she had used. To make matters even worse, this agent also happened to be an agent that was referred to her by a friend of hers. As I dug a little deeper to how this agent was referred, it turns out the friend referred her because she was a very nice person! Now I have been in this business for almost 15 years and the one thing I can say is there are MANY nice people in the business. But, I can also say that many of these same people are not agents that I would hire knowing what I know! Jan told me that it was very frustrating during the searching period because this agent knew very little about the condominium market. She said she spent so much time walking around buildings looking for lockboxes…and this was her first clue that she did not deal with condominiums very often. The second thing that she said was frustrating was that whenever she asked her about the pricing of a condo they looked at, the standard answer was “It seems fairly priced!”

This is a very typical situation that I see all of the time in the Pearl District, South Waterfront and Downtown. Many buyers may get referred to an agent that a friend suggest…maybe an agent they had used or heard about out in the suburbs. The condo market is very different than dealing with homes out in Lake Oswego or Tigard. I have often written on the importance of working with a specialist. If I were selling a home in Lake Oswego, you can bet that I would want to use an agent that sells there often and knows the pricing and other aspects of selling in that area or at the very least, someone that is VERY good with marketing! Same goes with condos and lofts. I have often said to sellers that a typical agent cannot just flip on a switch and be great at marketing to condo buyers when 99.5% of their time they are marketing to buyers of suburban homes…in several different areas!

One of the reasons you hire an agent is for their expertise and knowledge, or at least it should be! An agent can be nice, but they also need to know what they are doing. Being nice is fine but when it comes to negotiating, that agent needs to be tough and always put their clients best interest first and not “cave” with another agent that is tougher with negotiating! When the time comes for a person to sell their condo, a condo specialist is even more important! Having an agent that is constantly marketing to condo buyers is important. Hiring an agent that spends most of their time marketing to buyers looking in Tigard, Gresham or Wilsonville may not be the best way to go…even if that agent is a very nice person!

Jan said the last straw was when she got to closing she was surprised that she had to pay a Move-in/Move-Out fee that was close to $400 and also was shocked to find out she had to pay a 1 time capital contribution fee equal to 2 months HOA fees… 2 things her agent never mentioned because she did not know about. (this is disclosed in the HOA documents) I felt bad for Jan but it is something I see all of the time.

Every week as I look at new listings, as I was doing in the coffee shop, I am amazed at the number of new listings that come on the market that are listed by agents that don’t deal with condominiums. The one thing that always amazes me is I never get a postcard or an email about their condo listing! As a condo specialist, I make sure that every agent that deals with condos and lofts gets a video about my new condo listing. Why? Because I know that the other agents that deal with condos often have their pipelines filled with CONDO buyers!

I enjoyed my conversation with Jan and in the process met a new friend over a cup of coffee! In time, hopefully Jan will refer me to a friend. But hopefully, it will not be because I am nice. Hopefully it will be because I am nice…with knowledge!

Brad Golik is a condominium specialist with http://www.LuxuryCondosofPortland.com and Total Property Resources in the Pearl District. You can reach Brad at 503-896-8856


Hot listing of the week!

Give me a call if you would like to tour this beautiful loft in Portland’s Pearl District!

503-896-8856


Condo of the week…The Casey!

Welcome to the condo of the week. This week we feature one of the best in the Pearl!

Brad Golik is a condominium specialist with Total Property Resources and LuxuryCondosofPortland.com You can reach Brad at 503-896-8856 or at pdxluxcondos@gmail.com

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Condo of the week…The Elizabeth!

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Check out The Elizabeth here: Elizabeth condos for sale

Have an interest in one of Portland’s stunning penthouse units? To see the new penthouse listing at The Elizabeth, priced at $3,650,000, call Brad today to set up a private viewing of this unique space.

Brad Golik is a condo specialist with LuxuryCondosofPortland.com and Total Property Resources. He can be reached at 503-896-8856 or at pdxluxcondos@gmail.com


New luxury listing… a taste of NY!

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There is a new 27th floor listing on the market and get this… it’s not selling above $1,100 a square foot! If you may recall, when the Cosmopolitan had two of its 27th floor penthouses on the market they were priced at $1,059 and $1,192 a ft. There are not many 27th floor properties that come on the market, because there are not that many taller buildings, but when they do come on the market… the views are spectacular!

This week I listed unit #2701 at Fountain Plaza at KOIN Tower. The price for this spacious 3,834 square foot unit is $1,795,000. At this price we are talking about a price per square foot of $468.  Less than half of the 27th floor units at the Cosmo! Now, it is true that the Cosmopolitan is the newest and shiniest condos on the market and people will pay a little bit of a premium for new. But to be able to pick up a 27th floor condo for a price per square foot less than a majority of the condos for sale in the Pearl is crazy!

While, as I mentioned, the Cosmopolitan is the new kid on the block, KOIN Tower was the grand dame! Fountain Plaza, which later gained the new name of KOIN Tower was built in 1984 and, at the time, was the “Cosmopolitan” of its generation. Many of the units have had extensive remodeling, and many units have not. I believe we are starting to see a transition in this building as many of the original buyers are no longer with us. Currently there are six units for sale at Fountain Plaza and several are being sold by the estates of the previous owners. With that said, I believe we will start seeing a younger generation move into Fountain Plaza.

Fountan Plaza / Koin Tower is building that gives you the feeling of being in an upscale building in New York. Its ziggurat –like profile and its attention getting blue crown are reminiscent of the Art Deco skyscrapers that were built on the east coast in the 1920’s. Dottie, the lead concierge of the building, in my opinion, is one of the best in the city! Much like the doorman you find in New York, Dottie and one of the other concierges on her team, Chuck,  make it a point to get up and open the doors and greet the owners as they leave and arrive. She also makes a point to train all other concierges to do the same. She would never stand for just pushing a button to open the doors and not greeting guest at the door!

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If you are in the market for a spectacular unit with amazing views…welcome to #2701 at Fountain Plaza! This 3,834 square foot unit features 4 bedrooms, 4 baths, a den and a spacious 19×10 foot gym. The kitchen can be expanded into the adjacent large 16 x 6 foot pantry. While this beautiful unit is “Move-in” ready, it also has a wonderful footprint and someone that wants to put their own stamp on it could easily do so. Think about this. If you bought this beautiful unit, did a $250,000 remodel to expand the kitchen, give it an open concept, and a luxurious master suite… you are still only into it for $533 a square foot, again, still less than half of the price at The Cosmopolitan!

As I said above, I believe this building will start to go through a transition. We are not seeing as many new condo towers being built like in years past. We very well may see more buyers who are cautious with their money, buy properties in buildings like Fountain Plaza, make them spectacular with all of the money they are saving and being at the forefront of a resurgence in some of the older buildings.

If you are in the market for a large unit with simply stunning views, give me a call!

Brad Golik is a condominium specialist at Pearl District Properties and LuxuryCondosofPortland.com
You can reach him at 503-896-8856 or by email at pdxluxcondos@gmail.com


Using the same agent. “Dual Agency”

DualAgency

One debate I often hear is whether a real estate agent should represent both sides of a transaction. The question lies on whom you represent. I have been in real estate for 13 years and have done transactions where I represented both sides. I have guidelines that I personally use when deciding whether or not I would feel comfortable in doing so. Here are the things I consider:

1) Is it a win-win situation for both parties? In other words, is the seller getting what they wanted or maybe a little bit more? Is the buyer happy with the price and it is reasonable?

2) Did the listing stay on the market long enough to give the sellers an indication of demand, or lack of?

3) Are there good comps that support the price that the buyer is paying? If not, and I am selling for a record price in the building, I would not touch dual agency with a 10-foot pole! This is where it gets very tricky. If I am a listing agent, and I am selling for a record price, and there are no comps that justify my pricing…I just hit a grand slam for my selling clients! If the buyer’s agent allowed their client to pay that amount, well let’s just say I don’t want to be THAT agent! Especially as a dual agent! NEVER! Now I will say there have been times where I represented clients that had so much money they just did not care about the price, they just wanted the condo. In that situation, you make sure that you document that conversation.

Regarding #3, this is where representation comes into play. As a dual agent whom do you represent? You should be representing buyer and seller equally. But how is this possible when you have a situation like above? If you are getting a record price for your sellers, and there are NO COMPS to support the price, how can you be the buyer’s agent and say “I did a good job for my clients”? The answer: You can’t!

If this same agent acted only as the buyer’s agent, you can bet that he would be hammering on the seller’s agent that the unit is at a record price and might be overpriced? Now, records are meant to be broken. So how much of a record price is it? Is it $10 to $30 a square foot more? That is reasonable. Is it $50 to $100 a sq. foot more? This is when you have real problems. For one, the property would most likely not appraise. But what if the buyer is paying cash and an appraisal is not required? Well then the buyer is really at risk. This is when they REALLY should have a separate agent. ( and for peace of mind, the cash buyer might still consider getting the property appraised).

In multiple-offer situations, if an agent is representing both sides, he or she better make sure that their buyer’s client is the best offer! If it is, the listing agent and the seller are making the final decision as to which offer to select. In this situation, there is no problems in representing both.

So bottom line: If both parties are happy and well educated on pricing, and there are good comps to support the purchase and sale, there are no problems.

On the flip side. If there is a big difference in price from the comps, especially if it is a record price in the building for the seller or huge discount for a buyer. This is when you need two agents fighting it out for their client’s best interest. I would never do dual agency in this situation!

Brad Golik is a luxury condo specialist with LuxuryCondosofPortland.com and Pearl District Properties in Portland, OR.  You can reach him at one of his websites including http://www.LuxuryCondosofPortland.com and www.PortlandPenthouse.com or by calling him at 503-896-8856


New penthouse listings

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Upcoming Penthouse listings

A short time ago I wrote about the possibility of a $6 million penthouse listing that might be coming on the market. The owner loves the unit and is waffling a little whether he should sell it or not. As of this time, the owner is still undecided so I will post more as I hear. If you are looking for a full-floor penthouse in this price range, contact me and I can fill you in on the details.

Today I am writing about another penthouse that will be coming on the market soon. I was originally interviewed to list the property but unfortunately, the owners did not like the numbers I explained to them . I will say, I am usually right more often than wrong on pricing a condo and for this unit, I feel my numbers were very accurate as I have sold 7 of the last 14 units in the building. Of more importance, I sold the unit directly below this unit less than a year ago. The floor plans are identical! The one coming to market is a penthouse unit, so you would pick up about 12 inches of ceiling height. The unit I listed sold was for $1.1 million, and sold for over asking price. The $525 per square foot sales price tied a record of another unit in the building I had sold. For the penthouse listing, I told the owners I was going to push for another record price for the building and gave them my number. They were not satisfied with the number and thought the number should be MUCH higher! Their reasoning was not unusual from what I hear from others…they thought their unit was much better than the unit I sold below theirs and they also thought their unit was way better than another unit that sold in the building for $1.35 million.

From an agents (and a buyers) standpoint, the $1.35 million unit had better river and bridge views. In addition, it had 650 square feet more, and it had a third bedroom. Yet the sellers of this penthouse thought theirs was better and the price should correspond to their thinking. Now the owners did have a couple upgrades in this unit that the others did not. Let’s look at these. The TV was hidden behind a mirror and appeared with the touch of a button…kind of cool in a James Bond kind of way. Another upgrade was a white wood-like tile floor that the sellers really liked. The problem here is that I believe that 90% of potential buyers would rip up the tile and replace with something else, so it’s not really an upgrade. So what are the true values of these “upgrades”? The James Bond hidden TV was probably $3,000 to $5,000. Other than these two things, the unit was essentially the same as the unit that I sold below for $1.1 million. What is the extra 12 inches of ceiling height worth to someone? $50,000? So now we have a premium of $55,000. I told the owners I could sell it for around $1,200,000, maybe a little more. That’s an additional 5% over the number of $1,1550,000. It was not enough!

Now, because I don’t have the listing, I would love to find the buyer because I do love the unit and it’s views, (the photo above is views from the unit)  but, at the right price for my client! I am not sure what price the listing agent will come out with, but I know it will be high. As your buyers agent, I will fight to get you a good price on this unit. If you are looking for a beautiful penthouse with amazing views, (The above photos are the views from this unit!) this could be the one!  But, only at the right price. I will work to negotiate a good price for you and I know this building better than anyone. If we can’t get you that price, walk away!

If you are looking for a great penthouse unit in Portland, give me a call at 503-896-8856

Brad Golik is a luxury condominium specialist at Pearl District Properties and LuxuryCondosofPortland.com.  You can reach him at pdxluxcondos@gmail.com or by phone at 503-896-8856.


Real Estate Photography

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Recently a friend came by my office and we began discussing real estate. This friend often reads my blog post, and in our conversation, he mentioned that I hammer on the issue of agents not using professional photos. He also said that he could not believe that there were that many agents who don’t use professional photos, knowing that it has been shown that great photos help sell homes faster and for more money. So, why not hire a professional photographer? It is hard to explain.

To prove my point, I asked my friend to pick any condo building in Portland. He looked at our inventory sheet and saw that Waterfront Pearl had more listings than other buildings, so I used that building as an example. In my opinion, EVERY listing should have great photos, especially higher-end listings. In this example I will use listings priced at $750,000 or higher. Currently at Waterfront Pearl there are 6 listings above $750,000 (they are priced from $798,000 to $1,049,000) Of these 6, only 2 of the 6 listings have used professional photography! Again people, these are $800,000+ condos for sale!

 To say that my friend was shocked is a huge understatement. His comment: “Why would someone hire an agent who does not care enough to do their best for their client?” Hmmm… where have I heard this before? Why would an agent not spend a few hundred dollars in an attempt to gain thousands more for the client? And if that agent is not spending money to do a nice job on the photos do you think they are going to spend money on doing a nice video, expensive print material or internet marketing? Probably not.

The National Association of Realtors has shown time and time again that homes listed with high-quality photos sell for more money. If you are an agent who doesn’t spend on professional photos, you might as well be telling your clients upfront that you just don’t care what their home sells for! Harsh? Maybe. True? You be the judge.

Brad Golik is a condominium specialist at LuxuryCondosofPortland.com and Pearl District Properties. If you would like to see any listed condo or loft, call Brad today at 503-896-8856.

 


The $6,000,000 penthouse condo?

6millviewThe $6,000,000 penthouse condo?

Will 2017 open the year with a $6,000,000 condo listing? And if so, which unit justifies a $6,000,000 price tag in Portland, OR.? In the last year we have seen the movement of several of Portland’s highest priced penthouse condos including the $3.8 Million penthouse condo at the new Cosmopolitan. Also, the most expensive sale of a condo in Portland, again at the Cosmopolitan, the combined 27th floor unit that sold for over $5,000,000!

So, what about this $6,000,000 condo? And, which building is it in? Well if you have $6,000,000 to spend and want to get the early jump on viewing this unit before it hits the MLS, give me a call! While I can’t disclose what building it is in (at this moment) what I can say is that it does have some of the most spectacular views in the city… and here is a hint, it has one of the most spectacular views “of” the city! If you want a nice condo with similar amazing views, for $2,500,000 less, don’t overlook the beautiful penthouse unit at The Westerly. I have said many times, the view from this building does not just look into the city of Portland…it looks over the city of Portland! And with over 4,000 square feet, it is one of my current favorites on the market right now. As for the $3,500,000 price? It could be a little lower considering that it’s next door neighbor just sold for $2,850,000 last year.

One sign of good news in Portland high end condo sales is that the Penthouse unit at The Casey finally went pending after 1 and a half years on the market. If you recall, this unit came on the market at what I believed to be an excessive price of $3,499,000. I would be surprised if it got it’s most recent price of $2,995,000 as it has been priced there for over 5 months now.

If you are in the market for one of Portland’s finest condominiums, give me a call. Part of good negotiating is having a good understanding of pricing. Many agents make the critical error of making a lowball offer on something that is fairly priced or priced low and has supporting comps. However, when something is overpriced we will fight to get you the very best price. Even when something is fairly priced, if the agent listens to things that are said, sometimes that can lead to clues that help the buyer get a great deal! And by the way…if you want the jump on that $6,000,000 condo, give me a call!

Brad Golik is a luxury condo specialist in Portland, OR. If you would like to view any of Portland’s nicest condos, call Brad Golik at 503-896-8856 or email at pdxluxcondos@gmail.com


Nightmare at The Cosmopolitan!

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Ok, maybe the title is a little dramatic, but it is close to Halloween and scary things do catch our attention this time of year. So, what is going on at The Cosmopolitan? Well, it is not anything as terrible and scary as what is going on at Millennium Tower in San Francisco ( has sunk 16 inches and tilted 6 inches at the penthouse). What is happening at The Cosmopolitan is very frustrating though for residents who just paid a major premium to be owners there! Lets start with space. Many residents, after moving in their furnishings are just know realizing the space issues we had talked about in a previous blog post I had written. Problems with walking room around beds in many of the units is something I have heard about many times now. Ok, this probably is not the worst thing in the world and people will learn to deal with it. ( who would have thought you would just have to “deal” with anything after you just paid $900 a square foot!)

Most recently, especially after the “Big” storm, many residents complained about the loud whistling and howling noises. Very fitting around the Halloween season! What is going on with that? Anderson Construction has determined ( and we will find out if it is correct or not) that the loud noises are being caused by the backdraft dampers. From previous complaints, they were already adding gasketing material to the fresh air intakes and they will now be doing the same to the backdraft dampers. This repair will take an elaborate 2 point suspension scaffold on the exterior of the building. The scaffolding will initially be set up on the “16” stack of the building. Only time will tell if the issue is in fact what Anderson believes it to be. Either way, a huge disappointment for owners who just paid the highest price per foot ever for new construction in Portland.

Another problem… loud footsteps from above! Really? Several sources have said that footstep noise from above their units is excessive and surprising for a brand new and expensive building. One source said that the sales team had told them they would never hear footsteps with the modern construction techniques and gave assurances to that fact. My take… this is not a low rent apartment building! This is a building with MANY units selling for $1,000,000 or more and buyers paid huge premiums to the average market price to live here. To have such problems so early on is concerning.

Now the problem with space is one thing. It did not help that in the developers( Hoyt Properties) floor plans there are some pretty scaled down furnishings. ( I just double checked. I am curious… who can fit in the chair in the den that measure 1’ 6” wide? )

The other problems (noise issues) are a little more concerning. Hopefully Anderson is correct with the gasket fix and that problem will get solved in a timely matter. And from what I hear from residents, the repair issues are backed up and things are not happening as fast as they would like! As for the “Scary” footsteps from above… I just don’t know what to say!

Brad Golik is a condominium specialist with LuxuryCondosofPortland.com at Pearl District Properties. If you would like to tour any urban condos, just give Brad a call at 503-896-8856.


New Penthouse Listing

 

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Today I am listing a beautiful penthouse at Pacifica Tower! Enjoy floor to ceiling windows in this corner unit. One of the best floor plans available at Pacifica Tower. Located in the NW corner of the building, this unit offers panoramic views of the Willamette River, Portland’s West Hills and the twinkling city lights. This home features two very large bedrooms and two decks!

If you are in the market for a condo in this price range, give me a call to set up a private showing of this fantastic penthouse.

Brad Golik is a condominium specialist with Pearl District Properties with a focus on the high end of the market. If you are looking to buy or sell, call Brad at 503-896-8856.

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