The Portland Condo Blog

Posts tagged “Pearl District Lofts

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


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


New Streetcar Loft listing

Deck-atNight

If outdoor living is important to you, here is a condo that is a must see! This Pearl District loft has 2 decks, the first on the main level, while not large, it does offer enough space for the BBQ and it’s close to the kitchen. The second deck offers enough space for both a sitting area and dining area and has views of the Freemont Bridge as well as the city lights to the South. Kick back and enjoy your outdoor time with a glass of wine and a comfy fire! To see this beautiful, 2 level unit at Streetcar Lofts, call Brad Golik at 503-896-8856

 

How were the numbers for condominiums in 2017? Stay tuned as we will be posting year end numbers on Portland’s condo, loft and townhome markets!

Brad Golik is a condo specialist and can be found at his new company Total Property Resources. You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com Visit his awesome website at http://www.LuxuryCondosofPortland.com .


Election is over…how is the market?

If you have not noticed…the market has slowed down!

What is the one thing I see happening everyday? Price reductions. Yes we are seeing a huge number of listed properties being adjusted. Usually, we see a slow down this time of year as we go into the holidays. What is a little more unusual is to see the amount of slowdown that we have seen in the number of showings the last several weeks. What is to blame for this? It could be all of the attention that was being put on the presidential election. With this were the fears of what would happen to the markets if either candidate won. The good news in this area was the stock market. On election night when it looked as though Trump would be the winner, stock market futures were down in a big way, over 800 points. But, in the morning after the dust had settled, the market was very strong and it has remained that way. What does this have to do with the housing market? Well, when the stock market is strong, peoples confidence increases and the comfort level of making a big purchase becomes improved. The new thing we need to look at now are interest rates…they are up. Will this force people to get off the fence and make a move?

With that said… let’s talk real estate! As mentioned, there have been a number of price reductions In the market. Two of these are a couple of very nice units in the mid $600,000 range. One is a loft in the heart of the Pearl. The other is a condo along the waterfront.

The loft, priced at $629,900, is unit #306 at McKenzie Lofts. With a beautifully updated kitchen, this 1 bedroom plus den unit is open and spacious. Walk to restaurants or walk outside your door for your morning cup of coffee at Starbucks. You can’t go wrong with this awesome loft in the Pearl! See Video: https://video214.com/play/11vHJkeJI8ypsdUHe0400g/s/dark

2condoloft

The condo, a 2 bedroom ground floor unit at Pacifica Tower, is a well appointed unit along the shores of the Willamette. Are you a pet owner? The massive patio is perfect for those who own a dog or two. Not a pet owner? Well you will love the outdoor “Extended Living Area” for lounging or enjoying BBQ’s where space is not a problem! See Video: https://video214.com/play/1HJOmmsY6EHdrbCx993hwA/s/dark

If you would like to view either of these units, give me a call today at 503-896-8856.

I don’t get political on my blog… because you will always offend half of readers. I will say this. The election is over. Let’s get back to work and come together. If you are a person that is comfortable financially, next time you walk by a homeless person that is down on their luck, buy them a cup of coffee or a breakfast. Let’s get back to being kind to one another. Do something nice for someone today!

Brad Golik is a condominium specialist at Pearl District Properties. You can view his website at http://www.LuxuryCondosofPortland.com
Contact Brad at pdxluxcondos@gmail.com

 


New Penthouse Listing

 

BlastPic

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.

BGLuxMktLdr

 

 


Selling your condominium…selecting an agent

Time2Sell

When you decide that you are ready to sell your condominium, one of your biggest decisions should be who you will hire to sell your condo. You do have many options of real estate agents to hire so how do you know how to select the right one? From the very start, you would be very smart to eliminate agents whose major portion of their business are homes out in the suburbs. Why eliminate these agents? It’s simple…they just DO NOT know the condo market well enough. They do not know the intricacies of selling condominiums and they really do not understand the pricing of most units. I cannot tell you how many times I have heard these “Suburban” agents tell me “Well unit #??? Sold for $500 a square foot so that is why we are priced here!” What they just don’t understand is the difference in pricing throughout the building. Was it on the 3rd floor or the 10th floor.? Was it looking south or east to Mt. Hood? Is there potential for a building to go up in front of the unit? Is daylight blocked by another building? These are just some of the many issues that contribute to pricing a unit. You cannot just say that because one unit sold for $425 a sq. ft, that another one will.

This lack of knowledge often leads to units being under-priced, or more often, over-priced. The big problem when agents overprice a unit is that it becomes stale on the market, goes through several price reductions and then in the end, sells for less than what it should have sold for if it were priced right.

To me, the biggest reason not to hire a “Suburban” agent in my opinion, is the lack of consistent marketing everyday to condo buyer’s. As a condo specialist, my marketing is directed 24/7 toward condominium buyers. I am consistently filling my pipeline with potential buyers of condominiums. A suburban agent is in Lake Oswego one day, Beaverton the next marketing to people looking to buy a home, not a condo. I will say this, if you are looking for an agent to sell your $2,000,000 home in Lake Oswego, I should probably not be your first choice. I am not a specialist in that area. I am a specialist with condos! You should strongly consider this when selling your condo!

The other important issue to look at, and I think this is a big one, is how good that agent is at marketing. A good way to check on this is to see how good of a job they do at marketing themselves! If that agent has no true branding, or has sub par pictures on their website…if they have one, or is hard to find, this should tell you something. Most agents will not spend a lot of money on listings and I believe this is a huge mistake! Many, many agents don’t even spend the money for professional photos. Here is something I saw recently that was so funny. (but sad for the owners trying to sell) On a listing, an agent stated that you really need to come by and see the condo because the pictures do not do it justice! Are you kidding me? That is the job of the agent to do beautiful, stunning photos that draw people to come view the condo! This is the very minimum an agent should be doing. See an example of one of my listings here: http://www.PacificaTowerCondo.com

Now you know part of the reasons for hiring a condo specialist, now I want to touch on another point. I have seen many people use the agents that were the on-site agents that sold the building when it was brand new. I advise caution if you are thinking of going this route and here is why… Yes they were very nice when you worked with them before (remember, they were trying to sell you something!) While many on-site agents are in fact, very nice, most of them have limited experience in the resale markets. I mentioned above the importance of spending money on listings to make them stand out. Most of these agents have always spent the developers money to sell units, not their own!
There are many other things I believe to be important that a specialist can offer. If you have any questions, please feel free to give me a call or shoot me an email and I would be happy to sit down and discuss things with you.

Brad Golik is a condominium specialist with Pearl District Properties. You can find him at http://www.LuxuryCondosofPortland.com or by giving him a call at 503-896-8856


Prices are rising!

Pearl District prices are rising fast! To get the TRUE value of your condo instantly for FREE, go to:

http://PearlDistrictPrices.com

Portland Condominiums


Negative Equity = Low Inventory!

Portland Condos underwater

The condo market is still experiencing low inventory levels even as spring arrives. While we are beginning to see more condos come on the market, it is still well below what we normally see in this time of the year.  Part of the problem… negative equity is still a problem for many owners, even after the nice appreciation we had in 2013. Please click on the link below for more information!

http://t.money.msn.com/business-news/newsarticle?feed=AP&date=20140520&id=17635723

 

If you are in the market to buy a condo, call Brad Golik, the Portland condominium specialist!

503-896-8856


Did your last agent spend any money on your listing?

Recently I was asked by a fellow Realtor why I spend so much money on my listings. My answer was simple… I told her “because they pay me to MARKET their home!”

If you have followed my blog for any length of time, you will know by now that I am a huge believer in doing a great job of marketing. You have also heard me say that “Any agent can sell your condominium… but at what price?” Everyday I see new listings come onto the market where I see that the agent has done a less than professional job of marketing someone’s condominium listing. To me, this is a big frustration as I still do not understand why? Sometimes the sellers choose the agent who helped them purchase their condo, sometimes sellers are referred to an agent (often to agents who rarely sell condos and do very little marketing). You have often heard me say that a real estate agent who does not pay for professional photos on a million dollar listing does not deserve to “Market” a million dollar listing! (Honestly, I feel the same about $250,000 listings as well) Today a new listing came on the market that was priced over $950,000. The listing agent did not use professional photography! I have a buyer that wants to see this particular building and is in this price range. I had to tell my client to disregard the photos and that we should still take a look at the unit. If they were just judging the unit by the bad photos, they may have never looked at this unit!

Portland condos

In past postings on my blog, we have played a game called… guess the $1,000,000 condo! Today we are going to do it again… just to make a point! Below are two links to 2 different condo listings. Although one is on a Windermere site, it is not a Windermere agent ( we do not want to disrespect the agent by posting their name). When you click on these links, do not look at the text, only the photos. Which one has better photos? Which one makes you want to see the listing? Which one looks like a million dollar condo?

 

http://www.windermere.com/search#!/mlsnum:14487141

http://video214.com/play/vxEpevm0BwNvOQmJh3X7gw/s/dark

 

Which one looks like a million dollar condo? Well if I’m being honest, neither of them do. Which is really too bad for the one that is because it is a nice unit. As for the $305,000 studio condo, It may not look like a million dollar condo either but we do everything we can to make it look like a million… including professional photos!

If you plan on listing your condo in the future, give Brad Golik a call to see a full marketing program that will be designed just for YOUR condo!
503-896-8856
pdxluxcondos@gmail.com

http://www.LuxuryCondosofPortland.com
http://www.BradGolik.com

 

 


Working with a Condo Specialist!

Today I saw a listing come on the market that prompted me to write in my blog on the topic of working with a specialist. The listing was a condo in the Pearl District that came on the market priced at $1,699,901.  (901?) Well the 901 is not the issue…interesting, but not the issue. The issue is the crazy price! This is a floor plan I know very well. It is also a floor plan that has MANY comps to support the pricing and where it should be. The o2 stack in this particular building has had 2 sales in the last year and 3 recent pendings. I currently have some buyer’s coming into town that will be looking in the $1,000,000 price range and this could be a perfect unit for them… except for one thing, the price! I called and spoke with the listing agent to see if there was a typo on the pricing ( yes, I really did!) He said to me that the pricing is correct. I asked him how he came up with the pricing on this unit. He told me that a unit (#1002) just went pending at $1,999,000 (and finally sold for $1,837,000)  Well this is an 02 stack but it is also over 500 sq. ft. larger with many additional amenities to it.  The agent had 5 very good comps to use and selected the one that doesn’t make any sense!  The 02 units with the exact same floor plan as this particular unit sold for: #202…6 floors lower…$825,000, #602…2 floors lower…$899,000. 2 of the same units also just went pending (perfect comps!!!) #302 went pending priced at $925,000 and unit #502 went pending priced at $975,000. Now something can be said that the high priced unit is on a higher floor and looks over the apartment building next door, certainly worth an extra $100,000 over unit #502. The Casey Portland I did question the agents reasoning on his pricing and mentioned that I would probably not show it to my out of town clients because it was so overpriced. His comment to me “That’s fine”. Really? When a property is so overpriced, reasonable negotiations are often very hard to come by, either the seller is not realistic or the seller’s agent has given the seller unreasonable expectations and then the seller won’t move off of their price. Well the topic of this blog post was “Working with a specialist”. The agent in this case is not a condo specialist and is in fact an agent from Hillsboro. In his defense of pricing, he told me that he has priced plenty of properties! This may be the case but he has NOT priced many downtown condos. What is the problem that seller might have by not working with a specialist? Well in this case. This unit runs the risk that it will not get shown because of my reasoning above. When it doesn’t get shown over time, the price must come down. What will probably happen here is the agent will drop it $100,000, and it still won’t get shown so he will drop it another $100,000 and it still won’t get shown. At this point the listing starts to become stale and it loses all of it’s WOW factor. Eventually. The price will get down to where it should have been to start. At this time you will start to get the lowball offers because it has been on the market for so long and it ends up selling for well below where it should have sold if it where priced right from the beginning. This agent clearly does not understand pricing in the downtown condo market… much as I would not be an expert in pricing Hillsboro properties!  In addition, because this agent doesn’t normally work with condo buyers, he doesn’t have the marketing in place that has been targeting condo buyers for any length of time. To me, this is a BIG reason to select a condo specialist to represent you in the sale of your condo or loft! If you are a buyer and would like to see this beautiful unit, my advice to you, be patient! The price will come down. Call me and I will fight for a price that is realistic and makes sense for both you and the seller. http://www.LuxuryCondosofPortland.com http://www.BradGolik.com