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 firstname.lastname@example.org or by phone at 503-896-8856.
Because I was short of time this week, I thought I would do a video post!
The Penthouse at Waterfront Pearl. Looking for a spacious condo with water views? Welcome to the newest Portland penthouse listing at Waterfront Pearl! Last night I went to an evening open house of this unit and was actually impressed with the floor plan of this unit. This penthouse condo is priced at $1,049,000 and features 2 bedrooms and a den that is currently set up as a media room. While not large in terms of media rooms, it is comfortable and makes for nice space to watch your favorite movie. The total size of this unit is 1927 square feet. What I like about this particular unit is the fact that the bedrooms are very separate from the main living spaces. The kitchen is large and features Viking appliances. While the views are pretty industrial, the positive is that this unit is fairly private and does not have an adjacent building peering in on it. The water views are great, looking to the East and downriver to the North. Traffic on the Freemont Bridge in the distance offers a moving light show of entertainment at night while the boat traffic during the day is always fun to watch.
How does this unit compare to other condos priced near the $1,000,000 range? I would say pretty favorably. Lets start with the penthouse unit #1601 at Encore. Priced at $1,196,000, the Encore unit is slightly smaller. While it does have a larger deck space, the views from the Waterfront Pearl unit are much nicer. Priced at $1,199,000, unit #1411 at The Henry, in my opinion, does not compete. The Henry condominium is essentially a 1 bedroom with den with only 1620 square feet of living space and is not a penthouse floor. Originally priced at an insane price of $1,350,000, its current price is still high especially compared to the Waterfront Pearl unit that has a superior floor plan. unit #2300 at Atwater Place, priced at $1,070,000, offers 1692 square feet but is a NW corner unit…no comparison to the direct water views offered by unit #1001 at Waterfront Pearl.
If you would like to view the penthouse at Waterfront Pearl, please give us a call. We are condo specialist with a focus on the upper end of the condo market. We will negotiate aggressively on your behalf to get you the best purchase price possible. If you would like to tour other Portland penthouse condos or other Portland luxury condominiums, call Brad Golik at 503-896-8856