How is the + $3,000,000 condo market looking?
The Portland condo market has slowed pretty dramatically and we are seeing price reduction after price reduction. Many units have been reduced in price 5 to 6 times! We have also seen an increase in the inventory at the highest end of the market.
Currently there are six units priced above $3,000,000…and three that are almost $3,000,000. Of the nine listings, 5 are still the 5 out of 6 unsold penthouse units at the Vista priced from $2,821,000 to $3,335,000 ( $1044 a sq. ft up to $1228 a ft).
The other four are …in order of pricing, Crane Building #711 priced at $3,300,000, The Metropolitan PH-2 priced at $4,700,000, The Cosmopolitan penthouse #2715 priced at $6,995,000 and the Meriwether penthouse #2000 priced at ….drum roll please…. $9,300,000.
So of these units, which ones do I like? All are unique in their own way. If you like ultra contemporary, The Cosmopolitan #2715 is very high in style and has, hands down, the best views of all nine listed here. The newest to hit the market is at the Crane Building. Unit #711 is a beautiful penthouse unit with an outdoor terrace that runs the length of the entire east side of the building. It offers far more deck space than all of the others with the exception of PH-2 at the Metropolitan, which is priced at a pretty hefty $4,700,000… or $1349 a sq. ft. While this penthouse is steeply priced, the Metropolitan, in my opinion, is in my top 5 buildings in Portland. I believe the very traditional design of the interior of this large unit will create a problem in trying to find the right buyer unless someone wants to go in and start over. Topping the charts at $9,300,000 is the full floor unit #2000 at Meriwether in South Waterfront. This unit features over 7,000 square feet of living space that includes a guest suite. If you are someone that needs a lot of space…this could be the one! Also, if you are a car buff and need parking spaces, this penthouse comes with six parking spaces.
If you are a buyer that wants a contemporary space that is warmed with some beautiful woodwork, the penthouse at the Crane might be the answer. It is priced below (price per square foot) the two $3,000,000 units at Vista and has the deck space that many desire.
If you are the buyer that wants views, the Cosmopolitan is the building in town with simply the best views around. When you have paid a premium to be above 20 stories…the unobstructed views can’t be beat. I will say this about The Cosmopolitan, you don’t have to be in a condo priced above $3,000,000 to have sensational views!
If you are looking for a Portland penthouse that is ultra contemporary, one that is more traditional or anything in between, I am happy to take you on a tour of Portland’s finest condominiums and let you feel for yourself how each of these units are special in their own way! Give me a call at 503-896-8856.
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. You can contact him at firstname.lastname@example.org or visit one of his websites…LuxuryCondosofPortland.com or PortlandPenthouse.com
Don’t miss out on this one! This spacious ( 2700 sq. ft) penthouse condominium features 2 decks, including one that is a 50′ wrap around terrace! Take in views from your living room. Mt. Hood to the East and Mt. St. Helens to the North. At night enjoy the sparkling city lights or the the changing colors on the Tillicum Crossing bridge.
For a private showing of this spectacular penthouse, call Brad Golik, luxury condo specialist with LUXE Christie’s International Real Estate at 503-896-8856
A couple of days ago, Portland’s only $7,000,000 penthouse condo came on the market (actually $6,995,000) This penthouse is on the 27th floor of the 28 story Cosmopolitan. The current owners bought 2 units pre-construction and designed it into one stunning unit that has almost 360 degree views.
What I like about this beautiful Portland penthouse: I like the different feel of this condo from every other luxury condo on the market. While very white and somewhat sterile at first glance, I could see beautiful paintings and colorful glass artwork fill this unit with additional color. The other thing I really like about this unit is the floor to ceiling windows that are everywhere around you…a very stark difference to what you will find in the new penthouse units at the new Vista!
What I don’t like about this unit: There is really not much to not like about this condo. If there was one thing, I would say the fact that it is not a top floor penthouse hurts it just a little. Penthouse buyer’s…especially those buying the most expensive in town tend to like to be on the top!
So, what about the $6,995,000 price tag? This puts it at $1626 a sq. ft. Obviously a very high number for Portland. Let’s compare it though to other penthouse units in Portland. At $4,700,000 the penthouse at the Metropolitan comes in at $1344 a sq. ft. maybe a little high only in that the interior is very traditional and buyer specific. Now let’s compare to those over at the Vista. No comparison! At $1222 a sq. ft., the Vista penthouses do not come close to what you are getting at The Cosmopolitan. First of all, as you have heard me compare before, the windows at Cosmo are much more desirable (floor to ceiling all around) compared to the limited windows at Vista. Also, as I have mentioned before, the Vista penthouses are very linear and views are more limited to the east and west. #2715 at Cosmopolitan is very open in it’s floor plan and especially sets itself apart in the tremendous amount of natural light. Combine that with the 3 mountain views and far superior city light views at night. In addition, you are 6 floors higher! Now will this get it’s lofty $1626? This is hard to say. While this unit is totally custom with the finest in finishes, nobody wants to be the first to pay a new record price. In the end, I could see the final sales price be somewhere between $6,250,000 and $6,500,000 which puts it in the $1453 to $1511. At these numbers, I would consider it to be a value if you are comparing it to Vista at $1222…which I still believe to be high for what you are getting. Again, those units have been sitting for a long time now, unsold at those prices.
Will it sell for $6,995,000? It very possibly could as there are those out there that don’t necessarily want the best value…they want the best!
See more of this penthouse at : http://www.PortlandPenthouse.com and click on Feature Penthouse 2.
If you would like to view this condo, give me a call at 503-896-8856. There are a few requirements to view so call me to discuss
Amazing panoramic views that will take your breath away!
For a private showing of this beautiful penthouse 26 floors above it all, call me at 503-896-8856.
We have been hearing over and over again how hot the market has been. Well, that is changing! While normally this is a slower time of the year, what is happening now is a little bit of a surprise when you listen to the national news and hear how crazy the market is (Seattle, San Francisco).
If you have ever walked past my office (717 NW 11th) in the heart of the Pearl District, you have probably stopped to glance at all the listings featured in our display window. What has changed in the window since last week? PRICE REDUCTIONS! And many of them. Is the market tanking? No, I believe it is a combination of things starting with what is always a typically slow time from the week before July 4th to the beginning of the school year. The reductions are not so much a depreciating market but more of a whack on the head for listing agents that overpriced many units. Sometimes when inventory is low and things are slow, an agent will “buy a listing”. What does this mean? If an agent is competing with another, there are some who will give the seller an unrealistically high value in hopes that will be enough to sway the seller to choose them… a VERY bad practice, but I see it all of the time. In fact, I just lost a $975,000 listing partially for this very reason. (The other part was the agent told the seller that his firm is stronger internationally and that they could attract “Chinese buyers.”) This is so 2015! Those days are pretty much past and in reality, there have been very few Chinese investors buying in Portland. In addition, when you have a strong internet presence like I do, you get seen around the world. The whole thing about their firm being better internationally is really smoke and mirrors!
Back to price reductions, here are a few examples:
In the Casey, a one bedroom unit on the 8th floor was originally listed at $729,000. Now a year and five price reductions later it is priced at $619,000…and it still has not sold.
A penthouse at the John Ross originally priced at $2,350,000 was just reduced $355,000 to $1,995,000.
Several units at Fountain Plaza have had huge reductions. One unit went from $2,295,000 to $1,895,000. Another went from $1,995,000 to $1,695,000 and a third went from $1,350,000 to $999,000 with none of them selling yet. What is moving in this market? While it is taking longer, the units that are priced correctly, or at least somewhat reasonably priced, are still being sold.
Here is a great example of what I have mean. A penthouse just came on the market today in downtown Portland for $3,250,000. I had shown this unit about four years ago when it was priced at $2,200,000. (It had been on the market for 5-6 years) Back then I told my buyers they should not pay more than 1.6-1.7 million for this unit. My reasoning was the neighborhood was deteriorating, it was an inferior building compared to a neighboring building (The Eliot) that has much higher quality finishes, the highest sale in that building in the last 3 years was $760,000, it had the two slowest elevators in the city… and this was a big one, there was no garbage chute! I do not often make guarantees, but this is one I am comfortable in predicting, “You will see some big price reductions on this unit moving forward!”
And on top of that, if you have read my blog you have heard me mention that if you want to try to capture a premium over the market value of a unit then you MUST have very good marketing and dare I say it… professional photos at the very least! And no, this $3,250,000 listing, if you can even believe it, does not have them!
Brad Golik is a luxury condominium specialist in Portland, Or. If you are in the market to make a purchase of a Portland penthouse or luxury condominium, call Brad today!