Christie’s International Real Estate is known for combining great art with great architecture. Nowhere in Portland will you find this statement more true than with this stunning home located at 9912 NW Wind Ridge Dr. in Northwest Portland! One word describes this home…STUNNING!
To see more of this architectural wonder, please go to:
Brad Golik is a 15 year veteran of the Portland real estate market with a focus on the luxury property market especially Portland’s luxury condominium market. You can find him on his main website LuxuryCondosofPortland.com.
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
When it is time to sell your luxury condo in Portland, look to the brand that defines luxury real estate worldwide!
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.
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.
You want to capture top dollar in the sale of your luxury condominium? Any agent can sell your condo, but at what price. Brad Golik, a condominium specialist at LUXE Christie’s International Real Estate, gives you the best in condominium marketing. To see more on Brad’s philosophy on real estate marketing, please visit: https://www.luxurycondosofportland.com/marketing
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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!
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 firstname.lastname@example.org
Just yesterday I was having a conversation with two other agents who do a fair number of condo sales. The topic of conversation was the market and the consensus was that it has definitely seen a slowdown in pricing. With the increase in inventory, we are noticing a slowdown in terms of appreciating prices. In some cases, the pricing could even be slightly less than what we have been experiencing for so long.
And then this happens! Just this morning, on the MLS, a penthouse unit at The Casey went from pending to sold. The unit never hit the market. The sold price, brace yourself, $4.5 million cash! Unit #1503, is a 3667 square foot condo that faces the West Hills. Consider these numbers for a moment. At $4.5 million, this is $1227 per square foot! Let’s compare this to the recent penthouse sales at The Cosmopolitan. Now keep in mind, for comparison sake I will use the penthouse units from the 27th and 28th floors at the Cosmo. The combined unit on the 27th floor sold for $5,441,294, or $1216 a square foot. The two top floor penthouses on the 28th floor sold for $1215 and $1225 a square foot. These units are 13 stories higher and have superior views of the Mt. Hood, Mt St. Helens, the city and the Willamette River.
I will say, The Casey has always been one of my favorite buildings… but really? Is this unit worth nearly a million more than a 28th floor, true penthouse that is 13 floors higher? While the Casey unit does have around 400 square feet more space, (which does not really mean that much once you get over 3,000 square feet) the potential for having views blocked are much higher for a unit that is only 15 stories compared to a unit that is 28 stories. After all, one of the reasons people paid such a premium for these Cosmo units is the fact that the views will be protected much more by being that high up.
What is even more interesting is when we compare the sale of this unit to one that just recently sold at the Casey, unit #1602. This true penthouse unit one floor above has similar views. It has 3273 square feet and sold for $2.75million or $840 a square foot….WOW!
Contact Brad Golik at 503-896-8856 or at email@example.com
Visit us at www.LuxuryCondosofPortland.com
See Cosmopolitan views here: http://www.luxurycondosofportland.com/thecosmopolitanportland