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Posts tagged “South Waterfront condominiums

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Real Estate Marketing…done right!

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

 

Christie’s International Real Estate is the market leader in the worldwide sale of luxury properties!

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Brad Golik – Broker – pdxluxcondos@gmail.com  503-896-8856


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


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The current market is an interesting one.We continue you see many price reductions on properties. With that said, condos in desirable buildings like The Cosmopolitan, if priced right, will sell in a short time. There are many units in the market, but special units, units that are not so typical can go quickly.

In a previous post I mentioned that buyers who have patience will be rewarded. We have seen many properties that have gone through 5-6 price reductions. Condos that were way overpriced are getting pummeled , especially those that have had that many reductions. A good example of this is a condo I have talked about before is the penthouse #1502 at the Elizabeth. That penthouse was originally priced at $3,650,000… a number that was incredibly high from the start. Now, after another price reduction, it is now priced at $2,695,000. If you may recall, when I previously mentioned this unit it was at $2,995,000 and I said I really liked it but that you will be able to pick it up at a better price later. That time is here! And now that it has struggled for a year on the market and gone through 5 price reductions, the sharks are circling and will eventually get an even better deal on this on. If you can pick up this one for $2,400,000 to $2,500,000 and add $100,000 for a new kitchen…you will have one stunning unit for a price much less than you will find in new buildings like Vista and The Cosmopolitan. In 2016 I sold a similar penthouse (#1406) in the same building. This would have been the ideal comp when listing #1502 and if it would have been priced correctly, maybe $2,850,000 to $2,950,000, it probably would have sold. Now, because it was so overpriced, it will probably sell for $300,000 to $400,000 less than it should have.

While I am talking about penthouses, I would like to revisit the new Vista condominiums. This seems to be a subject that my clients keep bringing up. When I wrote about the Vista penthouses in a previous posting: https://luxurycondosofportland.wordpress.com/2018/10/12/why-are-the-vista-penthouses-not-selling/   I believe at the time they had 1 penthouse sold and 2 were pending. (out of a total of 6) Now it looks like the two pending units fell out of escrow and only #2012 has sold at a price of $3,075,000. There are still 5 of the 6 penthouse units on the market.

Portland is soon to see two of its most expensive condos hit the market! Both of these penthouse condos will be in the $6,000,000 range. Based on their square footage they will be priced at $1192 to $1370 a square foot. Keep in mind, Vista #2112 is $1228 a foot. The difference is that both of the new penthouse listings are 7 to 10 floors higher. They are also totally custom with very high end finishes. If you are in the market for a large, stunning $6,000,000 condo, give me a call and I can give you a heads up as to where these penthouses are and to get more information, give me a call.

Are you looking for something a little more affordable? You will begin to see more condos coming on the market. Many will stay on the market for awhile and others will not. The ones that won’t are ones that are more unique like a special corner unit in a building or something like a 1 bedroom penthouse unit. When you have a condo that is unique, the urgency to not miss out is much higher. When you have 10 to 15 condos that are very similar like interior units at the Edge, Elizabeth, Gregory and the Elliot, there is no urgency or fear of loss. As you move forward in your search for a condo, work with a specialist, someone that understands the condo market and understands why one unit at $600 a ft make sense while another one does not. Just as a $6,000,000 penthouse at $1190 to $1370 a foot can make more sense than the  very linear penthouse units at Vista priced at $1050 to $1228 a foot or why the 04 units at Vista were priced correctly and made sense at $922 a foot.

In my post about the Vista penthouses (see link above) I mentioned that the views from The Cosmopolitan were much better in the floors 19, 20 and 21st  than those same floors at Vista. A 20th floor unit at Cosmo just went pending at $1122 a foot. Compare that to one of the 20th floor penthouses at Vista and there is no question…the views from the Cosmopolitan unit is far better and the amount of windows and natural light make it hands down a better value!

Brad Golik is a 15 year real estate veteran and is a condominium specialist with the market leader…Christie’s International Real Estate. You can reach him at 503-896-8856 or at his website http://www.LuxuryCondosofPortland.com

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Local expertise…Global connections!


Location, location, location…NOT!

Every condo may or may not have the best location… in the building or within a neighborhood. So when you go to sell, what are you going to do? Watch this video if you want to see what I think are the three most important words in real estate!

Brad Golik is a condo specialist in Portland, OR. with a focus on the Pearl District, South Waterfront and downtown. You can reach him at 503-896-8856.


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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A healthy slowdown!

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The market is slowing down…and not just a little! This is not a bad thing. In fact, I think it is very healthy for the market and helps us avoid a big tumble in the market.

Here are a few interesting numbers that support what was just said….

Inventory: Inventory in the area I focus on, from Pacifica Tower just north of the Freemont Bridge to South of South Waterfront, inventory levels are up 21% since June 1st! That is a pretty big jump in such a short period.

Price reductions: Since July 1st, in the Pearl District, 40% of the listed condos reduced their price.

Days on Market: This one is a bit tricky. Days on market has gone up but one must look at this stat carefully. There is a recent trend that is happening more and more. In a practice that I do not believe in, agents will cancel a listing and then re-list it. It is an attempt to make a listing look “fresh” and show less days on the market to buyers. This is why we must look at Cumulative Days on Market. Now if an agent has it on the market for a month and then cancels and re-list it, the number will reflect those 30 days prior.

What this means in the marketplace? For buyer’s, there is not such an urgency to make a quick offer. Buyer’s are able to look around for the perfect place and have a much better foot to stand on at the negotiating table. For sellers, trying for a premium price may hurt you as your condo may stay on the market longer than it should and in the end it may sell for a lower amount than it would have if priced correctly.

An example of this is one I believe I have discussed on my blog. A little over 4 months ago I went to a Broker’s open house on a beautiful penthouse unit. At that time, the agent listed it for $3,550,000. The agent, knowing that I specialize with condos, asked for my opinion on price. I clearly remember my answer: “ I think it needs to be at $2,999,000 and I think it will sell a little below that.” Well today, after 2 price reductions, it is now priced at $2,995,000. But now, after 4.5 months on the market, you will probably get the sharks swimming around it ready to offer $2,600,000. (It has actually been on the market much longer with another agent that was priced even higher!) … again, this is where you need to look at cumulative days on the market!

Moving forward in this new market, correct pricing will be very important in the sale of your condo or loft!

Brad Golik is a condo specialist in Portland, Or. You can find him at his website http://www.LuxuryCondosofPortland.com  pdxluxcondos@gmail.com 503-896-8856

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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.