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When writing a blog one must be knowledgeable about their subject material. The blogger must also put themselves out there when offering opinions and realize that they will not always be right. I often try to share my opinions on pricing and will be the first to admit when I am wrong. This would be the case regarding a comment I made in a post a few weeks ago. Just to clarify things, I was wrong on my guarantee, not my opinion of the price! At that time a new penthouse came on the market for $3,250,000. My comment was that this unit was way overpriced and I “guaranteed” we would see some price adjustments. Well we did not! And in fact, the unit is now pending.
After I made this comment, I checked with some friends in the business as to what they thought the pricing should be. Almost every one of them was thinking the same thing…or very close to it. The first comment was that it was Benson Tower, which is not really comparable to Portland’s nicer buildings such as The Cosmopolitan, The Metropolitan or The Casey, to name a few. Not one of those agents believed that it was worth more than $1000 per square foot. (about $2,600,00) let alone the $1257 per square foot listing price. For one, the neighborhood does not justify the pricing. It is not The Pearl District which always gets a bit of a premium. Second, that area of downtown has deteriorated the last few years. While this unit does feature fantastic outdoor space, the living room area is very small. One of the other issues that I also feel is important is the quality of the other units in a building. No other $1,000,000 + units have sold in the Benson Tower. Last week a 26th floor unit came on the market at $1,400,000, possibly trying to ride the high priced coattails of the penthouse. I believe this unit should be priced below two of the units for sale at The Henry that are larger and priced below $1,300,000. The point here is that it is easier to get a higher price when you have other units that support the upper end of the market.
Overpricing a unit can have negative effects on it’s sale. In the case of the penthouse priced at $3,250,000, I believe that the buyer may not have been educated enough on the Portland penthouse and luxury condo market. It is possible that the agent does not understand this area of the market as well. While we don’t know the offer was on this unit, what we do know is that if the buyer paid anything over $1000 per square foot…he or she paid way too much! There is absolutely no way any unit at Benson Tower should have pricing anywhere near some of the premier buildings in town. Remember, this is a building where the finishes are far below those of other buildings and you have to haul your garbage down the elevator. Not an ideal situation for someone that is spending $3,000,000! There are many top floor penthouses in town that deserve a premium price to others…this is not one of them!
This posting helps emphasize the importance of working with a specialist. You may have heard me say this before but it is very important. If you are buying farmland in Dundee or a waterfront home in Lake Oswego, it is important to deal with an agent who understands that market. While every agent will probably tell you they understand every market, the truth is, unless you are in it every day, it is difficult to do so. I believe that the days of a real estate agent trying to be all things to all people in all areas are gone. An agent who takes the time to learn a specific area of the market will be far more valuable to a buyer or seller and the example used above helps prove that fact.
Brad Golik is a condominium specialist with Pearl District Properties. Brad works with luxury condo buyers and sellers in Downtown Portland, South Waterfront and The Pearl District. If you are looking to buy or sell…work with a pro!
Brad Golik is a condominium specialist in downtowns Pearl District and South Waterfront. It does not cost you to work with a specialist…it pays!
Brad Golik is a condominium specialist with Pearl District Properties and LuxuryCondosofPortland.com
You can contact him at 503-896-8856 or at firstname.lastname@example.org
It’s that time of the year again, when we start to see many more listings come on the market. And, like every year, we see many come onto the market where the listing agent just doesn’t care about doing a great job for his client! What do I mean by this? It’s simple and can be described in 2 words…PROFESSIONAL PHOTOS! This last week I was shocked as I looked at every new condo listing that came on the market. If I had to guess, I would say only 60-65% of the new listings had professional photos. You have heard me rant on this topic before…but I just can’t hold back! Here is my message to those agents who decided a “point and shoot” camera was ok… you are being paid a commission to market your clients condo in the best possible way, so do it! Go spend a few hundred dollars and do the job right! I have always believed in good marketing for my listings and that has to start with great photos. Now here is my message to those sellers who hired these agents to sell their condo… If they don’t care enough about you to spend a few hundred dollars to make your listing shine, then they are probably the wrong agent to be attempting to sell your place. In my experience, an agent that won’t pay for professional photos, most likely will not do anything else in terms of marketing. If they are to cheap to pay for professional photos, do you really think they will pay for additional marketing tools like quality print media, a listing website, a video, aerial drone footage or anything else?
I often ask myself when I see these listings, why do people hire agents like this? Do they just have a close relationship and are willing to sacrifice getting top dollar? Do they just not realize that there are agents out there that will give them so much more value for their commission dollars spent?
I have always believed in doing everything possible to make my listings stand out from the hundreds of other listings on the market and good marketing is the answer. For many years, certain beers have sold well because of their marketing. Their beer is no better than other beers but the perception is better because of marketing. In real estate, the same can be true. Every listing I take is not going to be a total jewel and sometimes the marketing must paint a picture and give people a “perception” of the property to get them to come view it. If you start with bad photos, you may have lost 50% of the buyers who will not even come take a look. With that said, I would also caution you against agents that use 360 photography…you know the type, where you can see EVERY inch of a place just by looking at the photos. In my opinion, these photos show too much of a property. By showing too much of the property, I believe this will also keep people from viewing a property because they may just see one or two things they don’t like. I believe that good marketing should be kind of a tease. You want to make it so that potential buyers really want to see more of a property. When you use professional photos, instantly buyers have a higher perception of
quality, which in turn, makes them open to spending more money on a property.
Corona is not be the best beer in the world but they sell a lot of it because of their marketing!
If you are curious at all about my marketing, please visit :
( and while you are there, take a look at the buildings pages to see some great aerial drone videos of YOUR building!)
A new waterfront listing has just hit the market! This 1 Bedroom, 1 Bath unit has views that will take your breath away.
To see this beautiful Portland waterfront condo go to www.PacificaTowerCondo.com or go on a video tour:
Springtime is when we typically see many homeowners putting their homes on the market and inventories rising. For condo buyers that are currently looking, the opposite is taking place! For the last 8 months it was pretty common to have around 300 Portland condos and lofts, priced at $225,000 and higher, on the market in the geographical range that includes the Pearl District, South Waterfront and condos in the downtown area. Today we have 190! This is a result of fewer homes coming to the market and recent activity with the ones that have been on the market. A good example of this can be seen at the Atwater Place condominiums in South Waterfront. In the last 3 months we have seen only 3 sales. Currently, Atwater Place has 7 units that are pending…a pretty steep jump in activity!
Another building that has had much activity is 937 Condominiums. 937 currently has 4 units pending and in the last 3 months have sold 6 units. Of these 6 units, 5 have been sold for over $500,000. Over at Encore, there have been no sales for 3 months but with recent activity, there are now 6 homes in a pending status!
For owners looking to sell their Portland condos, now is a great time to be putting it on the market. With such low inventories you will be able to push the price a little more and with the recent bump in rates, buyers may start feeling the need to pull the trigger on buying.
Here is our latest video!
Here is your chance to contribute to your neighborhood! On Saturday, October 22nd, clean up efforts for the Pearl District will begin at Peet’s coffee.
Thank you for your participation in the Pearl District Neighborhood Association’s Polish the Pearl event. For more information, please visit: