The Portland Condo Blog

Posts tagged “South Waterfront

Opportunities in the condo market!

valuealert

With tougher markets come opportunities. The condo market has slowed down and we have seen many, many price reductions…and not just one or two reductions, but four, five and six price reductions! There are a few that stand out for me right now that I think represent good buying opportunities. And because some of these have been on the market for so long, the chance to buy lower than it’s current listing price could be very high. In the higher end of the market, a penthouse that I have discussed multiple times is unit #1301 at The Strand. This is a beautiful waterfront unit that has great river, mountain and city views! The downside of this unit… many agents have tried to sell the large rooftop deck as a selling feature. Truth is you are almost level with the nearby bridge traffic and the noise is pretty loud. With that said, put a water feature and some music on the deck and I believe it becomes usable. The current price on this penthouse is down to $1,995,000 , reduced from last month where it was at $2,350,000. ( if you remember, this penthouse was originally priced over $4,000,000)  At $1,995,000 you are at $615 a square foot. This is getting pretty low for any penthouse unit. I recently mentioned a penthouse sale at The Elizabeth…it sold for $551 a foot, an extremely low price for a penthouse of it’s caliber. If you are looking for a large unit (3242 sq. ft.) The Strand is one worth looking at.

In the lower price points there are also some good opportunities for buying opportunities. One example is unit #515 at The Elizabeth priced at $750,000 for a 2bed/2 Bath with 1562 sq. ft. A similar unit just went pending at $765,000 and an identical unit  ( just four floors higher) went on the market $115,000 higher at $865,000!

In the sub $500,000 market you will see more turnover but you can still find some good values in the lower price points. If you would like to get out and view some condos, give me a call.

Brad Golik is a condominium specialist with LUXE Christie’s International Real Estate You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com.

http://www.LuxuryCondosofPortland.com   www.PortlandPenthouse.com

Opportunities… PART 2

As I finished up my blog post earlier today, a new listing came on the market in South Waterfront for $2,500,000. This 22nd floor unit has 2349 square feet and has had a few new very nice touches added…new kitchen, wine room and general updates. What do I think of the $2,500,000 price tag? Well, it’s next door neighbor is on the market for $1,000,000 less at $1,495,000 and it is only 160 square feet smaller. If you want an opportunity, you could buy that one for $1,495,000…or a little less, add a brand new high end kitchen, add a very nice wine room and make some additional updates and you would still be under $2,000,000! What is the only advantage of the 2.5M unit? I would say having the St. Helens and city view are more desirable. So are those views important to you?

Here is an alternative ( shameless plug here) I have a penthouse listing at The John Ross next door. It is in the NE corner…most preferred. It is 2699 square feet, so larger. It is 359 sq. ft. larger (equivalent to a 14×25 room) It is on the 27th floor so 5 stories higher. This is important because if something were built on the nearby OHSU property, your chance of loosing views of the Tillicum Crossing Bridge are less if you are 5 stories higher. Not only does it have an amazing Mt. St. Helens view, it also has an awesome Mt. Hood View! To add even more value to John Ross #2703… it has been in litigation for some time now (cash only buyers) and litigation has ended. What have we seen time and time again when this happens? Prices jump up in these buildings when litigation is resolved.

So you could also do an amazing kitchen in this unit ( there is a huge open area to make a much larger kitchen than the other two units) And do all of this and still be well under $2,000,000. The other option, you buy it and move in because you don’t need to do much because it is very nice and move in ready!

 

If you would like to tour Atwater Place 2206 and 2200 as well as John Ross #2703, give me a call today! 503-896-8856


Portland Penthouse with stunning 2 mountain view!

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


Marketing matters…and nobody does it like LUXE Christie’s Intl.

Now, more than ever, quality marketing matters in the sale of your Portland luxury condominium. Christie’s International Real Estate is the market leader… worldwide!


Values in the market?

valuealert

Every so often I like to let readers know when a unit that comes on the market that I believe is priced too low…today is one of those days! If you are in the market for   luxury condos in Portland in the $1,200,000 to $1,700,000 range, here is one you should know about. Today, unit #2805 at the John Ross came on the market for $1,450,000. I believe this unit is priced far below it’s value. This unit, on the 28th floor, is selling for $265,000 less than the best possible comp …the unit directly above it. Unit #2905 sold in February of 2018 for $1,715,000. Now that unit had many upgrades in terms of the  extensive remodel. With that said, that unit originally was on the market for $2,350,000. That price was certainly overpriced, and in my opinion, affected the final sales price to be lower than what it probably should have sold for. In the end, it sold for $635,000 less than it’s original asking price. WOW!  With this said, the true value of that unit was probably closer to the $1,800,000 to $1,900,000 range. (You have often read on my blog the dangers of overpricing…this was a great example.)

Unit #2805 is priced $265,000 lower than what #2905 sold for…and in reality, when you look at what #2905 should have sold for you start to understand the value in #2805 being priced at $1,450,000. You are getting almost 2,700 square feet of open living space for a price you won’t find anywhere in the market. ( and don’t forget to compare these prices to those in the new Vista. For 2,700 square feet in the Vista it will cost you between $2,821,000 to $$3,335,000) Vista North Pearl

Now the biggest negative to this unit is the small deck space ( but this is the same deck space as #2905) not everybody cares about a deck…but MANY do! Another possible negative that I consider in units in South Waterfront is that it faces upriver. Why is this a negative you ask? Many people that buy condos buy them for views. While the daytime river view is nice, the nighttime view is mostly darkness.  Another condo in the market that I think is reasonably priced is The Strand #901. This is a good example of the preferred views buyers like to have, which is a great river view during the day but at night you get the magical twinkling lights of the city. And at $1,375,000, it is a lot of view for the money!

If you are wanting to be at the bottom of the range in the above mentioned pricing ($1,200,000 to $1,700,000) another great view property to consider is a penthouse unit at Benson Tower, #2601. Priced at $1,199,000 this unit consist of the entire south side of the 26th floor. It has panoramic views that go from Mt. St. Helens, Mt. Hood, South to the Tilikum Crossing bridge, west to the sunsets over the west hills all the way back around to the St. Johns Bridge…wow that is some view! ( Check out those views at: www.PortlandPenthouse.com  )

It is a buyer’s market out there and there are some values to be found.  If you are in need of a condo with over 2,000 square feet, The John Ross #2805 is a value! With that said, if you want to consider looking at that unit, give me a call as I have a pocket listing coming on that is also near 2700 square feet that has great daytime views but better night time views than 2805. It was going to be priced near $1,695,000 but now with the low pricing of  #2805, the sellers now realize they will be forced to go lower. Please give me a call if you want to see this unit or any of the units I have mentioned. 503-896-8856

Brad Golik is a 15 year veteran of the real estate markets and is a luxury condominium specialist. You can find him at his popular website www.LuxuryCondosofPortland.com


Christie’s International Real Estate Portland

I am thrilled to announce I have just joined top real estate firm Christie’s International Real Estate! The Christie’s brand is synonymous with luxury worldwide. As many of you know, if you have followed my blog for some time, marketing is so very important to me and the Christie’s brand aligns so well with the marketing vision that I have for my listings. Now, with Christie’s, I am able to take my marketing for my clients to the highest level! Those of you with luxury condominiums, especially Portland penthouses, the best worldwide exposure is just a call away! 503-896-8856


Win…Dinner on us! Follow me on Instagram…or my blog!

Follow us on either Instagram ( #pearlcondos ) or on our condo blog ( TheCondoPulse.com ) and get your chance to win a $100 gift card to Brix Tavern in the Pearl District! Winner will be drawn the end of April…don’t miss out on a chance to dine at one of the Pearl Districts “Favorite” places to eat!

 


Head scratcher… say what?

BensonPenthouse

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 well below two of the units for sale at The Henry that are larger and priced below $1,300,000… probably closer to $1,000,000 at best. 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. It’s tough when you don’t. The other issue, the “elephant in the room” is the homeless situation. No building has been affected more than Benson by the bottle drop a block away (maybe Elliot).  In my opinion, while most condos got decent appreciation over the last 4-5 years, because of the decrease in safety in this general area, owners at Benson won’t see that appreciation that others have seen.

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!

pdxluxcondos@gmail.com     503-896-8856     http://www.LuxuryCondososofPortland.com


Hire a specialist!

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!

503-896-8856

pdxluxcondos@gmail.com


Condo of the week – The Henry

Brad Golik is a condominium specialist with Pearl District Properties and LuxuryCondosofPortland.com

You can contact him at 503-896-8856 or at pdxluxcondos@gmail.com


Selling?…good marketing matters!


Marketing Condominiums

sunsetcondos

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 :
http://www.LuxuryCondosofPortland.com/marketing
( and while you are there, take a look at the buildings pages to see some great aerial drone videos of YOUR building!)


New Waterfront Listing at Pacifica Tower!

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:


Condo Inventory is Down!

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.


New Video… Portland Luxury Condominiums

Here is our latest video!


Polish the Pearl!

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:

http://www.pearldistrict.org/2011/10/polish-the-pearl-make-your-neighborhood-shine/