The Portland Condo Blog

Posts tagged “The Casey Portland

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.


Portland Condominiums & Lofts

Brad Golik is a condo specialist with LuxuryCondosofPortland.com and Total Property Resources in the Pearl District. You can reach Brad at 503-896-8856 or at pdxluxcondos@gmail.com


1st video at new company!

As many of you know by now, Pearl District Properties has shut it’s doors. I am still in the Pearl District and now at Total Property Resources!

 

Brad Golik is a condominium specialist working in Portland’s Pearl District, Downtown and South Waterfront.


New Elizabeth Penthouse Listing

BrokerBlast

Last night I listed a penthouse unit at The Elizabeth. If you are in the market for an amazing place in the heart of the Pearl District…check out the video: http://video214.com/play/7vdRuUinppTpWTplmLajfg/s/dark

For a private showing, please call Brad Golik at 503-896-8856

 


Atwater Place Penthouse

Everyday I bring up the Portland condo list to see any new listings, see if anything has gone pending and to see if old listings have expired or were canceled. Sometimes what I see just makes me shake my head in disbelief. No question, this is a pretty hot market and I do see people paying more than they might normally do. And, while I do not believe we are at a peak yet, it is certainly not a time to let my buyer’s grossly overpay for a property either. Today, a new penthouse came on the market. This is a penthouse at Atwater Place in South Waterfront. The price is $2,700,000 and it is priced at $1000 a sq. ft., the same as what you are seeing at the brand new Cosmopolitan on the Park. Except that at the Cosmo, $1000 gets you up to the 27th floor in a brand new building!

Atwater_Place_Penthouse

Awhile back I wrote about three penthouse units that were priced in the $3,000,000 range. The first was the 3.8M penthouse at the Cosmo, which I thought would be the first to sell ( it just went Pending again this week). The first one to sell was actually the penthouse at The Elizabeth that was priced at $2,995,000. I represented the buyer on the purchase. You might have read in my blog “Who says it’s a seller’s market?” about the great price my buyer got for that unit… $2,200,000 fully furnished. The third one, and it’s still on the market, is at The Casey and still priced at $3,249,000.

I mention these three units because all three tried to push the $1000 ft barrier. I mentioned I thought the Cosmo would be the first to sell for a few reasons. First, it is a brand new building and brand new buildings always get a premium. Also, at 3.8M this is a property where the buyer can afford to “overpay” and are ok in doing so in order to have “The Best”. The penthouse at the Elizabeth was actually the first to sell and it sold for under $700 a ft.

In mentioning these three units, it helps clarify the pricing on the new Atwater Place penthouse. For one, it is not a new building…so no premium here. 2nd, it is not in The Pearl District…again, no premium here! (While I do like South Waterfront, the Pearl always gets a premium!) Also, keep this in mind, Unit #2403, a NE corner penthouse at Meriwether just went pending at $1,675,000 (598 sq. ft.). It was slightly larger and on a higher floor! At $1000 a sq. ft. the Atwater penthouse is just priced high. Sure, being a penthouse with great river views does justify a high price. (It does have outstanding outdoor living space) Will it sell? Sometimes there will be just the right buyer that loves the place, and the buyers agent usually sells homes in the suburbs and does not understand if a unit is priced high or not. The answer… you never know!

625

Another listing that was recently brought to me that is not in the MLS is one of the iconic townhomes on 11th in The Pearl. Before I mention this one…I want to show you a few of the comps first. Two units, with 2698 sq. ft. recently sold. One for $1,850,000 the other for $1,900,000. A third sold ( 2 units combined with 3888 sq. ft) for $2,425,000 , or $623 a sq. ft. The third had many high end custom finishes and was designed by the exceptional designer, Jefferey Lamb. Ok, drum roll please…. The new listing , #621 which is 2698 sq. ft… is priced at $2,600,000! Are you kidding me? When I questioned the agents pricing, he mentioned that all three of the comps were going through substantial remodeling. Ok, lets use the combined unit that sold for $2,425,000. Let’s say the new buyer decides he wants to put in an additional $400,000 in remodeling. This would still put this unit at $726 a sq. ft. , or $237 a sq. ft. less than #621 which is at an absurd $963 a ft!

Now you know why I just have to shake my head sometimes in the mornings while looking at new listings!

My purpose of writing about some of these overpriced units is not to beat up on them, but only to help educate buyers so that they don’t overpay for a unit. If you are a buyer in the market for a Portland condo, I know this market inside and out, especially the high end of the market. I would love to help you find your next dream condo so please, give me a call and we can begin to turn your dream of owning a luxury Portland condominium, into a reality…for the right price!

Brad Golik is a condominium specialist with Pearl District Properties. His area of focus is The Pearl District, South Waterfront and Downtown Portland. Brad is a founding member of Condo10 and an expert in internet marketing. You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com ,  www.LuxuryCondosofPortland.com

 

 

 


Same agent that helped me buy?

So you’ve decided that you are ready to sell your condominium. The next step is deciding what real estate agent you should use to help you sell it. One thing I see happen over and over again are the seller’s using the same agent that helped them buy the unit originally. Is this a good or bad idea? You are thinking that when you bought the unit, the transaction was reasonably smooth so you want to use the same agent. Again, is this a good idea or bad? The answer… it depends!

The factors you should consider when selling your unit are very important because buying is very different than selling. One of the most important factors is whether or not the agent is a condominium specialist or not. Should you hire an agent that is not a condo specialist? My answer is NO! And the reason is simple… these agents just do not know the condo market! Most important, and this is a big one, their day to day marketing does NOT cater to condo buyers. As a condo specialist, my marketing is targeted to condo buyers EVERY SINGLE DAY! This is IMPORTANT! A typical agent can not just flip a switch and fill their pipeline with condo buyers. Typically, they spend one day in Beaverton and the next in Lake Oswego. It is very hard to be an expert in the entire city. Actually, it is impossible! That is why I specialize. So I can be the best that I can be and truly understand my market.

Knowing your market is very important for a listing agent. What I see often from agents that do not spend time with condos, is a lack of understanding of pricing. I will be honest, if you were looking to sell a house in the Alameda area of Portland… I am not your guy! Why? Because I don’t understand the market as well as someone that works that area. Pricing can be substantially different in that area by being 1 to 2 blocks off of certain streets. Same goes with condos. I get calls all of the time from “suburb” agents trying to pick my brain on pricing because they know I have done a lot of condos and know the market. Do I like to get these calls? Absolutely not! It is very frustrating to see a seller put their trust into an agent that does not understand the market. To make it even worse, I go crazy when I see that same agent get the listing and don’t use professional photos to market the condo! It happens EVERYDAY, and it is usually because the seller was comfortable with the agent when they bought the place. So is this the right agent to list and sell your condo? Definitely not.
Portland_Condominium_pride

If you have read my blog for any length of time, you have probably heard me say “Any agent can sell your place…but at what price?” This is so true. I am a firm believer that good marketing makes a difference. It works for NIKE, Coca Cola, and Johnson & Johnson. Why do they continue marketing like they do? Because it works! Buyer’s are willing to pay more for something that is presented in a nicer way. Same can be done in real estate. If you can make a sub par listing look better than it is, you will get more people through the door. If a lazy or cheap agent does not pay for professional photos, the chances are the condo will not look as good as it could and it will lead to less people coming through the doors to look at it and in turn, the seller will get lower offers.

Now let’s say that original agent also does a fair amount of condos. All I need to say here is look at the previous paragraph! Marketing matters!


Who says it’s a “Seller’s” market?

Elizabeth_LoftWe have all heard recently how crazy the market is lately. We have heard that it is a Seller’s market and that there are no deals to be had. Wrong!

Yesterday, my client closed on the purchase of a beautiful new Penthouse condo at The Elizabeth. Originally priced at $3,299,000, my buyer closed on this unit at $2,200,000…FULLY FURNISHED, and the furnishings were stunning! After 10 months on the market, this penthouse was most recently priced at $2,995,000. I have been in this business a long time now and I must say, this has to be one of the best purchases I have seen… and this in a “Seller’s Market”!

One reason that I want to bring up this purchase is to talk about the importance of correct pricing when you put your home on the market. It is great to try and push the price a little in this market…but there is a very fine line! There are many penthouse units in the market that right now  are becoming stale because they were priced way over the market price. The Penthouse at The Elizabeth was one of them and you may recall my blog posting when that unit originally came on the market. If you did not read about it “Luxury Condos and Portland Penthouses” in November when I wrote about it…here is what I said:

“Topping the list is the largest of the penthouse units at the Cosmopolitan priced at $3,883,000. If I had to guess, this will be the first one to sell of the three penthouses that are in the $3,000,000 price range. The other two, the penthouse at the Casey priced at $3,499,000 and the penthouse at the Elizabeth priced at $3,298,900 are very overpriced in my opinion. ( so is the one at the Cosmopolitan…but it will eventually sell very close to its asking price). The other two are priced in the $1000 a square foot vicinity. This is way too high, in my opinion!”

Now I am not patting myself on the back for being right about the pricing… (because I was VERY wrong saying the Cosmo would have difficulties selling) The reason I point this out is to let seller’s know that when you overprice a unit, it will cost you more in the end because the unit becomes stale and lowball offers will start to come…much like our offer on The Elizabeth penthouse after it had been on the market for 10 months! If you are a buyer that is looking for a luxury condo or penthouse and would like to hear our negotiation strategy for this purchase, give me a call as I would love to assist you in finding a great unit! If you are an owner that is thinking about selling, I would love to sit down with you and share my marketing program with you. I truly believe that I have the best marketing program for condos in the + $500,000 market!

If you are a buyer in the luxury end of the market and possibly looking for a penthouse, please give me a call because I believe with the sale price of $2,200,000 at The Elizabeth, ( the most recent comp) the other units in the market that are priced at $2,000,000 or higher will be getting a pretty big dose of reality and need to adjust pricing or at least be willing to accept a realistic offer!

Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Pearl District Properties. He is also a founding member of Condo10.

If you are in the market to buy or sell a Portland condominium, give Brad a call today! 503-896-8856 or pdxluxcondos@gmail.com  http://www.LuxuryCondosofPortland.com

 


Luxury condos and Portland penthouses!

We have all heard the market in general is doing pretty well in terms of units selling reasonably quick. That is if they are priced correctly! Condos in the $300,000 to $700,000 price range have done well and there is not much current inventory. This is the reason they are selling reasonably quickly. How is the upper end of the market doing… units that are priced from $750,000 and up? Inventory levels in the Million dollar range is much better than the lower range. For example, in the $600,000 to $700,000 range there are only seven listings! In the $1,000,000 + area of the market there are 25 listings. How are the Million dollar listings selling? Very well, if priced right. Units that are not priced right will languish on the market and eventually, very typically, get punished with lowball offers. A great example of this scenario is the penthouse at Envoy that was just recently sold…after many years on the market. The last offering price on that penthouse unit was $2,249,500 it sold this week for $1,807,800…20% off its list price! In this market, with low inventory it is smart to price your unit on the high end of a range but there is a fine line and if you cross this line, it can cost you in the long run.

Portland Condos

In the high end of the market, units are selling. Three of the last $1,000,000+ units that have sold were cash buyers. This is something we have seen as very common the last year.  In the highest end of the market there are several really nice units available. Toping the list is the largest of the penthouse units at the Cosmopolitan priced at $3,883,000. If I had to guess, this will be the first one to sell of the three penthouses that are in the $3,000,000 price range. The other two, the penthouse at the Casey priced at $3,499,000 and the penthouse at the Elizabeth priced at $3,298,900 are very overpriced in my opinion. ( so is the one at the Cosmopolitan…but it will eventually sell very close to its asking price). The other two are priced in the $1000 a square foot vicinity. This is way too high, in my opinion, for units only on the 16th and 14th floors. Part of what you are paying the high price at the Cosmopolitan penthouse, is the likelihood of your views being uninterrupted. This happens when you are 28 floors up, not so much when you are on the 14th floor.  I happen to really like the unit at the Elizabeth and would love to show it to clients but when priced so high over the market, the reality of the sellers taking a realistic offer, which would be substantially less, is less likely to happen. The current price just scares buyers away from even viewing it! If it were priced right out of the gate, chances are, in this market, it would be sold by now!  If you are a buyer in the upper end of the market, a unit to not overlook is the penthouse at The Westerly priced at $2,950,000. This is the most spacious of the penthouse units with 3662 square feet. On top of that, two massive decks that offer some of the best outdoor living of any condo on the market! Not only are the views here better than the Cosmopolitan views ( remember, The Westerly, at a higher elevation looks OVER the Pearl District …kind of of like living on the the  80th floor of the Cosmopolitan… if it were available!!) the massive deck space makes entertaining an amazing event with these killer views! If this is a penthouse unit that you would like to view, give me a call because it is always a treat to show it to clients!
3UpWesterlyThe Westerly Penthouse

Rounding out the “near” $3,000,000 range,  while not a penthouse, is one of the most unique! The combined townhome in the iconic townhomes along 11th is a pretty special home. In August, the pricing on this townhome was reduced from $2,975,000 to $2,775,000. It offers 3888 square feet of living space with room for 4 cars to be parked. In addition, this townhome will not be burdened with the monthly HOA fees of the others, which run between $1,500 to $1,900 a month. While this townhome has yet to sell, I believe because of its eclectic design, the right buyers will come along and when they do they will be buying a pretty special place to call home.

Brad Golik is a luxury condominium specialist with Pearl District Properties. If you would like to view any of the above mentioned Portland penthouse condominiums, call Brad at 503-896-8856.

You can visit his website at http://www.LuxuryCondosofPortland.com

http://www.Condo10.com


Prices in the Market Today

When you write in a blog, sometimes you will make statements that are right and other times you may be wrong. This is the risk that you make when you put yourself out there. At times I will mention that I think a unit that comes on the market might be overpriced, underpriced or priced just right. In the case of the new Cosmopolitan, the market has spoken! From the very beginning, I have said that I felt the Cosmopolitan was overpriced. Was I wrong? Well, the Cosmo is now about 85% sold out. The market has absorbed those high prices, prices that I mentioned were higher than Seattle’s Insignia development. How could I be so wrong? For the developer, Hoyt Street Properties, their timing was the perfect storm, in a good way. Not only did interest rates not go up as many have feared, they actually went down. The biggest reason the developer was able to capture these high prices… LACK of INVENTORY. This is where I was dead wrong in predicting what would happen in the market. I don’t believe anybody would have guessed we would have continued with the low inventory that we have continued to have.

InventoryLevelsDown
Typically, as prices rise, owners who were underwater begin to see some equity and sell as prices begin to go up. This time around, it has not happened! This was the perfect storm for Hoyt. In regards to pricing, it really is the market that determines the price. Because buyers had no other options, they were forced to pay the high prices at The Cosmopolitan. In doing so, the developer never had to reduce prices like I thought they were going to need to do. So was I wrong in my saying they were priced too high? I am sticking to my guns in terms of my opinion on pricing. Again, I don’t determine prices nor does the developer, it is the market. Is Portland ready for $1000 a square foot prices? I still don’t believe so. Several agents have tried pricing a couple nice penthouses in town at the $1000 a ft. level and they are not selling. The real determination of pricing will come when these units go into the resale market. This has been my biggest fear in not wanting to put my clients in this building. While some are certainly willing to take that risk, it is hard to determine what the market will do between now and then. What I do believe though, is if the market were to turn around, I believe it will be very difficult to get the $800 to $1200 a sq. ft that the buyers paid. When things aren’t shiny and new it is more difficult. Will the extra height of the building justify those prices then? I am not so sure. The new Overton apartment building, which is slated for 26 floors, takes away some of the theory of not getting views blocked by being in a 28 story tower.

PriceUPayWhite

So was I wrong on pricing? Like I said, the market has spoken and the developer has won! However, somebody asked me the other day if my parents moved up from San Diego, would I sell them a unit there? My answer… NO!  I would do exactly what I said was an option early on. I would rather find them a nice unit at The Metropolitan, Park Place, The Henry or The Casey at $600 to $800 a sq. ft and have them put $100,000 to $150,000 into it. That way they would have the dream kitchen they want (which is not ultra contemporary) and they could do some other things to make it exactly how they want it. They could have a unit that I believe would far exceed, in terms of finishes and design, what they would be getting at the Cosmopolitan. And not that the ultra contemporary finishes at the Cosmopolitan are not nice, Pedini cabinets, your only choice, are just not for everybody’s taste.

To finish up I want to add just one thing. Everybody that is buying at The Cosmopolitan is not just buying an investment, they are buying their new home that they plan on living in for many years. So for those people who don’t have plans or need to sell anytime soon, they will be living in a very nice building in a very nice part of the Pearl District.  They will be in a building that offers many nice views and a building near several close by parks…it will be a nice place to call home!

Brad Golik is a condominium specialist with Pearl District Properties. I you are thinking about listing your Portland condominium, give Brad a call and learn about Portland’s best condo marketing program.
503-896-8856  l  WWW.LuxuryCondosofPortland.com


Elizabeth Penthouse for Sale!

Yesterday I went and toured a number of  new listings in the Pearl. One of them was one that I had mentioned in a previous blog post, a penthouse listing in The Elizabeth. When I wrote about it the first day it came on the market, my comments were that it was way overpriced. This may have been a little premature now that I have seen it in person! At the time, I was basing it on the fact that it is a NW corner, not a SE or NE corner. The deck while reasonably spacious, looks into, not over 937. It is in The Elizabeth, not The Metropolitan, The Casey or the new Cosmopolitan. And finally, when I looked at the pictures of the unit, which were/are terrible, they did nothing to suggest that this was a $3, 299,000 listing! More on the photos later.

After viewing the unit I am changing my price opinion, if anybody cares. On a scale of priced rightfairly overpriced to way overpriced, I am adjusting my opinion to fairly overpriced from way overpriced.  Why the change? When you walk into this unit it is stunning! You get something that the unprofessional photos don’t give you, a little bit of the WOW factor. This is a big reason you may have heard me talk over and over about great pictures. The agents current photos do absolutely nothing in terms of me saying “Wow, I have to see this place!”

Elizabeth Penthouse

Now the reality of the pricing. While this unit is stunning when you walk in, part of the wow factor comes from some of the owners furnishings and their sense of style, which is very nice! But, once you take away all of the beautiful furnishings, it would be hard for anyone to walk in and envision a $3,000,000 price tag. (which is $300,000 less then asking) At $3,000,000, you are looking at $909 a square foot. $900 a square foot puts you on about the 24th floor of the new Cosmopolitan. The 14th floor at the Cosmopolitan comes in around $650 a square foot. Now obviously, you would not price the Elizabeth penthouse in the $650 a square foot range because it is a penthouse, so there is a premium to factor in. Now, rumor has it that the seller’s of the The Elizabeth penthouse are selling because they bought two units to combine on the 23rd floor of the Cosmopolitan, which sells for about $850 a square foot! So, they were willing to pay more to be on a higher floor? Why do you pay more to be on a higher floor? The two biggest reasons are that you get better views and the second is that the chances of your views getting blocked by a new building are much lower. The chances of getting your views blocked at The Elizabeth at some point in time are very real because it is only on the 14th floor. Does it deserve a price per square foot of $1,000? No way! Does it deserve $850? If I am the buyers agent, I would be pushing for something in the $800 to $850 range in today’s market.

If I were the listing agent and trying to maximize my clients value, I would be giving them the very best marketing available so that they could try to achieve  a premium price over the true market value! This starts with GREAT PHOTOS and great marketing that give the listing the wow factor before a buyer ever walks in the door. Photos that make the buyer say “Wow, I have to see this place!”

If you would like to view this penthouse unit or any other unit, call Brad Golik today to set up a tour. Brad is a condo specialist doing business in the Pearl District, Downtown and South Waterfront. If you are thinking about listing your condominium, call Brad and see why he believes that great marketing can play a big roll in the price you get when you sell your Portland condominium!


Portland Condo Sales for March

Condo Sales for March

 Portland Condo sales for March were strong considering how low our inventory is. In the month of March there were 63 sales in the area that I cover, which is from Pearl District, Uptown, Downtown to South Waterfront. This includes all condos and town homes priced above $200,000. To compare, February had sales of 37 in that same area. What is very interesting though is not the increase in sales of 70%, which is not unusual for this time of year, it is that there are currently 122 pending sales. Now 122 pending sales is nothing unusual, however, what is unusual is that this is the first time since I started writing in my blog that the pending sales actually exceeded the Active listings! Currently there are only 110 Active listings in my designated coverage area.
Portland condo sales

With numbers like this it could increase the numbers for appreciation in our area. While it was expected to see growth slow down some, the numbers may be higher than expected. It is certainly a sellers market with the low levels of inventory we are seeing. What will be important is the number of units that normally hit the market this time of year. As I mentioned, being a sellers market, this has been a huge windfall for the developers of The Cosmopolitan as they are getting buyers to plunk down a non refundable deposit for high priced units because of the fear of not being able to buy resale units at other buildings. If we were in a normal inventory market, I guarantee we would not see buyer’s overpaying for units.

If you are one of those buyers who may be looking for an upscale, high floor unit and looking to pay above $1,500,000… be patient! Next week I will be listing a unit that will be priced in the ballpark of $560 a square foot. A comparable unit in the

Cosmopolitan will cost you upwards of $1,000 a square foot! In my listing you could do a $250,000 remodel and still come in under $615 a square foot. Yes, sometimes patience does pay!

Brad Golik is a condominium specialist with Pearl District Properties.

Specializing in Portland Condos , Portland PenthousePortland Town Homes, Portland Highrises, upscale buildings including The Casey, The Metropolitan, Park Place, The Henry, The Westerly and many more!


The Cosmopolitan on the Park pricing… Part ll

In my last post I expressed my opinion on the pricing of the new 28 story condominium, Cosmopolitan on the Park. The feedback I have gotten back has mainly been very supportive of my article with a majority of people totally agreeing with my thoughts. Not all agreed with me though. One undisclosed comment ( perhaps someone with the development company?) thought that Portland was ready to support these prices. One even went as far as to say that they thought I might have an ax to grind with the developer. This could not be further from the truth. As an agent that specializes with condominiums, I was as excited as anyone for this new project to rise from the ground! With low inventory levels, the idea of having a new project to sell was just what I needed! I cannot sell something that I don’t believe in or something that I view as a financial risk to my clients. I may have some clients that might still make an offer but at least they will be going into it with a good idea of the market risk involved.

With that said, let’s just jump to the facts. To date in 2014, 35 condos have been sold in the $1,000,000+ price range. Now remember, these are the best of the best in the Portland condo market. The average price per square foot of these 35 sold units was $579.  Only 4 of the 35 units sold above the $700 a sq. ft. level. Two of these were at The Casey, one was a penthouse unit at The Gregory and the other was a penthouse at The Henry.

Now to do our best to compare apples to apples we will take the average price per square foot of only the 2+ bedroom units at the Cosmopolitan because that is the case with our top 35. The average price per square foot of all the 2 bedroom units at the Cosmopolitan…. Drum roll please, $739 a square foot! That is $160 a square foot higher than the best of the best. Now keep in mind, a penthouse unit will often carry a higher price per square foot than typical units and a good portion of our top 35 units were penthouses and still the average was only $579!

 Cosmopolitan_Prices

The fact is that I just believe this project is overpriced for the Portland market and I believe the above numbers supports my beliefs. The real estate industry is really supported by comps and the numbers above, and market demand, do not justify the prices being asked. One person suggested because they were not paying buyers agents enough that my opinion was somewhat skewed. While the developer is paying substantially lower than the project I mentioned last week in Seattle as well as the hot new twin towers project, Lumina in San Francisco, sales credit has nothing to do with my opinion. What it does have to do with, in my opinion, is the greed factor. Cutting back to what they pay the agents that have helped them with past projects, and charging over-market prices to condo buyers is a win-win situation for the developer! Many years ago I interviewed the CEO of what was at that time the largest real estate company in the world. What he said to me still remains in my mind today. He said “The best real estate transaction is one in which everyone wins!” In this current situation…only the developer wins… that is until they need to reduce prices to get the project done!

Since our last blog post last week there have only been 3 additional sales at the Cosmopolitan, now with a total of 36 sales. These 3 units were 1 bedroom Garden level units priced in the $400,000 range.

If you have questions about the Cosmopolitan or would like to look at some of Portland’s other great condos, give me a call at 503-896-8856 and we can set up a tour or just discuss opportunities in the Portland condo market.

Brad Golik is a condominium specialist and can be found at www.LuxuryCondosofPortland.com


The Cosmopolitan… If you were my client I would say “WAIT”!

Cosmopolitan on the Park

Since my last post on The Cosmopolitan, my tune on the project has changed dramatically! Why is this?

Several things actually. First and foremost is pricing!!! This project is almost like a tale of two cities. You have the city of $600 a square foot and then the city of insane pricing of $700 to 1199 a square foot!

When I wrote my first post on this project it was directly after the Cosmopolitan had their grand opening. After the first week and a half they had 32 sales, which is pretty typical with the euphoria of any new project. As of Monday morning of this week….they are at just 33 sales!

Let me start with my main issue and that is their pricing… It is higher than the new building Insignia in Seattle! Seattle’s condo prices have always been higher than Portland’s and I know that condo market very well up there. The first tower of this dual tower project is only 60% sold after a year and a half of marketing. This is a building that offers stunning Elliot Bay views. Speaking to my fellow  www.Condo10.com friend and condo specialist Jim Stroupe of the Stroupe Group, he said the downtown condo market in Seattle is being driven by Amazon (a downtown headquartered company) that will be bringing in over 50,000 jobs to the downtown area. My point here? Isignia has not been a huge sellout ( only 60% of tower 1), even with the awesome amenities being offered (see tour below) and the downtown job force. In addition, many of the sales at Insignia have been Chinese investors, something we don’t have a lot of in Portland.

The Cosmopolitans pricing up to about the sixteen floors for two bedroom units is very high in my opinion, but above the sixteenth floor it just gets ridiculous! When Insignia, which I believe will be a superior building, is selling for $700 to $800 a sq. ft and The Cosmopolitan jumps to over $800 a square foot for the NE 19th floor unit, something is wrong! On the SE corner units the pricing is at $1,507,000 for unit #2015. This is $850 a sq. foot! And it quickly jumps to over 900 a sq. ft. Pricing from the 19th floor jumps $88,000 per floor! Crazy!

For comparison sake, if you go back a year and a half and look at Portland’s best, most expensive condo sales, you only have 2 condos that sold in the $800 a sq. ft. range and one of those was the penthouse at 937 which was $805 sq. ft. The penthouse PH3 at The Metropolitan sold for $690 sq. ft.! Most of the top 20 sales were in the $500 to $700 range…and these are some of the best units in some of the best buildings like The Metropolitan, The Casey, 937 and The Henry!

My second issue with this project is the marketing of the project itself. I believe it has been very thrown together and not very well thought out. The developers have not been overly agent friendly (they are paying buyers agents 1% less than Insignia is paying the agents in Seattle) They have not presented this project in the most professional manner. They currently do not even have a website up and running that shows buyers what they are getting for their overpriced units. Going back to Insignia (who has hired the Mark Company to do their marketing) they show buyers in many ways what they are getting, from aerial views from each floor to a video like tour http://www.insigniabybosa.com/#/tour . These are things that should be done before you start selling a multi million dollar project! I would be much more inclined to drop down $1,500,000 if I could get a visualization like this instead of just a few samples in a showroom. Once again Hoyt has chosen to use their in house sales force. In addition, they are forcing buyers to get pre-approved with an individual at Wells Fargo… who, as I understand,  happens to be married to the Sales manager at The Cosmopolitan… no conflict of interest here?

Condo Views

What am I doing with my clients? If they are looking at units in the $500 to $600 a sq. ft. range I think that is marginally ok to make a purchase because if the market runs up, they will eventually be at market price…a risk though. Anything that is above $700 a sq. ft… I will be telling them to wait or I will find a unit at The Metropolitan,937, The Casey or one of the other very nice buildings in town. Here is a thought. Instead of paying $1,950,000 for a 1773 sq. ft. non -penthouse unit at the Cosmopolitan, you could spend $1,700,000 for a penthouse at the Waterfront Pearl that has great water views and night city light views and 3300 sq. ft.! One more thing to add here. The developer is asking $3,757,000 and $3,883,000 for the 2 penthouses with amazing 28th floor views. If you remember a while back, the penthouse at The Westerly that was priced $1,000,000 less, had the most spectacular views in the city (4 mountain and city view) and it didn’t sell at that price!

Bottom line….In my opinion, this building is way overpriced and I will be telling my clients…and others to wait. They will have to bring their prices way down! For those who have already put down earnest money, I feel bad because there are no escape clauses in the Hoyt Street in-house contracts that allow for them to bail if the developer reduces prices. I especially feel for those 6 buyers out of 33 who paid $800 to $1000 a sq. ft. With any luck if the developer does reduce prices maybe, just maybe if they have a heart, will reduce your prices as well!

For me personally, this is a tough situation because I believe with correct pricing I could easily sell $10,000,000 to $15,000,000 of this project and it would put me in a nice situation when the project closes in mid 2016. Instead, I would rather protect my clients best interest! I believe that if buyers held tough, over time the developer MUST reduce the prices to something in the realm of Portland condo pricing!

 

Brad Golik is a condominium specialist in Portland and has sold condos in both Portland and Seattle.
You can find him at http://www.LuxuryCondosofPortland.com
503-896-8856


A Classic Overpricing!

Back in March I wrote about a luxury condo that came on the market that I said was “way” overpriced. In fact. I took a little heat for my comments about that listing! This particular condo at The Casey came on the market for $1,699,901. When I ran my comps on that unit at the time the market value I had was $1,350,000. In my article I wrote about the potential problems with overpricing a unit so much. What I said what would probably happen is that the condo would stay on the market for awhile with little to no showings and then the agent would have the owner drop it $100,000. That would still not be enough so they would again drop it another $100,000. Then what would probably happen is it will get “Stale” on the market and when it does get an offer it will be a lowball offer!

Here is what actually happened with that condo:

It was originally priced at $1,699,901. After a month of no interest, the owner dropped the price $100,000. After another month had passed, and no interest, the agent had the owner drop the price another $100,000…now down to $1,499,000. After another couple months they finally got an offer ( yes a lowball offer) and it closed finally after 6 months on the market at $1,315,000, or another $184,000 off of the most recent list price!
The Casey Condominiums

Now I didn’t have a crystal ball that told me exactly what was going to happen, but I have been in business long enough to know that this was a classic overpricing and you could just feel what was going to happen. At the time it originally came on the market, inventory was low. While I said the market value was $1,350,000, the owner probably could have pushed the price to $1,400,000 and ended somewhere between that number and $1,350,000. While the owner, at the end accepted an offer for $1,315,000, his end number was actually worse because of his cost to carry. While it was on the market for 6 months, he still had to pay property taxes ($916/mo.) HOA fees ( $1,067/mo.) and mortgage payments ($5,000/mo.) total additional cost of $41,900 netting him an actual number of $1,273,100 before actual closing costs.

As a good listing agent, I always want to maximize the total return to the seller and I will always try to push the price for my clients. I am not an agent that promotes “SOLD in 2 days!” because that in my eyes is not always a positive! There is a fine line between pushing the price a little and overpricing a unit. In pushing the price a little, this is almost always a case by case situation depending on the listing and the timing of the market. More often than not, an excessive overpricing usually leads to a number well below the market value of where it should have sold!

The other comment I would like to make in regards to overpricing, if you are going to push the price a little, make sure that you have GREAT marketing. This starts with great professional photos and much, much more. Nothing is more frustrating then seeing a condo that is overpriced and has lousy marketing. At least with really good marketing you will increase the traffic to your listing and increase the probability of getting a better offer.

If you would like to know what the value of you condo is in today’s market CLICK HERE. Or give a call today to Brad Golik, Portland’s condo specialist! 503-896-8856


Professional Realtor?

Professional Realtor?

The other day I was at meeting with many other fellow real estate agents and overheard one of the agents talking to a group of other agents. Here is what she said: “I am so tired of people not considering us as professionals and viewing us 1 step above a car salesman!” I found this to be very interesting and only supported a belief that I have, and that is the fact that many agents are not very professional! As I looked at this person, one thing instantly came to my mind. Here she was at a “professionals” meeting and she was wearing jeans and looking anything but professional, as were about 3/4 of the agents there.. ( Have you ever watched House Hunters on HGTV? Many times you will see the same thing!) The second thing that came to my mind was the fact that I had just taken my car for an oil change at the Cadillac dealership. While there, I noticed the salesman. Every one of them had a suit and tie on!

The point I want to touch on here is if you want to be considered a professional, then act like one. No, wearing a suit does not make you a professional, but it is certainly a step in the right direction. The funny thing about the real estate business is that you have many different types and quality of real estate agents. The true professionals (usually dress everyday like they may meet a potential client that day) make a point to learn the business. They understand contracts, learn strong negotiation skills, have strong marketing skills. In other words, they take the time and make the effort to become a true “Professional”. Last week I went to view a million dollar condo for a client. I was pretty shocked when I showed up to see the listing agent in jeans who was trying to sell a million dollar condo. Again…a suit does not make you a professional but come on people. You want people to consider our profession as professional, start acting like it. You do have cultures within companies like Nike and Intel where it is appropriate to dress more casual, but we are not Nike and Intel.

Portland_Professional_RealEstate_Agent

There are over 8,000 real estate agents in the Portland area. Many more are becoming agents because they think it is an easy profession to make money in. (and they will soon learn how wrong they are.) Many of these agents are part time agents ( though you will NEVER hear that from their mouths!) It is very difficult to be a professional at anything unless you are giving it a majority of your time and you are spending that time to improve your skills.

If you are a seller or a buyer of a new home… hire a professional! If you are looking to buy or sell a condo, I would love the opportunity to interview for the job! If you are in the suburbs and looking for a “Professional” agent, give me a call and I will gladly direct you to a true professional.

Here is my take on professionalism in the real estate business. Professionals are good at what they do and they are worth every penny they charge! The ones who are not, and I believe that is a majority, can cost you plenty in a transaction.

It pays to hire a true professional!

Brad Golik
Portland Condominium Specialist
503-896-8856
pdxluxcondos@gmail.com

http://www.LuxuryCondosofPortland.com
http://www.BradGolik.com

 

 

 


Some recent sales in Downtown Portland!

Here is a partial list of condo sales from downtown, Pearl to South Waterfront:

Portland Condo Sales 2014


What’s going on in the condo markets?

If there is one thing I have learned from writing a blog, it’s that you can’t please everybody! When I started writing my blog originally, the purpose was to give good, objective advice so that potential buyers and sellers could be assisted in making solid decisions when it came time for them to buy or to sell their Portland condominium. Over the last couple years I have gotten tremendous positive feedback and at times, not so positive feedback. Most of the negative feedback will come from someone in a building in which I made a comment that does not support a price of a listed unit in that building. ( after all, everybody would love for any unit to sell above it’s market price in their building) Earlier this year I wrote about a unit in the Casey that I thought was way overpriced. (and I am not going to mention the unit #) In my blog I mentioned that when a unit like this gets overpriced it will sit on the market with no traffic or offers. After some time the owners will drop the price $100,000 to try and get traffic. After dropping the price and still not getting traffic, the owners will drop it another $100,000. Well guess what has happened to this unit? The unit has had 2 price reductions of $100,000 each and still no sale. What has happened though is another unit in the building came onto the market that was correctly priced at $1,375,000 and it received an offer in 42 days and is currently pending. While this unit was 230 square feet smaller, and $124,000 less, it was also on the 15th floor looking due East…fantastic views! It was very fortunate for the listing agent of this unit that he was able to use the other unit on a lower floor to help sell his Casey listing!

If a buyer is out looking at condos and is a frequent reader of my blog, I feel they will be able to pick up some very valuable advice and be able to make a better informed purchase when the time is right. Again, my comments in my blog will not always make everyone happy but I think the majority will get much more of a positive experience than negative.

What looks good out there right now? Well it depends on your price point. There are still some pretty good deals being had over at Waterfront Pearl, in fact, last month they sold a considerable number of units in the higher price points. What about Penthouses? My favorite listing on the market right now is the penthouse unit #1405 at The Elizabeth…this is a fantastic unit! (and no…this is not one of my listings! ) With a recent price reduction of $100,000, I will say I was a little surprised that the penthouse unit over at Park Place sold first! That unit, originally priced at $1769,000, dropped it’s price to $1,650,000 and received an offer a month later. If you would like to schedule a time to view the beautiful penthouse unit at The Elizabeth, give me a call today and we can get it arranged.

How about in the under $600,000 market?Pacifica Tower

If you are looking for a value in a luxury condo with great river views, you might want to check out unit #209 at Pacifica Tower. Because of the surrounding construction going on, this unit is priced under $600,000. You will not find anything like this unit in the Pearl for under $600,000. Not only does this unit have a spacious deck that looks out onto the Willamette River and has amazing bridge views, it also has a huge master suite…something very rare in condo living!

There are more units that are now starting to hit the market. If you are in the market for a new condo, give me a call and we can set up a tour of available units. If you are thinking about selling your condo, we truly believe we have some of the best, if not the best, condo marketing around and we would love to sit down and share with you how we are very different than the typical real estate agent out there!

 

Brad Golik is a Portland Condo Specialist!

Please visit: http://www.LuxuryCondosofPortland.com


Portland Penthouse…Portland’s top 5!

Portland Penthouse Watch

 

What is happening in the upper end of Portland’s condo market? Let’s start by looking at the top 5 most expensive condos in Portland that are currently listed. The most expensive, at $2,495,000, The Envoy penthouse. This beautiful penthouse has become like an old friend…because it has been on the market for so long now we have come to know it well. While certainly a unique property, this condo seems to be cursed or it is just the fact that it seems to always be priced just above the market as it has consistently chased the market down.

In the number 2 spot, is one of my favorites and priced at $1,995,000, unit #1405 at the Elizabeth. Listed in late April, this special unit features killer views to the East as well as north to Mt St. Helens. If you are in the market for a luxury condo in Portland, this one deserves a look! Give me a call and we can set up a showing as soon as possible.

Portland Penthouses

In the number 3 position is a penthouse we wrote about in mid April when it came on the market. With it’s price reduced $250,000 since that time, now priced at $1,950,000, this penthouse located on 14th street still seems to be priced high in my opinion. With about 300 square feet less than our number 2 penthouse, this unit just seems to live much smaller. And while boasting an 800 square foot terrace, the noise levels next to the freeway prohibit any relaxing times with peace and quiet. Also, when paying over $1,900,000, most buyers will not like the fact that owners at the two buildings next door look down on this property!

In the number 4 spot, Unit #1001 at Waterfront Pearl. Earlier this year, I had written about the unit directly below this unit, #901, it recently sold for $1,650,000. Unit #1001 is now on the market and listed for $1,759,000. While a spacious unit with over 3100 square feet, it does have one slight negative for this price point and that is the privacy could be a bit of an issue for some as the building next door does look directly into this unit. With that said, it does have fantastic river views, in addition, when you stand at the windows of this unit you feel that you are standing right on top of the river!  In addition to the 3 bedrooms a den and 3.5 baths, this unit has a large room that would be perfect for a large media room!

At #5, this penthouse unit at Park Place, offered at $1,650,000 offers a wonderful outdoor living area. While the living area itself is nice, it does not come with a ton of the “Wow” factor.

In addition to Portland’s most expensive penthouse condos, I did want to mention a unit that I think represents value and is also a very nice unit. This is the new listing at the Casey, unit #1501. If spectacular views are what you are after, look no further! If you are in the market, give me a call soon and we can set up a showing of this beautiful unit. This is a unit that I think will sell reasonably quickly and one of the reasons I think this will happen, other than the great views, another unit in this building is priced a quarter of a million higher than this unit, and while the other unit is slightly bigger, the 15th floor views will win people over! I also believe the pricing of the other unit will actually help the sale of unit #1501.

 

So there you have it. Some of Portland’s best penthouse condominiums on the market today! Again, if you are in the market to buy one of Portland’s finest penthouse condominiums or one the fits more into your budget, call Brad Golik today. It does not cost you anything more to work with a condo specialist!
Brad Golik, Condo Specialist


It’s not always roses here at The Condo Pulse!

One of the things that I do appreciate when writing in a blog is the feedback that I get. Some of it good and sometimes bad. I don’t really mind when I get negative comments because it is expected whenever you are giving your opinion on something. I do realize my opinion will not always line up with others. Today was one of those days where I got, not really a negative comment, but one where they did not agree with me…and that is ok! Recently in my blog, I mentioned that agents that don’t use professional photos don’t deserve to list higher end listings. This is something I strongly believe. What I believe I said was that someone who was going to make $20,000 to $30,000 to “market” a Portland penthouse listing priced at $1,000,000+ and did not spend $200- $300 for professional photos, did not deserve to have that listing. I STILL think this is true!

The person who sent me the comment said he had just seen a condo priced at $970,000 that sold in a week and did not have professional photos… and yet it still sold quickly! Well, I believe I know what unit he was talking about, and yes the photos were terrible! Yes the unit did go pending in a short time even with bad photos. Sometimes that happens. Here is my point. Why would you not do everything possible to make your listing stunning and stand out from all of the others and try for a higher price. I also believe that someone that is so tight that they won’t spend money on photos will also cut back their marketing dollars in every area like staging, print ads, internet marketing, professional graphics etc. Even though this particular unit sold in a short time, how do we not know that if it could have gotten more people to look at it had it looked more attractive online? Could great photos have gotten 3 more buyers through the doors? Could it have gotten several offers that may have boosted the price some? Personally, I prefer to do professional photos for every listing whether it’s $400,000 or a $3,000,000 penthouse! ( a good example of this is a small studio listing I just brought on the market for $305,000… www.PacificaTowerCondo.com )

Portland Luxury Condominiums

The point here that I want to make is if you have the ability (and small amount of money) to make a listing beautiful and stand out from all of the others on the market, why would you not do it? I will say it again, it is a huge disservice to the sellers when an agent does not give his/her very best for the client. There are good agents out there that are professionals and truly try to do a good job for there clients. If I do happen to not get a listing over another agent, I hope it is to an agent that puts his clients first and does everything possible in terms of marketing, not only because it’s the right thing to do… it is what we are being paid to do!

Show me an agent that is not spending money for professional photos and I will show you an agent that does not care!

 

Brad Golik is a condo specialist working in the Downtown, Pearl Distict and South Waterfront areas of Portland.
If you are looking to buy or sell a luxury Portland condominium, call Brad at 503-896-8856 or email him at pdxluxcondos@gmail.com


Did your last agent spend any money on your listing?

Recently I was asked by a fellow Realtor why I spend so much money on my listings. My answer was simple… I told her “because they pay me to MARKET their home!”

If you have followed my blog for any length of time, you will know by now that I am a huge believer in doing a great job of marketing. You have also heard me say that “Any agent can sell your condominium… but at what price?” Everyday I see new listings come onto the market where I see that the agent has done a less than professional job of marketing someone’s condominium listing. To me, this is a big frustration as I still do not understand why? Sometimes the sellers choose the agent who helped them purchase their condo, sometimes sellers are referred to an agent (often to agents who rarely sell condos and do very little marketing). You have often heard me say that a real estate agent who does not pay for professional photos on a million dollar listing does not deserve to “Market” a million dollar listing! (Honestly, I feel the same about $250,000 listings as well) Today a new listing came on the market that was priced over $950,000. The listing agent did not use professional photography! I have a buyer that wants to see this particular building and is in this price range. I had to tell my client to disregard the photos and that we should still take a look at the unit. If they were just judging the unit by the bad photos, they may have never looked at this unit!

Portland condos

In past postings on my blog, we have played a game called… guess the $1,000,000 condo! Today we are going to do it again… just to make a point! Below are two links to 2 different condo listings. Although one is on a Windermere site, it is not a Windermere agent ( we do not want to disrespect the agent by posting their name). When you click on these links, do not look at the text, only the photos. Which one has better photos? Which one makes you want to see the listing? Which one looks like a million dollar condo?

 

http://www.windermere.com/search#!/mlsnum:14487141

http://video214.com/play/vxEpevm0BwNvOQmJh3X7gw/s/dark

 

Which one looks like a million dollar condo? Well if I’m being honest, neither of them do. Which is really too bad for the one that is because it is a nice unit. As for the $305,000 studio condo, It may not look like a million dollar condo either but we do everything we can to make it look like a million… including professional photos!

If you plan on listing your condo in the future, give Brad Golik a call to see a full marketing program that will be designed just for YOUR condo!
503-896-8856
pdxluxcondos@gmail.com

http://www.LuxuryCondosofPortland.com
http://www.BradGolik.com

 

 


Certified Condominium Specialist (Press Release April 9, 2014)

Brad Golik of Windermere Northwest and LuxuryCondosofPortland.com has distinguished himself in the field of (luxury) condominiums and townhomes sales by earning the prestigious Certified Condominum Specialist® designation. This national designation is given to select real estate agents who have demonstrated the specialized education, market knowledge, competence and experience in successfully and effectively listing and selling condominiums, townhomes, and other forms of common interest developments (CID).

The certification and designation are offered by the Council of Condominium Specialists®  which is the national, premier independent authority in assisting real estate professionals in providing high quality service and superior market expertise to the buyers and sellers of condominiums and townhomes (CIDs).

Brad Golik is the first real estate agent in Oregon to receive the Certified Condominum Specialist® designation!

 ccslogo_sm

The designation indicates the recipient real estate agent has worked diligently to complete essential real estate training and has met specific performance standards to demonstrate expertise in their local condominium/townhome (CID) market to provide the high quality real estate services his clients deserve. Real estate sales are a complex and challenging field to begin with,” said Candy Peak, Director of the Council of Condominium Specialists®, “but selling a property that is in a common interest development (CID), which involves both an individual and shared ownership in real estate, such as a condominium, townhome, planned development or any other property that is part of a homeowners association, requires an agent with the specialized real estate knowledge and expertise to professionally navigate a buyer or seller through the intricate path of common interest development ownership and sales.

“My commitment is to provide outstanding service to my clients,” said Golik, and “the Certified Condominium Specialist® designation ads additional benefits for my ability to meet the needs of condominium and townhouse buyers and sellers in my area. My membership in the Council of Condominum Specialists® Network also provides me with the marketing tools and networking capabilities that bring added benefits to my clients.”

For current information on condominium and townhome sales in your neighborhood and to receive a market evaluation on your property, contact Brad Golik at 503-896-8856 or through email at pdxluxcondos@gmail.com . You can also visit http://www.LuxuryCondosofPortland.com


Working with a Condo Specialist!

Today I saw a listing come on the market that prompted me to write in my blog on the topic of working with a specialist. The listing was a condo in the Pearl District that came on the market priced at $1,699,901.  (901?) Well the 901 is not the issue…interesting, but not the issue. The issue is the crazy price! This is a floor plan I know very well. It is also a floor plan that has MANY comps to support the pricing and where it should be. The o2 stack in this particular building has had 2 sales in the last year and 3 recent pendings. I currently have some buyer’s coming into town that will be looking in the $1,000,000 price range and this could be a perfect unit for them… except for one thing, the price! I called and spoke with the listing agent to see if there was a typo on the pricing ( yes, I really did!) He said to me that the pricing is correct. I asked him how he came up with the pricing on this unit. He told me that a unit (#1002) just went pending at $1,999,000 (and finally sold for $1,837,000)  Well this is an 02 stack but it is also over 500 sq. ft. larger with many additional amenities to it.  The agent had 5 very good comps to use and selected the one that doesn’t make any sense!  The 02 units with the exact same floor plan as this particular unit sold for: #202…6 floors lower…$825,000, #602…2 floors lower…$899,000. 2 of the same units also just went pending (perfect comps!!!) #302 went pending priced at $925,000 and unit #502 went pending priced at $975,000. Now something can be said that the high priced unit is on a higher floor and looks over the apartment building next door, certainly worth an extra $100,000 over unit #502. The Casey Portland I did question the agents reasoning on his pricing and mentioned that I would probably not show it to my out of town clients because it was so overpriced. His comment to me “That’s fine”. Really? When a property is so overpriced, reasonable negotiations are often very hard to come by, either the seller is not realistic or the seller’s agent has given the seller unreasonable expectations and then the seller won’t move off of their price. Well the topic of this blog post was “Working with a specialist”. The agent in this case is not a condo specialist and is in fact an agent from Hillsboro. In his defense of pricing, he told me that he has priced plenty of properties! This may be the case but he has NOT priced many downtown condos. What is the problem that seller might have by not working with a specialist? Well in this case. This unit runs the risk that it will not get shown because of my reasoning above. When it doesn’t get shown over time, the price must come down. What will probably happen here is the agent will drop it $100,000, and it still won’t get shown so he will drop it another $100,000 and it still won’t get shown. At this point the listing starts to become stale and it loses all of it’s WOW factor. Eventually. The price will get down to where it should have been to start. At this time you will start to get the lowball offers because it has been on the market for so long and it ends up selling for well below where it should have sold if it where priced right from the beginning. This agent clearly does not understand pricing in the downtown condo market… much as I would not be an expert in pricing Hillsboro properties!  In addition, because this agent doesn’t normally work with condo buyers, he doesn’t have the marketing in place that has been targeting condo buyers for any length of time. To me, this is a BIG reason to select a condo specialist to represent you in the sale of your condo or loft! If you are a buyer and would like to see this beautiful unit, my advice to you, be patient! The price will come down. Call me and I will fight for a price that is realistic and makes sense for both you and the seller. http://www.LuxuryCondosofPortland.com http://www.BradGolik.com


Portland Penthouse Update!

Portland Penthouse Update How are Portland penthouse sales going since the beginning of 2014? There has been some recent activity in penthouse units that have been on the market for sometime now. Last week, the two remaining penthouses at Encore got offers and are now in a Pending status. Unit #1606, priced at $1,850,000 and unit #1604 priced at $1,580,000. These units have been on the market a long time but patience may have paid off for the developer as these two units when sold will still have gotten over $650 a square foot. ( will keep you posted when they do close). In comparison, Unit #805 at Pacifica Tower was finally sold. Originally priced at $1,500,000, the agent then dropped the price $150,000 after only 1 month to $1,350,000. The sale closed last week at $1,228,900 … or only $455 a sq. ft.! This was a massive 18% off of the original list price! This is only slightly higher price per sq. ft.  than a couple of the regular units recently sold for at Pacifica! I am not sure why the agents at Pacifica were not able to get something closer to the numbers the two penthouses at Encore got. Sure, Pacifica is not in the Pearl, but $200 a sq. ft. difference is HUGE for VERY comparable penthouse units! PenthouseUpdatePacificEncore Other penthouses that are still on the market vary from the very attractive unit #901 at Waterfront Pearl which offers over 3,100 sq. ft and priced at $1,850,000 to the grossly overpriced penthouse unit #1601 at The Civic. The Civic unit, with only 2102 sq. ft, and located in what is not the best location is priced at $1,450,000. In my opinion, this unit is at least $200,000 high…maybe more. And the recent sale of the unit at Pacifica, with fantastic water and bridge views… and 2700 sq. ft and selling at only $455 a sq. ft. is going to kill any hopes of the owners getting anywhere near it’s list price of $1,450,000!   If you are in the market for a Portland penthouse or other Portland luxury condominium, please give us a call and we will set a tour for you to view Portland’s finest condominiums! Give me a call today at 503-896-8856.


Park Central – Pearl District

Today I went to a luncheon put on by Hoyt Street Properties that was an introduction to their newest proposed project, Park Central in the Pearl District. The Park Central high rise building will not only be the newest condominium  building to come to market, it will also be the tallest. Park Central, as it is in the works now, will rise to 28 stories with the top 3 levels being the penthouse levels. At 350 feet tall, it will easily be the Pearl Districts tallest condo building to date.  Plans for this new Portland high rise are lofty as it will be the most expensive condominium in the Pearl District with prices rising to over 700 per sq. ft.

Over and over again, buyers talk about the importance of outdoor living space. Park Central will not disappoint! With many homes featuring an atrium like deck space for maximizing the natural daylight.  Also, your outdoor living space will be incomparable with the podium level rooftop garden area. With outdoor fireplaces and sitting areas to expand your outdoor living space from the confines of your own condo. BBQ with friends on the pleasant summer evenings 4 floors up from the hustle and bustle on the streets below. The outdoor living space on the rooftop of  podium level offers a secure and comfortable space for residents to enjoy.
Park Central OutdoorSpaces

Today’s meeting was in part, a time for the developers to learn from agents what it is that their buyer’s want the most.  With a building in the price point where it is expected to be,  Park Central will have to have it all! Harwood floors throughout, high quality appliances, quality fixtures, cabinetry that is of the best quality, fireplaces and unique floor plans that will have some “Wow” factor when you walk in the door!

If you currently live in the Pearl District and think that this could be a building for you, don’t hesitate to give me a call. I can give you a good market analysis of your current condo or loft.  In terms of buying a unit at Park Central, let me work to negotiate the best deal for you. Remember. The on-site agents with the developer are there to sell you a condo but they are working for the best interest of the developer. I am there for YOU! If you are currently living in a house and thinking about downsizing, I would be happy to sit down with you and discuss all of the positives and negatives of condo living! Don’t think of it as downsizing so much… how about funsizing!
Park_Central_Condominiums
Keep in mind, we are still very early in the starting phase of this project. Move in dates are still most likely two years out. The developers are still trying to gage the market on what it can afford and for what buyers want in a new luxury condominium. As a condo specialist with a focus in the Portland luxury condominium market, I would be happy to assist you along the way from when the developer begins taking pre-sale orders all the way through until move in!