The Portland Condo Blog

Posts tagged “The Cosmopolitan

The $7,000,000 Portland Penthouse!

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A couple of days ago, Portland’s only $7,000,000 penthouse condo came on the market (actually $6,995,000)  This penthouse is on the 27th floor of the 28 story Cosmopolitan. The current owners bought 2 units pre-construction and designed it into one stunning unit that has almost 360 degree views.

What I like about this  beautiful Portland penthouse: I like the different feel of this condo from every other luxury condo on the market. While very white and somewhat sterile at first glance, I could see beautiful paintings and colorful glass artwork fill this unit  with  additional color.  The other thing I really like about this unit is the floor to ceiling windows that are everywhere around you…a very stark difference to what you will find in the new penthouse units at the new Vista!

What I don’t like about this unit: There is really not much to not like about this condo. If there was one thing, I would say the fact that it is not a top floor penthouse hurts it just a little. Penthouse buyer’s…especially those buying the most expensive in town tend to like to be on the top!

So, what about the $6,995,000 price tag? This puts it at $1626 a sq. ft. Obviously a very high number for Portland. Let’s compare it though to other penthouse units in Portland. At $4,700,000 the penthouse at the Metropolitan comes in at $1344 a sq. ft. maybe a little high only in that the interior is very traditional and buyer specific. Now let’s compare to those over at the Vista. No comparison! At $1222 a sq. ft., the Vista penthouses do not come close to what you are getting at The Cosmopolitan. First of all, as you have heard me compare before, the windows at Cosmo are much more desirable (floor to ceiling all around) compared to the limited windows at Vista. Also, as I have mentioned before, the Vista penthouses are very linear and views are more limited to the east and west. #2715 at Cosmopolitan is very open in it’s floor plan and especially sets itself apart in the tremendous amount of natural light. Combine that with the 3 mountain views and far superior city light views at night. In addition, you are  6 floors higher! Now will this get it’s lofty $1626? This is hard to say. While this unit is totally custom with the finest in finishes, nobody wants to be the first to pay a new record price. In the end, I could see the final sales price be somewhere between $6,250,000 and $6,500,000 which puts it in the $1453 to $1511. At these numbers, I would consider it to be a value if you are comparing it  to Vista at $1222…which I still believe to be high for what you are getting. Again, those units have been sitting for a long time now, unsold at those prices.

Will it sell for $6,995,000? It very possibly could as there are those out there that don’t necessarily want the best value…they want the best!

See more of this penthouse at : http://www.PortlandPenthouse.com and click on Feature Penthouse 2.

If you would like to view this condo, give me a call at 503-896-8856. There are a few requirements to view so call me to discuss

 

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Why are the Vista penthouses not selling?

This is question I have gotten several times in just the last week. In fact, I get questions about Vista frequently.

Three words…Priced too high!

When The Cosmopolitan went on the market, it was a very different market. Buyers were paying a premium, and they knew it! They were hoping at the time that the hot market would continue and that the values would catch up to the the prices they paid. They were lucky because that is what happened. Today, not the case! The condo market has slowed a ton. Last month, of all listings in the Pearl, over 50% of those listings had to reduce their price. Days on market for higher end condos is now over 100 days!  For many penthouses that have been on the market, we have seen multiple price reductions…not just one!

So, when I say that the Vista penthouse units are priced too high, I would like to support my comments. When The Cosmopolitan came on the market, I was very critical about the new building. The fact was that while I did like many things about the new building, I just had issues with the pricing.  With the Vista, I believe that some of the lower priced units are in line with the current market. The penthouse units are a whole different story.  For one, they are not like the cosmo penthouse units and do not deserve similar pricing. They are very linear and do not offer the floor to ceiling windows and views that you find in The Cosmopolitan. This is a big one because this is something buyers really like. In addition, look at the floor plans below. There is a stark difference between the amount of windows in The Cosmo compared to that of the Vista. In my opinion, this is why they are not selling! Also, the developers are asking 27th and 28th floor prices (The Cosmopolitan) for 19, 20 and 21st story units. I must say, I got a little giggle each time I saw the adds for Vista that asked “Ever wonder what the views are like from the Penthouse? My immediate thought was … ya, like the views from the 21st Floor at the Cosmopolitan that were priced at $875 a square foot…not over $1250 a foot! And to be honest, I do not believe that the Vista penthouse views are as good as the 19th – 21st floors at The Cosmopolitan.

The below floor plan is from the Penthouse #2815 at The Cosmopolitan. It offers panoramic views to the east with Mt. Hood and to the south with stunning city views!

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Now lets take a look at the Vista penthouse on the South side #2108 currently priced at $3,216,000 . It is very clear when you look at them side by side the difference in the amount of windows/walls.  Which is going to offer the better and more panoramic views…hands down it is Cosmopolitan #2815! In addition, #2815 is seven stories higher which adds tremendous value ( and if you remember, Hoyt put a premium of about $88,000 per floor above the 20th floor in the Cosmo).

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Now lets take a look to the East. In most buildings, having an east view of Mt. Hood gets a premium. But, when your views are out of windows like shown below from Vista #2108…is it worth it?

2815EasternViews

Options! If you are in the market for a Portland penthouse, you have options. Unlike when the Cosmopolitan went on the market, a buyer has many more options then at that time. Back then, inventory was very low. In addition,  condos are staying on the market longer and we are seeing many price reductions. If you are thinking about a penthouse purchase in Portland, here are a few good options:

1st: Pinnacle #1403  $2,488,000 –  While you will be slightly lower being on the 14th floor, I believe your views are really much better. With #1403, you get true floor to ceiling windows with exceptional views to the south and the nighttime city lights. This unit was recently remodeled so you are getting everything brand new just as if you were buying at Vista! Like the Vista penthouses, this one offers 2600 square feet.

2nd: This is a penthouse that I like a lot… The Elizabeth #1502 $2,950,000  Another unit with many floor to ceiling windows looking to the West Hills and the city lights to the south. This 2-level penthouse has tons of character. With 3443 square feet, it is much larger than all six of the Vista penthouses and compares more closely to #2815 at The Cosmo which has 3131 square feet. This one has been on the market for awhile now after several price reductions… and you might be able to pick it up for an even lower price.

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3rd: While this Portland penthouse is not in The Pearl District, it does deserve mention… #1301 at The Strand $2,395,000 – This 13th floor penthouse offers spectacular river, marina and city light views! Offering 3220 square feet with walls of windows, this unit offers some of the best daytime and nighttime views! If you can put up with some “white noise” from the rooftop deck, it offers stunning views…see below!

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In closing, I just want to say I am a fan of any new condo building in the Pearl District or any other area of downtown Portland. With any luck we will get other developers looking at our great city with plans to build something that is uniquely Portland. As for Vista, sales have been much slower this time around. As I mentioned, there are some reasonable values at Vista…just not at the penthouse level! I do not believe that the designs, layouts and views are worthy of the $2,821,000 to $3,335,000 pricing.

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

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Condo of the week…The Cosmopolitan!

This beautiful 28 story tower is the tallest condominium building in Portland’s Pearl District. To see available units in this building, call Brad Golik at 503-896-8856 or contact him at pdxluxcondos@gmail.com.


Luxury…at a value!

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Yesterday I listed a condo at KOIN Towers Fountain Plaza. With the “New and Shiny” buildings we have recently seen, like The Cosmopolitan, it’s nice to be able to go back in time a bit and revisit buildings like KOIN Tower. At the end of last year I sold a unit at KOIN/Fountain Plaza on the 27th floor for $1,750,000. It was a large unit with spectacular views. My new listing, just one floor below, and again, it provides some of the best views in the city! This northwest corner unit offers sensational sunset views to the west, amazing Mt. St. Helens and Mt Adams views to the north and Willamette River views to the northwest. This 1950 square foot unit has wonderful open spaces…and those amazing views! The best part of all, at $929,000, you are getting this for under $500 a square foot! Now remember, 26th floor views at The Cosmopolitan went for over $1,100 a square foot! OK, now the KOIN Tower is NOT The Cosmopolitan, but it represents luxury at a good value!

I believe we are at the beginning of a major transition in the KOIN building. Many of the original owners are gone and a newer, more thrifty demographic is buying in. There are not many condo buildings being built right now (The Vista) and I can see moving forward, many buyers recognizing the potential and value in a building like KOIN Tower/Fountain Plaza.

While current owners at the KOIN have not really participated in the run up of prices the last 10 years, buyers today will find a high quality building with unmatched views and will benefit tremendously moving forward. The area around KOIN Tower is also improving with several hotels with new restaurants, and a high- end grocery store. I cannot really think of a better time to buy at KOIN/Fountain Plaza than right now. To set up a time to see unit #2604, give me a call and be ready to be wowed by some awesome views! If you would like to tour this fantastic unit, give me a call today!

Video at:     Aerial KOIN Tower

Brad Golik is a condo specialist at LuxuryCondosofPortland.com and Total Property Resources, LLC. You can contact Brad at 503-896-8856 or at pdxluxcondos@gmail.com

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Vista Condominiums

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I have recently received a few emails asking why I have not written anything about the new Vista North Pearl. The answer, I guess, is that nothing seems to be too exciting about the project. And, not that it matters, but I have not had to deal with nasty emails from the sales manager at Hoyt Properties, who did not like my opinions on the Cosmopolitan!

So, what are the differences in the two projects? Well let’s start with the Cosmopolitan.   Contrary to what the sales manager said to me “I thought you hated this building!”, I NEVER said I did not like the project. What I DID say is that I did not like the pricing. (Great for the developer…not so great for the buyers). As it turned out, because of the low inventory levels at the time, they were able to capture those high prices. Again, the timing in the market was “perfect” for the developers. How about this time around with the Vista? Well, the market has changed and Hoyt will not have such an easy time selling units at excessive prices. As of the middle of last month, Vista had 95 units available (out of 153) or 38% of the units sold. Keep in mind, the Cosmopolitan was being marketed as the nicest condo building in town. Vista, from what everything I have heard, will be a notch below that of the Cosmopolitan in terms of finishes and the building as a whole.

Let’s start with the most popular corner, the SE corner, which was the first to sell out in the Cosmo. For comparison sake I will use units on the 14th floor. The Cosmo pricing for the SE corner on the 14th floor was $649 a square foot. The pricing for the Vista is 780. Now, a look at the NE corner 15th Floor (1517) in the Cosmopolitan was sold at $620 a square foot. The 15th floor unit at Vista (1506) is being offered at $750 a square foot. While the market eventually did catch up to the excessive prices at the Cosmopolitan, I don’t believe that the Vista prices should be selling at a premium like the Cosmopolitan. Units on the west side are pretty equally priced to that of the Cosmo.

Finally, let’s look at the penthouse units. At the Cosmopolitan, the range was from $950 a square foot to $1200 for the top floor 28th floor penthouses. For Vista, the range is $1052 to $1247. Let me repeat this one fact, the Cosmopolitan penthouses were being marketed as the best in the city in Portland’s most luxurious building! In addition, the top floor at the Vista it is only 21 stories. What is interesting here, if my memory serves me right, is that the units at the Cosmopolitan (floors 20 –28) were given a minimum premium of $88,000 per floor! At the time of this writing, I don’t believe that one of the six penthouse units at the Vista is pending. I cannot say that I am surprised. I would never pay anything close to what the penthouse units sold for at The Cosmopolitan. The Cosmopolitan is a superior, more elegant building (pitched as the nicest in the city) and there is no way prices at the Vista should compare! Again, this is just my opinion… or maybe not just my opinion. Ask any of the residents at the Cosmopolitan above the 21st floor and see what they say?

I am sure I will continue to get the cold shoulder from the developers’ sales manager…but am I wrong? I don’t believe so. Let me be clear. This is not personal but simply my professional opinion. As someone who understands condo pricing, I write about what I believe to be true and it might not always match the opinions of others, and that is OK!

There are things I like about the Vista. If you read my blog about the Cosmopolitan, one of the negatives noted was that many of the units had a very high ratio of hall space to usable space (many units were 12-14%) This is not the case with the Vista. Almost all the units are in the 4-8% range with the exception of the D4 Plan, the 08 stack) as it came in about 13%. In this case, you have a unit that is 1435 square feet and the unit has about 194 square feet of hallway space.

The Vista floor plans also provide MUCH more space to walk around the end of your bed in the master bedroom, a problem in many of the units at The Cosmopolitan. Another highlight of the Vista is its large deck spaces.

All in, I believe the Vista will be a nice building. As for the prices? The market will, in the end, determine the final prices. As of now, the lower units seem a little high and the penthouse units, I believe, are way too high.

If you are looking to buy at the Vista or would also like to look at other buildings, I am a condominium specialist and would be happy to show you available units. If you are thinking about selling in the near future, I encourage you to go to http://www.LuxuryCondosofPortland.com/marketing and learn a little about our approach to selling your condo!

Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Pearl District Properties. He can be reached at 503-896-8856 or at pdxluxcondos@gmail.com.

See aerial Drone footage of the Vista location within the Pearl District at http://www.VistaPortland.com


Head scratcher… say what?

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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 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


Condo of the week…The Cosmopolitan!

The tallest condo building in the Pearl! Welcome to The Cosmopolitan. Breathtaking views are the highlight of the Pearl Districts newest condominium in the North end of the Pearl Distict.

 

Brad Golik is a condominium specialist with Pearl District Properties. Find him at http://www.LuxuryCondosofPortland.com and pdxluxcondos@gmail.com  – 503-896-8856


And then this happens!

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Just yesterday I was having a conversation with two other agents who do a fair number of condo sales. The topic of conversation was the market and the consensus was that it has definitely seen a slowdown in pricing. With the increase in inventory, we are noticing a slowdown in terms of appreciating prices. In some cases, the pricing could even be slightly less than what we have been experiencing for so long.

And then this happens! Just this morning, on the MLS, a penthouse unit at The Casey went from pending to sold. The unit never hit the market. The sold price, brace yourself, $4.5 million cash! Unit #1503, is a 3667 square foot condo that faces the West Hills. Consider these numbers for a moment. At $4.5 million, this is $1227 per square foot! Let’s compare this to the recent penthouse sales at The Cosmopolitan. Now keep in mind, for comparison sake I will use the penthouse units from the 27th and 28th floors at the Cosmo. The combined unit on the 27th floor sold for $5,441,294, or $1216 a square foot. The two top floor penthouses on the 28th floor sold for $1215 and $1225 a square foot. These units are 13 stories higher and have superior views of the Mt. Hood, Mt St. Helens, the city and the Willamette River.

I will say, The Casey has always been one of my favorite buildings… but really? Is this unit worth nearly a million more than a 28th floor, true penthouse that is 13 floors higher? While the Casey unit does have around 400 square feet more space, (which does not really mean that much once you get over 3,000 square feet) the potential for having views blocked are much higher for a unit that is only 15 stories compared to a unit that is 28 stories. After all, one of the reasons people paid such a premium for these Cosmo units is the fact that the views will be protected much more by being that high up.

What is even more interesting is when we compare the sale of this unit to one that just recently sold at the Casey, unit #1602. This true penthouse unit one floor above has similar views. It has 3273 square feet and sold for $2.75million or $840 a square foot….WOW!

Contact Brad Golik at 503-896-8856 or at pdxluxcondos@gmail.com

Visit us at www.LuxuryCondosofPortland.com

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See Cosmopolitan views here: http://www.luxurycondosofportland.com/thecosmopolitanportland


The $6,000,000 penthouse condo?

6millviewThe $6,000,000 penthouse condo?

Will 2017 open the year with a $6,000,000 condo listing? And if so, which unit justifies a $6,000,000 price tag in Portland, OR.? In the last year we have seen the movement of several of Portland’s highest priced penthouse condos including the $3.8 Million penthouse condo at the new Cosmopolitan. Also, the most expensive sale of a condo in Portland, again at the Cosmopolitan, the combined 27th floor unit that sold for over $5,000,000!

So, what about this $6,000,000 condo? And, which building is it in? Well if you have $6,000,000 to spend and want to get the early jump on viewing this unit before it hits the MLS, give me a call! While I can’t disclose what building it is in (at this moment) what I can say is that it does have some of the most spectacular views in the city… and here is a hint, it has one of the most spectacular views “of” the city! If you want a nice condo with similar amazing views, for $2,500,000 less, don’t overlook the beautiful penthouse unit at The Westerly. I have said many times, the view from this building does not just look into the city of Portland…it looks over the city of Portland! And with over 4,000 square feet, it is one of my current favorites on the market right now. As for the $3,500,000 price? It could be a little lower considering that it’s next door neighbor just sold for $2,850,000 last year.

One sign of good news in Portland high end condo sales is that the Penthouse unit at The Casey finally went pending after 1 and a half years on the market. If you recall, this unit came on the market at what I believed to be an excessive price of $3,499,000. I would be surprised if it got it’s most recent price of $2,995,000 as it has been priced there for over 5 months now.

If you are in the market for one of Portland’s finest condominiums, give me a call. Part of good negotiating is having a good understanding of pricing. Many agents make the critical error of making a lowball offer on something that is fairly priced or priced low and has supporting comps. However, when something is overpriced we will fight to get you the very best price. Even when something is fairly priced, if the agent listens to things that are said, sometimes that can lead to clues that help the buyer get a great deal! And by the way…if you want the jump on that $6,000,000 condo, give me a call!

Brad Golik is a luxury condo specialist in Portland, OR. If you would like to view any of Portland’s nicest condos, call Brad Golik at 503-896-8856 or email at pdxluxcondos@gmail.com


In all fairness…

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In all fairness…

 I recently wrote in my blog about some issues at The Cosmopolitan in Portland. My comments were not warmly met by the folks at Hoyt Street Properties. In all fairness, I was only stating things that I have heard about going on at The Cosmo.

I do not want to come across as being totally negative on the project so in an act of diplomacy, I thought I would try an experiment. I do not want to just publish negative comments on this project so I am asking owners for some support. I would love to hear from new owners at The Cosmopolitan other than my current sources. I would love for you to send me an email ( pdxluxcondos@gmail.com) and share your experience with the new building… good or bad! Please let me know your thoughts. If it has been a great experience so far, let me know. If it has not been a great experience, please let me know why.

Again, in an attempt to be fair in discussing condo issues in the city, I would love to get your feedback and in turn, I would love to share your responses.