Here is a partial list of condo sales from downtown, Pearl to South Waterfront:
It’s finally here! The lawsuit at the Elizabeth lofts is coming to an end. The Elizabeth HOA and the company Victaulic Co. have come to a settlement. The terms of the settlement have not been disclosed and at this point it is not in writing as the two parties are still working on the correct language of the settlement. It is believed that Victaulic Co. does not want the financial terms to be disclosed to the public. My best guess is that it is because they are still in litigation with The Edge, Avenue Lofts and Benson Tower.
Owners of units at Elizabeth were looking at a possibility of some serious special assessments, ranging from $10,000 to $15,000. Now with the settlement in place ( we hope) the possible assessment could be closer to $500 per unit.
As we hear more on the settlement amount, terms and conditions, we will let you know everything we hear!
Portland Condos in the news!
In today’s Oregonian, there is an article about the current situation going on in the Portland condo market with regards to the lawsuits that are taking place. The root of the problem is a company named Victaulic Co. They were the supplier of the faulty plumbing gaskets, couplings and valves in a number of Portland high rise buildings!
In this article, one agent said he considers this to be a minor issue and “blown out of proportion”. This is not a minor issue!! It has affected many condo owners as well as the values of their units.
Tell the many condo owners that have not been able to sell their units over the last year that it is “blown out of proportion”. Tell the owners of units that could not re-finance when rates were below 3.5% that it was “blown out of proportion”. One thing to keep in mind as HOA’s begin their lawsuits against Victaulic, Portland is not the only city that this company supplied parts to. How many HOA association across the country are dealing with this situation? Can this company absorb all of the possible lawsuits? If not, are future assessments a possibility if settlements are not large enough to cover the potential cost? To say that this issue is a minor issue, is, in my opinion, is not an accurate statement at all. Again, tell owners at The Elizabeth who may have had to take a $25,000 to $50,000 or more hit on the sale of their unit because a cash buyer was able to have the upper hand in negations, that this is a minor issue!
see article at : http://www.oregonlive.com/front-porch/index.ssf/2013/08/four_portland_condo_buildings.html
Recently, owners at The Meriwether in South Waterfront, have been able to begin selling their units again. For some time now, it has been “cash only” as financing was not available during the homeowners lawsuit. Currently, home owners at The Elizabeth in the Pearl District are experiencing the same thing. The homeowners association filed a lawsuit against Victaulic, a company that supplied certain plumbing fixtures including valves, pipe couplings and gaskets that have since failed. The company and the homeowners have been in mediation to resolve the situation but are still a great distance apart. Recently, Wells Fargo has been able to lend on the property.
Today we are finding out that the homeowners association at The Edge Lofts in the Pearl District have filed a lawsuit for $1,500,000 against… guess who? Yes, another lawsuit against Victaulic for the same failing pipe couplings that were failing over at The Elizabeth. Rumor has it that as many as 10 additional condominium buildings may be filing suit against Victaulic. We will keep you posted as we hear more about which buildings are also affected.
It is often said that it is not “if” a condominium will file a lawsuit, but when! This is one reason it is important to work with a condominium specialist when buying or selling a condominium. As a specialist, we are in the market everyday and know what is going on in the market place. If you are in the market to begin looking at condos or lofts, give us a call today!
Brad Golik can be reached at 503-896-8856
Metropolitan penthouse is on the market!
Today, 2 new Portland penthouses came on the market! The first is a penthouse at The Waterfront Pearl. The second is a beautiful penthouse at The Metropolitan! Two very different units…and 2 very different prices! First, the penthouse at Waterfront Pearl. This is the second penthouse at Waterfront Pearl to come on the market recently. The other one was unit 1001A that came on the market in January and is listed at $1,049,000. The new listing is penthouse #1002 priced at $1,099,000 and features 1703 square feet of living space. Between the two listings it really comes down to the views. 1001A has river views mostly to the East and North. Unit 1002 has a little more panoramic river views looking Northeast, East, South and then city views toward the Southwest. If you are in the market for a penthouse condo, I would suggest adding them both to your “must see” list.
The other penthouse that is now on the market is unit PH3, one of the penthouse condominiums at The Metropolitan. PH3 at the Metropolitan is an exceptional penthouse property, in fact, I would list it in my top 2 of luxury condos on the market right now…. The other is the penthouse at The Westerly that we had written earlier about. PH3 offers sensational city views and is located in the heart of the Pearl District. Enjoy all that the Pearl District has to offer while living at the top of the world… at least this is what it feels like as you tower over surrounding buildings and enjoy the panoramic views.
This penthouse unit is very spacious with 3245 square feet, 4 bedrooms, 3 and a half baths. The floor plan is very open and livable. The finishes are some of the best in the city. The only downside, if you even consider this a downside, is that it comes with only 2 parking spaces. If you are a big car buff/ collector, you may be more excited by the 4 parking spaces offered by the penthouse at The Westerly. If you like elegant living in a spectacular building in the middle of everything that the Pearl District has to offer, the penthouse at The Metropolitan is calling your name!
If you would like to tour the above mentioned Portland penthouse condominiums, call Brad Golik at 503-896-8856. Brad is a condominium specialist at Windermere and owner of http://www.LuxuryCondosofPortland.com
** The Penthouse #1115 at The Edge in the Pearl District just reduced the price $50,000… now listed at $979,00 **
** The Penthouse #802 at Pacifica has sold. After several price reductions from it’s original pricing, it sold for $700,000**
** The Penthouse #708 at Bridgeport is now Pending after 255 days on market. After it’s second substantial price reduction (this time $50,000) it went pending at the listing price of $799,00, down $100,000 from it’s original listing! Stay tuned for final sales price**
We encourage you to work with us, someone who is “In” the condo markets everyday!
Forbes announces America’s Best Hipster Neighborhoods
See the full story and see how neighborhoods were selected.
The Pearl District is known for its art galleries and studios. It also has quite the java culture, with the second highest concentration of coffee shops per capita on our list. Farmer’s markets include the massive Downtown Portland market. Like Williamsburg, gentrification has led to higher costs-of-living in the area, with luxury Portland high rise condos emerging on the streetscape and warehouses converting to massive loft residences.
Condo and loft sales for the Portland area from The Pearl District down to South Waterfront continues to move along nicely. With 43 sales in the +$200,000 market we are pretty much staying steady with where we have been on the monthly totals the last few months. July could be very different though as we currently have 90 properties in a Pending status for this area of the condo and loft market.
Lower end condos outpaced the high end this month with no closings over the $1,000,000 mark. The low end of the market certainly looks as though we have hit bottom with newer listings in some areas getting multiple offers. Part of the reason for this seems to be the low inventory we are seeing which is somewhat unusual for this time of year. One possible reason for this low inventory seems to be that more people are renting out their condos instead of putting them on the market…somewhat of a catch 22 here. The rental market is hot and monthly rentals have gone up. Now with inventory low, sellers are able to push their price a little as choices for buyers are limited. Not a bad time for owners to sell with current inventory under 4 months!
Are you thinking about selling and would like to know what your condo or loft is worth?
Give us a call today and we will also share with you what we feel is the best condo marketing program in the city!
To quote just about every lawyer I know… “It depends!”
The reason I say it depends is that it depends on who helped you with the purchase of your condo. Was this agent a condo specialist?
If not, I would recommend using a condo specialist. The agent you used in the past may be a very good agent that did a decent job in assisting you with you purchase. (and by the way…I always recommend working with a specialist when you are looking to make a purchase!) The difference really comes down to knowledge and marketing. An agent that spends his time specializing in a specific niche, like condos, will usually have a much better understanding of pricing. After all, this agent looks at every new condo that comes on the market everyday and will develop a pretty good understanding of what is priced correctly and what is not. An agent that does not specialize with condos maybe evaluating prices of homes in Lake Oswego one day and then Forest Heights the following week.
As an agent that specializes with condos, I take great offence to the agents who believe that is ok to put a condo into the MLS and wait. Now don’t get me wrong, any agent can sell a condo…but at what price? As someone who specializes condos, my marketing is geared towards condo buyers EVERYDAY! I believe that for an agent to get top dollar for his seller, they need to do substantial marketing… especially when it may be a difficult listing. I believe that the key to marketing anything is to get your product more exposure and make it STAND OUT…the more people that see it will increase the odds of getting a better price. Also a key factor in marketing anything is to “target” the right buyers for that product. An agent that spends their time trying to find home buyers everyday is not marketing and looking for condo buyers on a daily basis. This is what we do!
Our approach is very different than most agents but it is an approach that is effective. At LuxuryCondosofPortland.com, the use of our websites generates over 2,000 visitors a month, and the majority of those are searching for…. you guessed it, condos!
The next topic we will cover: Now that you have decided that it is smart to go with a condominium specialist, which one should you choose to list your condo?
Many condo sellers will want to push the pricing on their condo or loft when they go to sell it… many times even when their Realtor advises against it. What often happens is that the seller will usually end up chasing the market down! A case in point, a beautiful Jeffrey Lamb http://www.jlambstudio.com/ designed condo, one of my favorites, at Park Place in Portland finally went Pending after 440 days on the market. This fantastic condo was originally priced at $1,195,000. The listed price when it went pending was $997,000. So the best case scenario…it sells at list price. Even then it will have sold for more than -16% from it original list price.* While it may appear that the sellers were getting $198,000 less than they were hoping for, let’s look at the real numbers. If the sellers would have priced it closer to market value at the time, maybe $100,000 to $150,000 less, it would have had a very good chance of selling in 3- 6 months somewhere in the $1,050,000 range, instead, it will sell for (again best case scenario…$997,000) The sellers would have made about $50,000 more than what will be the reality. What is often overlooked though is the cost of carry! The sellers had this condo at Park Place on the market for over 15 months. Now let’s say they put a couple hundred thousand down when they made their original purchase. This would have given them a monthly mortgage payment in the $5,000 a month range. The HOA fees were about $705 a month and taxes were about $850. So the actual cost to carry for the 15 months was about $98,000. Had they sold in a 6 month scenario like mentioned above, their cost to carry would have only been $40,000. In the end they could have netted an additional $110,000 or more than what will actually happen.
( ***This unit actually sold for $945,000 or -21% off of it’s original list price)
So what does all of this mean?
As a real estate agent, my job is to try to sell your condo for the highest possible price and do it in a reasonable time period. Time and time again we see sellers trying to “test” the market with an overpriced listing and having it come back to hurt them in the long run. Here are a couple of thoughts to think about when selling.
Lead the Market… don’t chase it! The end result, unlike the above example, it will result in a quicker sale saving you on mortgage payments, HOA fees and taxes. Also, a home that is priced correctly will attract more serious buyers who are ready to pull the trigger and make a full price offer for fear of losing a “decent” value.
Increased Response… When agents see a new listing come onto the market that is priced correctly, they will make special efforts to tell their buyers about the unit. The end result will be more showings with qualified buyers.
Less Inconvenience… Let’s be honest here. Nobody enjoys having strangers walking through their home. In addition, it takes much time and energy to keep your home in “Show” condition as well as constantly having to make arrangements to leave for showings.
Great Internet Marketing… Do NOT underestimate the importance of this one fact. 93% of buyers begin their search on the internet. Work with an agent that is a condo specialist and most important, one that has strong internet exposure! If you own a mid to high-rise condo in Portland and plan to sell, do some research. Think like a buyer and search on Bing and Google and do searches like serious buyers do. Search for “The Casey Portland” , “Encore condo HOA fees” , “Atwater Place amenities“. What do you see show up on these searches? What you will see is a couple us agents who specialize with condos. This is where you want YOUR LISTING to show up …right? What you won’t find are agents that are usually selling homes in Beaverton or Lake Oswego!
Bottom line… if you are selling your condo or loft, work with someone who has marketing that is targeted to condo buyers EVERYDAY!
I believe that marketing is the most important thing when selling your condo. But remember, on overpriced condo can easily have you selling your condo for far less down the road than if you would have had it priced correctly from the beginning!