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
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.
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!
The 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
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!
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 email@example.com . You can also visit http://www.LuxuryCondosofPortland.com
Please click on the link for the recent Oregonian news story on the settlement at the Elizabeth condos in Portland.
Want to sell? For a FREE market analysis, call Brad Golik today at 503-896-8856!
As the buyer of a condo, you want your purchase to be the very best possible deal that you can get. More often than not, going in with a super low ball offer is not the best suggestion. In a recent transaction I had, in which I was the listing agent, the condo sat on the market for some time as the seller just did not want to drop their price. After awhile, the rising market did catch up with our price and not only did we finally get an offer, we got 3 in the same weekend. For an example, we will use fictitious numbers.
The condo was listed for $575,000. The first offer came in at $510,000. This was a ridicules number based on recent comps available to us. We sat on the offer with no real intention of giving a counter offer as it was just not a serious offer. We told this to the other agent and just as we did, we got another offer that came in at $550,000. We told the first agent that his buyer needed to step up with a serious offer if interested. He came back with an offer also at $550,000. In these situations, we often go back to the buyers and let them know we had identical offers and if they wanted the home then they needed to put their best foot forward. As this was taking place, a third offer came in. As it played out, the second offer that came in at $550,000 came back with an offer of $557,000. This was very close to the number where the sellers were willing to sell at. The final offer that came in made their offer at $559,000. The first offer that came in…the one that was originally the $510,000 offer came in at $560,000, the highest of the three.
After reviewing the offers, my sellers choose to go with the offer of $559,000. Mostly, they did not want to deal with the person that gave them such a low offer originally, even though they came in at the highest price. In the end, my buyers choose the middle offer because they thought the buyers were nice people, they were expecting a new child and they had fantastic credit!…and the guy that offered them $510,000 originally, made them mad!
A lesson to learn: If you are going to give somebody a lowball offer, make sure you understand the possible consequences. Also, know your numbers! If you are going to make any low offers, make sure you have comps in your hand that justify a low offer! The comps can at times provide an upside potential for you the buyer if you can buy it right! That happens when a buyer is prepared by knowing the comps or if there is a situation involved that forces a sale at a low price.
When looking to buy a new condo, it pays to work with a specialist that knows the market! In my next blog posting we will discuss if there still any deals in the Portland condo market. Hint: Yes!
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
May was the busiest month we have seen in awhile in the downtown condo
Market. Compared to Aprils 54 sales, we finished the month of May with 91 sales ( This is in our typical coverage area of the Pearl District, Downtown and South Waterfront and with prices of $150,000 and higher). Of those 91 sales, just 30% were condos and lofts priced above the $500,000 price range. There was tremendous activity in the lower price range this last month, especially in the $150,000 to $300,000 range. In the upper end of the market, condos were selling… and selling for cash! 3 of the top 4 highest priced units sold for cash including the Penthouse at The Metropolitan that we had written about earlier that sold for $2,240,000. The Penthouse at Bridgeport that went on the market for $1,149,000 was sold for cash at a price of $1,075,000. That penthouse condo at the Elizabeth that we thought was under priced at $925,000, sold for just $900,000!
Where do we go from here? We have seen prices go up and as we do, we will start to see more inventory come onto the market as people gain a little more equity in their homes. We have also seen a pretty big boost in interest rates to over 4%. Will this slow down buyers? While it’s not 3.5%… It”s still pretty darn good! If you are in the market to buy a new condo or loft, prices will only continue to increase, although it may be at a slower pace than what we have seen this first half of the year as prices were pushed by the pent up demand. If you are looking to sell your condo, remember, correct pricing and good marketing can mean the difference between getting the price that you want or something that could be much lower… don’t under estimate the power of good marketing. In other words, don’t just select the agent that helped you buy your condo. Select an agent that has a great marketing program that is directed towards condo buyers everyday! And remember, it doesn’t matter if you are selling a $1,000,000 Portland condo or a $300,000 condo, you deserve great service and more than an agent that will put your listing in the MLS and wait! We go above and beyond in our marketing because you deserve it! You have worked hard for your money… and we believe we should do the same!
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
At 225 feet tall, the Metropolitan is the tallest building in the Pearl District offering sweeping views of the neighborhood, Tanner Springs Park, Jamison Square, The Willamette River, mountain peaks, downtown and the west hills. The unique design of the slender condominium tower allows a majority of the units to be exclusive corner units, maximizing views and daylight for unit owners.
Situated in the center of the Pearl District, between NW 10th and NW 11th Avenues and NW Lovejoy and NW Marshall Streets, The Metropolitan is adjacent to the newest of three planned parks in the Hoyt Yards neighborhood, Tanner Springs Park, and is on the Portland Streetcar line. The Metropolitan is within walking distance to countless restaurants and shops and just minutes from Downtown.
The splendor of The Metropolitan includes extensive amenities: a two story travertine and wood clad Lobby, concierge service, club facilities including a lounge with individual wine storage and a wine bar, a library for relaxing and entertaining, an exercise room, conference facilities, and guest suites. The Club facilities also include a second floor roof garden, extensively landscaped, areas for relaxing, for parties and the guest cottage serves a dual purpose as a support space for summer parties.
The LEED Silver building has high performance energy efficient mechanical systems and glazing systems, storm water retention for landscape irrigation, the incorporation of durable, low-maintenance materials and the use of healthy materials and abundant natural ventilation for improved air quality.
If you would like to tour the available units at The Metropolitan, or information on the Metropolitan HOA fees, call Brad Golik of Luxury Condos of Portland at 503-896-8856.
If you like the Metropolitan, you may also like The Casey, The Elizabeth or maybe the new Penthouse at The Westerly.
Welcome home, welcome to The Metropolitan in Portland!
The Henry is located on Couch between 11th and 12th. It consists of 123 Condos that
were built in 2004. This half block includes a retail base of approx. 11,000 sq.
ft. on the ground floor with three floors of parking above and 11 stories of
luxury condominiums. Situated in The Brewery Blocks at the entrance to
Portland’s Pearl District. The Henry Condominiums received gold LEED certification from
the U.S. Green Building Council, becoming only the third residential building in
the United States, at the time it was built, to achieve this rating for
sustainable design and construction. Portland
condos in the heart of the Pearl District.
Location: Pearl District
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!
Portland Condo sales for November
Condo sales for the month of November dropped nearly 25% from the previous month in which there were 48 sales in the Downtown, Pearl District and South Waterfront areas. In the Portland condo market in these areas, with units priced above $200,000, there were 36 sales for November. Taking the #1 spot for Portland condo sales for the month was 937 Condominiums in the Pearl District with 5 sales. Following 937 with 3 sales was The Elizabeth Lofts with 3 sales, The Metropolitan with 2 sales and Atwater Place also with 2 sales.
An important trend to look at is the number of Portland condos and lofts that are selling at more than 5% off of their original listing price. This can happen typically, for one of two of the most common reasons: 1st , sellers believe their condo is worth more and won’t budge on their pricing…until they HAVE to. Often leading the sellers to chase the market down and eventually selling for less than they could have if the unit would have been priced correctly from the beginning. 2nd, in competitive situations with competing agents, some agents will “Buy” the listing! What this means is that the agent will tell the sellers their unit is worth more than what a competing agent may have stated the value at. The overpriced unit will then sit on the market with very few showings and then the agent, after forming a relationship with you, will then “encourage” you to lower the price! When this happens, many times the unit becomes “stale” and the price reductions just continue. This, unfortunately, is something that is done by only a few and is a huge disservice to our industry and most importantly, a huge disservice to you, the seller.
A prime example of what can happen with a listing can be witnessed this month with a unit at The Metropolitan that recently went pending. Originally priced at $899,000, this unit was priced over $100,000 more than a similar floor plan a few stories lower. Had it been priced more competitively with the lower unit, say $40,000 more than the lower unit, it very well could have gotten an offer closer to it’s list price. Now, after chasing the market down, it most recently went pending at $800,000 and will most likely close somewhere well below $800,000. ( Update*** This unit SOLD for $770,000… only $10,000 more than the unit 5 floors lower***) This will be between 11-14% off of the original list price.(14.3%)
If you plan on selling your condo in the near future, keep this in mind. A condo that is priced correctly will most often sell for more than if you try to over price it with the idea that you will drop the price if you don’t get interest. This strategy almost never works in your favor. In fact, a unit that is priced at the market will often deliver much better end results for the seller.
When pricing your unit, keep these thoughts in mind:
The market value of your condo IS NOT
- What you have in it
- What you need out of it
- What it was appraised for
The market value of your home IS
- Based on today’s market
- Based on today’s competition of units
- Based on today’s financing availability
- Based on today’s economic condition
As a seller, you control the price you ask and the condition of your unit. You do not control market conditions or your homes value!
Here is our latest video!