How’s the market?
The spring is usually the time when we see the real estate market start to take off. This is not the case so far this year. Why is that? It is because of a lack of inventory in the market. Currently we are close to 2 months inventory in the market, a number that is very low. This spring we were hoping for more listings to come on the market than what we have seen so far. With rising prices last year we thought we would see many of the condo owners who were underwater on their units, now have enough equity to put their condos on the market. This has not really happened yet.
How are condo sales going? Last month sales were up 24% from the previous month, not unusual for this time of year. In looking at the typical area we cover, which is downtown, Pearl District and South Waterfront there were 61 sales for the month of April (units priced $200,000 and higher). Of those 61 sales, only 11 of those were for over $500,000 and of those 11, only three were over $1,000,000. Pending sales appear to be going down as a result of the lack of inventory
What does this mean for you the buyer and seller? Typically with inventory at 6 months and below, it becomes a seller’s market. Does that mean it is not a good time to buy? No, not at all. It just means you are going to have to be a little patient and expect that you might even get into a multiple offer situation. Not always the case though. For example in the upper end of the condo market, there are some units that have been on the market for awhile. As the owners begin to drop the prices, you will want to be ready to pounce. Many of these units end up selling below market value because of their time on the market and the negative stigma that comes along with that.
As for seller’s, right now is a very good time to put your home on the market because you virtually have little to no competition so now you might be able to bump your price a little!
If you are a buyer in the Portland condominium market, don’t hesitate to call the Portland condo specialist, Brad Golik at 503-896-8856
If you are thinking about selling, now is a great time to do it. Give us a call and we can do a market analysis on your condo and also show you the best condo marketing in the city!
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 firstname.lastname@example.org . You can also visit http://www.LuxuryCondosofPortland.com
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. 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
We all know that the Portland condo market has picked up and is doing well. How about the upper end condo market. Currently in Portland, there are eight penthouse condos for sale in the price area of $1,000,000 and higher. From a penthouse at Pacifica Tower priced at $950,000 to the “still on the market” penthouse at the Envoy priced at $2,495,000. In addition to the penthouses on the market, there also a couple lower floor units in the +$1,000,000 market such as a 13th floor unit at The Henry priced at $1,475,000 and a very steeply priced 10th floor condo at The Casey priced at $1,999,000. I say steeply priced because at nearly $2,000,000, I expect to be looking over nearby buildings…not looking into them. If I were going to spend $2,000,000 for a luxury condo, I think your dollars could be more wisely spent on unit #901 at Waterfront Pearl. This unit offers a spacious 3185 square feet with 3 bedrooms and a large extra room that could be an ideal theatre room, something you don’t often get with condo living. In addition, you are almost sitting on top of the Willamette River so views are pretty amazing!
In the last couple weeks, a penthouse unit at The Gregory was listed at $1,999,500 and sold in under a week. Yes, there are buyers out looking in this price range! When buying a penthouse condo in Portland, make sure that you are working with an agent that knows the market. If you are looking for a beautiful Portland penthouse condo, like the penthouse that just came on the market yesterday at The Meriwether, call me today and we can begin the process of not only finding you a great penthouse, but also negotiate you the very best price. When you work with me not only will you get a great tour of all the available penthouse condos, you will also get good advice as to the history of each unit and why they may have been on the market for so long or why one may sell quickly when others will not.
I am in the condo market everyday. I work hard to know the pricing in this market. This is something you will not have if you are selecting one of the luxury agents in Lake Oswego for example! And when it comes to selling one of Portland’s luxury condominiums, nobody offers a better condo marketing program in the + $500,000 condo market!
When it comes to listing properties, one of the most important things to look at is how good the agent is at marketing because, that is really what selling a home is all about. Sure, when it comes time to negotiate, you better have someone who is a fierce negotiator! One thing to look at is how good is that agent at marketing himself. This should be top on the agents list and if they can’t do a good job of marketing themselves, what makes you believe they would or could do a better job in marketing your home? Does this agent show up anywhere on searches? ( and I don’t mean when you search that agents name… of course they will show up!)
Listing a home is about SALES & MARKETING! Yet, over 95% of real estate agents don’t have a sales and marketing background. Don’t you think this is important to consider when you are about ready to pick up the phone and call the agent that helped you purchase your unit? Chances are pretty strong that they might NOT be the right agent to get the job done!
This week I was at a coffee shop in the Pearl and was sitting outdoors while doing a little work. While checking emails, a lady at the table next to mine, after seeing some real estate marketing on my table, asked if I was a realtor. After I said yes, she told me that she lived in a nearby building and that she had a friend that was thinking about selling their condo. Naturally, I asked if her friend had an agent selected to sell it? She said that she was thinking about using one of the “Building” agents. What she meant by this was that she was talking to one of the “on site” agents that works for the developers. She mentioned that she was going to use them because … in her words, “They really know the building!” It turns out that this agent also lived in the building.
While speaking with this very nice lady, it was interesting because she kept asking me some very good questions. One of the first things she asked me was whether it was really important or not to really know the building? My answer was NO! As a condo specialist, I make it my business to really understand and get to know each building but when selling a condo it is way more important to know how to market that building. With that said, I got out my tablet and showed her what I meant. I asked her to think like a buyer and then asked her a few questions. When we did some searches I pointed out many of my websites that showed up in those searches. I also pointed out that when we did some searches in regards to her building, this other agent that “really knows the building” was no where in site. More importantly, none of her listings showed up either! This is not uncommon with the onsite agents at these newer buildings. You will not find one of them that shows up with high rankings on Google or Bing. Most of these onsite agents don’t do a very good job of marketing. Part of the reason is that they typically don’t have to as the developer pays for all the marketing for new sales. When it comes to using one of these agents for resale, they are not the best choice for selling your condo.
Agents that specialize in selling condos (some…not all) spend much time, energy and money to insure that they show up on Google and Bing because that is where condo buyers are looking. I personally have many websites that show up because that is how I get my clients listings in front of buyers. When a buyer knows they like the Metropolitan, they will do some research on the building. They will check to see what the amenities are, what the HOA fees might be. This is where my listings show up. In front of serious buyers! You will never find an “onsite” agent show up here nor will you ever find their listings. You can read more about whether you should hire an onsite agent on one of my websites at : Should I hire an onsite agent to sell my condo?
You have many options to look at when selling your condo. To me, the most important two things to look at when hiring an agent to sell your condo should be that the agent is a strong negotiator and second, they should have a strong marketing program that focuses on condominium buyers! How well you know the building does NOT put buyers in front of your listing!
If you are thinking about selling your condo or loft in the future, or know of someone who might be, please keep us in mind. We would love to sit down with you and share our very unique marketing program with you. Feel free to visit us online at www.LuxuryCondosofPortland.com
If you are in the market for a new Portland condominium and you heard that it is a sellers market based on inventory, you are probably thinking there are no deals out there! While it is true, it is harder to find deals in the market, they are out there. If you are a serious buyer and looking for Portland condominiums or lofts, you would be best served by working with an agent that specializes in that market. As a seller, no question that you should work with a condo specialist, after all, they have marketing that is directed towards buyers everyday. But what about buyers? By working with a specialist, you are working with someone who is in that market everyday and really knows the market and how to identify value. Are there values still out there? Sure, because sometimes sellers may list with an agent that does not really understand the condo market as well as they understand the housing market. This happens often!
Recently, I went to a brokers open house for a new listing of a penthouse condo in the Pearl District. After touring the unit, the agent holding the open house asked me what I thought about the units condition, floor plan and pricing. Not being shy to offer my opinion, I told him that I thought it was under priced at $925,000. I was a little surprised when the agent didn’t ask me how I came to that assumption. In fact, he seemed a little bothered by my answer. ( He did ask me for my opinion!) If he would have asked me why, I would have told him that a unit that was only slightly bigger over at The Casey just went pending at $899,000. This 6th floor unit had views that looked right into the new apartment complex that was built across the street. The Elizabeth 14th floor unit had far superior panoramic views of the city, west hills and beautiful evening sunsets from it’s spacious 35 foot deck. Another penthouse in the Pearl District had also gone pending, unit #1411 at The Henry. After sitting on the market for some time at much higher prices, this units price was dropped to $999,000 and went pending 20 days later. This penthouse condo also had great city views but was also 340 square feet smaller and was essentially a 1 bedroom, den (the den could be converted back to a second bedroom). I did mention my thoughts to another agent that day and he said “Yes but the Elizabeth has pending litigation and is cash only!” Guess what… it went pending after only 10 days!
In an earlier posting on our blog we talked about not leaving money on the table. Some agents listings will just get listed at prices lower than where they should be for a number of factors. In the example above, it may have been the agents lack of knowledge in pricing condos over houses. Perhaps the seller just wanted to unload it quickly? Either way, buyers will find deals out in the market, even in todays “sellers” market. There may not be many of them but if you are working with a specialist who is in that market everyday, your chances are much higher that you will find a great condo at a good value!
If you are in the market to buy or sell a Portland condominium, come visit one of our many condominium websites such as www.ElizabethLoft.com , www.TheCaseyCondominium.com or www.HenryCondominium.com or visit our main portal websites www.BradGolik.com and www.LuxuryCondosofPortland.com
Selling your Portland condo?
Spring is here and it is a great time for those who have been thinking about selling to move forward. How do you go about selecting an agent to list your condo or loft? Here is what I see happen quite often. Many people will use a the agent that helped them originally purchase the condo. Others will get referrals from friends or family based on the job that they had done with them. Here is the problem with this, either of these agents may have done an ok job assisting you or your friends with a home out in the suburbs, but they are not a specialist. When selling a condo or loft in the city, it is VERY important to work with someone who specializes with condos… and here is why:
As a condo specialist, my focus everyday is on condos, condo buyers and condo marketing! The biggest consideration you should give to an agents is how well does he/she do with internet marketing. After all, there are no yard signs with condos and lofts. The internet is were a majority of the condo buyers are coming from. If an agent does not have a strong internet presence … your listing also won’t have a strong internet presence either! One thing you will find out very quickly is that EVERY agent on the planet will tell you they will market your condo on the internet.
I have been at this for some time now and the one thing I can tell you with 100% accuracy is that a typical real estate agent who is selling residential homes in Lake Oswego one day and then Beaverton the next cannot flip a switch on and become an expert overnight at marketing to condo buyers, it just doesn’t work this way. If you know even just a little about internet marketing, you will know this to be true! As a condominium specialist, I have spent much time and money developing an internet marketing program that gets listings in front of serious buyers. And when I say serious buyers, I don’t mean someone that gets on Google or Bing and searches Portland Condos. These are buyers who may be in the very starting phase of research and not really very serious… it took me sometime to realize this! Serious buyers are those who are researching things on the internet… and ALL buyers are doing this now! They go to Bing and Google and begin to research on specific buildings they think they may like. They begin to search to see what the amenities are at the building, they search to find out about the HOA fees at the building. Many buyers are doing this well before they hire a buyers agent to work with. Buyers are smarter than ever before and as your listing agent, our goal is to make sure that YOUR listing is in front of these serious buyers and when it is, to make sure it is presented in a special way that makes it stand out from the other hundreds of condos in the market! At LuxuryCondosofPortland.com , we have close to 80 Portland condominium and loft websites that we use to attract serious buyers. We use these websites to “cross market” to buyers and our websites currently generate over 2500 visitors a month who are looking for specific condo information.
Most typical agents say they will market your home on the internet and this is what they usually mean. They will place your condo on their corporate website, the MLS, Realtor.com, Trulia and Zillow. Now don’t get me wrong, it is important to have your listings on these websites and yes, I do feature all of my listings on these websites as well. But… it is not nearly enough! When someone gets on Google to search for “The Henry HOA fees” or “What amenities does The Casey have” these websites don’t show up! What does show up? Usually not just 1 of our sites, but typically 5-6 of our websites on page 1 of a search and 1 of these websites will be featuring your condo! Go ahead and check: Search Google for “Benson Tower HOA fees”. What do you find? One of our current listings at the top of the list!
If you are selling your Portland condo I encourage you to work with a condominium specialist at the very least! There are a handful of agents who specialize with condos. Of these agents, there are only a few that really do have a strong internet presence. These few agents are getting between 1500 to 2500 condo visitors a month to their websites. This alone should put these agents way ahead in the marketing department compared to a typical real estate agent that wants to sell your condo. Again, a typical agent cannot flip on a switch and become an expert overnight at marketing to condo buyers! And this includes agents who may have been referred to you.
At LuxuryCondosofPortland.com we would like to interview for the job of selling your condominium or loft and show how we are different.
In real estate, it is remarkable how much mediocrity people will live with, maybe it is because they don’t realize what else is out there. I believe that average is NOT acceptable and I want to show you what else is available to you when it is time for you to sell your condo! Don’t settle for mediocrity!
Serving buyers and sellers in all price ranges in the mid to high rise condominium markets.
The Penthouse at Waterfront Pearl. Looking for a spacious condo with water views? Welcome to the newest Portland penthouse listing at Waterfront Pearl! Last night I went to an evening open house of this unit and was actually impressed with the floor plan of this unit. This penthouse condo is priced at $1,049,000 and features 2 bedrooms and a den that is currently set up as a media room. While not large in terms of media rooms, it is comfortable and makes for nice space to watch your favorite movie. The total size of this unit is 1927 square feet. What I like about this particular unit is the fact that the bedrooms are very separate from the main living spaces. The kitchen is large and features Viking appliances. While the views are pretty industrial, the positive is that this unit is fairly private and does not have an adjacent building peering in on it. The water views are great, looking to the East and downriver to the North. Traffic on the Freemont Bridge in the distance offers a moving light show of entertainment at night while the boat traffic during the day is always fun to watch.
How does this unit compare to other condos priced near the $1,000,000 range? I would say pretty favorably. Lets start with the penthouse unit #1601 at Encore. Priced at $1,196,000, the Encore unit is slightly smaller. While it does have a larger deck space, the views from the Waterfront Pearl unit are much nicer. Priced at $1,199,000, unit #1411 at The Henry, in my opinion, does not compete. The Henry condominium is essentially a 1 bedroom with den with only 1620 square feet of living space and is not a penthouse floor. Originally priced at an insane price of $1,350,000, its current price is still high especially compared to the Waterfront Pearl unit that has a superior floor plan. unit #2300 at Atwater Place, priced at $1,070,000, offers 1692 square feet but is a NW corner unit…no comparison to the direct water views offered by unit #1001 at Waterfront Pearl.
If you would like to view the penthouse at Waterfront Pearl, please give us a call. We are condo specialist with a focus on the upper end of the condo market. We will negotiate aggressively on your behalf to get you the best purchase price possible. If you would like to tour other Portland penthouse condos or other Portland luxury condominiums, call Brad Golik at 503-896-8856
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