In a post I wrote a little while back I mentioned that even in a hot market, where everyone seems to believe that there are no deals in the market, that sometimes deals do come along. Today is one of those days! If you are in the market for a 2 bedroom unit with over 1400 square feet, this is your lucky day! Just a short walk north of the Fields Park in the Pearl District, you will find a wonderful 8 story condominium tower called Pacifica. I have sold many units in this building and know it probably better than any agent in town. Two days ago a unit came on the market priced at $575,000. This 3rd story unit has a spacious layout, 2 and half baths and a very large deck that looks over the Willamette River. The reason I know it is drastically under priced is that two years ago I sold the same unit, two floors up, for $575,000! In this time the market is certainly up more than 10-15%. Taking that into consideration, you would be looking at a price of $610,00– to $632,000. The current price, at $391 a square foot is VERY low to the comps in this building. I sold 4 or 5 units in this building between $418 to $450 a square foot last year! I will be pricing another unit there soon and we were going to be looking at $500 a square foot. This might be a little more difficult now with the agent selling unit #303 so far below market value.
Again, for those who are patient, and work with an agent that knows the condo market, there are good values that do come up in the market. Unit #303 at Pacifica Tower is one of them!
If you are a buyer and looking for a great 2 bedroom unit, there is not another unit under $750,000 in the market right now that I feel beats this one.
If you would like to go view this unit, give me a call today and I will set up a showing! Call me at 503-896-8856
Spring is here!
Well, other than the weather that is. What did we see in the downtown condo markets including The Pearl District and condos in South Waterfront? What we are seeing is a continuation of the shrinking inventories and not much in the way of new units to replace those that have been sold. For April, we saw 42 sales ( priced above $200,000) an increase over a few of the previous months. Leading the charge was the higher end of the market with 19 sales over the $500,000 price point… nearly half of all sales. As mentioned in a previous post, we had several condos in the +$1,000,000 range that went pending. Of those, we had several that closed. The penthouse condo at The Pinnacle sold for a whopping -14.7% off of its original list price. More in line with the original list price, 2 condos at The Westerly both sold for $1,050,000 ( -7% and – 8.7%) still above the usual –2 to -5% we are used to seeing.
Where were most sales happening? The highest percentage of sales this month were condos in The Pearl Distict! Leading the way were new condos at Encore in Portland with 5 sales. Following Encore was 937 condominiums with 3 and several others with 2 sales each including condos at The Casey, The Pinnacle and then in NW Portland, The Westerly condominiums also had 2 sales. Down in the South Waterfront condo market, Atwater Place condominiums had 2 sales. Coming to an almost standstill The Meriwether. The Meriwether HOA litigation issue, has put many future listings on hold for the time in these two buildings.
Now that spring is here many of us are hoping for some sunshine, others…including myself, are hoping for new listings!