The $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 firstname.lastname@example.org
Last week I wrote about two new Portland penthouses that came on the market. Today I toured the one priced at $1995,000 and I must say I was pretty impressed. This penthouse condo at The Elizabeth was stunning! While East facing, you would expect fantastic views of Mt. Hood, which this place delivers. Being in the NE corner of the building also gives you great views of Mt St. Helens and Mt. Adams. Back to the interior… this unit is only 300 square feet larger than the penthouse we wrote about last week (and $200,000 cheaper!) but the unit feels so much larger and less cramped. The layout of this Elizabeth Loft penthouse just flows very comfortably and while it is officially a two bed room unit, the owners of this penthouse are using the spacious second bedroom as a theatre room. This brings up my only negative of this wonderful penthouse….a 45 inch TV in the media room? Give me a 70 inch screen and this becomes a tough choice to say no to!
The owners of this penthouse obviously have very fine taste in their furnishings (which are for sale) which one almost has to look past when viewing this unit because it is so beautifully done. The first thing I noticed when I walked in is the elegant dining area with the crystal chandelier and then the wall of windows looking east to an amazing view. As you walk into the well appointed kitchen not only do you get those great views to the East, but also the mountains to the North.
For those buyers that need more bedrooms, the media room could easily be converted back to a second bedroom and in fact, a third bedroom/ Den could be added if needed. Of the current penthouses on the market right now, hands down, this unit is by far the one that impresses me the most.
If you are a buyer and would like to set up a tour of this beautiful penthouse, give me a call today. (I don’t believe this one will stay on the market too long!) We can also set up a tour of other available units so that you get a real good understanding of condos in this price point. If you are in need of more space, don’t overlook two available units at Waterfront Pearl. Two penthouse units at Waterfront Pearl offer over 3,000 square feet. One offers river views while the other has fantastic city views.
Brad Golik 503-896-8856
Portland Penthouse Update How are Portland penthouse sales going since the beginning of 2014? There has been some recent activity in penthouse units that have been on the market for sometime now. Last week, the two remaining penthouses at Encore got offers and are now in a Pending status. Unit #1606, priced at $1,850,000 and unit #1604 priced at $1,580,000. These units have been on the market a long time but patience may have paid off for the developer as these two units when sold will still have gotten over $650 a square foot. ( will keep you posted when they do close). In comparison, Unit #805 at Pacifica Tower was finally sold. Originally priced at $1,500,000, the agent then dropped the price $150,000 after only 1 month to $1,350,000. The sale closed last week at $1,228,900 … or only $455 a sq. ft.! This was a massive 18% off of the original list price! This is only slightly higher price per sq. ft. than a couple of the regular units recently sold for at Pacifica! I am not sure why the agents at Pacifica were not able to get something closer to the numbers the two penthouses at Encore got. Sure, Pacifica is not in the Pearl, but $200 a sq. ft. difference is HUGE for VERY comparable penthouse units! Other penthouses that are still on the market vary from the very attractive unit #901 at Waterfront Pearl which offers over 3,100 sq. ft and priced at $1,850,000 to the grossly overpriced penthouse unit #1601 at The Civic. The Civic unit, with only 2102 sq. ft, and located in what is not the best location is priced at $1,450,000. In my opinion, this unit is at least $200,000 high…maybe more. And the recent sale of the unit at Pacifica, with fantastic water and bridge views… and 2700 sq. ft and selling at only $455 a sq. ft. is going to kill any hopes of the owners getting anywhere near it’s list price of $1,450,000! If you are in the market for a Portland penthouse or other Portland luxury condominium, please give us a call and we will set a tour for you to view Portland’s finest condominiums! Give me a call today at 503-896-8856.
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!
Portland Condo Sales
2013 was a good year in the Portland condo market! For owners of Portland condominiums, you saw you values come back after a long downturn in the market. For those who bought a new condo in 2013, many of you were able to pick up some very good values and take advantage of the very low rates that we have seen through-out the year. For me it was a very good year as I got to meet some of the most amazing clients that I was so fortunate enough to meet. In any business, when you have the opportunity to meet really good people and include them into your circle of friends, it just doesn’t get any better. So, to all that I was able to work with in 2013… I say Thank You!
And now for some numbers!
December was actually a pretty busy month in the condo market. Sales actually jumped 10% from the previous month as we saw 52 sales in the area that we focus on which includes Downtown, The Pearl District and South Waterfront. For the year, sales jumped 62% from the previous year. We had 978 sales in the + $200,000 market, over 376 more sales than in 2012!
Leading the way in number of sales once again was Waterfront Pearl which recorded 7 sales in December. To refresh you memory on this project, it was completed at the peak of the market. Instead of selling the units, they went into the rental market. Currently, as leases come due, the units are being sold again. If you have not seen these condos at Waterfront Pearl, it is worth taking a look at as they offer some of the best views in the city! If you would like a tour, give us a call ( 503-896-8856)
As we now see the prices of condos trending upward, many owners will now start to think about selling their unit. If this is the case with you, we encourage you to give us a call as we would love to interview for the job. What makes us different is our total commitment to offering you the best condo marketing available in the city! Time and time again the National Association of Realtors has discussed how their studies show that better photographs help sell homes at a higher price. At the very minimum, make sure the agent you hire is willing to spend $100 to $250 on professional photos. If it were me selling a condo for, say $600,000 and the agent wasn’t spending $200 on quality real estate photos ( especially knowing that the agent will make somewhere around $15,000 ) This person would NOT be my agent!
As an agent, part of my commission is for the purpose of marketing. I have always believed in spending more on my marketing than typical agents. The reason is simple… you are paying me to market your condo and get it sold!
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!
How is the Portland condo market? Well, based on April Portland condo sales, it’s going pretty well. For the month of April there were 54 sales in the $150,000 and up market which includes the Pearl District, Downtown and South Waterfront. This is down just 4 sales from last month but the pending sales jumped this month with 79 in a pending status. Sales were evenly spread out between low end condos and Portland’s million dollar condos. This month there were 5 condos that sold above $998,000. This includes a Cambridge condo that is just walking distance to NW 23rd, priced at $1,440,000 that sold for 3.6% off of it’s original list price. Also selling in April was one of my favorite Portland townhouse units at Park Place, this Jeffrey Lamb designed Portland townhouse sold for $1,125,000. Stats for the $500,000 and higher market showed average days on market at 84 with an average of 3.5% off of the listed price. In the $500,000 and lower market, average days on market were 49 with sales happening at 1.7% off of the list price.
Remember, if you want to sell your condo in this market for top dollar, don’t just list it with a typical agent that will put it in the MLS and wait. Will it sell? Sure, in this market at some point it will sell. Why not try to maximize your returns though by having a great marketing program in place? We believe that the better the marketing, the better the possible returns. It does not matter whether you are selling real estate or widgets, marketing works! Like the recent AT&T commercials suggest…”It’s not complicated, more is better!” And not only is more better…better is better! Visit us at Portland’s #1 condo search website.
How were Portland condominium sales last month?
Answer: Very Good!
Sales for Portland condos and lofts jumped 107% over sales from February where we recorded just 28 sales in the +$150,000 markets that include The Pearl District, Downtown and South Waterfront condominiums.
Leading the way with the most sales once again was The Encore condominiums in The Pearl District with 4 sales for the month and new to the mix… condos for sale at Waterfront Pearl! Waterfront Pearl also recorded 4 sales as they emerge from being a leased property to new condo sales. Following in 3rd place was Atwater Place down in South Waterfront. In all, 58 sales were recorded in our target area and of those sales, 35 were below $500,000 and 23 were Portland condos priced above $500,000.
A question I often get asked is “How much is it to buy a 2 bedroom condo in the Pearl District”? To give you a more accurate number, it needs to be pre-qualified a little with… it depends! To get into a “Grade A” building, which most of the high and mid rise buildings are, last month a 2 bedroom unit at The Pinnacle sold for $480,000. There was also a 2 bedroom unit at the Lexis condominiums that sold for $415,000. The Lexis is in my opinion, a little lower quality building and should be priced a little bit lower. So, you can get into a 2 bedroom condo in the Pearl District for under $450,000, but it also depends on certain things, like which building it’s in, does it face directly into another building etc.Sometimes a unit just gets under-priced, like a 2 bedroom unit that was priced at $399,000 and went pending immediately. If you can move just a little distance from the Pearl District, you can find 2, 2 bedroom units for sale at Benson Tower for under $450,000. Another option might be Portland Plaza on 5th. While an older building than Benson Tower and The Eliot, it does offer a good amount of square footage for the money!
How were sales in the upper end of the market? Again, very good! In the $1,000,000 market, 2 sales happened. One was an 1820 sq. ft. penthouse at The Encore that sold for $1,125,000. Waterfront Pearl recorded 3 sales that were sold at $690,000, $815,000 and $915,000.
As we move through April, we should see a pretty active market with inventory levels still very low! There are currently 105 condos in a pending status including the beautiful penthouse at The Metropolitan that we wrote about last month. Priced at $2,249,000, in my opinion…about $200,000 too low, it went pending in 16 days. As I mentioned when I last wrote about it, it was one of my two favorite penthouses on the market. It is in a premium building, in a premium location and deserves a premium price especially when compared to the other penthouses on the market!
If you are in the market for a Portland condominium or loft, call us today to set up a tour of available units. If you are thinking about selling your condo or loft, let us show you one of the most unique and extensive marketing programs in Portland!
Remember, if you are thinking about buying or selling a Portland condominium, it doesn’t cost you to work with a condo specialist… it pays!
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!
The Envoy Penthouse is back on the market …. and the price has not dropped! Unit #800 at The Envoy came back on the market recently, priced again at $2,995,000 after over 700 days on the market! This is slightly higher than the penthouse at The Westerly, priced at $2,950,000 that we recently wrote about. So, if you were in the market for a Portland luxury penthouse, which one looks more attractive? I would have to say in my opinion these are the two best penthouse condos on the market right now. Clearly better units than the penthouse units available at The Eliot, The Benson and Encore.
Let’s compare just these two for comparisons sake. The Envoy penthouse does have the most square footage of any penthouse on the market right now at 5,026 square feet. But, how important is this in comparison to the square footage at The Westerly penthouse which has 3,662? I don’t believe it’s a huge selling point because most people looking to buy a luxury penthouse are downsizing from their existing 4000 to 8000 sq. ft homes. They really don’t need the massive space that they need to take care of. While the deck of The Envoy is very large, I believe the 2 decks at The Westerly offer more than enough outdoor entertaining space.
Now to me, what REALLY puts The Westerly penthouse out front are the views! People are willing to pay more money for a dead on easterly, Mt. Hood ,city view and that is what you get with the Westerly penthouse.( The larger picture above is from the deck of The Westerly penthouse!) If I am spending over $2,000,000 for any condo, it better have some of the best city views available, and this one does. Unlike the penthouses in the Pearl, this one actually looks over the Pearl and downtown Portland! The view at The Envoy view actually looks up to The Westerly penthouse and has more of a northern view… just not as desirable!
*Above photos are interior of The Westerly penthouse*
Also, of importance is that while the interior of The Envoy penthouse is spectacular (amazing kitchen), the building itself is quite old (1929) while The Westerly is a brand new building. Finally, the 4 bedrooms are nice to have at The Envoy, but probably not necessary for someone looking to downsize. Of more importance in this price category is the fact that the Westerly has 4 covered parking spaces compared to 2 at the Envoy( + 2 uncovered).
All in all, for me, the spectacular views are what makes The Westerly penthouse the winner over The Envoy penthouse. Everybody does have their own personal preferences so I would say if you are considering a Portland luxury condominium to purchase, give me a call and we can get out and take a look at all of the available penthouses on the market and you can make the best decision from that point! I do specialize in the Portland luxury condominium market so give me a call if you are ready to see some of Portland’s finest luxury condominiums!
(503-896-8856) or email@example.com