A new penthouse off of Westover came on the market today priced at nearly $3,600,000! Here is one more attempt of someone trying to capture the $1,000 a square foot pricing of the new Cosmopolitan. As shown by other recent attempts in the insane pricing range! Just a couple of things I want to say about this listing. The condo, a 5th floor penthouse unit does have a spectacular view looking over the Pearl and the city of Portland. While a nice unit, it just had another 3600 sq. ft. neighbor that just sold at The Westerly for $2,850,000. The unit at the Westerly was a nice unit with two massive decks… clearly a big advantage over the newly listed unit! In addition, it took nearly 5 years for the Westerly penthouse to finally sell. While it can be argued that this new listing has nicer finishes and a better view than the new Cosmopolitan ( although you would never know from the photos!!!), this part of town just should not capture the prices of a true Pearl location. In my opinion, it is priced a little high.
The views, this is what potential buyers will be attracted to.
Now, this is a better example of how to sell someone’s views!
A real positive, a charger in the garage for a Tesla! I happen to know of one couple who made an offer on one of my penthouse listings in the past that this was a very important detail they wanted. With that said, a Tesla charger is not what will help sell this unit for over $3,000,000. Good photographs though would certainly help!
Brad Golik is a condominium specialist with Pearl District Properties and a founding member of Condo10. If you would like to view this newest Portland penthouse, call Brad Golik at 503-896-8856. “I know this market and will negotiate you the best possible price!”
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
Condo Sales for March
Portland Condo sales for March were strong considering how low our inventory is. In the month of March there were 63 sales in the area that I cover, which is from Pearl District, Uptown, Downtown to South Waterfront. This includes all condos and town homes priced above $200,000. To compare, February had sales of 37 in that same area. What is very interesting though is not the increase in sales of 70%, which is not unusual for this time of year, it is that there are currently 122 pending sales. Now 122 pending sales is nothing unusual, however, what is unusual is that this is the first time since I started writing in my blog that the pending sales actually exceeded the Active listings! Currently there are only 110 Active listings in my designated coverage area.
With numbers like this it could increase the numbers for appreciation in our area. While it was expected to see growth slow down some, the numbers may be higher than expected. It is certainly a sellers market with the low levels of inventory we are seeing. What will be important is the number of units that normally hit the market this time of year. As I mentioned, being a sellers market, this has been a huge windfall for the developers of The Cosmopolitan as they are getting buyers to plunk down a non refundable deposit for high priced units because of the fear of not being able to buy resale units at other buildings. If we were in a normal inventory market, I guarantee we would not see buyer’s overpaying for units.
If you are one of those buyers who may be looking for an upscale, high floor unit and looking to pay above $1,500,000… be patient! Next week I will be listing a unit that will be priced in the ballpark of $560 a square foot. A comparable unit in the
Cosmopolitan will cost you upwards of $1,000 a square foot! In my listing you could do a $250,000 remodel and still come in under $615 a square foot. Yes, sometimes patience does pay!
Brad Golik is a condominium specialist with Pearl District Properties.
Specializing in Portland Condos , Portland Penthouse, Portland Town Homes, Portland Highrises, upscale buildings including The Casey, The Metropolitan, Park Place, The Henry, The Westerly and many more!
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 firstname.lastname@example.org
So it’s been a pretty rough market for a few years… are luxury condos selling in Portland? You bet they are! And leading the way in 2012 are our top 5 most expensive condos sold year to date.
Coming in at #5 is a penthouse condo at 937 www.937Condominium.com
With 1903 square feet and 2 bedrooms and 2 baths, this contemporary penthouse condo at 937 sold for $1,249,950.
At #4 on our list is a beautiful unit at one of Portland’s finest The Casey www.TheCaseyCondominium.com
With 2608 square feet, 3 bedrooms, 3 baths and killer views, this unit sold for $1,375,000.
At #3 on the list, a unit at The Gregory Lofts www.TheGregoryLoft.com
This unit features 2692 square feet with 2 bedrooms and 2.5 baths and sold for $1,450,000.
At#2, a brand new penthouse unit at Encore www.PortlandEncoreCondo.com
This unit, sold in February, features 2481 square feet, 3 bedrooms, 3 baths and sold for $1,800,000.
And the winner is… a unit at The Metropolitan! www.MetropolitanPortland.com
With a spacious 3245 square feet, 3 bedrooms and 3.5 baths this penthouse unit at The Metropolitan sold for $1,950,000.
Whether you are looking at a starter condo or multi-million dollar condos, LuxuryCondosofPortland.com can help you with all of your needs!
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!