Yesterday I viewed a penthouse that just came on the market. The unit, #1102 at The Gregory, is listed at $2,350,000. This unit is 2400 square feet and includes a wrap-around terrace that adds living space. With two bedrooms and a spacious den, this unit is very open and great for entertaining. The kitchen has been remodeled and the light gray palette throughout this unit makes it very inviting. I think the price, at $2,350,000 is right about where it should be because unit #1202, directly above, sold last October for $2,400,000. At the time, I thought the buyer paid a little too much for that property. Given the cost of the remodel in unit #1102, and the square footage being just slightly less, I think the $2,350,000 asking price is reasonable.
In the $3,000,000 and up market, two units stand out. The penthouse at The Strand, Unit #1301, is $3,550,000. You can check out this unit at www.PortlandPenthouse.com. (Click on the feature penthouse button) I believe the price is still a little high. It was just re-listed with a new agent and unfortunately, the previous agent had it priced ridiculously high in August of 2017 at $4,200,000. I believe this will be one of those times when an overpricing will eventually hurt the seller in the long run… and is no fault of the current agent. While I believe it should be priced closer to $3,250,000, the listing is at least in the ballpark. In the end, I am guessing this one should sell closer to $2,600,000 to $2,800,000. This unit features a huge rooftop deck, but because of the nearby freeway noise, the future owners will probably use the lower decks more often.
The third penthouse to compare is one I had briefly mentioned when it came on the market back in February. It is #1502 at The Elizabeth. I really like this penthouse unit. With two levels and a very open floor plan it has a lot to offer, and it better at $3,300,000…down from its original price of $3,650,000. This unit scores high in style and while the listing agent is a little generous in saying it has a “chef’s” kitchen, it does have the potential to be even more stunning than it is already. This is a building that I like and know very well. I thought the $3,650,000 was very high but I believe that the buyer who buys this beautiful Portland penthouse, somewhere between $2,800,000 to $3,000,000, will be getting a truly beautiful penthouse at a reasonable price!
If you are a buyer that is in the market for one of Portland’s beautiful luxury condominiums, please give me a call and we can set up a tour to go and view some of the stunning units that are on the market right now.
Brad Golik is a condominium specialist with LuxuryCondosofPortland.com and Total Property Resources. You can best reach him at 503-896-8856 or at email@example.com