Yesterday I made a posting about the penthouses for sale in Portland. Well today… I have a new favorite! As I have often mentioned, The Elizabeth is one of my favorite buildings. Today a new penthouse at The Elizabeth ( #1503) came on the market for $4,000,000. This penthouse is stunning! What do I think about the price at $1,222 a square foot? I think it might be a bit high. If I am representing the buyer I think $3,300,000 to $3,500,000 might be more realistic. While it would be great for owners in the building if they did get $4,000,000 (and the owners of #1503) the problem is a recent penthouse sale that happened recently. Unit #1502 sold for just $1,900,000 or $551 a sq. ft. This will not help the sellers of #1503 in getting their price. While I don’t understand that low number at all, I will say the finishes in the beautifully remodeled #1503 are really jaw dropping. I believe this unit deserves a premium in that it is one of the most beautiful condos on the market! Did I mention that it comes with 2011 sq. ft. of outdoor living?
In the last three years there have been 3 penthouses at The Elizabeth that have sold for over $1,000,000. Of the three, I have sold two of them and the price per square foot was $712 for unit $1406 and $732 for unit #1404. The third was the above mentioned #1502 that was $551 a ft. ( again, I can’t explain the low price as it was the largest of the four …including the new one)
Will the newly listed penthouse #1503 be able to get it’s $4,000,000? I truly hope so …unless I am representing the buyer!
Speaking of buyer’s, If you are looking to tour any of the mentioned penthouses for sale ( or any other condo) give me a call at 503-896-8856
How is the + $3,000,000 condo market looking?
The Portland condo market has slowed pretty dramatically and we are seeing price reduction after price reduction. Many units have been reduced in price 5 to 6 times! We have also seen an increase in the inventory at the highest end of the market.
Currently there are six units priced above $3,000,000…and three that are almost $3,000,000. Of the nine listings, 5 are still the 5 out of 6 unsold penthouse units at the Vista priced from $2,821,000 to $3,335,000 ( $1044 a sq. ft up to $1228 a ft).
The other four are …in order of pricing, Crane Building #711 priced at $3,300,000, The Metropolitan PH-2 priced at $4,700,000, The Cosmopolitan penthouse #2715 priced at $6,995,000 and the Meriwether penthouse #2000 priced at ….drum roll please…. $9,300,000.
So of these units, which ones do I like? All are unique in their own way. If you like ultra contemporary, The Cosmopolitan #2715 is very high in style and has, hands down, the best views of all nine listed here. The newest to hit the market is at the Crane Building. Unit #711 is a beautiful penthouse unit with an outdoor terrace that runs the length of the entire east side of the building. It offers far more deck space than all of the others with the exception of PH-2 at the Metropolitan, which is priced at a pretty hefty $4,700,000… or $1349 a sq. ft. While this penthouse is steeply priced, the Metropolitan, in my opinion, is in my top 5 buildings in Portland. I believe the very traditional design of the interior of this large unit will create a problem in trying to find the right buyer unless someone wants to go in and start over. Topping the charts at $9,300,000 is the full floor unit #2000 at Meriwether in South Waterfront. This unit features over 7,000 square feet of living space that includes a guest suite. If you are someone that needs a lot of space…this could be the one! Also, if you are a car buff and need parking spaces, this penthouse comes with six parking spaces.
If you are a buyer that wants a contemporary space that is warmed with some beautiful woodwork, the penthouse at the Crane might be the answer. It is priced below (price per square foot) the two $3,000,000 units at Vista and has the deck space that many desire.
If you are the buyer that wants views, the Cosmopolitan is the building in town with simply the best views around. When you have paid a premium to be above 20 stories…the unobstructed views can’t be beat. I will say this about The Cosmopolitan, you don’t have to be in a condo priced above $3,000,000 to have sensational views!
If you are looking for a Portland penthouse that is ultra contemporary, one that is more traditional or anything in between, I am happy to take you on a tour of Portland’s finest condominiums and let you feel for yourself how each of these units are special in their own way! Give me a call at 503-896-8856.
Brad Golik is a luxury condo specialist with Christie’s International Real Estate. You can contact him at firstname.lastname@example.org or visit one of his websites…LuxuryCondosofPortland.com or PortlandPenthouse.com
Every so often I like to let readers know when a unit that comes on the market that I believe is priced too low…today is one of those days! If you are in the market for luxury condos in Portland in the $1,200,000 to $1,700,000 range, here is one you should know about. Today, unit #2805 at the John Ross came on the market for $1,450,000. I believe this unit is priced far below it’s value. This unit, on the 28th floor, is selling for $265,000 less than the best possible comp …the unit directly above it. Unit #2905 sold in February of 2018 for $1,715,000. Now that unit had many upgrades in terms of the extensive remodel. With that said, that unit originally was on the market for $2,350,000. That price was certainly overpriced, and in my opinion, affected the final sales price to be lower than what it probably should have sold for. In the end, it sold for $635,000 less than it’s original asking price. WOW! With this said, the true value of that unit was probably closer to the $1,800,000 to $1,900,000 range. (You have often read on my blog the dangers of overpricing…this was a great example.)
Unit #2805 is priced $265,000 lower than what #2905 sold for…and in reality, when you look at what #2905 should have sold for you start to understand the value in #2805 being priced at $1,450,000. You are getting almost 2,700 square feet of open living space for a price you won’t find anywhere in the market. ( and don’t forget to compare these prices to those in the new Vista. For 2,700 square feet in the Vista it will cost you between $2,821,000 to $$3,335,000) Vista North Pearl
Now the biggest negative to this unit is the small deck space ( but this is the same deck space as #2905) not everybody cares about a deck…but MANY do! Another possible negative that I consider in units in South Waterfront is that it faces upriver. Why is this a negative you ask? Many people that buy condos buy them for views. While the daytime river view is nice, the nighttime view is mostly darkness. Another condo in the market that I think is reasonably priced is The Strand #901. This is a good example of the preferred views buyers like to have, which is a great river view during the day but at night you get the magical twinkling lights of the city. And at $1,375,000, it is a lot of view for the money!
If you are wanting to be at the bottom of the range in the above mentioned pricing ($1,200,000 to $1,700,000) another great view property to consider is a penthouse unit at Benson Tower, #2601. Priced at $1,199,000 this unit consist of the entire south side of the 26th floor. It has panoramic views that go from Mt. St. Helens, Mt. Hood, South to the Tilikum Crossing bridge, west to the sunsets over the west hills all the way back around to the St. Johns Bridge…wow that is some view! ( Check out those views at: www.PortlandPenthouse.com )
It is a buyer’s market out there and there are some values to be found. If you are in need of a condo with over 2,000 square feet, The John Ross #2805 is a value! With that said, if you want to consider looking at that unit, give me a call as I have a pocket listing coming on that is also near 2700 square feet that has great daytime views but better night time views than 2805. It was going to be priced near $1,695,000 but now with the low pricing of #2805, the sellers now realize they will be forced to go lower. Please give me a call if you want to see this unit or any of the units I have mentioned. 503-896-8856
Brad Golik is a 15 year veteran of the real estate markets and is a luxury condominium specialist. You can find him at his popular website www.LuxuryCondosofPortland.com
Amazing panoramic views that will take your breath away!
For a private showing of this beautiful penthouse 26 floors above it all, call me at 503-896-8856.