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
The Waterfront Pearl in Portland’s Pearl District is truly a gem sitting on the shores of the Willamette River. In recent years, the Waterfront Peal has gone through a few changes. Originally designed to sell as luxury condos, The Waterfront Pearl was a victim of the times and did not go as planned by the developers. For the last several years the Waterfront Pearl units have been in the luxury rental market. Now, as the market is improving, the Waterfront Pearl is going back to selling condominiums! It will start in the South building as the management group will need to reach FHA guidelines for financing. Currently, Waterfront Pearl is Non Warrantable. What this means is that a non warrantable condo cannot be sold to Fannie Mae or Freddie Mac. What does this mean to a buyer? Currently there are only two lenders who will finance on this project, Premier Mortgage Resources and CalCon Mutual. They will require 15-20% down and they will be higher rates than you would normally receive. Cash buyers will have no problems, in fact, this is what the majority of recent sales have been.
I for one am glad to see this project come back to life as it is a really nice building in an awesome location within the Pearl District. Other than Pacifica Tower just north of this project, this building offers stunning water views that other Pearl district properties just don’t have. Watch the sunrise behind Mt. Hood with a nice cup of coffee. Relax on your deck and watch the boats go by! I recently wrote about a penthouse unit at the Waterfront Pearl that came on the market. This unit is still available for those of you who may have an interest in a top floor condo with sensational views. If a peaceful setting is what you are searching for… welcome to Waterfront Pearl!
To view units in this building or other condominiums in the Pearl District, South Waterfront or Downtown call Brad Golik at 503-896-8856