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
This week there were two new penthouse condos that came on the market. One was priced at $1,995,000 and the other at $2,200,000. Yesterday I toured the unit with the higher price. The agent is pushing the fact that it was named “Top 10 penthouses to die for” on MSN Real Estate… I however, was not as impressed. Let’s start with what is right with this beautiful unit. The architectural elements throughout this penthouse were very nice. Warm woods on the floors and ceiling gave a cozy feeling to the unit. But when paying over $2,000,000, cozy is maybe not the feeling I would want! Having three bedrooms and three parking spaces is a nice plus. The finishes in the bathrooms and kitchen were very nice. Now with what I did not like about this unit. I felt somewhat cramped in this 2,239 square foot unit. The main living area seemed very tight to me. While the kitchen was nice, it featured GE Monogram appliances instead of the typical higher end Sub Zero and Wolf appliances we are accustomed to seeing in this price point. The biggest disappointment was the outdoor living area. While the deck was a spacious 800+ square feet, it faces west directly into the 405 freeway noise! The freeway is only one block away. In addition, this is a mid rise building, and while yes it is a penthouse, you still have the neighbors next door at Avenue Lofts and Irving Street Lofts looking down onto your deck so not much privacy. At $2,200,000, my expectations in this price would be something more like the PH3 that sold at the Metropolitan last year for $2,240,000. That penthouse had 3,245 square feet and a massive deck that was pretty much on top of the world with total privacy in one of Portland’s most desirable buildings!
The other unit that came on the market was priced at $1,995,000 and away from the freeways in the heart of the Pearl District. Slightly larger with 2,550 square feet, this unit just lives much larger. While the deck space is smaller than the other penthouse, it still has plenty of space with 628 square feet with 3 mountain views and a much quieter location so that you would actually use your deck! This unit is in one of my favorite loft style buildings… The Elizabeth!
If you would like to tour either of these Portland penthouse units or any other luxury condominiums in Portland, give me a call and we can set up a tour and take a look at some of Portland’s most beautiful condominiums. If you are looking to buy a condo in Portland, OR., why not work with Portland’s condo specialist!
Brad Golik 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!
This week I was at a coffee shop in the Pearl and was sitting outdoors while doing a little work. While checking emails, a lady at the table next to mine, after seeing some real estate marketing on my table, asked if I was a realtor. After I said yes, she told me that she lived in a nearby building and that she had a friend that was thinking about selling their condo. Naturally, I asked if her friend had an agent selected to sell it? She said that she was thinking about using one of the “Building” agents. What she meant by this was that she was talking to one of the “on site” agents that works for the developers. She mentioned that she was going to use them because … in her words, “They really know the building!” It turns out that this agent also lived in the building.
While speaking with this very nice lady, it was interesting because she kept asking me some very good questions. One of the first things she asked me was whether it was really important or not to really know the building? My answer was NO! As a condo specialist, I make it my business to really understand and get to know each building but when selling a condo it is way more important to know how to market that building. With that said, I got out my tablet and showed her what I meant. I asked her to think like a buyer and then asked her a few questions. When we did some searches I pointed out many of my websites that showed up in those searches. I also pointed out that when we did some searches in regards to her building, this other agent that “really knows the building” was no where in site. More importantly, none of her listings showed up either! This is not uncommon with the onsite agents at these newer buildings. You will not find one of them that shows up with high rankings on Google or Bing. Most of these onsite agents don’t do a very good job of marketing. Part of the reason is that they typically don’t have to as the developer pays for all the marketing for new sales. When it comes to using one of these agents for resale, they are not the best choice for selling your condo.
Agents that specialize in selling condos (some…not all) spend much time, energy and money to insure that they show up on Google and Bing because that is where condo buyers are looking. I personally have many websites that show up because that is how I get my clients listings in front of buyers. When a buyer knows they like the Metropolitan, they will do some research on the building. They will check to see what the amenities are, what the HOA fees might be. This is where my listings show up. In front of serious buyers! You will never find an “onsite” agent show up here nor will you ever find their listings. You can read more about whether you should hire an onsite agent on one of my websites at : Should I hire an onsite agent to sell my condo?
You have many options to look at when selling your condo. To me, the most important two things to look at when hiring an agent to sell your condo should be that the agent is a strong negotiator and second, they should have a strong marketing program that focuses on condominium buyers! How well you know the building does NOT put buyers in front of your listing!
If you are thinking about selling your condo or loft in the future, or know of someone who might be, please keep us in mind. We would love to sit down with you and share our very unique marketing program with you. Feel free to visit us online at www.LuxuryCondosofPortland.com
I recently participated in answering a question on “Trulia Voices”. In this posting, I mentioned something about how most real estate agents try to be “all things to all people”. I am not a believer that this is an effective way to run a real estate business. You cannot possibly know everything in every area, this is why I choose the route of being a specialist in the condo and town home markets in Portland. If I were to buy a house in a certain area, I would want to work with an agent who is a strong negotiator and one that knows the area and pricing well. If I am buying a luxury home in Lake Oswego, I think I would be better served by working with an agent that specializes in that area and that price range. I don’t believe that an agent that is working all over the city can overnight become an “expert” in that area and have a good grasp on pricing for that area. The same holds true for the condo and loft markets in Portland. While an agent may be very good in the Lake Oswego and Dunthorpe luxury home market, it does not mean they would be the best choice to sell your luxury condominium! I feel this especially true in the condominium markets where you don’t have yard signs and much of the marketing is dependant on the internet.
If you are hiring an agent to sell your condo, it is very important that they have a strong internet presence in a broad array of the searches that condo buyers do. For example, a buyer is thinking about buying a condo at The Casey or The Metropolitan and does a search to check out what are the amenities at these buildings and what are the HOA fees. I can pretty much guarantee that the agents who are usually working in Lake Oswego, will not show up on these searches and neither will their listings! As someone who specializes in this area, I make sure that I do show up in these searches… and more importantly, that my listings (YOUR CONDO) shows up on these searches!
Everyday I see new condo listings come onto the market that are listed by agents who do not specialize with condos and each time I think “I wonder if their sellers knew there was a better way?”
If you are looking for a better way for your condominium to get the exposure it deserves, give us a call and we will sit down with you and show you our full marketing program for condominiums. We believe it is second to none and we would be thrilled to share it with you!
Visit us at www.LuxuryCondosofPortland.com or call us at 503-896-8856
Yesterday, like most Tuesdays, I was out and about looking at new condos on the market. I came across a new penthouse listing and went to the brokers open house for that listing. Two things really stuck out with me after viewing this penthouse condo at Bridgeport. First, you will often hear me talking about the importance of doing a good job of marketing when it comes to high end listings. One thing I have not talked much about, that I think is very important, is service! An agent is paid a commission to do a service for a client. Marketing is a huge part of this service. Also huge…and part marketing is SELLING the unit to every potential buyer and agent that you get in front of! I bring this up because I was blown away yesterday when I went to this brokers open yesterday. I was not blown away by the condo itself, while very nice. I was blown away by the fact that the listing agent said 2 words to me the entire time I was there. The 2 words that were uttered to me as I was getting ready to walk out the door was “Cool huh?” And maybe you could consider it that only one word was really said to me because “huh” really isn’t a word is it? Anyway, the point here is that the listing agent barely acknowledged that I was there… more importantly, she did not make any attempt of selling me on why I should bring potential buyers to come look at the unit! This is the whole point of going to a brokers open. As a listing agent, I want to SELL every agent that walks through the door on the many great benefits of why they should bring their clients to see the listing. It is also a way of trying to create some urgency and competition among the real estate agents. Not only did the agent not say anything to me about the penthouse unit, there were no marketing pieces either. As I left the building, one more bit of service would have been appreciated… a simple “Thanks for coming” by the listing agents co-worker that was at the front door, but that did not happen either. Not a word as I left. I couldn’t help but feel frustrated as I left this listing. Service is a part of marketing. If the initial service of having a brokers open to try to sell people on the unit failed, what will the rest of this agents marketing be like? I think I have a pretty good idea.
If you have read many of my blog posts, you probably know by now that marketing is a huge part of what I do as a condominium specialist. Why is this? Well for one thing, there are no yard signs with condominiums. The internet is where condo buyers go to search for a condo or loft. Yes my frustration as I left this listing was the fact that I didn’t have the listing. My frustration burned from the fact that I could do so much more for the seller than saying just 2 words…. ( make that 1 word) to an agent that showed up to a brokers open and is there for a reason.
In the beginning of this blog post I mentioned that there were two things that stood out about this listing… #2 PROFESSIONAL PHOTOGRAPHS…are you kidding me?
**Please read a previous post on what we have to say about photographs for listings!**
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 Penthouse at Waterfront Pearl. Looking for a spacious condo with water views? Welcome to the newest Portland penthouse listing at Waterfront Pearl! Last night I went to an evening open house of this unit and was actually impressed with the floor plan of this unit. This penthouse condo is priced at $1,049,000 and features 2 bedrooms and a den that is currently set up as a media room. While not large in terms of media rooms, it is comfortable and makes for nice space to watch your favorite movie. The total size of this unit is 1927 square feet. What I like about this particular unit is the fact that the bedrooms are very separate from the main living spaces. The kitchen is large and features Viking appliances. While the views are pretty industrial, the positive is that this unit is fairly private and does not have an adjacent building peering in on it. The water views are great, looking to the East and downriver to the North. Traffic on the Freemont Bridge in the distance offers a moving light show of entertainment at night while the boat traffic during the day is always fun to watch.
How does this unit compare to other condos priced near the $1,000,000 range? I would say pretty favorably. Lets start with the penthouse unit #1601 at Encore. Priced at $1,196,000, the Encore unit is slightly smaller. While it does have a larger deck space, the views from the Waterfront Pearl unit are much nicer. Priced at $1,199,000, unit #1411 at The Henry, in my opinion, does not compete. The Henry condominium is essentially a 1 bedroom with den with only 1620 square feet of living space and is not a penthouse floor. Originally priced at an insane price of $1,350,000, its current price is still high especially compared to the Waterfront Pearl unit that has a superior floor plan. unit #2300 at Atwater Place, priced at $1,070,000, offers 1692 square feet but is a NW corner unit…no comparison to the direct water views offered by unit #1001 at Waterfront Pearl.
If you would like to view the penthouse at Waterfront Pearl, please give us a call. We are condo specialist with a focus on the upper end of the condo market. We will negotiate aggressively on your behalf to get you the best purchase price possible. If you would like to tour other Portland penthouse condos or other Portland luxury condominiums, call Brad Golik at 503-896-8856