PORTLAND'S $7,000,000 PENTHOUSE!

If you have followed my blog for any length of time you will know that from time to time I will come out with a Value Alert...here is my Covid/quarantine value alert! Unit 1804, now priced at $1,495,000, a lower level penthouse at Meriwether inSouthwaterfront! This unit is not only large, 2541 sq. ft. , but also ranks high for style points as well. Ironically, part of the design is what has hurt the sale of this beautiful unit!. This unit was custom designed by one of my favorite designers in town, Jeffrey Lamb. The quality is of the highest available and tastefully done. One issue, I believe, is it is a little dark with the all of the custom woodwork and the imported Brazilian granite countertops. I have shown this unit three times now to my clients and three times the feedback was the same… it’s just too dark and they all would have replaced the countertops! My suggestion, and Jeffe Lamb may hate to hear this… replace the beautiful green Brazilian countertops with a white and bright quartz countertop and increase the island size, also with quartz! This would make a huge difference in the brightness of this unit and, I believe, change the look dramatically. While I do think the current countertops are beautiful, they are very specific and attractive to far less buyers! Sometimes buyers will sacrifice size for higher quality. With this unit...you get both! Let’s compare this unit to a neighboring unit at Atwater, unit #1906 also priced at $1,495,000. #1906 is only 1896 sq. ft. ( 645 sq. ft. smaller than 1804!) The quality is basically original construction finishes, which are nice at Atwater, but nothing compared to the custom quality of the remodeled #1804! The layout of #1804 is superior. The kitchen is central to the open living spaces and offers fantastic views where as the kitchen on #1906 is tucked on the backside of the unit and almost galley like. One of the negatives of #1804 is that eventually, OHSU will build on the lot to the north and block some of the views. Again, comparing to #1906, Meriwethers East tower is already blocking some of their views to the north so it is very similar in views. I have been selling condos for a long time now and one thing I have seen is that when the market is rising, buyer’s are more willing to pay up for a nicely remodeled unit. When the market is declining...not so much! This is what is happening now. The condo markets are almost 20% off from the highs in late 2018. Another problem with #1804 is that I believe it was way overpriced from the beginning ($1,900,000). This may not have been the fault of the agent. Many times when an extensive remodel has been done, seller’s tend to believe the value is much higher than what the market will pay. Now, after multiple price reductions and 15 months on the market...the sharks will start circling! I believe the purchase of this unit will be at a good value for the buyer! I do not believe that price will be at $1,495,000 but I believe we are closer to where it will eventually sell at. Because of the circumstances, the new buyers of this beautiful condo are going to have a condo with exceptional finishes and a lot space! I believe if the seller would have replaced the counter tops with a white quartz or light marble, it probably would have already sold. Now you have the opportunity to pick it up at a decent value and make those changes yourself! If you would like to view this unit, please give me a call. Brad Golik is a condominium specialist focusing on the luxury condo markets in the Pearl District, South Waterfront and the downtown Cultural Area. You can reach him at 503-896-8856 or at pdxluxcondos@gmail.com www.LuxuryCondosofPortland.com www.PortlandPenthouse.com Do a condo search here: https://bradgolik.luxecir.com/condo-search

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.