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Not everything is overpriced!

Recently, in my blog post you have read about my comments on the Cosmopolitan. You have heard me say that it is overpriced and that it has raised prices on many resale units that are hitting the market. One of those is the richly priced penthouse at the Elizabeth selling for a whopping $1000 a square foot ( and yet only 14 floors above the ground!. At least for $1000 a foot at the Cosmopolitan you are getting a 26th floor view that helps jusify it’s pricing in comparison…sort of! In the land of overpriced units, I wanted to touch on one listing that I think is underpriced! That’s right, I said underpriced in this market. This unit is one of the iconic brownstone like townhomes on 11th. The one that I like is the double unit #633 and #637 priced at only…$2,975,000! Now I know this is still a pretty big number but lets look at the numbers.

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#633 Is a double unit offering 3,888 sq. ft. ( and for you Asian buyers, that 888 is a pretty good sign, right!) With this much square feet and priced at $2,975,000, the price per square feet is only $765! This is $304 a sq. ft less than the Casey penthouse priced at $3,499,000 and $235 a sq. ft less than the Elizabeth penthouse priced at $3,299,000. Add the Cosmopolitan into the mix and you have an absolute steal! The one thing I will say about the double unit townhome priced at $2,975,000 is that none of the other units mentioned, Cosmopolitan included will have better finishes! Hands down, this Jeffrey Lamb designed unit is far superior with substantial custom work throughout! The money spent on the unique and high quality custom finishes, including iron, stone, glass, stainless steel and a 2.5 ton travertine clad swinging door is something you are not likely to see anywhere else. Now some of you may be saying that the other units are higher up and have views. Well let me tell you this, I get a fair amount of buyers that do not like being high up in a high rise and do not put value on that. Some of these same people put more value on space. I also tend to put much value on quality, something your not going to get in a new high rise unless you do your own custom finishes. If you were to do that at the Cosmopolitan, you will be talking $1500 a sq. ft.

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In this market you will not hear me make many comments about a unit being underpriced but in my opinion, this one is! When it first came on the market it got an offer in several days and that offer fell through. I don’t believe this unit should stay on the market long at this price. If you are a person that is not interested in a view and prefers a more neighborhood feel, this may be the right place for you. If you are in the market for one of the Pearl Districts finest homes with some of the finest finishes, give me a call today and we can set up a tour of this unique place.

Brad Golik is a condominium specialist with Pearl District Properties. You can find him at http://www.LuxuryCondosofPortland.com and http://www.Condo10.com . Give him a call at 503-896-8856.

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