A couple times a year I like to write about the state of the Portland Penthouse market. I thought today would be a good day because of a new Portland penthouse that just went on the market yesterday. A while back you may have seen a graphic I had on the blog showing you the average price per square foot of the top 30 most expensive condos sold in 2014. If you can recall, the average price per square foot of those units was $579 per foot. Now this was not only penthouse’s but all condos priced above $1,000,000. In talking about Portland’s penthouse market we must start with the most expensive. That would be the 2 28th floor penthouse condo’s at The Cosmopolitan priced at $3,883,000 and $3,757,000. While very nice, I don’t believe our market supports a $1,199 price per sq. ft. (see last weeks comparisons to the Seattle Penthouse unit). Coming in at #2 is our newest penthouse to the market priced at $3,299,000. This 14th floor penthouse in a 10 year old building is, well… just flat out overpriced! With 3,300 square feet of living space it is priced $1,000,000 higher than our number #3 and #4 penthouse condos that have much more square feet ( 4377 & 3834). How can that be you ask? Our #3 Penthouse is #1601 at the Eliot. This beautiful condo offers 1,077 more square feet and is only priced at $2,388,000. And for what it is worth, this penthouse has been on the market for 11 months at this price so it is not like they are giving it away!
Our #4 condo is actually not a penthouse but deserves to be mentioned in the same breath as other Portland Penthouse condominiums. On the 27th floor of KOIN Tower, this unit offers some of the most stunning views in the city. Mountain views, river views and city views. ( see the views at http://www.FountainPlazaCondo.com ). This unit also has it’s own large gym! What is interesting here is that condos #3 & #4 have much more protected views than that of the $3,299,000 unit at #2 on our list. What is the value of a protected view? At only 14 floors it is easy to say that the future views could be impaired more easily than some of our higher up penthouses. Why is this unit priced so high? It is hard to guess why. The listing agent is not a condo specialist, this may have a little to do with it? The owners may have chosen the price by trying to play off of “The Cosmopolitan Effect” that I wrote about in an earlier post. “If the Cosmopolitan is selling at $1200 a sq. ft than we should be able to get $1000 a ft” At #5, our old favorite at The Envoy. Still on the market and still priced at $2,249,500. I have said it before on this one, it will take a very specific buyer for a sale to happen here. The other option…a drastic price reduction! There you have it, the top 5 penthouse condominiums in the Portland market. If you would like to view any of these units just give me a call and we can arrange a showing. Give me a call at 503-896-8856 Brad Golik is a condominium specialist with Pearl District Properties and LuxuryCondosofPortland.com Disclaimer: Pricing opinions of Brad Golik are just that…his opinions! More often than not, Brad will not say a unit is overpriced or not. ( If a seller is trying to push for a higher price a little…good for them!) But, when something is priced way out of wack like a few recent listings, Brad may run the risk of voicing his opinion. ( yes he is running a risk because if something sold at a silly price he would look like an idiot for saying it was priced too high!). He is however, willing to take on that risk! (In the case of the Cosmopolitan, only time, and resale will tell!)
Posted on 06/03/2015 at 12:00 AM