A Blog for Pearl District, Downtown Portland and Nob Hill Condos and lofts

 

June 2013 Pearl District Condo Market Update

June Condo Sales Cool Off A Little

June cooled down a little from a very hot May real estate market. Closed Portland Metropolitan area condominium sales deceased nine percent from May. However, June showed an increase of seventeen percent over last June’s closed sales.The average sold price dropped six percent from the previous month resulting in an average sold price of $238,606.  The average condominium sold prices increased seventeen percentage over June of the previous year.

Pearl District June 2013 Condo Update

I love to compare Pearl District condo sales to the Portland Metropolitan area. The Pearl District is Portland’s quintessential condo neighborhood. Many of the zip codes in the Portland Metropolitan have few condos. And many of these are older. The Pearl District is comprised of condominiums, three townhouse developments and no single family homes.  Forty one Pearl District condominiums closed escrow in June. Twenty eight percent fewer than the previous month. The average condo sold price for June is $399,519, down from May’s $431,819.

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Breaking News: Pearl District Condo Sales Break Record

May, 2013 Pearl District Condo Sales Increase 75% over April

Portland condo sales are hot. Pearl District condo sales activity is on fire with fifty-six closed condos and lofts in May.  An increase  75%  over April, and and a 27% increase over May 2012. We haven’t seen this much activity since June 2008, when seventy-three condos sold. Four years and eleven months ago. May’s condo sales activity plateaued at fifty-eight units that entered pending status (offers accepted).

Condos are selling in all price ranges. In May the least expensive Pearl District condo sold for $127,000. The most expensive condo was $2,240,800. The average sold price was $436,313, an increase of 2.3 percent over April’s average sold price. The medium sold price of $350,444 dips from April’s medium price of $357,000. The reason behind the medium sold price falling is that the majority of Pearl District condos sold were under $400,000.

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Three Bedroom Portland Condos

How Many Portland Condos have three or more bedrooms?

A prospective condominium buyer told me their lender said the best condo to purchase for resale value is a three bedroom unit. Very few Portland condos have three or more bedrooms. This is not the norm. The average active condo listing on the west-side downtown neighborhoods is 1,334 square feet with 1 or 2 bedrooms.

One bedroom condos out number two bedrooms with 47 percentage of the total. Two bedroom condos follow at 38 percentage. Studios with no bedrooms are five percent of the total. Three and four bedroom condos make up 11 percentage of the total condos.

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Portland Condo Sales over One Million Dollars

Portland Condo Sales over One Million Dollars are increasing

Portland condo sales of  luxury condos for over a million dollars is doing very well. 2012 sales of one-million-plus condo properties increased  267 percent over 2011. From 12 units to 32 units sold.

The first quarter of 2013 showed nine million-dollar-plus condos sold. The average million-plus sold price for the first four months of 2013 was $1,170,000. While the average price per square foot $491. The average square footage was 2,506.

 

Take a look at the Top Ten most expensive Portland condo sales for the first quarter 2013Price range: $1,050,000 to $1,440,000

    • Price range: $1,050,000 to $1,440,000
    • Average price per square foot: $528.50
    • Number of bedrooms: eight 2-bedrooms, one 3-bedroom, one 4-bedrooms
    • Average size: 2,275 square feet
    • Location: 2 in Northwest District, 4 in Pearl District, and 4 in South Waterfront

As you can see all of the top ten most expensive condominiums are on the west side of Portland. All are close-in to the Willamette River. Four of the top ten are on the river bank in South Waterfront. The reason for this is the vast majority of our condo buildings, especially luxury condo buildings are on the west-side. The Pearl District and the South Waterfront are made up entirely of condominiums. West-side condos are also newer. Most are built from 1996 to 2008.

Five of the the top ten most expensive condos reside in LEED certified green buildings.  The Encore, The Meriwether and Atwater Place are LEED certified green buildings. LEED certified building are more expensive to built and more expensive to buy.

#1 – The Westover #503  2454 NW Westover Rd: $1,440,000
3,179 square feet, two bedrooms, two and half baths
Northwest District The Westover Condos

 

 

 

 

 

 

 

 

 

#2 The Westover 2445 NW Westover Rd #313: $1,275,000
2,444 square feet, two bedrooms, two and half baths

#3 - Johnson Street Townhomes 1142 NW Johnson St: $1,270,000
2,840 square feet, four bedrooms, three and half baths
Pearl District Townhouses - Johnson Street Townhouses

 

 

 

 

 

 

 

 

 

#4 The Pinnacle – 1255 NW 9th Ave: $1,270,000
2164 square feet, three bedrooms, two and half baths

The Pinnacle Condos - Pearl District

 

 

 

 

 

 

 

 

 

#5 – The Encore 949 NW Overton #1601: $1,125,000
1,820 square feet, two bedrooms, two

Pearl District Condos - The Encore

 

 

 

 

 

 

 

 

 

#6 - Park Place – 922 NW 11th Ave #101: $1,125,000
2,262 square feet, two bedrooms, two baths

Park Place Condos in the jPearl District

 

 

 

 

 

 

 

 

 

#7 – The Meriwether - 836 SW Curry St #1904: $1,085,000
2,541 square feet, two bedrooms, two baths

The Meriwether Condos South Waterfront

 

 

 

 

 

 

 

 

 

 

 

 

 

#8,#9, & #10 – Atwater Place- 0841 SW Gaines St
#1808 2,237 square feet, two bedrooms, two and half baths $1,085,000
#111 2,452 square feet – two bedrooms, two and half baths $1,075,000
#2300 1,692 square feet – two bedrooms, two and half baths $1,050,000

South Waterfront's Atwater Place condos

Pearl District Condo Spotlight

Marshall Wells Lofts- Pearl District Condo Building – Search all Marshall Wells listings

1420 Northwest Lovejoy Street, Portland 97209
Marshall Wells Historic Lofts in the Pearl DistrictThis week’s condo building spotlight is the Pearl District‘s historic Marshall Wells Lofts. Modern conveniences plus the character and charm of yesterday. An actual old warehouse in a neighborhood of new ones. Marshall Wells was designed in 1910 as a  industrial warehouse for the Marshall-Wells Hardware Company.

Listed on the National Register of Historic Places all the units have a property tax abatement through 2016.  Occupying a full block, this historically registered warehouse was converted in 2001 to 164 residential condos, 180 parking spaces, and ground floor retail.

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Pearl District Condo Spotlight: Hoyt Commons

Spotlight:  2-Bedroom Complete Remodel at the Hoyt Commons in the Pearl

Hoyt Commons #412 618 Northwest 12th Avenue   Search all Portland condo, loft, and townhouses Listings.

Pearl District Condo Spotlight

This stunning west-facing top-floor Pearl District condo at the Hoyt Commons building just came on the market.  It’s a spacious 1,163 square foot two-bedroom right in the middle of the Pearl. Completely remodeled with attention to detail and luxurious finishes. The result a beautiful contemporary urban retreat.  Unit #412 comes with an emphasis on open and transparency. Enjoy an abundant of natural light streaming in through walls of floor-to-ceiling windows and skylights.

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Pearl District Fields Park

New Park in the Pearl District – Fields Park

Pearl District condosThe latest park in the Pearl District opened to the public this week. It’s been a long time coming. I’m happy it’s here now.  Mothers and small children, Pearl District residents and their dogs are already enjoying this open space. Over three acres of land was donated to the city of Portland from Hoyt Street Properties to use as a park area. This is the third park in the Pearl.

Fields Park is the largest park in the Pearl. Over three acres of green grass, children’s play area, dog walks, and benches. Dense city environments are made more successful by open green spaces.

Located right out the front door of the Encore Condos in the north edge of the Pearl.  And I do mean right out the front door. Only a few steps and you are in the park. Dog owners rejoice.

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Portland condos – how small is too small

Portland’s Condos – Does size matter?

Portland has its share of small condos. Small condos and apartments are sometimes called by a French term ‘pied-a-terre“. A small living unit usually located in a large city some distance away from an individual’s primary residence. Purchased as a city get-a-way,  for the pleasure of  enjoying city life or for more practical reasons. Like a place to call home when working in the city.  A more desirable option over staying at a hotel every time you come into the city.

The term pied-à-terre implies usage as a temporary second residence, either for part of the year or part of the work week. Small condo living is a popular option for single people. In recent years this concept of smaller living spaces is endorsed by cities.

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Portland Condo Taxes

Pearl District Condos & LoftsPortland condo owners receive three county tax bills every year for their condo. One tax bill is for your condo, one is for your parking space. If your condo has deeded storage you will receive a third tax bill. It does seem like a waste for Multnomah County to print and mail three separate tax bills for each condominium. The tax on the parking space is usually around $200 – $300, storage room less. It all goes by square footage.

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Hottest 2 Portland Neighborhoods for Real Estate

We all know that real estate is local. Right down to the neighborhood you live in. Let’s start at the city level, Portland’s average home price rose 18.4 percent over same month last year per the Regional Multiple Listing Service. Case-Shiller Home Price Indices has a 9.4 percent increase for February over same month last year.

The next level is your neighborhood. Number of Real estates sale volume and average prices are not the same over the entire city.  So how hot is your neighborhood?

Top two Portland neighborhoods for home sales

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