Archive for the ‘Pearl District’ Category:

Article in Friday’s (April Portland Tribune by Peter Schulberg about Pearl District real estate says the market isn’t cooling off. There are nearly 3000 residental units in the area and only 84 are for sale according to the article. The search I just ran in the MLS system shows 40 active properties priced from $229,000 to $1,299,000 (when I search the 97209 zip code, I get a total of 63 listings). I’m not sure where the discrepency comes from.

The story updates my previous post about the Lexis. The Lexis will be converting to condos. The tenants that live there now will be given notice that they have 120 days to buy the unit they are in or move out. Prices will range from $150,000 for a 535 sqft studio to $500,000 for a 1380 sqft two bedroom. (more…)

Question:

Can you tell me everything you would tell a friend who was thinking of buying a loft in Portland?
Question submitted by a client relocating from out-of-state.

Answer:

First you have the real estate adage of location, location, location. Not only do we need to look at the physical address but we also need to look at the height of the unit in the building and the direction it face. In the Pearl, Mt. Hood facing views are generally considered more desirable than city facing views. You will always trade location for price. In the Pinnacle Condominiums, unit 407 was listed for $274,000 and unit 707 for $287,000. Both units are 865sqft with the only difference being height in the building. Per square foot, downtown real estate is the most expensive in Oregon. Expect to pay $300-$350+/sqft.

As of right now, there are 10 listings in the Pearl District priced under $300,000. The lowest priced is $239,900; average price per square foot is $322 and average size 802 sqft. There are lower priced units at both the Uptown Condos and McCormick Pier condo conversions but they are outside of the Pearl.

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People often ask us about the metits of loft living versus condo living. The first step is to define what the difference is in the units. For our purposes and what is generally agreed upon in the portland market is that a loft has open spaces and no true walled-in bedrooms. Condos have solid walls with doors separating living space from bedroom space. (more…)

Both the Elizabeth and Pinnacle Condos are nearing completion in the Pearl.  Latest reports say that the Lexis Aparments will be converting to condos priced from $150,000-$500,000.  No further details at this time but drop us a line if you want to be kept informed. (more…)