In 2015, 48 condominiums priced over $1 million was sold in Portland, marking an increase from 26 luxury $1 million condos sold back in 2009. Redfin Agent Michael Morris said he is seeing huge influx of buyers with large amounts of cash.
Morris said that the seven-digit price range was being driven by cash buyers and a lack of inventory. Furthermore, Morris claimed that there are no new condos being built right now, so the market was full of resale condominium units.
Portland's million-dollar condominium market began in the Pearl District, but has steadily expanded.
Gerard Mildner, Director of Portland State University's Center for Real Estate said that they are seeing a lot more interest from buyers who choose to live closer to the metro area. The luxury properties include a wide range of views, locations and amenities.
A property in Northwest Portland's iconic 705 Davis building was on sale for $899,000. The 1,933-square-foot unit comes with three beds and two baths. In Southwest Portland, a 5,500 square foot condo on the top floor of a boutique hotel along the Willamette River, has three beds, three-and-a-half baths and on the market at $2,185,000.
Mildner explained that buyers looking for a million-dollar unit will either find a property with a lot of square footage or an amazing location.
One of the latest developments in the condo market is the Cosmopolitan on the Park in the Pearl District. Of the building's 36 units priced at over $1 million, only eight condos have yet to be scooped up. The project is slated to be completed before July 2016.
Real-estate experts said luxury condominium owners usually come from two different backgrounds. The first is retirees who want to move closer to their children and grandchildren. The other significant chunk of luxury condominium buyers are transplants. These young professionals migrated north from the Bay Area, KGW reported.
