What can I tell you about 937 Condos that hasn’t been discussed already? Fractal-influenced windows: Covered. Sustainable design: Illuminated. LEED Platinum-certification achieved: Reported. Starred in Street of Dreams 2009: That happened. First move-ins Aug 2009, 20% sold: Noted.
Yep, that’s the nut shell of it for the 114 residential units (+ parking and street level retail) located at 937 NW Glisan St in the Pearl District. However, I do have something new to tell you if you haven’t visited this 2008-built building recently: inventory levels, sales stats, and creative ways that 937 is achieving sales. Because I did visit recently. And I took a few photos while there.
At the end of September when I visited, inventory was sitting at 89% sold with 12 developer-owned units remaining of 114. Four of those are penthouses. Floor plans range from 1bd/1b to 2bd/2b, 943 square feet (resale) to 2,483 square feet (largest penthouse).
What you may not realize is the developer is willing to modify units to meet your desire (if they can). Want a studio instead of a 1-bedroom — they’ll put in the necessary walls to make that happen. Looking for a 5,000 square foot penthouse? Yep, that’s doable too. Also, 3-bedroom units can be arranged. Look into it.
In examining the sales history, the lowest a condo sold for was $278/sf on a 1-bedroom unit on the 3rd floor and the highest was $1007/sf on a 2,482 square foot penthouse. The average price per square foot garnered by the 19 units that have sold in the past year is $453/sf. The condos that are currently listed for sale range from $330/sf to $805/sf.
One rather innovative sales techniques that 937 Condos put into motion in 2010 yielded positive sales results for the building as a whole: an owner trade-up option. In order to continue to sell through inventory the developer offered current owners the opportunity to trade up to a larger unit. The owned unit was purchased back at the price the owner paid for it (minus sales fees), allowing the resident to purchase a different unit in the building. Owners from eight condos took up the offer and those eight “bought-back” units were resold that year at market rates or higher.
In my tour of the place, I found the same things to like as those before me: sleek and modern design with walls of windows and pleasing interior colors and fixture choices. The only “not awesome” thing I noted was the bonus room or 2nd bedroom doesn’t have windows — which was not ideal in my book. However, I’ll fully admit that the walls of windows in the living areas went a long way in making up for what was lacking in the interior bedroom.
Since you can look at the staged units in any listing, anytime — I thought I’d include a few photos of the not-staged condo I toured (it has the darker of the finishes available).