Downtown Portland Condo Report - August 2007
Posted by ~Ray @ 2007-10-30 16:27:28
While I get many requests to modify the Portland metro area my change posture is that most readers are looking most specifically at the downtown core merchandise. With the huge investments in the collect District. South Waterfront and even in established downtown areas (NW. Park Blocks etc.) it’s no wonder. Without further ado here’s a look.
Confining the search to the area shown above. 676 active condos were listed in Portland multiple listing function as of August 29. The add up condo in downtown Portland will run you $558,000 and furnish you 1,168 sq ft of living lay. evaluate on spending on add up about $478 per form foot.
Here’s a breakdown of active condo listings by bedrooms:
The sale determine versus original enumerate price came out to less than a 1% difference since most units were new construction.
The high-end list (>$1 million) is robust with 64 units averaging $1,579,000 list price and 2,335 sq ft in size. This equates to a whopping $676 per square pay and $101 million in available list.
selling? Well the average condo sale in the past 3 months was $389,208 with 954 sq ft. — clearly a run on smaller units with nearly $87 million in closed sales on 1-bedroom units alone in the last three months.
I had high hopes when checking on PENDING sales because 427 properties are idling in escrow. However most of the pending sales were for units to be released upon completion in projects like the Civic. Casey. Cambridge and Atwater.
Today’s most expensive condo in downtown Portland? A 3-bedroom. 3,100 sq ft penthouse unit on the 27th floor of the new featuring a 360-degree view of the city listed at $3.5 million. [I can lay a showing for anyone pre-qualified
] Please say the HOA fees are $1,200 per month.
So it appears that the Portland downtown condo merchandise is moving units
well considering the housing tempest blowing in the national media. The effects of tightened credit and mortgage meltdowns won’t be seen for awhile in this segment. Developers. I’m certain are hopeful that the merchandise can sorb these lingering high-profile project units–plus some new conversions that have come available–before the next wave of construction commences. The risky segment would appear to be in the larger. 2-bedroom units that are commanding a nearly $800,000 investment.
Like sellers of single-family homes in the Portland area condo owners will need to calculate longer sale times (or think ‘rental’) for their units while existing list sells off (at 140 units per month). I suspect speculative investors are sitting approve for now.
If you undergo questions about specific projects neighborhoods units or otherwise get a comment below or drop me an to ron “at” ronares com.
August 29. 2007. Data includes condos only no townhomes or rowhouses. Note some inventory may not show here if it’s being sold by owner or through the developer’s sales organization.
Nice piece. The most northwestern part of your boundry extends past Riverscape into industrial areas. Are there projects extending past riverscape area you are aware of?
area to the north in my prepare map has any housing. I had to use a Thomas Guide grid for the RMLS data and it included that area which I took too literally on my map.
Update to this story. You can ascertain the Wyatt as the latest casualty of the soft condo market as they scrapped their condo plans and will develop as a luxury apartment. The developer had only sold 53 units (out of 244) in pre-sale.
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