It's official, Portland’s Condo market has crashed.. Well that’s my opinion. Condos have been sitting empty all over Portland. Even as I look out my office window I see unfinished condos sitting vacant. They’re everywhere! This is a huge dicicator of distress (not that we didn't know that already). The Atwater Place condos in the South Waterfront will be auctioned off with reserve prices less than half of what they were valued at in 2007 when the building was constructed. The development company built 212 condo units 23 stories high. This project is on the auction block. The date is set for Sept. 20th starting at 4pm at the Marriott Portland Downtown Waterfront.
A Company called “Accelerated Marketing Partners” will be doing the auction. I'm estimating around 800 unsold condo units in newly constructed buildings downtown. Yes.. you heard it correctly. 800. Talk about massive inventory. We’re drowning in condos. This auction is a good thing. It will put things in perspective for the people of Portland. We are in a condo crisis for sure. Supply & Demand. It's that simple. Too much supply meand cheaper prices for you. According to an announcement for the auction, one bedroom condo units boasting 1,318 square feet are for auction with minimum bids starting at only $169,000.
So let’s compare this to the units that were sold in November and December of 2007. Back then, Atwater Place sold 10 condo units with a range of square footage between 1,200 to 1,300. These condo units sold for prices of $472,000 to $640,161. That's outrageous by today's standards! Huge discounts are being offered. Two bedroom condo units will be starting at $269,000. The riverfront residences will start at $699,000.
The building has been open since January 2008. Units are available to view from 11 a.m. to 7 p.m. daily. Registration is fast and easy. Email me for more details at SoldByAaron@gmail.com or you can use the contact form located on the right. You can even call me if you like. My number is 503-332-9777.
Take care and Good luck friends.
Aaron Majors
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