As prices are falling and people are finding themselves out of work, people are looking for ways to make money any way they can to avoid foreclosure. Over the past couple years in Northwest Portland we have an area known as the Pearl District. It really has become an up and coming area with many new condos and fancy shops being put in, but just like everywhere else prices started to drop and the market for these high end condos also dropped.
Now, the economy is even hitting these people that a few years ago could afford these very luxury condos, but now are finding themselves out of work and looking for any way they can to keep their condos until they can find a new job. Well, it seems some have managed to find away to do exactly that.
You see, in Portland parking is at a premium and a lot of people bike, but these condos were sold with a parking place and sometimes even two. The residences are now starting to sell these premium parking places and helping themselves pay for their mortgage for sometimes up to 10 months, that is a lot of time to find another job. I know I wish I could sell my parking place for that much, I could walk six blocks if it meant having 10 months worth of mortgage payments paid.
I applaud these residences of Portland for coming up with this very creative way of avoiding losing there homes and keeping yet another short sale or foreclosure from hitting the market and making the home prices fall even more. I hope you find that job soon!
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