Portland Condos Sell For 10k less than Asking Price
As Prices Continue To Drop, 10k Gaps Between Ask And Sold Become The Norm
These days few sellers actually get the price they ask for – even after steadily reducing their prices over a period of months until they finally sell. Over the past six months 10k gaps between (final) ask and sold have pretty much been the norm (i.e. median) for the re-sale market in the Pearl, Downtown and South Waterfront.
Median “Discounts” Vary Among Condos in Portland’s City Center
While 10k is the norm, discounts have varied significantly among Portland’s city center condominiums. Here’s what the median discount looks like for some of the more popular places in the Pearl, Downtown and South Waterfront: Avenue (10k), Bridgeport (20k ), Edge (10k), Eliot (11k), Elizabeth (20k), Gregory (4k), Henry (15k), Meriwether (25k), Park Place (15k), Pinnacle (25k).
Substantial Discounts Recorded In The Sub-400k Price Range
The Elizabeth, Pearl District, Photo Courtesy Of Portland Ground
An 80k discount on the final sticker price of a million dollar condo may not come as much of a surprise, but at least a dozen condos in the sub-400k price range sold for 20k less than the final asking price. Some of the deepest discounts have been for properties that have lingered on the market for more than 200 days. For example unit #903 at The Elizabeth, a 1173 sq.ft loft sold after eight months for 400k, 60k less than the seller had last hoped for.
Smaller Discounts For Single-Family-Homes In Portland’s Inner SE
Median discounts haven’t been as deep for single-family homes in Portland’s close-in neighborhoods. Roughly 300 homes sold in the inner southeast over the past 6 months – about a third sold at or above asking price. Overall healthier inventory levels in these neighborhoods have allowed sellers to keep a stronger grip on pricing. As a result, 10k discounts are less common than they are for the city center condo market.
CAUTION: while the above mentioned discounts reflect actual sales over the past six months, no guarantee can be made these discounts are representative of future sales for a particular condominium. However they do serve as an indication that the market is in parts ready for agressive offers – provided you’ve got the negotiating skill.
