Downtown Portland Adds More Desperate Sellers
Downtown Portland adds to the growing number of Desperate Sellers
The number of Desperate Sellers continues to climb at a steady pace. This month’s update now includes 175 properties – an 8% increase over last month’s count. Among the close-in neighborhoods covered by the Database, Downtown Portland and South Waterfront witnessed the largest increase in relative terms. For the first time these two areas combined now include more Desperate Sellers than the Pearl District/Old Town. 
The American Plaza as well as The Riverplace are among the new contributors. However, South Waterfront developments such as the Meriwether or the John Ross continue to provide the most significant price reductions – within the Database – both featuring several units with 20% price drops (over original list price).
More than 100 properties in the Database have been on the market for more than six months
Of the 175 properties tracked by the Desperate Sellers Database, more than 100 have been sitting on the market – vacant – for six months or more. In some areas such as the Pearl, for instance, this is the case for roughly 75% of all properties tracked. Prices have been reduced by 15% (over original list price) or more for about a third of all properties tracked by the Database.
15-20k price reductions on final sale common among Desperate Sellers
Having continually reduced their asking price over a period of months, not all Desperate Sellers are willing to negotiate when an offer comes in. However, a sampling of recent sales (of properties tracked in the past) shows that buyers can typically expect another 15-20k in price reductions upon sale.
Henry Condo, unit# 615, final ask was 399k, sold for 375k
Elizabeth Lofts, unit# 1005, final ask was 399k, sold for 382
Bridgeport Condos, unit# 302, final ask was 544k, sold for 525k
Lexis Condos, unit# 223, final ask was 249k, sold for 235k
1920 SE 47TH AVE, final ask was 426k, sold for 407k
4104 SE GRANT ST, final ask was 499k, sold for 475k
114 SE 12th AVE, final ask was 299k, sold for 270k
3214 NE 40TH, final ask was 469k, sold for 435k
2413 NE 43RD AVE, final ask was 649k, sold for 615k
Don’t take those 20k for granted! At the end of the day, the extent of the concession will depend on your ability to build a strong case.
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