DealSheet: Portland City Center Condos
For the first time in quite a while we are starting to see quality downtown/Pearl condos priced in the $300/SF range…as well as other encouraging signs that prices are starting to move.
Here’s an excerpt of our most recent DealSheet – highlighting some of the best condo deals in the area sorted by price range:
<300k
ID#104: 1-bdrm, 550 SF unit in northern section of the Pearl with some views. Priced in the mid 100s, this is one of the lowest price tags you’ll find in the Pearl – never mind the view-factor. Unit started out in late 06 in the low 200s, now priced in the mid 100s. Short sale.
ID#205: 1-bdrm + deck, 720 SF, east-facing view-unit in Old Town. Priced in the low 200s, includes parking. Seller will pay 18 months of HOA at closing. Has been on the market on-and-off since late 06, now vacant. Price has dropped more than 25%. At least 25k better value than same unit two floors down currently selling.
ID#206: 1-bdrm, more than 850 SF, south facing unit with some park views. This short sale has dropped 50k in the last two months, now priced in the mid 200s. One of the few quality units currently trading below $300/SF. Garage included.
ID#207: 1-bdrm + deck, South Waterfront condo on the 16th floor, south facing/river views. This 800 SF unit is vacant, been on the market for more than a year, dropped more than 120k. Now priced in the low-to-mid 200s. Lowest $/SF in the building.
ID#208:
1-bdrm unit located in the northwestern section of the Pearl. South-facing unit with good views, 900 SF. Unit has been on market since 04/2007. Started out in the low 400s, now priced in the high 200s. Short sale. Easily the best deal (in a long time) in this building.
300k – 400k
ID#312: 1-bdrm bank-owned condo located in sought after building in the heart of the Pearl. South facing unit with excellent views and more than 1000 SF. Priced at 360k. Unit sold in 10/2006 for 483k, representing a drop of more than 25%.
ID#313: 1-brm + den + deck, more than 1200 SF, located in central Pearl low-rise. Well managed building with good HOA structure. Been on the market on and off since early 2007. Priced in the high 300s, down more than 100k. At least 35k better value than other units currently selling in this building.
ID#314: 1-bdrm, east-facing loft, in high-rise towards the northern end of the Pearl. Open floor plan consisting of more than 1200 SF. Floor-to-ceiling windows with lots of light, some river views. Priced in the high 300s. Short sale
ID#319: 2-bdrm town-home at new waterfront development in the Pearl. More than 1500 SF over three levels. Low HOA fees. Vacant, been on the market since mid ’08. Started out in the high 400s, now in the high 300s. 1yr’s HOA paid by seller at closing.
400k – 500k
ID#406: 2-bdrm, 2 bath in downtown high-rise with excellent views. SE corner unit with good floor-plan, almost 1500 SF. Priced in the high 400s. At $334/SF this is one of the best values for a quality 2-bdrm with views in Portland’s city center. Comes w/ a double garage. Short sale.
>500k
ID#502:1-bdrm loft, SW corner unit, more than 1500 SF on 10th floor with some of the best views in the Pearl. Unit has been on the market since Sept. 2007. Started out in the low 700s, now priced in the mid 500s – short sale. Similar unit one floor down (same floor plan) sold at the beginning of ’08 for 660k!
ID#505: 2-bdrm, 2-bath condo at Downtown waterfront development. More than 1600 SF, features private deck w/ city/river views. Price down 100k from Aug. ’08. Now priced in the mid 500s. Short sale.
ID#607: Luxurious 3-floor penthouse on the Park Blocks. More than 2100 SF living space + private decks. Comes with wine cellar, wet bar and jacuzzi. Priced in the high 600s, down from the mid 700s. Location likely to benefit from future public-private investments.
