Number of Listings with 15% Price Drops Doubles In Last Six Months
Almost half the Database’ listing’s now feature 15% drops or more
The number of listings tracked by the Desperate Sellers Database with price reductions of 15% or more has doubled since August 2008. Whereas a mere 20% of the Database contained listings with price drops in excess of 15% back in Fall 08, that number is now set to reach almost half of the currrent listings.
Several 40% drops at Portland’s South Waterfront developments
Both the John Ross Condos and the Meriwether heavily contribute towards some of the Database’ top performers as far as price reductions are concerned. At the John Ross a number of opportunities exist in the 200k price range. One-time million dollar condos at the Meriwether, are now available in the 600s.
Luxury Developments in the Pearl Not Immune
The clouds are also starting to gather over the Henry. Previously not much of a contender within the Database, this poster-child luxury development in Portland’s Pearl District how features several entrants. Gone are the days when sellers could hope for a $500/SF deal.
Several dozen opportunities for first-time home-buyers in close-in NE/SE
As the number of signficant price drops continues to increase, more opportunities are opening up for first-time home-buyers in Portland’s inner southeast and northeast neighborhoods. The database contains several dozen homes now trading for less than 300k, down from the mid to high 300s or even 400s.
