Desperate Sellers Return To '05 Price Points
Price points among several desperate sellers at pre-bubble levels
The majority of the almost 200 listings contained in the Desperate Sellers Database have seen price reductions of 15% or more. Prices have been reduced by 25% or more for several dozen properties in prime locations throughout the Pearl District, Downtown and close-in eastside neighborhoods.
The chart below (courtesy of Portland Housing Blog) shows price developments for the Portland-metro area. Median price points for the area at large are just under 300k. However, (median) price points vary markedly from one neighborhood to the next. In the Pearl District you’re currently looking at 479k. When markets turn, higher priced properties, such as these are typically subject to greater price movements. Surrounded by a growing number of foreclosures, many of these high-priced properties now trade at prices last seen in mid 2005.
Database features record number of condos
With inventory approaching 20 months for the Portland-metro area, the Database features a record number of condos (80) and more than a 100 single-family-homes in Portland’s downtown and close-in neighborhoods.
Consider these foreclosures at the Edge Lofts:
- 900 SF loft sold in mid ’05 for 339, now priced in the mid 200s.
- 1000 SF bank-owned loft sold in early ’05 for 312k, now priced at 325k.
Several unique homes among Desperate Sellers
You would expect Desperate Sellers in overbuilt, master-planned communities, but several unique homes in mostly healthy areas have been included in the Database in recent months – such as this townhome on Johnson Street in the Pearl District. Originally listed for 959k, this 3-bedroom townhome is now at 749k – down 22%.
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