Portland Condo Foreclosure Report
Roughly 200 Condo Foreclosures For Sale In Portland Metro Area
The current bank-owned and short sale condo inventory for the Portland metro area stands at roughly 200, with Multnomah county providing the majority of foreclosures, followed by Washington county.
Almost half the distressed inventory is located in urban neighborhoods. City center areas such as the Pearl, Downtown and South Waterfront feature prominently.
John Ross Condos With Highest Number of Foreclosure Inventory
10 units at the John Ross Condos in Portland’s South Waterfront are either short sales or bank-owned. That’s almost 60% of the re-sale inventory at the John Ross! Essentially all foreclosure inventory at the John Ross is made up of entry-level condos in the 600-700 Sf range, priced in the low 200s. Here’s a sample of what’s going down at the John Ross:
-631 SF, orig. seller paid 259k in early ’07, bank took property back at 234k, now listed at 171k – down 31% from last sale.
-10th floor unit originally sold for 264k, bank then repossessed at 226k, now listed at 189k – down 28%
-River-view 1-bedrm condo on 15th floor originally sold for 359k. The bank is now flipping it at 210k – down more than 40%
About 20% Of All Condo Sales Are Foreclosures
More than 250 condos sold in the Portland metro area over the last three months, with essentially one out of every 5 buyers choosing a short-sale or bank-owned property. Here are a couple of transactions worthy of note:
-Meriwether: 900 SF sold for 200k, 20k less than asking and down 28% from original purchase price (279k)
-Strand: 820 SF sold for 280k, down 18% from 339k in late ’06.
-Pinnacle: true 1-bdrm condo with southern exposure sold for 240k. Unit previously sold in early ’06 for 350k.
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