Boosting New Condo Sales: "Whatever It Takes"
Roughly a dozen new condo developments in Portland’s city center continue to struggle to break through the 50% occupancy barrier. Prices have been reduced at a number of developments, boosting sales at a handful of new condos such as The Cambridge and The Westerly. Others, notably The Encore are stuck in first gear, or have given up like The Waterfront Pearl.
Occupancy Levels Remain Challenging For Newer Developments
Developer Incentives and Deal Structuring Gets More Creative
Here’s the latest incentive package from the Encore, the Pearl condo development with the lowest occupancy level:
Homes valued at $500,000 and over Buyers who pay full price for a unit at or over $500,000 will receive $10,000 toward closing costs or upgrades, and a Nissan Cube.
Don’t have $500,000 to spend? No worries, you’ll still be rewarded for paying full price. This lovely Buddy Scooter and $5,000 toward closing costs, prepaids or upgrades are yours.
There are other ways to play this game…
