Atwater Condos Go To Auction

Posted on 08/20/09 10:01 PM

Atwater Sign

***Update 09/20/09: Find out how the Auction went here.

Sales Grind To A Halt At SoWa’s Poshest Tower.

It’s been a long time coming. Sales at Atwater Place, the highest end development at Portland’s South Waterfront never really got off the ground, with less than 30% of the building selling in more than two years. As the market continued to slide, the pool of willing buyers for asking prices in the $500/SF range virtually disappeared.

Auction Scheduled For Sept 20th

The lender, Westport Capital Partners has been stepping up the pressure in recent weeks, appointing Seattle-based Excell Group to take over the reigns from Realty Trust and exercising greater control over the developer’s decisions. Yesterday the firm announced that roughly 45 of the remaining 157 units will go to auction on September 20th (click here for a list of units scheduled for auction). The auction will be held by Accelerated Marketing Partners at 7 4 p.m. in the Marriott Portland Downtown Waterfront Hotel. Only registered bidders will be allowed to attend the auction!

Consortium Promises To Sell Units At 50% Discount

One-bedroom units previously priced as high as $379,000 will have minimum prices starting from $169,000, according to the consortium at the Atwater. Frequently, however, sellers impose substantially higher “reserve” prices which are not known to the public. If the reserve price is not met, the highest bidder may not end up with the property after all. Based on the auction documents and comments made by the auction firm in the Oregonian earlier this week, the consortium does indeed intend to sell at rock bottom prices.

See what Agent503 has to say about the Auction on KGW, Channel 8News:

Interested in putting together a bidding plan? Not sure which comps to use? Drop me a note. The auction firm encourages representation and there’s not fee to work with a buyer’s agent.