Prices At The Encore Condos Down 21%
The Encore was pretty much the last condo building to go online in Portland’s city center, initially remaining surprisingly firm on pricing. With sales struggling to break through the 10% barrier at this 176-unit development, pricing has become more aggressive over the last six months. Last week the Encore announced another round of price cuts. Overall prices are now down 21% from the start.
The Seller is currently offering a “Move-In” package to new buyers which includes window coverings, washer/dryer, closet upgrade through Portland Closets and 1 year pre-paid HOA dues. On occasion, the Seller has been willing to buy down the interest rate through our loan program with Wells Fargo to 4.75% for new buyers. The in-house loan program requires as little as 10.1% down on a 30 year fixed and does not require mortgage insurance.
Here are a couple of samples:
Loft, Unit 507, 725SF, Original Price $336,000 ($463/sf), New Price $255,000 ($352/sf)
One Bedroom, Unit 404, 891 SF, Original Price $427,000 ($479/sf, New Price $342,000 ($384/sf)
Two Bedroom, Unit 402, 1523SF, Original Price $745,500 ($490/sf), New Price $596,000 ($391/sf)
Two Bedroom, Unit 1014, 1589SF, Original Price $792,000 ($498/sf), New Price $634,000 ($399/sf)
