Auction Scheduled For John Ross Condos
Fifty units at The John Ross Condos in Portland’s South Waterfront are heading to the auction block on Apr 11th. The John Ross was the first condo building to be completed in Portland’ South Waterfront and remains the tallest amongst South Waterfront’s condominium towers. The auction at this 31-story elliptical tower comes less than nine months after neighboring Atwater Place went to auction, selling 40 units at deep discounts in a matter or hours.
Back in 2005 the John Ross, initially attracted about 225 potential buyers willing to put down deposits within just six days. As the crisis unfolded, sales came to a halt and only recently picked up again following significant price cuts. However, with roughly 80 units left to sell and ongoing competition from more than a dozen re-sales, the lender is now seeking to step up the activity in an effort to close out sales by the end of the year.
Minimum Bids Set At 47% Below Current Asking Prices
A Minimum Selling Price has been established at about 47% below the current asking price and roughly 70% below the original list price. Here’s a sampling of the minimum bids for some of the units up for auction:
- #806, loft, 770 SF, previously listed at 219k, min bid at 110k
- #1018, 1-bed/bath, 1205 SF, previously listed at 299k, min bid at 155k
- #1710, 2-bed/2-bath, 1826 SF, previously listed at 489k, min bid at 260k
Using the Atwater auction results and recent John Ross comps as a proxy for this auction, winning bids are likely to come in substantially higher than the minimum bid, and significantly higher than most people would expect. Click here for the complete list of John Ross condos available at auction. Contact me to find out about winning bid spreads and recent comps at the John Ross.
All Bidders Must Register, No Hidden Reserves or Buyer’s Premium
Here’s what you need to know about the auction:
- The auction will be held on Sunday, April 11, 1 PM at the Hilton Portland & Executive Tower
- Registration is required to be eligible to attend and bid on auction day. Registration must be received by Thursday, April 8.
- All sales must close on or before Wednesday, May 26, 2010 (45 days after the auction)
- To participate and bid on auction day, all approved and registered bidders must present a separate cashier’s
check in the amount of $5,000 for each residential unit they have been approved to purchase. - Buyers who obtain financing through Bank of America Home Loans or MetLife Home Loans and close escrow within forty-five (45) calendar days of the auction will be credited $3,000 toward non-recurring closing
costs - The auctioneer encourages broker assisted bidding
Be prepared. Know the numbers. Talk to Agent503 about a successful bidding plan.
