This Week’s Top 5 Condo Price Cuts
There are roughly 700 condos listed for sale in downtown Portland at this time. Almost half of the inventory is located in the Pearl District, followed by the South Waterfront and NW Portland.
Price erosion in Portland’s condo market took a breather in Q1/2010, but significant pressure on pricing remains. Roughly 35 condo listings in downtown Portland executed price adjustments this week. The top 5 price cuts are summarized below.
- John Ross Condos, mid 800 SQFT loft with SE views. Current owner paid 419k when these went on sale in ’07. This unit was put on the market six weeks ago for 285k. The ensuing auction at the John Ross condos wiped out any chance of selling close to list, and the price was reduced 14% this week.
- Short sale – one of several at the Civic Condos. Seller put this 2-bed/2-bath corner unit on the market more than a year ago in the mid 500s. No bites. After an 8% drop a couple of days ago, this unit is now listed at an unprecedented $233/SF in the low 300s.
- Two level condo on the fringes of the Pearl District. Has been on the market since late ’08. Price was reduced by 8 per cent. This 800 SQFT unit is now offered in the low 200s.
- The price was reduced 7% for a 3-bed condo at the 705 Davis Condos in NW Portland this week. Not many of these trade hands. The most recent sale at the 705 Davis Condos was in summer ’08.
- One of the last two remaining units at Block 90 is now available in the low 800s, down 6% from the most recent price. This is a 1,800 SQFT, 2-bed/2-bath unit in the heart of the Pearl District.
