Prices Slide For Vacant Homes
Vacant homes can be a tough sell, especially if they have been on the market for quite some time. Of the roughly 5000 homes listed for sale in Portland (city limits), about 40% are vacant. That’s the official number, in reality we’re probably looking at at a vacancy rate of at least 50 per cent.
Owning a vacant home can be a costly endeavor. In the absence of rental income, owner’s of vacant homes must meet monthly payments for mortgage, taxes, HOAs etc. out of pocket. As the financial pressure mounts, seller’s become increasingly motivated.
Vacant Homes With Significant Price Reductions (vs. Previous Week)
Prices were once again adjusted downward for a number of vacant homes for sale in Portland last week. Here’s a short list:
- Council Crest, 4-bed/2-bath home on 0.65 a acres. The asking price has been on a downward trend ever since this home was put on the market more than a year ago for 935k. Last week the price was reduced another 50k, bringing it down to 695k. Click here for details.
- Renovated contemporary home in Kings Heights, 2850 SQFT, 3-bed/3.1 baths. This house has been on the market since 4/2009 and recently went under contract. Buyer then backed out. It’s back on the market with a 35k price adjustment at 689k. Click here for details.
- New construction home in Mississippi area. This 4-bed/3.1-bath home was listed at 340k just last week. The seller is now asking for 300k. Click here for details.
- Starter home in close-in Boise-Eliot neighborhood. After three months on the market and several price adjustments, the seller reduced the price again by 5% for this 3-bed home now listed at 275k. Click here for details.
- Hollywood/Rose City home most recently priced at 269k, now available at 249k. This is a 2,000 SQFT detached home near Trader Joe’s, 24hr Fitness and Whole Foods. Click here for details.
Interested in learning more about vacant homes for sale in Portland? Drop me a note.
