Waterside Condos On The Auction Block
Auction Scheduled For Portland’s Waterside Condos
Thirty waterfront condos at Portland’s Waterside Condominiums are going the way neighboring of North Harbor Vista Condos and will head for the auction block on Sunday, October 24th. Located on the banks of the Columbia River (map location), this mid-to-high-end condo development consists of 84, mostly 2-bed units, ranging from 1805 to 2899 Sq. Ft.
Select units offer views of Columbia River ship traffic, downtown Vancouver, WA and several Cascade mountain peaks.
All units are detailed with custom cabinetry, granite and natural stone countertops in kitchens and master bathrooms, stainless steel appliances and Kohler sinks and fixtures. Resident security is enhanced by video surveillance at all entrances and elevators, combined with a bright, ground-level parking garage with automatic gates and secure doors.
Amenities include a 112 boat slip marina, an onsite fitness area with cardio and resistance training equipment and community room. Sunset strolls can also be enjoyed along the community walking path that joins the Island Loop Path.
Developer’s Unfortunate Timing Creates Opportunities For Buyers
Developer Steve Morrison began construction in 2005, initially purchasing the 5.33 acre site for $2.7M from Hilton Hotels, before sinking an estimated $52 million in construction costs into the property (source: Oregonian). Prices
initially ranged from $399,000 to $899,000, with a some penthouses priced at $1.2M. So far 30 units have sold. Like most condo condo developments facing occupancy levels of 50% or less, sales have virtually dried up. In an effort to boost sales, minimum selling prices have now been lowered to $165,000 for a 2,400 Sq. Ft 2-bed unit.
Auction Details
Sunday, October 24, 1 PM, at the Portland Marriott Downtown Waterfront Hotel, 1401 SW Naito Parkway, Portland, OR 97201. The auction starts at 1 PM and will likely last two hours.
Registration is required to be eligible to attend and bid on auction day. To register, bidders must complete the Auction
Registration Form. Forms need to be submitted prior to Thursday, October 21, 2010, at 6 PM.
Contact Agent503 to submit a bid/bid form.
